Companies: 10,838     total market cap: $147.757 T
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HBT Financial
HBT
#6073
Rank
$1.03 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$28.36
Share price
-0.42%
Change (1 day)
19.81%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. HBT Financial
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-06

HBT Financial - 10-Q quarterly report FY


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to
Commission file number: 001-39085
HBT Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware
37-1117216
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
401 North Hershey Rd
Bloomington, Illinois 61704
(309) 662-4444
(Address of principal executive offices,
including zip code)
(Registrant’s telephone number,
including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHBT
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Smaller reporting company
☐
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of April 29, 2026, there were 36,381,078 shares outstanding of the registrant’s common stock, $0.01 par value.

TABLE OF CONTENTS
HBT Financial, Inc.
Page
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Item 2.
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Item 3.
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Item 4.
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Item 1A.
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Item 6.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this Quarterly Report are forward-looking statements. Forward-looking statements may include statements relating to our plans, strategies and expectations, near-term loan growth, net interest margin, mortgage banking profits, wealth management fees, expenses, asset quality, capital levels, continued earnings, and liquidity. Forward-looking statements are generally identifiable by use of the words "believe," "may," "will," "should," "could," "expect," "estimate," "intend," "anticipate," "project," "plan," "propose," "seek," "continue," "predict" or similar terminology and the negative forms of such words. Forward-looking statements are frequently based on assumptions that may or may not materialize and are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from the results anticipated or projected and which could materially and adversely affect our operating results, financial condition or prospects include, but are not limited to:
•the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, global energy market conditions, the threat or implementation of tariffs, immigration enforcement and changes in foreign policy);
•policy changes in, and the interpretation and prioritization of, local, state and federal laws, regulations and governmental policies, including executive orders;
•the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and the conflicts in the Middle East), or other adverse 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;
•new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board;
•the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers;
•changes in interest rates and prepayment rates of the Company’s assets;
•increased competition in the financial services sector, including from non-bank competitors such as credit unions, private credit firms, fintech companies and digital asset service providers and the inability to attract new customers;
•technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence;
•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, including the acquisition of CNB Bank Shares, Inc. ("CNB");
•the loss of key executives and employees, talent shortages and employee turnover;
•changes in consumer spending;
•unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company;
•the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards;
•fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates;
•credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers;
•the overall health of the local and national real estate market;
•the ability to maintain an adequate level of allowance for credit losses on loans;
•the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure;
•the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds;
•the level of nonperforming assets on our balance sheets;
•interruptions involving our information technology and communications systems or those of our third-party servicers;
1
•the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud;
•the effectiveness of the Company’s risk management framework and internal disclosure controls and procedures;
•the ability of the Company to manage the risks associated with the foregoing as well as anticipated; and
•the factors discussed in "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" or elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 6, 2026.
These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update any forward-looking statement in the future, or to reflect circumstances and events that occur after the date on which the forward-looking statement was made.
2
PART I. FINANCIAL INFORMATION
ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(dollars in thousands, except per share data)March 31,
2026		December 31,
2025
ASSETS
Cash and due from banks$37,371 $24,423 
Interest-bearing deposits with banks250,282 97,846 
Cash and cash equivalents287,653 122,269 
Interest-bearing time deposits with banks245 — 
Debt securities available-for-sale, at fair value1,025,992 813,101 
Debt securities held-to-maturity (fair value of $420,524 at 2026 and $426,799 at 2025)
453,850 458,746 
Equity securities with readily determinable fair value3,355 3,322 
Equity securities with no readily determinable fair value6,395 2,612 
Restricted stock, at cost6,000 4,979 
Loans held for sale3,247 1,263 
Loans, before allowance for credit losses4,686,951 3,456,209 
Allowance for credit losses(60,474)(41,690)
Loans, net of allowance for credit losses4,626,477 3,414,519 
Bank owned life insurance37,677 24,660 
Bank premises and equipment, net90,973 73,642 
Bank premises held for sale337 — 
Foreclosed assets1,149 1,126 
Goodwill83,504 59,820 
Intangible assets, net44,313 15,117 
Intangible assets held for sale649 — 
Mortgage servicing rights, at fair value20,090 16,944 
Investments in unconsolidated subsidiaries1,614 1,614 
Accrued interest receivable35,313 23,779 
Other assets44,891 33,877 
Total assets$6,773,724 $5,071,390 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing$1,342,192 $1,049,043 
Interest-bearing4,461,256 3,310,220 
Total deposits5,803,448 4,359,263 
Securities sold under agreements to repurchase5,046 — 
Federal Home Loan Bank advances12,332 12,301 
Subordinated notes84,003 — 
Junior subordinated debentures issued to capital trusts52,924 52,909 
Other liabilities68,566 31,419 
Total liabilities6,026,319 4,455,892 
COMMITMENTS AND CONTINGENCIES (Note 16)
Stockholders' Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding
— — 
Common stock, $0.01 par value; 125,000,000 shares authorized; shares issued of 38,451,113 at 2026 and 32,899,104 at 2025; shares outstanding of 36,381,078 at 2026 and 31,431,924 at 2025
385 329 
Surplus446,555 298,548 
Retained earnings371,093 367,163 
Accumulated other comprehensive income (loss)(27,371)(23,018)
Treasury stock at cost, 2,070,035 shares at 2026 and 1,467,180 at 2025
(43,257)(27,524)
Total stockholders’ equity747,405 615,498 
Total liabilities and stockholders’ equity$6,773,724 $5,071,390 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
3
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended March 31,
(dollars in thousands, except per share data)20262025
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable$58,881 $53,369 
Federally tax exempt1,317 1,168 
Debt securities:
Taxable9,544 6,936 
Federally tax exempt658 469 
Interest-bearing deposits in bank1,276 1,065 
Other interest and dividend income163 131 
Total interest and dividend income71,839 63,138 
INTEREST EXPENSE
Deposits14,109 12,939 
Securities sold under agreements to repurchase16 22 
Borrowings209 109 
Subordinated notes278 470 
Junior subordinated debentures issued to capital trusts840 890 
Total interest expense15,452 14,430 
Net interest income56,387 48,708 
PROVISION FOR CREDIT LOSSES(156)576 
Net interest income after provision for credit losses56,543 48,132 
NONINTEREST INCOME
Card income2,751 2,548 
Wealth management fees3,764 2,841 
Service charges on deposit accounts2,160 1,944 
Mortgage servicing983 990 
Mortgage servicing rights fair value adjustment197 (308)
Gains on sale of mortgage loans331 252 
Unrealized gains (losses) on equity securities(112)8 
Gains (losses) on foreclosed assets40 13 
Gains (losses) on other assets(210)54 
Income on bank owned life insurance188 164 
Other noninterest income852 800 
Total noninterest income10,944 9,306 
NONINTEREST EXPENSE
Salaries23,061 17,053 
Employee benefits3,920 3,285 
Occupancy of bank premises3,124 2,625 
Furniture and equipment608 445 
Data processing11,794 2,717 
Marketing and customer relations1,144 1,144 
Amortization of intangible assets887 695 
FDIC insurance588 562 
Loan collection and servicing696 383 
Foreclosed assets60 5 
Other noninterest expense6,555 3,021 
Total noninterest expense52,437 31,935 
INCOME BEFORE INCOME TAX EXPENSE15,050 25,503 
INCOME TAX EXPENSE3,850 6,428 
NET INCOME$11,200 $19,075 
EARNINGS PER SHARE - BASIC$0.34 $0.60 
EARNINGS PER SHARE - DILUTED$0.34 $0.60 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING33,180,00931,584,989
See accompanying Notes to Consolidated Financial Statements (Unaudited)
4
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
(dollars in thousands)20262025
NET INCOME$11,200 $19,075 
OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized gains (losses) on debt securities available-for-sale(6,495)11,085 
Reclassification adjustment for amortization of net unrealized losses on debt securities transferred to held-to-maturity449 504 
Unrealized gains on derivative instruments— 1 
Reclassification adjustment for net settlements on derivative instruments— (36)
Total other comprehensive income (loss), before tax(6,046)11,554 
Income tax expense (benefit)(1,693)3,235 
Total other comprehensive income (loss)(4,353)8,319 
TOTAL COMPREHENSIVE INCOME$6,847 $27,394 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
5
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
Common StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders’
Equity
(dollars in thousands, except per share data)Shares
Outstanding		AmountSurplusRetained
Earnings		Treasury
Stock
Balance, December 31, 202531,431,924 $329 $298,548 $367,163 $(23,018)$(27,524)$615,498 
Net income— — — 11,200 — — 11,200 
Other comprehensive loss— — — — (4,353)— (4,353)
Stock-based compensation— — 477 — — — 477 
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings53,878 1 (645)— — — (644)
Issuance of common stock in CNB acquisition5,498,131 55 148,175 — — — 148,230 
Repurchase of common stock(602,855)— — — — (15,733)(15,733)
Cash dividends and dividend equivalents ($0.23 per share)
— — — (7,270)— — (7,270)
Balance, March 31, 202636,381,078 $385 $446,555 $371,093 $(27,371)$(43,257)$747,405 
Balance, December 31, 202431,559,366 $328 $297,297 $316,764 $(46,765)$(23,019)$544,605 
Net income— — — 19,075 — — 19,075 
Other comprehensive income— — — — 8,319 — 8,319 
Stock-based compensation— — 419 — — — 419 
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings72,065 1 (692)— — — (691)
Cash dividends and dividend equivalents ($0.21 per share)
— — — (6,670)— — (6,670)
Balance, March 31, 202531,631,431 $329 $297,024 $329,169 $(38,446)$(23,019)$565,057 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
6
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
(dollars in thousands)20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$11,200 $19,075 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense971 756 
Provision for credit losses(156)576 
Net amortization of debt securities157 777 
Deferred income tax expense9,732 782 
Stock-based compensation477 419 
Net accretion of discount and deferred loan fees on loans(1,989)(1,887)
Net unrealized loss (gain) on equity securities112 (8)
Net loss on disposals of bank premises and equipment— 5 
Net gain on sales of bank premises held for sale— (59)
Impairment losses on bank premises held for sale210 — 
Net gain on sales of foreclosed assets(40)(27)
Write-down of foreclosed assets— 14 
Amortization of intangibles887 695 
Decrease (increase) in fair value of mortgage servicing rights(197)308 
Amortization of discount and issuance costs on subordinated notes and debentures21 35 
Amortization of discount on Federal Home Loan Bank advances31 66 
Amortization of premium on time deposits(252)— 
Mortgage loans originated for sale(14,533)(8,315)
Proceeds from sale of mortgage loans13,167 7,432 
Net gain on sale of mortgage loans(331)(252)
Increase in cash surrender value of bank owned life insurance(188)(164)
Decrease in accrued interest receivable 2,261 2,035 
Decrease (increase) in other assets(5,016)2,270 
Increase in other liabilities11,997 5,907 
Net cash provided by operating activities28,521 30,440 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
7
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
Three Months Ended March 31,
(dollars in thousands)20262025
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of debt securities313,077 — 
Proceeds from paydowns, maturities, and calls of debt securities40,305 36,553 
Purchase of debt securities(202,650)(24,367)
Purchase of equity securities(60)— 
Purchase of loans— (9,782)
Net decrease in loans66,554 15,369 
Proceeds from redemption of restricted stock4,230 — 
Purchases of bank premises and equipment(2,723)(1,275)
Proceeds from sales of bank premises held for sale— 186 
Proceeds from sales of foreclosed assets292 159 
Net cash received in acquisition of CNB Bank Shares, Inc.15,036 — 
Net cash provided by investing activities234,061 16,843 
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits(72,401)66,336 
Net decrease in repurchase agreements(13,308)(26,271)
Proceeds from long-term Federal Home Loan Bank advances— 1,800 
Repayment of long-term Federal Home Loan Bank advances(71,839)(7,888)
Issuance of subordinated notes, net of issuance costs83,997 — 
Taxes paid related to the vesting of restricted stock units(644)(691)
Repurchase of common stock(15,733)— 
Cash dividends and dividend equivalents paid(7,270)(6,670)
Net cash provided by (used in) financing activities(97,198)26,616 
NET INCREASE IN CASH AND CASH EQUIVALENTS165,384 73,899 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD122,269 137,692 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$287,653 $211,591 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest$15,509 $15,039 
Net cash paid for income taxes$— $— 
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES
Transfers of loans to foreclosed assets$275 $239 
Transfers of bank premises and equipment to bank premises held for sale$337 $— 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
8
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1 – ACCOUNTING POLICIES
Basis of Presentation
HBT Financial, Inc. (“HBT Financial” or the “Company”) is headquartered in Bloomington, Illinois and is the holding company for Heartland Bank and Trust Company (“Heartland Bank” or the “Bank”). The Bank provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois, eastern Iowa, and suburban St. Louis. Additionally, the Company is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory agencies.
