Hbt Financial, Inc. · NASDAQ:HBT
Hbt Financial — Debt Investor Presentation (March 2026)
45 slides from Hbt Financial's debt investor presentation, Mar 11, 2026
Slide 1: Fixed Income Presentation March 2026
Fixed Income Presentation March 2026 CONFIDENTIAL
Slide 2: Forward-Looking Statements
2 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 HBT Financial, Inc. (the “Company”, “our” or “us”) and its management may contain, “forward-looking statements”
Slide 3: Non-GAAP Financial Measures and Disclaimers
3 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 di
Slide 4: Terms of Proposed Capital Raise
4 Issuer: HBT Financial, Inc. Security Type: Fixed-to-Floating Subordinated Notes Due 2036 Offering Size: $75,000,000 Rating¹: BBB Kroll Issuance Type: Private Placement with Registration Rights Term: 10 Years Call: 5 Years Use of Proceeds: The Company shall use the net proceeds from the sale of Sub
Slide 5: Company Snapshot
5 Company Snapshot Overview ✓ Company incorporated in 1982 from a base of family-owned banks and completed its IPO in October 2019 ✓ Headquartered in Bloomington, Illinois, with operations throughout Illinois, eastern Iowa, and St. Louis ✓ Strong, granular, and low-cost deposit franchise with 1.16%*
Slide 6: Our History – Long track record of organic and acquisitive growth
6 Our History – Long track record of organic and acquisitive growth All five banks owned by HBT Financial, Inc. merge into Heartland Bank and Trust Company 1997 1964 - 1982 George Drake purchases El Paso National Bank and assembles group of banks in rural communities in central IL M.B. Drake starts
Slide 7: Our Markets
7 Central Illinois branches Chicago MSA branches St. Louis MSA branches Iowa branches Our Markets ¹ Balances shown pro forma for CNB acquisition; Source: S&P Capital IQ; Financial data as of December 31, 2025. Full-Service Branch Locations $5.8bn $4.8bn 84 Locations Deposits¹ Loans¹ Full-Service Bra
Slide 8: Business Strategy
8 Business Strategy ◼Drake family involved in central Illinois banking since 1920 ◼Management lives and works in our communities ◼Community banking and relationship-based approach stems from adherence to our Midwestern values ◼Committed to providing products and services to support the unique needs
Slide 9: Experienced executive management team with deep community ties
9 Experienced executive management team with deep community ties Fred L. Drake Executive Chairman 42 years with Company 45 years in industry J. Lance Carter President and Chief Executive Officer 24 years with Company 32 years in industry Lawrence J. Horvath Chief Lending Officer 15 years with Compan
Slide 10: Talented Board of Directors with deep financial services industry experience
10 Talented Board of Directors with deep financial services industry experience Fred L. Drake Executive Chairman • Director since 1984 • 42 years with Company • 45 years in industry J. Lance Carter Director • Director since 2011 • President & CEO of HBT Financial and Heartland Bank • 24 years with C
Slide 11: Investment Highlights
11 Investment Highlights 3 1 2 4 Track record of successfully integrating acquisitions Consistent performance through economic cycles and consistent out-performance of peers drives long-term shareholder value Strong, granular, low-cost deposit base provides funding for diversified loan portfolio and
Slide 12: Consistent performance through economic cycles
12 Consistent performance through economic cycles. . . Drivers of Profitability Strong, granular, low-cost deposits1 Relationship-based business model that has allowed us to cultivate and underwrite attractively priced loans A robust credit risk management framework to prudently manage credit qualit
