Hbt Financial, Inc. · NASDAQ:HBT
Hbt Financial — Q3 2025 Earnings Presentation
40 slides from Hbt Financial's earnings presentation, Oct 20, 2025
Slide 1: Q3 2025 Results Presentation
Q3 2025 Results Presentation October 20, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Readers should note that in addition to the historical information contained herein, this presentation 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
Slide 3: Non-GAAP Financial Measures and Important Information
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures. While the Company believes these are useful measures for investors, they are not presented in accordance with GAAP. You should not consider non- GAAP measures in isolation or as a substitute for the most dire
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights n Net income of $19.8 million, or $0.63 per diluted share; return on average assets (ROAA) of 1.56% and return on average Strong profitability tangible common equity (ROATCE)1 of 15.28% and tangible book n Adjusted net income1 of $20.5 million, or $0.65 per diluted share; adjusted
Slide 5: Company Snapshot
Company Snapshot Overview Financial Highlights ($mm) 3Q25 ü Company incorporated in 1982 from a base of family-owned banks and completed its As of or for the period ended 2022 2023 2024 YTD IPO in October 2019 Total assets $4,287 $5,073 $5,033 $5,035 ü Headquartered in Bloomington, Illinois, with op
Slide 6: Earnings Overview
Earnings Overview Prior Quarter Current Quarter Highlights Relative to Previous Quarter Non-GAAP Adjusted Non-GAAP Adjusted n Net interest income increased $0.3 million from the second quarter of ($000) 2Q25 Adj.1 2Q251 3Q25 Adj.1 3Q251 2025 with the higher day count during the third quarter partial
Slide 7: Deposit Overview
Deposit Overview Deposit Base Highlights Interest Spot Interest Costs* Rates2 n Highly granular deposit base with balances up during the third quarter of 2025, primarily due to $45.0 million of wealth management customer reciprocal money 3Q25 As of 9/30/25 market deposits being brought on balance sh
Slide 8: Net Interest Margin
Net Interest Margin n Third quarter 2025 net interest margin and net interest margin (tax- Scheduled Fixed Rate Loan Maturities equivalent basis)1 each decreased 1 basis point from the prior quarter n Higher debt securities yields contributed 5 basis points to the overall ($000) 4Q25 1Q26 2Q26 3Q26
Slide 9: Loan Portfolio Overview: Commercial and Commercial Real Estate
Loan Portfolio Overview: Commercial and Commercial Real Estate Commercial Loan Portfolio Commercial Real Estate Portfolio n $708 million portfolio as of September 30, 2025 n $1.72 billion portfolio as of September 30, 2025 n $396 million in C&I loans primarily for working capital, asset acquisition,
Slide 10: Loan Portfolio Overview: Selected Portfolios
Loan Portfolio Overview: Selected Portfolios Agriculture and Farmland Municipal, Consumer and Other n $280 million portfolio as of September 30, 2025 n $252 million portfolio as of September 30, 2025 n Borrower operations focus primarily on corn and soybean production n Commercial tax-exempt loans w
Slide 11: Loan Portfolio Overview: ACL and Asset Quality
Loan Portfolio Overview: ACL and Asset Quality 3Q25 ACL on Loans Activity ($000) $41,659 $282 $960 $41,900 $(134) $(302) $(565) 2Q25 Net Charge-Offs Changes in Changes in Changes in Changes in 3Q25 Specific Economic Qualitative Portfolio and Reserves Forecast Factors Other Changes CECL Methodology a
Slide 12: Wealth Management Overview
Wealth Management Overview Comprehensive Wealth Management Services Agricultural Services n Proprietary investment management solutions n Farm management services: over 78,000 acres managed as of September 30, n Financial planning 2025 n Trust and estate administration n Real estate brokerage includ
Slide 13: Securities Portfolio Overview
Securities Portfolio Overview Securities Overview Key Investment Portfolio Metrics n Company’s debt securities consist primarily of the following types of fixed ($000) AFS HTM Total income instruments: Amortized Cost $ 827,731 $ 466,565 $ 1,294,296 n Agency guaranteed MBS: MBS pass-throughs, CMOs, a