The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) interim reporting requirements. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to rules and regulations of the SEC. These interim unaudited consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026.
The unaudited consolidated financial statements include all normal, recurring adjustments necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.
Use of Estimates
The accompanying consolidated financial statements have been prepared in conformity with GAAP. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported results of operations for the periods then ended.
Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses and fair value of assets acquired and liabilities assumed in business combinations.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or stockholders’ equity.
Subsequent Events
In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
9
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Impact of Recently Adopted Accounting Standards
On January 1, 2026, the Company adopted Accounting Standards Update ("ASU") 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans, which expands the population of acquired financial assets subject to the gross-up approach in Topic 326. Loans (excluding credit cards) acquired without credit deterioration and deemed "seasoned" are purchased seasoned loans and accounted for using the gross-up approach at acquisition. All non-PCD loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. This standard is applied on a prospective basis and eliminates the day 1 provision for credit losses which prior to adoption of ASU 2025-08 would have been recognized on eligible purchased loans, including the non-PCD loans acquired from CNB Bank Shares, Inc. ("CNB").
Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 provides more decision-useful information about a public entity's expenses by requiring additional detail on expenses reported in income statements. Under the ASU, public entities will provide detailed disclosure in interim and annual periods of specified categories underlying certain expense captions. The ASU requires public entities to apply the amendments prospectively, with an option to use retrospective application. The amendments in this update are effective for years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This standard is not expected to have a material impact on the Company's consolidated results of operations or financial position.
In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. ASU 2025-09 provides clarification on certain aspects of the guidance on hedge accounting and addresses several incremental hedge accounting issues arising from the global reference rate reform. Consistent with the original objective of ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, the objective of ASU 2025-09 is to more closely align hedge accounting with the economics of an entity's risk management activities. The ASU requires public entities to apply the amendments prospectively. The amendments in this update are effective for years beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted. This standard is not expected to have a material impact on the Company's consolidated results of operations or financial position.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies interim disclosure requirements and the applicability of Topic 270, Interim Reporting. The amendments result in a comprehensive list of interim disclosures required by GAAP. The amendment also adds a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The ASU allows public entities to apply the amendments either prospectively or retrospectively. The amendments in this update are effective for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. This standard is not expected to have a material impact on the Company's consolidated results of operations or financial position.
10
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 2 – BUSINESS COMBINATIONS
CNB Bank Shares, Inc.
On March 1, 2026, HBT Financial acquired 100% of the issued and outstanding common stock of CNB Bank Shares, Inc., the holding company for CNB Bank & Trust, N.A. (“CNB Bank”), pursuant to an Agreement and Plan of Merger dated October 20, 2025. Under the Agreement and Plan of Merger, CNB merged with and into HBT Financial, with HBT Financial as the surviving entity, immediately followed by the merger of CNB Bank with and into Heartland Bank, with Heartland Bank as the surviving entity.
At the effective time of the merger, each share of CNB was converted into the right to receive, subject to the election and proration procedures as provided in the Merger Agreement, one of the following: (i) 1.0434 shares of HBT Financial's common stock, or (ii) $27.73 in cash, or (iii) a combination of cash and HBT Financial common stock. Total consideration consisted of 5.5 million shares of HBT Financial's common stock and $33.8 million in cash. In lieu of fractional shares of HBT Financial stock, holders of CNB common stock received cash. Based on the closing price of HBT Financial common stock of $26.96 on February 27, 2026, the aggregate transaction value was approximately $182.1 million.
This transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the date of acquisition. Given the timing of the acquisition, fair values are subject to refinement up to one year after the closing date of March 1, 2026. Goodwill of $23.7 million was recorded in the acquisition, which reflects expected synergies from combining the operations of HBT Financial and CNB, and is nondeductible for tax purposes.
The acquisition of CNB further enhanced HBT Financial's footprint in the central Illinois, Chicago MSA, and suburban St. Louis markets. Acquisition-related expenses recognized during the three months ended March 31, 2026 and 2025 are summarized below.
Three Months Ended
(dollars in thousands)March 31, 2026March 31, 2025
Salaries$4,003$—
Occupancy of bank premises105—
Furniture and equipment63—
Data processing8,668—
Marketing and customer relations69—
Loan collection and servicing320—
Professional fees and other noninterest expense2,438—
Total acquisition-related expenses$15,666$—
11
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The fair value of the assets acquired and liabilities assumed from CNB on the acquisition date of March 1, 2026 were as follows (dollars in thousands):
Fair Value
Assets acquired:
Cash and cash equivalents$48,873
Interest-bearing time deposits with banks245
Debt securities364,930
Equity securities3,868
Restricted stock5,251
Loans held for sale287
Loans, before allowance for credit losses1,296,340
Allowance for credit losses(19,957)
Loans, net of allowance for credit losses1,276,383
Bank owned life insurance12,829
Bank premises and equipment16,126
Intangible assets30,083
Intangible assets held for sale649
Mortgage servicing rights2,949
Accrued interest receivable13,795
Other assets13,995
Total assets acquired1,790,263
Liabilities assumed:
Deposits1,516,838
Repurchase Agreements18,354
FHLB advances71,839
Other liabilities24,849
Total liabilities assumed1,631,880
Net assets acquired$158,383
Consideration paid:
Cash$33,837
Common stock148,230
Total consideration paid$182,067
Goodwill$23,684
12
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Of the loans acquired, there were $163.9 million which exhibited more-than-insignificant credit deterioration on the acquisition date. The following table provides a summary of these PCD loans at acquisition (dollars in thousands):
Unpaid principal balance$163,879
Allowance for credit losses at acquisition(2,509)
Non-credit discount(10,121)
Purchase price$151,249
Intangible assets consist of core deposit intangible and customer relationship intangible assets with definite useful lives which are amortized over a 10 year period.
CNB information was fully integrated into HBT Financial's processes and systems during the system conversion in the first quarter of 2026, and as a result standalone CNB financial results are not available.
The following table provides the pro forma information for the results of operations for the three months ended March 31, 2026 and 2025 as if the acquisition of CNB had occurred on January 1, 2025. The pro forma results combine the historical results of CNB into HBT Financial’s consolidated statements of income, including the impact of certain acquisition accounting adjustments, which include loan discount accretion, securities discount accretion, intangible assets amortization, deposit premium amortization, and borrowing premium amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2025. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. The acquisition-related expenses that have been recognized are included in net income in the following table.