Slide 13: Consistent out-performance of peers
13 . . . and consistent out-performance of peers. . .1 Robust Capitalization Superior Profitability Exceptional Funding Base Conservative Credit Underwriting 1 11 1 Source: S&P Capital IQ as available on February 25, 2026; 1 See "Peer Group Members" in the Appendix for listing of the publicly-traded
Slide 14: Drives long-term shareholder value
14 . . . drives long-term shareholder value1 Cumulative Total Return (Initial investment of $100 and reinvestment of dividends) 1 Source: S&P Capital IQ as available on February 25, 2026; 1 See "Peer Group Members" in the Appendix for listing of the publicly-traded bank holding companies included in
Slide 15: Strong, granular, low-cost deposit base
15 Strong, granular, low-cost deposit base provides funding for . . . Cost of Deposits (%) Remains Consistently Below Peers 1 2 As of 12/31/25 Number of Accounts (000) Average Account Balance ($000) Weighted Average Age (Years) Noninterest-bearing 76 $13 15.3 Interest-bearing demand 53 19 20.9 Money
Slide 16: Diversified loan portfolio and loan growth opportunities
16 . . . diversified loan portfolio and loan growth opportunities2 December 31, 2025 Balance ($000) Percent Commercial and industrial $ 399,760 11.6 % Commercial real estate - owner occupied 320,434 9.3 % Commercial real estate - non- owner occupied 937,094 27.0 % Construction and land development 2
Slide 17: Track record of successfully integrating acquisitions
17 2026 CNB Bank Shares, Inc. (CNB Bank & Trust, N.A.) Carlinville, IL $1.5bn deposits Track record of successfully integrating acquisitions BankPlus Morton, IL $231mm deposits 2007 2012 Bank of Illinois Normal, IL FDIC-assisted $176mm deposits Western Springs National Bank Western Springs, IL FDIC-
Slide 18: Overview of CNB Bank Shares, Inc.
18 Overview of CNB Bank Shares, Inc. • CNB Bank & Trust, N.A., the bank subsidiary for CNBN, has roots going back to 1888 • CNBN operates through 18 branches in central Illinois, St. Louis MSA, and southern Chicago suburbs • Profitable bank with MRQ ROAA and ROAE of 0.94% and 10.8%, respectively ¹ •
Slide 19: CNB Transaction Highlights
19 CNB Transaction Highlights • Increased operating scale with assets of approximately $6.9 billion pro forma • CNB’s suburban southwestern Chicago branches contribute $502 million of loans while the St. Louis metropolitan branches add $528 million of loans and have historically had solid organic lo
Slide 20: Prudent risk management
20 Prudent risk management ◼Risk management culture instilled by management ◼Well-diversified loan portfolio across commercial, regulatory CRE, and residential ◼ Primarily originated across in-footprint borrowers ◼Centralized credit underwriting group that evaluates the vast majority of exposures ov
Slide 21: Exceptional asset quality, strong profitability, resilient net interest margin
21 Exceptional asset quality Strong profitability and tangible book value growth Resilient net interest margin supported by low cost deposit base ◼Nonperforming assets represented only 0.17% of total assets at December 31, 2025, compared to 0.17% at September 30, 2025 ◼Net charge-offs represented on
Slide 22: Earnings Overview
22 Earnings Overview Prior Quarter Current Quarter ($000) 3Q25 Non-GAAP Adj.1 Adjusted 3Q251 4Q25 Non-GAAP Adj.1 Adjusted 4Q251 Interest and dividend income $64,336 $— $64,336 $64,391 $— $64,391 Interest expense 14,350 — 14,350 13,848 — 13,848 Net interest income 49,986 — 49,986 50,543 — 50,543 Prov