Slide 14: Capital and Liquidity Overview
Capital and Liquidity Overview CET1 Risk-Based Capital Ratio (%) Capital and Liquidity Highlights 14.35 n All capital measures remain well above regulatory requirements 13.37 13.07 13.21 12.12 n Decrease in CET1 risk-based capital ratio in 2023 was primarily a result of the Town and Country acquisit
Slide 15: Near-Term Outlook
Near-Term Outlook n Loan pipelines are currently in line with 3Q25 and we are expecting loan growth in the low single digits on an annualized basis in 4Q25. n Consistent with 3Q25, we expect net interest income and net interest margin to be relatively stable in 4Q25. n We expect deposit balances to
Slide 16: Our History – Long track record of organic and acquisitive growth
Our History – Long track record of organic and acquisitive growth 1920 1982 1997 2007 2018 2020 2023 M.B. Drake starts HBT Financial, Inc. All five banks owned Company crosses Acquisition1 of Merger of State Completed bank in central IL incorporates as a by HBT Financial, Inc. $1bn in assets Lincoln
Slide 17: Our Markets
Our Markets Full-Service Branch Locations Deposits Iowa: 3% $4.3bn Chicago MSA: 29% Central Illinois: 68% Loans Iowa: 10% Central Illinois: 46% $3.4bn Chicago MSA: 44% Full-Service Branches Iowa: 4 66 Central Illinois: 44 Locations Central Illinois branches Chicago MSA: 18 Chicago MSA branches Iowa
Slide 18: Business Strategy
Business Strategy Small enough to know you, big enough to serve you Deploy excess deposit Maintain a prudent Pursue strategic Preserve strong ties to funding into loan growth approach to credit acquisitions and sustain our communities opportunities underwriting strong profitability n Drake family in
Slide 19: Experienced executive management team with deep community ties
Experienced executive management team with deep community ties Fred L. Drake J. Lance Carter Peter Chapman Executive Chairman President and Chief Financial Officer 42 years with Company Chief Executive Officer 3 years with Company 45 years in industry 23 years with Company 31 years in industry 31 ye
Slide 20: Talented Board of Directors with deep financial services industry experience
Talented Board of Directors with deep financial services industry experience Fred L. Drake J. Lance Carter Patrick F. Busch Roger A. Baker Executive Chairman Director Director Director • Director since 1984 • Director since 2011 • Director since 1998 • Director since 2022 • 42 years with Company • P
Slide 21: Investment Highlights
Investment Highlights Consistent performance through economic cycles and 1 consistent out-performance of peers drives long-term shareholder value Strong, granular, low-cost deposit base provides funding for 2 diversified loan portfolio and loan growth opportunities 3 Track record of successfully int
Slide 22: Consistent performance through economic cycles. . .
1 Consistent performance through economic cycles. . . Drivers of Profitability Pre-Tax Return on Average Assets (%) Company Company Adjusted1 Peer Median 2 3.00% 1 Strong, granular, low-cost deposits 2.75% 2.50% 2.25% Relationship-based business model 2.00% 2 that has allowed us to cultivate and 1.7
Slide 23: . . . and consistent out-performance of peers. . .
1 . . . and consistent out-performance of peers. . . Robust Capitalization Superior Profitability CET1 Capital Ratio (%) Return on Average Equity (%) 14.26 13.07 13.21 14.73 14.60 12.12 13.43 13.93 13.59 11.04 11.42 11.59 12.50 10.68 11.49 11.04 2022 2023 2024 1H25 2022 2023 2024 1H25 HBT Peer Media
Slide 24: . . . drives long-term shareholder value
1 . . . drives long-term shareholder value Cumulative Total Return (Initial investment of $100 and reinvestment of dividends) $225.00 $200.00 $175.00 $150.00 $125.00 $100.00 $75.00 1 10/11/2019 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 9/30/2025 (IPO Date) HBT Financial, Inc.
Slide 25: Strong, granular, low-cost deposit base provides funding for . . .