Pro Forma
Three Months Ended
(dollars in thousands, except per share data)March 31, 2026March 31, 2025
Total revenues (net interest income and noninterest income)$81,045$77,942
Net income22,22811,757
Earnings per share - basic0.600.32
Earnings per share - diluted0.600.32
13
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 3 – SECURITIES
Debt Securities
The amortized cost and fair values of debt securities, with gross unrealized gains and losses and allowance for credit losses, are as follows:
March 31, 2026
(dollars in thousands)Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair Value
Available-for-sale:
U.S. Treasury$79,825$—$(4,277)$—$75,548
U.S. government agency110,402187(1,478)—109,111
Municipal208,692119(14,618)—194,193
Mortgage-backed:
Agency residential453,8581,959(9,988)—445,829
Agency commercial142,81095(6,927)—135,978
Corporate65,666828(1,161)—65,333
Total available-for-sale$1,061,253$3,188$(38,449)$—$1,025,992
March 31, 2026
(dollars in thousands)Amortized CostGross Unrecognized GainsGross Unrecognized LossesFair ValueAllowance for Credit Losses
Held-to-maturity:
U.S. government agency$88,501$—$(5,292)$83,209$—
Municipal28,205186(90)28,301—
Mortgage-backed:
Agency residential73,5346(3,018)70,522—
Agency commercial263,61016(25,134)238,492—
Total held-to-maturity$453,850$208$(33,534)$420,524$—
14
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
December 31, 2025
(dollars in thousands)Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
Available-for-sale:
U.S. Treasury$89,796$—$(4,252)$—$85,544
U.S. government agency42,399146(1,123)—41,422
Municipal152,144188(12,062)—140,270
Mortgage-backed:
Agency residential364,5673,605(7,377)—360,795
Agency commercial127,004107(7,174)—119,937
Corporate65,957621(1,445)—65,133
Total available-for-sale$841,867$4,667$(33,433)$—$813,101
December 31, 2025
(dollars in thousands)Amortized CostGross Unrecognized GainsGross Unrecognized LossesFair ValueAllowance for Credit Losses
Held-to-maturity:
U.S. government agency$88,496$—$(4,850)$83,646$—
Municipal28,214353(58)28,509—
Mortgage-backed:
Agency residential75,53623(2,544)73,015—
Agency commercial266,50025(24,896)241,629—
Total held-to-maturity$458,746$401$(32,348)$426,799$—
As of March 31, 2026 and December 31, 2025, the Bank had debt securities with a carrying value of $515.9 million and $412.8 million, respectively, which were pledged to secure public deposits, securities sold under agreements to repurchase, available borrowing capacity, and for other purposes required or permitted by law.
The amortized cost and fair value of debt securities by contractual maturity, as of March 31, 2026, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Available-for-SaleHeld-to-Maturity
(dollars in thousands)
Amortized
Cost
Fair Value
Amortized
Cost
Fair Value
Due in 1 year or less$41,806 $41,190 $7,330 $7,292 
Due after 1 year through 5 years176,007 164,871 73,183 70,399 
Due after 5 years through 10 years179,918 174,361 34,261 31,952 
Due after 10 years66,854 63,763 1,932 1,867 
Mortgage-backed:
Agency residential453,858 445,829 73,534 70,522 
Agency commercial142,810 135,978 263,610 238,492 
Total$1,061,253 $1,025,992 $453,850 $420,524 
15
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents gross unrealized losses and fair value of debt securities available-for-sale that do not have an associated allowance for credit losses as of March 31, 2026 and December 31, 2025, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position:
March 31, 2026
Investments in a Continuous Unrealized Loss Position
Less than 12 Months12 Months or MoreTotal
(dollars in thousands)
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Available-for-sale:
U.S. Treasury$— $— $(4,277)$75,548 $(4,277)$75,548 
U.S. government agency(394)48,259 (1,084)29,252 (1,478)77,511 
Municipal(2,072)56,417 (12,546)122,850 (14,618)179,267 
Mortgage-backed:
Agency residential(2,688)194,821 (7,300)100,089 (9,988)294,910 
Agency commercial(146)26,285 (6,781)90,814 (6,927)117,099 
Corporate(31)7,454 (1,130)20,191 (1,161)27,645 
Total available-for-sale$(5,331)$333,236 $(33,118)$438,744 $(38,449)$771,980 
December 31, 2025
Investments in a Continuous Unrealized Loss Position
Less than 12 Months12 Months or MoreTotal
(dollars in thousands)
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Available-for-sale:
U.S. Treasury$— $— $(4,252)$85,544 $(4,252)$85,544 
U.S. government agency(18)2,956 (1,105)30,744 (1,123)33,700 
Municipal(35)4,525 (12,027)123,881 (12,062)128,406 
Mortgage-backed:
Agency residential(231)45,392 (7,146)121,114 (7,377)166,506 
Agency commercial(7)4,442 (7,167)95,580 (7,174)100,022 
Corporate(57)8,728 (1,388)24,932 (1,445)33,660 
Total available-for-sale$(348)$66,043 $(33,085)$481,795 $(33,433)$547,838 
As of March 31, 2026, there were 508 debt securities in an unrealized loss position for a period of 12 months or more, and 194 debt securities in an unrealized loss position for a period of less than 12 months.
U.S. Treasury, U.S. government agency, and agency mortgage-backed securities are considered to have no risk of credit loss as they are either explicitly or implicitly guaranteed by the U.S. government. The changes in fair value in these portfolios are considered to be primarily driven by changes in market interest rates and other non-credit risks, such as prepayment and liquidity risks.
16
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Municipal securities include general obligation bonds, which have a very low historical default rate due to issuers generally having taxing authority to service the debt, and represent approximately 74% of the total fair value of our municipal securities portfolio as of March 31, 2026. The remainder of the municipal securities are also of high credit quality with ratings of A1/A+ or better. The Company evaluates credit risk through monitoring credit ratings and reviews of available financial data. The changes in fair value in municipal securities were considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks. The estimated allowance for credit losses for the municipal debt securities held-to-maturity was deemed insignificant.
Corporate securities include investment grade corporate and bank subordinated debt securities. The Company evaluates credit risk through monitoring credit ratings, reviews of available issuer financial data, and sector trends. The changes in fair value in corporate securities were considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks.
As of March 31, 2026, the Company did not intend to sell the debt securities that are in an unrealized loss position, and it was more likely than not that the Company would recover the amortized cost prior to being required to sell the debt securities.
Accrued interest on debt securities is excluded from the estimate of credit losses and totaled $6.7 million and $5.5 million as of March 31, 2026 and December 31, 2025, respectively.
Sales of debt securities were as follows during the three months ended March 31:
Three Months Ended March 31,
(dollars in thousands)20262025
Proceeds from sales$313,077 $— 
Gross realized gains— — 
Gross realized losses— — 
17
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Equity Securities
Equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in unrealized gains (losses) on equity securities on the consolidated statements of income. The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for identical or similar securities of the same issuer.
The initial cost and carrying values of equity securities, with cumulative net unrealized gains and losses were as follows:
March 31, 2026
(dollars in thousands)Readily
Determinable
Fair Value		No Readily
Determinable
Fair Value
Initial cost$3,269 $6,764 
Cumulative net unrealized gains (losses)86 (369)
Carrying value$3,355 $6,395 
December 31, 2025
(dollars in thousands)Readily
Determinable
Fair Value		No Readily
Determinable
Fair Value
Initial cost$3,124 $2,981 
Cumulative net unrealized gains (losses)198 (369)
Carrying value$3,322 $2,612 
As of March 31, 2026 and December 31, 2025, the cumulative net unrealized losses on equity securities with no readily determinable fair value reflect impairments of $0.2 million and downward adjustments based on observable price changes of an identical investment of $0.2 million. There have been no upward adjustments based on observable price changes to equity securities with no readily determinable fair value.
Unrealized gains (losses) on equity securities were as follows during the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
(dollars in thousands)20262025
Readily determinable fair value$(112)$8 
No readily determinable fair value— — 
Unrealized gains (losses) on equity securities$(112)$8 
18
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 4 – LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES
Major categories of loans are summarized as follows:
(dollars in thousands)March 31, 2026December 31, 2025
Commercial and industrial$528,301 $399,760 
Commercial real estate - owner occupied519,847 320,434 
Commercial real estate - non-owner occupied1,099,784 937,094 
Construction and land development425,335 280,254 
Multi-family638,653 544,941 
One-to-four family residential614,563 445,463 
Agricultural and farmland596,294 275,251 
Municipal, consumer, and other264,174 253,012 
Loans, before allowance for credit losses4,686,951 3,456,209 
Allowance for credit losses(60,474)(41,690)
Loans, net of allowance for credit losses$4,626,477 $3,414,519 
Allowance for Credit Losses
Management estimates the allowance for credit losses using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The discounted cash flow method is used to estimate expected credit losses for all loan categories, except for consumer loans where the weighted average remaining maturity method is utilized.
At March 31, 2026, the economic forecast used by management anticipates that the unemployment rate will remain relatively flat and that gross domestic product ("GDP") will grow at a modest pace during the next four quarters. After the forecast period, the Company reverts to long-term averages over a four-quarter reversion period. Additionally, management has made qualitative adjustments to the loss estimates to reflect other factors that influence credit losses.
19
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables detail activity in the allowance for credit losses:
Three Months Ended March 31, 2026
(dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate
Owner
Occupied		Commercial
Real Estate
Non-owner
Occupied		Construction
and Land
Development		Multi-FamilyOne-to-four
Family
Residential		Agricultural
and
Farmland		Municipal,
Consumer,
and
Other		Total
Beginning balance$6,975 $4,383 $8,705 $3,899 $5,484 $3,535 $758 $7,951 $41,690 
Allowance established in acquisition3,415 3,775 3,103 3,475 2,117 2,202 991 879 19,957 
Provision for credit losses(136)492 (225)(867)(379)(117)138 679 (415)
Charge-offs(584)(246)— (1)— (6)— (164)(1,001)
Recoveries123 2 15 1 3 31 4 64 243 
Ending balance$9,793 $8,406 $11,598 $6,507 $7,225 $5,645 $1,891 $9,409 $60,474 
Three Months Ended March 31, 2025
(dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate
Owner
Occupied		Commercial
Real Estate
Non-owner
Occupied		Construction
and Land
Development		Multi-FamilyOne-to-four
Family
Residential		Agricultural
and
Farmland		Municipal,
Consumer,
and
Other		Total
Beginning balance$5,357 $3,107 $11,707 $4,302 $4,331 $3,908 $1,170 $8,162 $42,044 
Provision for credit losses1,055 192 (514)324 (213)(112)108 (344)496 
Charge-offs(385)(1)— (6)— (85)— (188)(665)
Recoveries59 2 — 1 — 44 38 92 236 
Ending balance$6,086 $3,300 $11,193 $4,621 $4,118 $3,755 $1,316 $7,722 $42,111 
20
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Gross charge-offs, further sorted by origination year, were as follows during the three months ended March 31, 2026 and 2025.