Slide 23: Deposit Overview
23 Deposit Overview Deposit Base Highlights ◼ Highly granular deposit base with balances up $12.1 million during the fourth quarter of 2025, despite $50.0 million of wealth management customer money market deposits that were moved off-balance sheet due to strong liquidity during the quarter ◼ Top 10
Slide 24: Net Interest Margin
24 Net Interest Margin Annual Quarterly FTE NIM*1 GAAP NIM* Accretion of acquired loan discounts contribution to NIM* FTE NIM1 GAAP NIM Accretion of acquired loan discounts contribution to NIM ◼ Fourth quarter 2025 net interest margin and net interest margin (tax- equivalent basis)1 decreased 1 and
Slide 25: Loan Portfolio Overview: Commercial and Commercial Real Estate
25 Loan Portfolio Overview: Commercial and Commercial Real Estate ◼ $1.76 billion portfolio as of December 31, 2025 ◼ $937 million in non-owner occupied CRE loans primarily supported by rental cash flow of the underlying properties ◼ $280 million in construction and land development loans2 primarily
Slide 26: Loan Portfolio Overview: Selected Portfolios
26 Loan Portfolio Overview: Selected Portfolios ◼ $275 million portfolio as of December 31, 2025 ◼ Borrower operations focus primarily on corn and soybean production ◼ Federal crop insurance programs mitigate production risks ◼No customer accounts for more than 2% of the agriculture portfolio ◼Weigh
Slide 27: Loan Portfolio Overview: ACL and Asset Quality
27 Loan Portfolio Overview: ACL and Asset Quality 4Q25 ACL on Loans Activity ($000) Watch List and Nonaccrual Loans ($000) As of 9/30/25 Change As of 12/31/25 Pass-Watch $ 89,732 $ 42,034 $ 131,766 Special Mention 15,090 (3,302) 11,788 Substandard 80,093 (9,350) 70,743 Nonaccrual1 7,637 (81) 7,556 C
Slide 28: Wealth Management Overview
28 Wealth Management Overview Comprehensive Wealth Management Services ◼ Proprietary investment management solutions ◼ Financial planning ◼ Trust and estate administration Wealth Management Revenue Trends ($mm) Agricultural Services ◼ Farm management services: over 78,000 acres managed as of Decembe
Slide 29: Securities Portfolio Overview
29 Securities Portfolio Overview Securities Overview Key Investment Portfolio Metrics ($000) AFS HTM Total Amortized Cost $ 841,867 $ 458,746 $ 1,300,613 Unrealized Gain/(Loss) (28,766) (31,947) (60,713) Allowance for Credit Losses — — — Fair Value 813,101 426,799 1,239,900 Book Yield 3.26 % 2.42 %
Slide 30: Capital and Liquidity Overview
30 Capital and Liquidity Overview As of 12/31/25 Balance of Cash and Cash Equivalents $122,269 Market Value of Unpledged Securities 845,524 Available FHLB Advance Capacity 1,058,052 Available FRB Discount Window Capacity 108,840 Available Fed Fund Lines of Credit 80,000 Total Estimated Sources of Li
Slide 31: Near-Term Outlook
31 Near-Term Outlook ◼The following guidance is for HBT on a standalone basis (excluding the CNB merger): ◼Loan volumes are expected to be down slightly in 1Q26, due to seasonal paydowns and up low-single digits during 2026. ◼Based on the current yield curve, balance sheet composition, and probabili
Slide 32: Double Leverage and Interest Coverage
32 Double Leverage and Interest Coverage $75M Proposed Offering Pro Forma for CNB and $75M Proposed Offering³ Net Proceeds from Proposed Holding Company Subordinated Debt Offering¹ $73,800 $73,800 Double Leverage $ in thousands For the Period Ended: 2021Y 2022Y 2023Y 2024Y 2025Y 2025Y Bank-Level Com
Slide 33: Illustrative Pro Forma Capital Ratios