2 Strong, granular, low-cost deposit base provides funding for . . . Cost of Deposits (%) Remains Consistently Below Peers Deposit Base Characteristics2 HBT Peer Median 1 Average Number of Account Weighted 2.06 Accounts Balance Average Age As of 9/30/25 (000) ($000) (Years) 1.92 Noninterest-bearing
Slide 26: . . . diversified loan portfolio and loan growth opportunities
2 . . . diversified loan portfolio and loan growth opportunities Loan Growth Opportunities Diversified Loan Portfolio Chicago MSA September 30, 2025 n Entered market in 2011 with acquisition of Western Springs National Bank Balance ($000) Percent n In-market disruption from recent bank M&A in Chicag
Slide 27: Track record of successfully integrating acquisitions
3 Track record of successfully integrating acquisitions 2007 2010 2012 2018 2023 BankPlus Bank of Illinois Farmer City State Bank Lincoln S.B. Corp Town and Country Morton, IL Normal, IL Farmer City, IL (State Bank of Lincoln)1 Financial Corporation $231mm deposits FDIC-assisted $176mm $70mm deposit
Slide 28: Prudent risk management
4 Prudent risk management Comprehensive Enterprise Risk Management Disciplined Credit Risk Management Strategy and Risk Management n Risk management culture instilled by management n Majority of directors are independent, with varied expertise and n Well-diversified loan portfolio across commercial,
Slide 29: Appendix
Appendix 28
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income and Adjusted ROAA ($000) 2022 2023 2024 3Q25 YTD 2Q25 3Q25 Net income $ 56,456 $ 65,842 $ 71,780 $ 58,070 $ 19,230 $ 19,765 Adjustments: Acquisition expenses1 (1,092) (13,691) — — — — Loss on extinguishment of debt — — — (391) — (391) Gains (losses) on cl
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Earnings Per Share ($000) 3Q25 Numerator: Net income $ 19,765 Adjusted net income $ 20,452 Denominator: Weighted average common shares outstanding 31,481,135 Dilutive effect of outstanding restricted stock units 106,800 Weighted average common shares outstanding, in
Slide 32: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) ROATCE, Adjusted ROAE, and Adjusted ROATCE ($000) 2022 2023 2024 3Q25 YTD 3Q25 Total stockholders’ equity $ 383,306 $ 450,928 $ 515,368 $ 572,225 $ 589,076 Less: goodwill (29,322) (57,266) (59,820) (59,820) (59,820) Less: core deposit intangible assets (1,480) (20,2
Slide 33: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Net Interest Income (tax-equivalent basis) and Net Interest Margin (tax-equivalent basis) ($000) 2021 2022 2023 2024 3Q25 YTD Net interest income $ 122,403 $ 145,874 $ 191,072 $ 188,850 $ 148,352 Tax-equivalent adjustment1 2,028 2,499 2,758 2,242 1,645 Net interest
Slide 34: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Efficiency Ratio (tax-equivalent basis) ($000) 2022 2023 2024 3Q25 YTD Total noninterest expense $ 105,107 $ 130,964 $ 124,007 $ 96,357 Less: amortization of intangible assets (873) (2,670) (2,839) (2,083) Noninterest expense excluding amortization of intangible ass
Slide 35: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Tangible Common Equity to Tangible Assets ($000) 2021 2022 2023 2024 3Q25 Tangible common equity Total equity $ 411,881 $ 373,632 $ 489,496 $ 544,605 $ 599,129 Less: goodwill (29,322) (29,322) (59,820) (59,820) (59,820) Less: core deposit intangible (1,943) (1,070)
Slide 36: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Tangible Book Value Per Share ($000) 3Q24 2Q25 3Q25 Tangible common equity Total equity $ 537,662 $ 580,897 $ 599,129 Less: goodwill (59,820) (59,820) (59,820) Less: core deposit intangible (18,552) (16,454) (15,760) Tangible common equity $ 459,290 $ 504,623 $ 523,
Slide 37: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Core Deposits ($000) 2022 2023 2024 3Q25 Total deposits $ 3,587,024 $ 4,401,437 $ 4,318,254 $ 4,347,187 Less: time deposits of $250,000 or more (27,158) (130,183) (202,196) (200,091) Less: brokered deposits — (144,880) — — Core deposits $ 3,559,866 $ 4,126,374 $ 4,1
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Pre-Tax ROAA (2011 to 2013) ($000) 2011 2012 2013 Income before income tax expense $ 47,301 $ 71,384 $ 46,134 Adjustments: Bargain purchase gain 25,417 11,361 — Realized gains (losses) on sale of securities — 9,683 (9,143) Net positive adjustments on FDIC indemnific
Slide 39: Peer Group Members
Peer Group Members Ticker Symbol Company Name BFC Bank First Corporation BY Byline Bancorp, Inc. CIVB Civista Bancshares, Inc. FMNB Farmers National Banc Corp. THFF First Financial Corporation FMBH First Mid Bancshares, Inc. GABC German American Bancorp, Inc. GSBC Great Southern Bancorp, Inc. HBNC H
Slide 40: Besa
Besa