Gross Charge-Offs for the Three Months Ended March 31, 2026
Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
(dollars in thousands)20262025202420232022Prior
Commercial and industrial$— $402 $— $90 $58 $— $34 $— $584 
Commercial real estate - owner occupied— 212 — — — — 34 — 246 
Commercial real estate - non-owner occupied— — — — — — — — — 
Construction and land development— — — — — 1 — — 1 
Multi-family— — — — — — — — — 
One-to-four family residential— — — 1 1 3 1 — 6 
Agricultural and farmland— — — — — — — — — 
Municipal, consumer, and other26 74 7 — — — 57 — 164 
Total$26 $688 $7 $91 $59 $4 $126 $— $1,001 
Gross Charge-Offs for the Three Months Ended March 31, 2025
Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
(dollars in thousands)20252024202320222021Prior
Commercial and industrial$— $— $319 $— $46 $— $20 $— $385 
Commercial real estate - owner occupied— — — — 1 — — — 1 
Commercial real estate - non-owner occupied— — — — — — — — — 
Construction and land development— — — 2 — 4 — — 6 
Multi-family— — — — — — — — — 
One-to-four family residential— — — 1 — 81 3 — 85 
Agricultural and farmland— — — — — — — — — 
Municipal, consumer, and other67 60 1 — — — 60 — 188 
Total$67 $60 $320 $3 $47 $85 $83 $— $665 


21
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present loans and the related allowance for credit losses by category:
March 31, 2026
(dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate
Owner
Occupied		Commercial
Real Estate
Non-owner
Occupied		Construction
and Land
Development		Multi-FamilyOne-to-four
Family
Residential		Agricultural
and
Farmland		Municipal,
Consumer,
and
Other		Total
Loan balances:
Collectively evaluated$526,325 $517,108 $1,095,556 $424,335 $638,591 $607,233 $595,366 $250,675 $4,655,189 
Individually evaluated1,976 2,739 4,228 1,000 62 7,330 928 13,499 31,762 
Total$528,301 $519,847 $1,099,784 $425,335 $638,653 $614,563 $596,294 $264,174 $4,686,951 
Allowance for credit losses:
Collectively evaluated$9,135 $7,482 $11,598 $6,501 $7,225 $5,519 $1,891 $8,039 $57,390 
Individually evaluated658 924 — 6 — 126 — 1,370 3,084 
Total$9,793 $8,406 $11,598 $6,507 $7,225 $5,645 $1,891 $9,409 $60,474 
December 31, 2025
(dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate
Owner
Occupied		Commercial
Real Estate
Non-owner
Occupied		Construction
and Land
Development		Multi-FamilyOne-to-four
Family
Residential		Agricultural
and
Farmland		Municipal,
Consumer,
and
Other		Total
Loan balances:
Collectively evaluated$398,573 $318,669 $932,972 $280,254 $544,941 $442,029 $274,086 $239,364 $3,430,888 
Individually evaluated1,187 1,765 4,122 — — 3,434 1,165 13,648 25,321 
Total$399,760 $320,434 $937,094 $280,254 $544,941 $445,463 $275,251 $253,012 $3,456,209 
Allowance for credit losses:
Collectively evaluated$6,739 $3,764 $8,705 $3,899 $5,484 $3,525 $758 $6,691 $39,565 
Individually evaluated236 619 — — — 10 — 1,260 2,125 
Total$6,975 $4,383 $8,705 $3,899 $5,484 $3,535 $758 $7,951 $41,690 
22
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related allowance for credit losses allocated to these loans:
March 31, 2026
Amortized CostAllowance
for Credit
Losses
Primary Collateral Type
(dollars in thousands)Real EstateVehiclesOtherTotal
Commercial and industrial$— $416 $1,560 $1,976 $658 
Commercial real estate - owner occupied2,562 — 177 2,739 924 
Commercial real estate - non-owner occupied4,177 — 51 4,228 — 
Construction and land development1,000 — — 1,000 6 
Multi-family62 — — 62 — 
One-to-four family residential7,330 — — 7,330 126 
Agricultural and farmland55 — 873 928 — 
Municipal, consumer, and other9,652 8 3,839 13,499 1,370 
Total$24,838 $424 $6,500 $31,762 $3,084 
December 31, 2025
Amortized CostAllowance
for Credit
Losses
Primary Collateral Type
(dollars in thousands)Real EstateVehiclesOtherTotal
Commercial and industrial$— $362 $825 $1,187 $236 
Commercial real estate - owner occupied1,765 — — 1,765 619 
Commercial real estate - non-owner occupied4,122 — — 4,122 — 
Construction and land development— — — — — 
Multi-family— — — — — 
One-to-four family residential3,434 — — 3,434 10 
Agricultural and farmland736 — 429 1,165 — 
Municipal, consumer, and other9,768 — 3,880 13,648 1,260 
Total$19,825 $362 $5,134 $25,321 $2,125 
Accrued interest on loans is excluded from the estimate of credit losses and totaled $28.2 million and $18.2 million as of March 31, 2026 and December 31, 2025, respectively.
23
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Past Due and Nonaccrual Status
Past due status is based on the contractual terms of the loan. Typically, loans are placed on nonaccrual when they reach 90 days past due, or when, in management’s opinion, there is reasonable doubt regarding the collection of the amounts due through the normal means of the borrower. Interest accrued and unpaid at the time a loan is placed on nonaccrual status is reversed from interest income. Interest payments received on nonaccrual loans are recognized in accordance with our significant accounting policies. Once a loan is placed on nonaccrual status, the borrower must generally demonstrate at least six months of payment performance and we must believe that all remaining principal and interest is fully collectible, before the loan is eligible to return to accrual status.
The following tables present loans by category based on current payment and accrual status:
March 31, 2026
Accruing Interest
(dollars in thousands)Current30 - 89 Days
Past Due		90+ Days
Past Due		NonaccrualTotal
Loans
Commercial and industrial$525,532 $1,264 $— $1,505 $528,301 
Commercial real estate - owner occupied517,109 522 — 2,216 519,847 
Commercial real estate - non-owner occupied1,098,193 1,435 — 156 1,099,784 
Construction and land development424,236 99 — 1,000 425,335 
Multi-family638,478 113 — 62 638,653 
One-to-four family residential605,555 1,678 — 7,330 614,563 
Agricultural and farmland593,964 1,402 — 928 596,294 
Municipal, consumer, and other263,859 283 — 32 264,174 
Total$4,666,926 $6,796 $— $13,229 $4,686,951 
December 31, 2025
Accruing Interest
(dollars in thousands)Current30 - 89 Days
Past Due		90+ Days
Past Due		NonaccrualTotal
Loans
Commercial and industrial$397,254 $1,319 $— $1,187 $399,760 
Commercial real estate - owner occupied318,094 575 — 1,765 320,434 
Commercial real estate - non-owner occupied934,230 2,864 — — 937,094 
Construction and land development279,980 274 — — 280,254 
Multi-family544,941 — — — 544,941 
One-to-four family residential440,247 1,782 — 3,434 445,463 
Agricultural and farmland274,086 — — 1,165 275,251 
Municipal, consumer, and other252,814 193 — 5 253,012 
Total$3,441,646 $7,007 $— $7,556 $3,456,209 
24
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present nonaccrual loans with and without a related allowance for credit losses:
March 31, 2026
(dollars in thousands)Nonaccrual
With
Allowance for
Credit Losses		Nonaccrual
With No
Allowance for
Credit Losses		Total
Nonaccrual
Commercial and industrial$836 $669 $1,505 
Commercial real estate - owner occupied740 1,476 2,216 
Commercial real estate - non-owner occupied— 156 156 
Construction and land development6 994 1,000 
Multi-family— 62 62 
One-to-four family residential704 6,626 7,330 
Agricultural and farmland— 928 928 
Municipal, consumer, and other19 13 32 
Total$2,305 $10,924 $13,229 
December 31, 2025
(dollars in thousands)Nonaccrual
With
Allowance for
Credit Losses		Nonaccrual
With No
Allowance for
Credit Losses		Total
Nonaccrual
Commercial and industrial$565 $622 $1,187 
Commercial real estate - owner occupied886 879 1,765 
Commercial real estate - non-owner occupied— — — 
Construction and land development— — — 
Multi-family— — — 
One-to-four family residential133 3,301 3,434 
Agricultural and farmland— 1,165 1,165 
Municipal, consumer, and other— 5 5 
Total$1,584 $5,972 $7,556 
25
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Credit Quality Indicators
The Company assigns a risk rating to all loans and periodically performs detailed internal reviews of all loans that are part of relationships with over $750 thousand in total exposure to identify credit risks and to assess the overall collectability of the portfolio. During these internal reviews, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which the borrowers operate and the fair values of collateral securing the loans. These credit quality indicators are used to assign a risk rating to each individual loan. Risk ratings are reviewed annually, at a minimum, and on an as needed basis depending on the specific circumstances of the loan. These risk ratings are also subject to review by the Company’s regulators, external loan review, and internal loan review. Risk ratings are grouped into the following major categories:
Pass – a pass loan is a credit with no existing or known potential weaknesses deserving of management’s close attention.
Pass-Watch – a pass-watch loan is still considered a "pass" credit and is not a classified or criticized asset, but is a reflection of a borrower who exhibits credit weaknesses or downward trends warranting close attention and increased monitoring. These potential weaknesses may result in deterioration of the repayment prospects for the loan. No loss of principal or interest is expected, and the borrower does not pose sufficient risk to warrant a special mention, substandard, or doubtful classification.
Special Mention – a special mention loan has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the assets or in the institution's credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.
Substandard – a substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized as probable that the borrower will not pay principal and interest in accordance with the contractual terms.
Doubtful – a doubtful loan has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. There were no loans classified as doubtful as of March 31, 2026 and December 31, 2025.