33 Illustrative Pro Forma Capital Ratios 10. 12.3 1 . 15. 16. 9.2 10.2 12.0 12.9 13. 9.1 10.1 11.9 12.9 15.1 TCE TA Leverage Ratio CET1 Ratio Tier 1 RBC Ratio Total RBC Ratio Pro Forma for CNB(1) Pro Forma for CNB + Offering(2) HBT Standalone As of December 31, 2025 1 Pro forma for CNB. Amounts base
Slide 34: Appendix
34 Appendix
Slide 35: Non-GAAP Reconciliations: Adjusted Net Income and Adjusted ROAA
35 Non-GAAP Reconciliations Adjusted Net Income and Adjusted ROAA ($000) 2022 2023 2024 2025 3Q25 4Q25 Net income $ 56,456 $ 65,842 $ 71,780 $ 77,008 $ 19,765 $ 18,938 Adjustments: Acquisition expenses1 (1,092) (13,691) — (999) — (999) Loss on extinguishment of debt — — — (391) (391) — Gains (losses
Slide 36: Non-GAAP Reconciliations: Adjusted Earnings Per Share
36 Non-GAAP Reconciliations Adjusted Earnings Per Share ($000) 4Q25 Numerator: Net income $ 18,938 Adjusted net income $ 20,139 Denominator: Weighted average common shares outstanding 31,434,409 Dilutive effect of outstanding restricted stock units 124,596 Weighted average common shares outstanding,
Slide 37: Non-GAAP Reconciliations: ROATCE, Adjusted ROAE, Adjusted ROATCE
37 Non-GAAP Reconciliations (cont’d) ROATCE, Adjusted ROAE, and Adjusted ROATCE ($000) 2022 2023 2024 2025 Total stockholders’ equity $ 383,306 $ 450,928 $ 515,368 $ 581,449 Less: goodwill (29,322) (57,266) (59,820) (59,820) Less: core deposit intangible assets (1,480) (20,272) (19,247) (16,437) Ave
Slide 38: Non-GAAP Reconciliations: Net Interest Income and Margin
38 Non-GAAP Reconciliations (cont’d) ($000) 2021 2022 2023 2024 2025 Net interest income $ 122,403 $ 145,874 $ 191,072 $ 188,850 $ 198,895 Tax-equivalent adjustment1 2,028 2,499 2,758 2,242 2,203 Net interest income (tax-equivalent basis)1 $ 124,431 $ 148,373 $ 193,830 $ 191,092 $ 201,098 Average in
Slide 39: Non-GAAP Reconciliations: Efficiency Ratio
39 Non-GAAP Reconciliations (cont’d) Efficiency Ratio (tax-equivalent basis) ($000) 2022 2023 2024 2025 Total noninterest expense $ 105,107 $ 130,964 $ 124,007 $ 129,418 Less: amortization of intangible assets (873) (2,670) (2,839) (2,726) Noninterest expense excluding amortization of intangible ass
Slide 40: Non-GAAP Reconciliations: Tangible Common Equity
40 Non-GAAP Reconciliations (cont’d) ($000) 2021 2022 2023 2024 2025 Tangible common equity Total equity $ 411,881 $ 373,632 $ 489,496 $ 544,605 $ 615,498 Less: goodwill (29,322) (29,322) (59,820) (59,820) (59,820) Less: core deposit intangible (1,943) (1,070) (20,682) (17,843) (15,117) Tangible com
Slide 41: Non-GAAP Reconciliations: Tangible Book Value Per Share
41 Non-GAAP Reconciliations (cont’d) ($000) 4Q24 3Q25 4Q25 Tangible common equity Total equity $ 544,605 $ 599,129 $ 615,498 Less: goodwill (59,820) (59,820) (59,820) Less: core deposit intangible (17,843) (15,760) (15,117) Tangible common equity $ 466,942 $ 523,549 $ 540,561 Shares outstanding 31,5
Slide 42: Non-GAAP Reconciliations: Core Deposits
42 Non-GAAP Reconciliations (cont’d) ($000) 2022 2023 2024 2025 Total deposits $ 3,587,024 $ 4,401,437 $ 4,318,254 $ 4,359,263 Less: time deposits of $250,000 or more (27,158) (130,183) (202,196) (201,365) Less: brokered deposits — (144,880) — — Core deposits $ 3,559,866 $ 4,126,374 $ 4,116,058 $ 4,
Slide 43: Non-GAAP Reconciliations: Adjusted Pre-Tax ROAA (2011 to 2013)
43 Non-GAAP Reconciliations ($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 indemnification asset and true-up liability
Slide 44: Peer Group Members
44 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. HBN
Slide 45: HBT Financial
HBT Financial
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