26
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present loans by category based on their assigned risk ratings determined by management:
March 31, 2026
(dollars in thousands)PassPass-WatchSpecial MentionSubstandardTotal
Commercial and industrial$472,076 $32,810 $10,060 $13,355 $528,301 
Commercial real estate - owner occupied480,277 23,607 3,321 12,642 519,847 
Commercial real estate - non-owner occupied1,026,046 64,720 1,600 7,418 1,099,784 
Construction and land development419,964 3,350 702 1,319 425,335 
Multi-family589,997 47,283 — 1,373 638,653 
One-to-four family residential586,920 12,699 1,377 13,567 614,563 
Agricultural and farmland491,430 71,449 13,936 19,479 596,294 
Municipal, consumer, and other250,479 87 17 13,591 264,174 
Total$4,317,189 $256,005 $31,013 $82,744 $4,686,951 
December 31, 2025
(dollars in thousands)PassPass-WatchSpecial MentionSubstandardTotal
Commercial and industrial$369,941 $18,960 $2,591 $8,268 $399,760 
Commercial real estate - owner occupied291,831 17,681 3,774 7,148 320,434 
Commercial real estate - non-owner occupied889,380 33,391 308 14,015 937,094 
Construction and land development269,932 540 975 8,807 280,254 
Multi-family503,133 41,808 — — 544,941 
One-to-four family residential431,553 5,741 1,646 6,523 445,463 
Agricultural and farmland246,820 13,625 2,494 12,312 275,251 
Municipal, consumer, and other239,322 20 — 13,670 253,012 
Total$3,241,912 $131,766 $11,788 $70,743 $3,456,209 

27
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Risk ratings of loans, further sorted by origination year, are as follows as of March 31, 2026:
(dollars in thousands)Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
20262025202420232022Prior
Commercial and industrial
Pass$27,879 $68,921 $49,541 $47,923 $40,609 $28,845 $206,242 $2,116 $472,076 
Pass-Watch774 802 2,295 1,685 512 1,154 25,370 218 32,810 
Special Mention19 39 250 — 174 23 9,255 300 10,060 
Substandard40 1,318 596 1,073 1,545 1,206 6,652 925 13,355 
Total$28,712 $71,080 $52,682 $50,681 $42,840 $31,228 $247,519 $3,559 $528,301 
Commercial real estate - owner occupied
Pass$17,177 $94,724 $84,922 $43,300 $85,040 $132,395 $22,415 $304 $480,277 
Pass-Watch403 4,836 2,315 609 3,729 4,639 7,029 47 23,607 
Special Mention— 1,650 — — — 171 1,500 — 3,321 
Substandard1,565 1,319 712 145 3,515 3,105 2,250 31 12,642 
Total$19,145 $102,529 $87,949 $44,054 $92,284 $140,310 $33,194 $382 $519,847 
Commercial real estate - non-owner occupied
Pass$71,009 $240,195 $93,134 $105,251 $196,768 $294,200 $22,905 $2,584 $1,026,046 
Pass-Watch5,057 11,567 6,670 2,442 13,975 24,526 483 — 64,720 
Special Mention— — — — — 1,600 — — 1,600 
Substandard4,073 — 407 206 64 2,668 — — 7,418 
Total$80,139 $251,762 $100,211 $107,899 $210,807 $322,994 $23,388 $2,584 $1,099,784 
Construction and land development
Pass$68,699 $238,685 $72,922 $24,698 $2,587 $6,043 $4,544 $1,786 $419,964 
Pass-Watch2,391 684 243 — 17 15 — — 3,350 
Special Mention— 333 — — — — — 369 702 
Substandard— 999 — 271 — 49 — — 1,319 
Total$71,090 $240,701 $73,165 $24,969 $2,604 $6,107 $4,544 $2,155 $425,335 
Multi-family
Pass$13,489 $209,695 $55,194 $81,175 $84,232 $143,085 $2,113 $1,014 $589,997 
Pass-Watch4,802 — — 11,984 29,259 1,238 — — 47,283 
Special Mention— — — — — — — — — 
Substandard— 62 — 1,027 — 284 — — 1,373 
Total$18,291 $209,757 $55,194 $94,186 $113,491 $144,607 $2,113 $1,014 $638,653 
One-to-four family residential
Pass$60,627 $98,675 $43,594 $59,278 $94,740 $146,539 $77,982 $5,485 $586,920 
Pass-Watch2,796 2,363 192 832 1,259 4,589 392 276 12,699 
Special Mention106 — — 311 901 — 59 — 1,377 
Substandard50 2,841 325 1,920 574 6,807 597 453 13,567 
Total$63,579 $103,879 $44,111 $62,341 $97,474 $157,935 $79,030 $6,214 $614,563 
Agricultural and farmland
Pass$28,074 $90,957 $59,338 $41,588 $31,195 $87,365 $138,152 $14,761 $491,430 
Pass-Watch840 13,453 3,067 5,809 2,950 26,135 19,124 71 71,449 
Special Mention61 3,278 605 1,802 826 3,033 3,186 1,145 13,936 
Substandard122 2,316 782 1,449 2,455 5,814 6,538 3 19,479 
Total$29,097 $110,004 $63,792 $50,648 $37,426 $122,347 $167,000 $15,980 $596,294 
28
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(dollars in thousands)Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
20262025202420232022Prior
Municipal, consumer, and other
Pass$31,925 $53,852 $30,154 $19,515 $15,394 $57,460 $42,159 $20 $250,479 
Pass-Watch— 35 — — 6 33 13 — 87 
Special Mention— 3 — — 14 — — — 17 
Substandard2 23 26 33 5 13,498 4 — 13,591 
Total$31,927 $53,913 $30,180 $19,548 $15,419 $70,991 $42,176 $20 $264,174 
Total by risk rating
Pass$318,879 $1,095,704 $488,799 $422,728 $550,565 $895,932 $516,512 $28,070 $4,317,189 
Pass-Watch17,063 33,740 14,782 23,361 51,707 62,329 52,411 612 256,005 
Special Mention186 5,303 855 2,113 1,915 4,827 14,000 1,814 31,013 
Substandard5,852 8,878 2,848 6,124 8,158 33,431 16,041 1,412 82,744 
Total$341,980 $1,143,625 $507,284 $454,326 $612,345 $996,519 $598,964 $31,908 $4,686,951 

29
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Risk ratings of loans, further sorted by origination year, are as follows as of December 31, 2025:
(dollars in thousands)Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
20252024202320222021Prior
Commercial and industrial
Pass$45,966 $46,995 $39,709 $30,655 $7,983 $15,680 $171,444 $11,509 $369,941 
Pass-Watch457 145 1,328 254 821 12 15,847 96 18,960 
Special Mention134 — 36 331 — — 255 1,835 2,591 
Substandard198 514 743 1,122 110 705 3,821 1,055 8,268 
Total$46,755 $47,654 $41,816 $32,362 $8,914 $16,397 $191,367 $14,495 $399,760 
Commercial real estate - owner occupied
Pass$53,050 $59,585 $20,402 $47,115 $43,983 $50,548 $16,267 $881 $291,831 
Pass-Watch4,739 1,352 199 1,729 1,897 681 7,084 — 17,681 
Special Mention2,274 — — — — — 1,500 — 3,774 
Substandard2,267 — 158 1,842 1,146 713 457 565 7,148 
Total$62,330 $60,937 $20,759 $50,686 $47,026 $51,942 $25,308 $1,446 $320,434 
Commercial real estate - non-owner occupied
Pass$224,400 $73,631 $93,259 $193,916 $189,265 $91,394 $21,926 $1,589 $889,380 
Pass-Watch7,645 5,704 391 1,693 2,898 14,314 746 — 33,391 
Special Mention— 42 — — 266 — — — 308 
Substandard11,307 — 194 — — 2,514 — — 14,015 
Total$243,352 $79,377 $93,844 $195,609 $192,429 $108,222 $22,672 $1,589 $937,094 
Construction and land development
Pass$162,752 $56,846 $24,151 $1,460 $12,853 $676 $10,970 $224 $269,932 
Pass-Watch18 245 — — — 16 — 261 540 
Special Mention— — 274 — — — — 701 975 
Substandard— — — 8,758 — 49 — — 8,807 
Total$162,770 $57,091 $24,425 $10,218 $12,853 $741 $10,970 $1,186 $280,254 
Multi-family
Pass$175,366 $73,457 $45,977 $70,197 $81,169 $53,452 $2,483 $1,032 $503,133 
Pass-Watch— — 11,990 29,246 572 — — — 41,808 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total$175,366 $73,457 $57,967 $99,443 $81,741 $53,452 $2,483 $1,032 $544,941 
One-to-four family residential
Pass$75,509 $25,965 $65,431 $69,197 $56,878 $71,763 $61,555 $5,255 $431,553 
Pass-Watch151 146 632 761 1,089 2,498 233 231 5,741 
Special Mention31 — 598 902 — — — 115 1,646 
Substandard435 187 484 353 279 4,486 22 277 6,523 
Total$76,126 $26,298 $67,145 $71,213 $58,246 $78,747 $61,810 $5,878 $445,463 
Agricultural and farmland
Pass$47,469 $28,223 $27,972 $15,041 $25,152 $20,220 $82,342 $401 $246,820 
Pass-Watch2,367 513 1,047 2,066 868 805 5,878 81 13,625 
Special Mention1,253 — 8 — 5 — 1,148 80 2,494 
Substandard600 331 2,325 1,819 903 3,094 1,687 1,553 12,312 
Total$51,689 $29,067 $31,352 $18,926 $26,928 $24,119 $91,055 $2,115 $275,251 
30
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(dollars in thousands)Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
20252024202320222021Prior
Municipal, consumer, and other
Pass$58,427 $25,595 $17,346 $17,779 $21,868 $43,957 $54,349 $1 $239,322 
Pass-Watch17 — — — — 1 2 — 20 
Special Mention— — — — — — — — — 
Substandard7 5 3 1 9 13,643 2 — 13,670 
Total$58,451 $25,600 $17,349 $17,780 $21,877 $57,601 $54,353 $1 $253,012 
Total by risk rating
Pass$842,939 $390,297 $334,247 $445,360 $439,151 $347,690 $421,336 $20,892 $3,241,912 
Pass-Watch15,394 8,105 15,587 35,749 8,145 18,327 29,790 669 131,766 
Special Mention3,692 42 916 1,233 271 — 2,903 2,731 11,788 
Substandard14,814 1,037 3,907 13,895 2,447 25,204 5,989 3,450 70,743 
Total$876,839 $399,481 $354,657 $496,237 $450,014 $391,221 $460,018 $27,742 $3,456,209 
Modifications
There were no loan modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, there were no loans modified to borrowers experiencing financial difficulty within the last 12 months.
Pledged Loans
As of March 31, 2026 and December 31, 2025, the Company pledged loans totaling $2.81 billion and $1.96 billion, respectively, to the Federal Home Loan Bank of Chicago (“FHLB”) to secure available FHLB advance borrowing capacity.
NOTE 5 – LOAN SERVICING
Mortgage loans serviced for others, which are not included in the accompanying consolidated balance sheets, amounted to $1.66 billion and $1.42 billion as of March 31, 2026 and December 31, 2025, respectively. Activity in mortgage servicing rights was as follows:
Three Months Ended March 31,
(dollars in thousands)20262025
Beginning balance$16,944 $18,827 
Acquired2,949 — 
Capitalized servicing rights199 95 
Fair value adjustments attributable to payments and principal reductions(541)(453)
Fair value adjustments attributable to changes in valuation inputs and assumptions539 50 
Ending balance$20,090 $18,519 
31
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 6 – FORECLOSED ASSETS
Foreclosed assets activity was as follows:
Three Months Ended March 31,
(dollars in thousands)20262025
Beginning balance$1,126 $367 
Transfers from loans275 239 
Proceeds from sales(292)(159)
Net gain on sales40 27 
Direct write-downs— (14)
Ending balance$1,149 $460 
Gains (losses) on foreclosed assets included the following:
Three Months Ended March 31,
(dollars in thousands)20262025
Direct write-downs$— $(14)
Net gain on sales40 27 
Gains on foreclosed assets$40 $13 
As of March 31, 2026 and December 31, 2025, the carrying value of foreclosed one-to-four family residential real estate properties held was $0.8 million and $0.9 million, respectively. As of March 31, 2026, there were 7 one-to-four family residential real estate loans in the process of foreclosure totaling $0.3 million. As of December 31, 2025, there were three one-to-four family residential real estate loans in the process of foreclosure totaling $0.2 million.
NOTE 7 – DEPOSITS
The Company’s deposits are summarized below:
(dollars in thousands)March 31, 2026December 31, 2025
Noninterest-bearing deposits$1,342,192 $1,049,043 
Interest-bearing deposits:
Interest-bearing demand1,365,216 1,144,416 
Money market929,671 839,097 
Savings900,700 564,220 
Time1,265,669 762,487 
Total interest-bearing deposits4,461,256 3,310,220 
Total deposits$5,803,448 $4,359,263 
Reciprocal deposits included in interest-bearing demand deposits, money market deposits, and time deposits totaled $233.7 million and $289.9 million as of March 31, 2026 and December 31, 2025, respectively. There were no brokered deposits as of March 31, 2026 and December 31, 2025.

32
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The aggregate amounts of time deposits in denominations of $250 thousand or more amounted to $378.4 million and $201.4 million as of March 31, 2026 and December 31, 2025, respectively. The aggregate amounts of time deposits in denominations of $100 thousand or more amounted to $790.3 million and $445.7 million as of March 31, 2026 and December 31, 2025, respectively.
The components of interest expense on deposits were as follows:
Three Months Ended March 31,
(dollars in thousands)20262025
Interest-bearing demand$1,931 $1,453 
Money market4,448 4,397 
Savings704 370 
Time7,026 6,719 
Total interest expense on deposits$14,109 $12,939 
NOTE 8 - SUBORDINATED NOTES
On March 11, 2026, the Company issued $85.0 million of fixed-to-floating rate subordinated notes with a maturity date of March 15, 2036. The subordinated notes, which are unsecured obligations of the Company, bear a fixed interest rate of 5.75% from and including March 11, 2026 to, but excluding March 15, 2031, or earlier redemption date. From and including March 15, 2031 to, but excluding the maturity date or earlier redemption date, the subordinated notes bear interest at a floating rate equal to the then-current three-month SOFR plus 2.33%. Interest is payable semi-annually during the fixed rate period and quarterly during the subsequent floating rate period. The subordinated notes have an optional redemption in whole or in part on any interest payment date on or after March 15, 2031. The subordinated notes may be redeemed at a price equal to 100% of the principal amount redeemed, plus any accrued but unpaid interest to, but excluding, the redemption date. As of March 31, 2026, 100% of the subordinated notes qualified as Tier 2 capital.
The face value and carrying value of the subordinated notes are summarized below:
(dollars in thousands)March 31, 2026December 31, 2025
Subordinated notes, at face value$85,000 $— 
Unamortized issuance costs(997)— 
Subordinated notes, at carrying value$84,003 $— 
33
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 9 – DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments are negotiated contracts entered into by two issuing counterparties containing specific agreement terms, including the underlying instrument, amount, exercise price, and maturities. The derivatives accounting guidance requires that the Company recognize all derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets. The Company may utilize interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position.
Interest Rate Swaps Designated as Cash Flow Hedges
For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on interest rate swaps designated as cash flow hedging instruments, net of tax, is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings.
As of March 31, 2026 and December 31, 2025, there were no interest rate swap agreements designated as a cash flow hedge.
The effect of interest rate swap agreements designated as cash flow hedges on the consolidated statements of income was as follows:
Location of gross gain (loss) reclassified
from accumulated other
comprehensive income (loss) to income		Amounts of gross gain (loss)
reclassified from accumulated
other comprehensive income (loss)
Three Months Ended
March 31,
(dollars in thousands)20262025
Designated as cash flow hedges:
Junior subordinated debentures interest expense$—$36 
In April 2026, the Company entered into an $85.0 million receive 3.51% fixed, pay 1-month term SOFR interest rate swap designated as a cash flow hedge. The interest rate swap matures in 2031.
34
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Interest Rate Swaps Not Designated as Hedging Instruments
The Company may offer interest rate swap agreements to its commercial borrowers in connection with their risk management needs. The Company manages the interest rate risk associated with these contracts by entering into an equal and offsetting derivative with a third-party financial institution. While these interest rate swap agreements generally work together as an economic interest rate hedge, the Company did not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.
The interest rate swap agreements not designated as hedging instruments were as follows:
March 31, 2026December 31, 2025
(dollars in thousands)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Fair value recorded in other assets:
Interest rate swaps with a commercial borrower counterparty$2,528 $45 $6,344 $75 
Interest rate swaps with a financial institution counterparty73,533 2,987 73,011 2,915 
Total fair value recorded in other assets$76,061 $3,032 $79,355 $2,990 
Fair value recorded in other liabilities:
Interest rate swaps with a commercial borrower counterparty$73,533 $(2,987)$73,011 $(2,915)
Interest rate swaps with a financial institution counterparty2,528 (45)6,344 (75)
Total fair value recorded in other liabilities$76,061 $(3,032)$79,355 $(2,990)
As of March 31, 2026, the interest rate swap agreements not designated as hedging instruments had contractual maturities between 2027 and 2040.
The effect of interest rate contracts not designated as hedging instruments recognized in other noninterest income on the consolidated statements of income was as follows:
Three Months Ended
March 31,
(dollars in thousands)20262025
Not designated as hedging instruments:
Gross gains$478 $1,649 
Gross losses(478)(1,649)
Net gains (losses)$— $— 
35
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Risk Participation Agreements
We have entered into a risk participation agreement to share credit exposure with a counterparty in an interest rate swap agreement associated with a loan participation. Under the risk participation agreement, the Company sold a portion of its credit exposure, receiving an up-front fee, and will be required to make a payment to the counterparty if the loan customer defaults on its obligations. The risk participation agreement matures in 2035 and is summarized as follows:
(dollars in thousands)March 31, 2026December 31, 2025
Risk participation agreements sold
Number of risk participation agreements1 1 
Notional amount$5,255 $5,268 
Fair value(10)(10)
NOTE 10 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the activity and accumulated balances for components of other comprehensive income (loss):
Unrealized Gains (Losses)
on Debt Securities
(dollars in thousands)Available-for-SaleHeld-to-MaturityDerivatives Total
Three Months Ended March 31, 2026
Balance, December 31, 2025$(17,320)$(5,698)$— $(23,018)
Other comprehensive loss before reclassifications(6,495)— — (6,495)
Reclassifications— 449 — 449 
Other comprehensive income (loss), before tax(6,495)449 — (6,046)
Income tax expense (benefit)(1,819)126 — (1,693)
Other comprehensive income (loss), after tax(4,676)323 — (4,353)
Balance, March 31, 2026$(21,996)$(5,375)$— $(27,371)
Three Months Ended March 31, 2025
Balance, December 31, 2024$(39,408)$(7,119)$(238)$(46,765)
Other comprehensive income before reclassifications11,085 — 1 11,086 
Reclassifications— 504 (36)468 
Other comprehensive income (loss), before tax11,085 504 (35)11,554 
Income tax expense (benefit)3,104 141 (10)3,235 
Other comprehensive income (loss), after tax7,981 363 (25)8,319 
Balance, March 31, 2025$(31,427)$(6,756)$(263)$(38,446)
Reclassifications from accumulated other comprehensive income (loss) for unrealized gains (losses) on debt securities available-for-sale are included in either gains (losses) on sales of securities or provision for credit losses in the accompanying consolidated statements of income.
36
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Reclassifications from accumulated other comprehensive income (loss) for unrealized gains on debt securities held-to-maturity are included in securities interest income in the accompanying consolidated statements of income.
Reclassifications from accumulated other comprehensive income (loss) for the fair value of derivative financial instruments represent net interest payments received or made on derivatives designated as cash flow hedges. See Note 9 for additional information.
NOTE 11 – EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding. Diluted earnings per share is computed using the treasury stock method and reflects the potential dilution from the Company’s outstanding restricted stock units and performance restricted stock units.
The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended March 31,
(dollars in thousands)20262025
Numerator:
Net income$11,200 $19,075 
Denominator:
Weighted average common shares outstanding33,180,00931,584,989
Dilutive effect of outstanding restricted stock units120,087126,682
Weighted average common shares outstanding, including all dilutive potential shares33,300,09631,711,671
Earnings per share - basic$0.34 $0.60 
Earnings per share - diluted$0.34 $0.60 

37
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 12 – STOCK-BASED COMPENSATION PLANS
The Company has adopted the HBT Financial, Inc. Omnibus Incentive Plan (the “Omnibus Incentive Plan”). The Omnibus Incentive Plan provides for grants of (i) stock options, (ii) stock appreciation rights, (iii) restricted shares, (iv) restricted stock units, (v) performance awards, (vi) other share-based awards and (vii) other cash-based awards to eligible employees, non-employee directors and consultants of the Company. The maximum number of shares of common stock available for issuance under the Omnibus Incentive Plan is 1,820,000 shares.
The following is a summary of stock-based compensation expense (benefit):
Three Months Ended March 31,
(dollars in thousands)20262025
Restricted stock units$317 $273 
Performance restricted stock units160 146 
Total awards classified as equity477 419 
Stock appreciation rights43 (9)
Total stock-based compensation expense$520 $410 
Restricted Stock Units
A restricted stock unit grants a participant the right to receive one share of the Company’s common stock, following the completion of the requisite service period. Restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and is recognized on a straight-line basis over the service period for the entire award. Dividend equivalents on restricted stock units, which are accrued until vested, are classified as dividends charged to retained earnings.
During the three months ended March 31, 2026 and 2025, the total grant date fair value of the restricted stock units granted was $1.7 million and $1.1 million, respectively, based on the grant date closing prices. The total intrinsic value of restricted stock units that vested during the three months ended March 31, 2026 and 2025 was $1.4 million and $1.4 million, respectively.
The following is a summary of restricted stock unit activity:
Three Months Ended March 31,
20262025
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value		Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Beginning balance94,947$22.20 108,603$19.71 
Granted61,42827.02 43,39725.00 
Vested(52,225)21.74 (56,922)19.59 
Forfeited—— (131)19.06 
Ending balance104,150$25.28 94,947$22.20 
As of March 31, 2026, unrecognized compensation cost related to the non-vested restricted stock units was $2.1 million. This cost is expected to be recognized over the weighted average remaining service period of 2.0 years.
38
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Performance Restricted Stock Units
A performance restricted stock unit is similar to a restricted stock unit, except that the number of shares of the Company’s common stock awarded is based on a performance condition and the completion of the requisite service period. The number of shares of the Company’s common stock that may be earned ranges from 0% to 150% of the number of performance restricted stock units granted. Performance restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and an assessment of the probable outcome of the performance condition. Compensation cost is recognized on a straight-line basis over the service period of the entire award. Changes in the performance condition probability assessment result in cumulative catch-up adjustments to the compensation cost recognized. Dividend equivalents on performance restricted stock units, which are accrued until vested, are classified as dividends charged to retained earnings.
During the three months ended March 31, 2026 and 2025, the total fair value of the performance restricted stock units granted was $0.5 million and $0.4 million, respectively, based on the grant date closing prices and an assessment of the probable outcome of the performance condition on the grant date. The total intrinsic value of performance restricted stock units that vested during the three months ended March 31, 2026 and 2025 was $0.7 million and $1.1 million, respectively.
The following is a summary of performance restricted stock unit activity:
Three Months Ended March 31,
20262025
Performance
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value		Performance
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Beginning balance53,625 $22.07 70,333 $19.59 
Granted17,774 26.96 16,662 25.00 
Adjustment for performance condition8,517 22.72 11,864 18.66 
Vested(25,547)22.72 (42,783)18.66 
Forfeited— — (2,451)16.27 
Ending balance54,369 $23.46 53,625 $22.07 
As of March 31, 2026, unrecognized compensation cost related to non-vested performance restricted stock units was $0.6 million, based on the current assessment of the probable outcome of the performance conditions. This cost is expected to be recognized over the weighted average remaining service period of 1.6 year.
39
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Stock Appreciation Rights
A stock appreciation right grants a participant the right to receive an amount of cash, the value of which equals the appreciation in the Company’s stock price between the grant date and the exercise date. Stock appreciation rights are classified as liabilities. The liability is based on an option-pricing model used to estimate the fair value of the stock appreciation rights. Compensation cost for non-vested stock appreciation rights is recognized on a straight-line basis over the service period of the entire award.
The following is a summary of stock appreciation rights activity:
Three Months Ended March 31,
20262025
Stock
Appreciation
Rights		Weighted
Average
Grant Date
Assigned Value		Stock
Appreciation
Rights		Weighted
Average
Grant Date
Assigned Value
Beginning balance67,320$16.32 73,440$16.32 
Granted—— —— 
Exercised—— (6,120)16.32 
Expired—— —— 
Forfeited—— —— 
Ending balance67,320$16.32 67,320$16.32 
As of March 31, 2026, all stock appreciation rights were exercisable and had a weighted average remaining term of 3.4 years. There was no unrecognized compensation cost for stock appreciation rights as of March 31, 2026.

As of March 31, 2026 and December 31, 2025, the liability recorded for outstanding stock appreciation rights was $0.7 million and $0.7 million, respectively. The Company uses an option pricing model to value the stock appreciation rights, using the assumptions in the following table. Expected volatility is derived from the historical volatility of the Company’s stock price.
March 31, 2026December 31, 2025
Risk-free interest rate3.85 %3.61 %
Expected volatility29.88 %29.60 %
Expected life (in years)3.43.7
Expected dividend yield3.44 %3.25 %
40
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 13 – REGULATORY CAPITAL
The Company (on a consolidated basis) and the Bank are each subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by the regulators that, if undertaken, could have a direct material effect on the consolidated financial statements of the Company and the Bank. Additionally, the ability of the Company to pay dividends to its stockholders is dependent upon the ability of the Bank to pay dividends to the Company.
Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by regulators about components, risk weightings, and other factors. As allowed under the regulations, the Company and the Bank elected to exclude accumulated other comprehensive income, including unrealized gains and losses on debt securities, in the computation of regulatory capital. Prompt corrective action provisions are not applicable to bank holding companies.
Additionally, the Company and the Bank must maintain a “capital conservation buffer” to avoid becoming subject to restrictions on capital distributions and certain discretionary bonus payments to management. The capital conservation buffer is 2.5% of risk-weighted assets.
As of March 31, 2026 and December 31, 2025, the Company and the Bank each met all capital adequacy requirements to which they were subject.

41
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The actual and required capital amounts and ratios of the Company (on a consolidated basis) and the Bank were as follows:
March 31, 2026
ActualFor Capital Adequacy PurposesTo Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)AmountRatio AmountRatio AmountRatio
Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)$848,235 15.99 %$424,463 8.00 %N/AN/A
Tier 1 Capital (to Risk Weighted Assets)710,026 13.38 318,347 6.00 N/AN/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)658,716 12.42 238,760 4.50 N/AN/A
Tier 1 Capital (to Average Assets)710,026 12.63 224,898 4.00 N/AN/A
Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)$819,747 15.46 %$424,096 8.00 %$530,120 10.00 %
Tier 1 Capital (to Risk Weighted Assets)765,541 14.44 318,072 6.00 424,096 8.00 
Common Equity Tier 1 Capital (to Risk Weighted Assets)765,541 14.44 238,554 4.50 344,578 6.50 
Tier 1 Capital (to Average Assets)765,541 13.63 224,710 4.00 280,887 5.00 
December 31, 2025
ActualFor Capital Adequacy PurposesTo Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)AmountRatio AmountRatio AmountRatio
Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)$663,872 16.82 %$315,844 8.00 %N/AN/A
Tier 1 Capital (to Risk Weighted Assets)620,630 15.72 236,883 6.00 N/AN/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)569,335 14.42 177,662 4.50 N/AN/A
Tier 1 Capital (to Average Assets)620,630 12.26 202,443 4.00 N/AN/A
Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)$651,379 16.52 %$315,520 8.00 %$394,400 10.00 %
Tier 1 Capital (to Risk Weighted Assets)608,137 15.42 236,640 6.00 315,520 8.00 
Common Equity Tier 1 Capital (to Risk Weighted Assets)608,137 15.42 177,480 4.50 256,360 6.50 
Tier 1 Capital (to Average Assets)608,137 12.02 202,314 4.00 252,893 5.00 
42
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 14 – SEGMENT INFORMATION
The Company’s operations consist of one reportable segment. The President and Chief Executive Officer is the designated chief operating decision maker. The chief operating decision maker uses consolidated financial information for purposes of allocating resources and assessing performance. The chief operating decision maker uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used to assess performance and in establishing compensation. Interest income from loans and investments as well as noninterest income from deposit customer activity, wealth management activities, and mortgage servicing generate the significant revenues. Interest expense, provisions for credit losses, and noninterest expenses such as compensation, occupancy, and data processing costs constitute the significant expenses. Significant revenues and expenses regularly provided to the chief operating decision maker are detailed in the consolidated statements of income.
NOTE 15 – FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:
Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date.
Level 2 - Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3 - Significant unobservable inputs that reflect a Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
The Company uses fair value to measure certain assets and liabilities on a recurring basis, such as investment securities, mortgage servicing rights, and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered "nonrecurring" for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for loans held for sale, collateral-dependent loans, bank premises held for sale, and foreclosed assets.

43
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Recurring Basis
The following is a description of the methods and significant assumptions used to measure the fair value of assets and liabilities on a recurring basis.
Investment Securities
When available, the Company uses quoted market prices to determine the fair value of securities; such items are classified in Level 1 of the fair value hierarchy. For the Company’s securities where quoted prices are not available for identical securities in an active market, the Company determines fair value utilizing vendors who apply matrix pricing for similar bonds where no price is observable or may compile prices from various sources. These models are primarily industry-standard models that consider various assumptions, including time value, yield curve, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace. Fair values from these models are verified, where possible, against quoted market prices for recent trading activity of assets with similar characteristics to the security being valued. Such methods are generally classified as Level 2; however, when prices from independent sources vary, cannot be obtained or cannot be corroborated, a security is generally classified as Level 3. The change in fair value of debt securities available-for-sale is recorded through an adjustment to the consolidated statement of comprehensive income. The change in fair value of equity securities with readily determinable fair values is recorded through an adjustment to the consolidated statement of income.
Mortgage Servicing Rights
The Company has elected to record its mortgage servicing rights at fair value. Mortgage servicing rights do not trade in an active market with readily observable prices. Accordingly, the Company determines the fair value of mortgage servicing rights by estimating the fair value of the future cash flows associated with the mortgage loans being serviced as calculated by an independent third party. Key economic assumptions used in measuring the fair value of mortgage servicing rights include, but are not limited to, prepayment speeds and discount rates. Due to the nature of the valuation inputs, mortgage servicing rights are classified as Level 3. The change in fair value is recorded through an adjustment to the consolidated statement of income.
Derivative Financial Instruments
Derivative financial instruments are carried at fair value as determined by dealer valuation models. Based on the inputs used, the derivative financial instruments subjected to recurring fair value adjustments are classified as Level 2. For derivative financial instruments designated as hedging instruments, the change in fair value is recorded through an adjustment to the consolidated statement of comprehensive income. For derivative financial instruments not designated as hedging instruments, the change in fair value is recorded through an adjustment to the consolidated statement of income.

44
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 by level within the fair value hierarchy:
March 31, 2026
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available-for-sale:
U.S. Treasury$— $75,548 $— $75,548 
U.S. government agency— 109,111 — 109,111 
Municipal— 194,193 — 194,193 
Mortgage-backed:
Agency residential— 445,829 — 445,829 
Agency commercial— 135,978 — 135,978 
Corporate— 65,333 — 65,333 
Equity securities with readily determinable fair values3,355 — — 3,355 
Mortgage servicing rights— — 20,090 20,090 
Derivative financial assets— 3,032 — 3,032 
Derivative financial liabilities— 3,042 — 3,042 
December 31, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available-for-sale:
U.S. Treasury$— $85,544 $— $85,544 
U.S. government agency— 41,422 — 41,422 
Municipal— 140,270 — 140,270 
Mortgage-backed:
Agency residential— 360,795 — 360,795 
Agency commercial— 119,937 — 119,937 
Corporate— 65,133 — 65,133 
Equity securities with readily determinable fair values3,322 — — 3,322 
Mortgage servicing rights— — 16,944 16,944 
Derivative financial assets— 2,990 — 2,990 
Derivative financial liabilities— 3,000 — 3,000 

45
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present additional information about the unobservable inputs used in the fair value measurement of the mortgage servicing rights (dollars in thousands):
March 31, 2026Fair ValueValuation TechniqueUnobservable InputsRange
(Weighted Average)
Mortgage servicing rights$20,090 Discounted cash flowsConstant pre-payment rates (CPR)
4.8% to 94.3% (7.9%)
Discount rate
9.0% to 12.6% (9.6%)
December 31, 2025Fair ValueValuation TechniqueUnobservable InputsRange
(Weighted Average)
Mortgage servicing rights$16,944 Discounted cash flowsConstant pre-payment rates (CPR)
4.9% to 94.3% (8.1%)
Discount rate
9.0% to 11.0% (9.6%)
Nonrecurring Basis
The following is a description of the methods and significant assumptions used to measure the fair value of assets and liabilities on a nonrecurring basis.
Loans Held for Sale
Mortgage loans originated and held for sale are carried at the lower of cost or estimated fair value. The Company obtains quotes or bids on these loans directly from purchasing financial institutions. Typically, these quotes include a premium on the sale and thus these quotes generally indicate fair value of the held for sale loans is greater than cost. Loans held for sale have been classified as Level 2.
Collateral-Dependent Loans
Periodically, a collateral-dependent loan is evaluated individually and is reported at the fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the collateral value is not sufficient, a specific reserve is recorded. Collateral values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of collateral-dependent loans have been classified as Level 3.
Bank Premises Held for Sale
Bank premises held for sale are recorded at the lower of cost or fair value, less estimated selling costs, at the date classified as held for sale. Values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of bank premises held for sale have been classified as Level 3.
Foreclosed Assets
Foreclosed assets are recorded at fair value based on property appraisals, less estimated selling costs, at the date of the transfer. Subsequent to the transfer, foreclosed assets are carried at the lower of cost or fair value, less estimated selling costs. Values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of foreclosed assets have been classified as Level 3.
46
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables summarize assets measured at fair value on a nonrecurring basis as of March 31, 2026 and December 31, 2025 by level within the fair value hierarchy:
March 31, 2026
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans held for sale$— $3,247 $— $3,247 
Collateral-dependent loans— — 28,678 28,678 
Bank premises held for sale— — 337 337 
Foreclosed assets— — 1,149 1,149 
December 31, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans held for sale$— $1,263 $— $1,263 
Collateral-dependent loans— — 23,196 23,196 
Foreclosed assets— — 1,126 1,126 
The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements (dollars in thousands):
March 31, 2026Fair ValueValuation
Technique		Unobservable InputsRange
(Weighted Average)
Collateral-dependent loans$28,678 Appraisal of collateralAppraisal adjustmentsNot meaningful
Bank premises held for sale337 AppraisalAppraisal adjustments
7% (7%)
Foreclosed assets1,149 AppraisalAppraisal adjustments
7% (7%)
December 31, 2025
Fair Value
Valuation Technique
Unobservable Inputs
Range
(Weighted Average)
Collateral-dependent loans$23,196 Appraisal of collateralAppraisal adjustmentsNot meaningful
Foreclosed assets1,126 AppraisalAppraisal adjustments
7% (7%)
Other Fair Value Methods
The following methods and assumptions were used by the Company in estimating fair value disclosures of its other financial instruments.
Cash and Cash Equivalents
The carrying amounts of these financial instruments approximate their fair values.
Restricted Stock
The carrying amount of FHLB stock approximates fair value based on the redemption provisions of the FHLB.
47
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Loans
The fair value estimation process for the loan portfolio uses an exit price concept and reflects discounts the Company believes are consistent with discounts in the marketplace. Fair values are estimated for portfolios of loans with similar characteristics. Loans are segregated by type such as commercial and industrial, agricultural and farmland, commercial real estate – owner occupied, commercial real estate – non-owner occupied, multi-family, construction and land development, one-to-four family residential, and municipal, consumer, and other. The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for similar maturities. The fair value analysis also includes other assumptions to estimate fair value, intended to approximate those a market participant would use in an orderly transaction, with adjustments for discount rates, interest rates, liquidity, and credit spreads, as appropriate.
Investments in Unconsolidated Subsidiaries
The fair values of the Company’s investments in unconsolidated subsidiaries are presumed to approximate carrying amounts.
Time Deposits
Fair values of certificates of deposit with stated maturities have been estimated using the present value of estimated future cash flows discounted at rates currently offered for similar instruments. Time deposits also include public funds time deposits.
Securities Sold Under Agreements to Repurchase
The fair values of repurchase agreements with variable interest rates are presumed to approximate their recorded carrying amounts.
FHLB Advances
The fair values of FHLB advances are estimated using discounted cash flow analyses based on current rates offered for borrowings with similar remaining maturities and characteristics.
Subordinated Notes
The fair values of subordinated notes are estimated using discounted cash flow analyses based on rates observed on recent debt issuances by other financial institutions.
Junior Subordinated Debentures
The fair values of subordinated debentures are estimated using discounted cash flow analyses based on rates observed on recent debt issuances by other financial institutions.
Accrued Interest
The carrying amounts of accrued interest approximate fair value.
48
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table provides summary information on the carrying amounts and estimated fair values of the Company’s other financial instruments:
(dollars in thousands)Fair Value
Hierarchy
Level		March 31, 2026December 31, 2025
Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Financial assets:
Cash and cash equivalentsLevel 1$287,653 $287,653 $122,269 $122,269 
Debt securities held-to-maturityLevel 2453,850 420,524 458,746 426,799 
Restricted stockLevel 36,000 6,000 4,979 4,979 
Loans, netLevel 34,626,477 4,589,644 3,414,519 3,379,845 
Investments in unconsolidated subsidiariesLevel 31,614 1,614 1,614 1,614 
Accrued interest receivableLevel 235,313 35,313 23,779 23,779 
Financial liabilities:
Time depositsLevel 31,265,669 1,260,717 762,487 759,589 
Securities sold under agreements to repurchaseLevel 25,046 5,046 — — 
FHLB advancesLevel 312,332 11,513 12,301 11,465 
Subordinated notesLevel 384,003 85,232 — — 
Junior subordinated debenturesLevel 352,924 51,740 52,909 51,696 
Accrued interest payableLevel 28,394 8,394 3,813 3,813 
The Company estimated the fair value of lending related commitments as described in Note 16 to be immaterial based on limited interest rate exposure due to their variable nature, short-term commitment periods, and termination clauses provided in the agreements.
Limitations
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
Fair values have been estimated using data which management considered the best available and estimation methodologies deemed suitable for the pertinent category of financial instrument.
49
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 16 – COMMITMENTS AND CONTINGENCIES
Financial Instruments
The Bank is party to credit-related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets.
The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.
Such commitments and conditional obligations were as follows:
Contractual Amount
(dollars in thousands)March 31, 2026December 31, 2025
Commitments to extend credit$1,108,345 $855,014 
Standby letters of credit35,500 29,727 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, by the Bank upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies, but may include real estate, accounts receivable, inventory, equipment, and income-producing properties.
Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those standby letters of credit are primarily issued to support extensions of credit. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. The Bank secures the standby letters of credit with the same collateral used to secure the related loan.
50
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Allowance for Credit Losses on Unfunded Lending-related Commitments
The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for credit losses on unfunded commitments is included in other liabilities on the consolidated balance sheets and is adjusted through a charge to provision for credit loss expense on the consolidated statements of income. The allowance for credit losses on unfunded commitments estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The allowance for credit losses on unfunded commitments was $5.9 million and $4.1 million as of March 31, 2026 and December 31, 2025, respectively. The following table sets forth the provision for credit losses on unfunded lending-related commitments for the periods indicated:
Three Months Ended March 31,
(dollars in thousands)20262025
Provision for credit losses on unfunded lending-related commitments259 825 
Legal Contingencies
Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company's consolidated financial statements.
51
ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Unless the context requires otherwise, references in this report to the “Company,” “we,” “us” and “our” refer to HBT Financial, Inc. and its subsidiaries.
The following is management’s discussion and analysis of the financial condition as of March 31, 2026 (unaudited), as compared with December 31, 2025, and the results of operations for the three months ended March 31, 2026 and 2025 (unaudited). Management’s discussion and analysis should be read in conjunction with the Company’s unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q, as well as the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026. Results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of results to be attained for the year ended December 31, 2026, or for any other period.
OVERVIEW
HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. We provide a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois, eastern Iowa, and suburban St. Louis. As of March 31, 2026, the Company had total assets of $6.8 billion, loans held for investment of $4.7 billion, and total deposits of $5.8 billion.
Market Area
As of March 31, 2026, our branch network included 83 full-service branch locations throughout Illinois, eastern Iowa, and suburban St. Louis. We hold a leading deposit share in many of our central Illinois markets, which we define as a top three deposit share rank, providing the foundation for our strong deposit base. The stability provided by this low-cost funding is a key driver of our strong track record of financial performance. Below is a summary of our loan and deposit balances by geographic region:
March 31, 2026December 31, 2025
(dollars in thousands)LoansDepositsLoansDeposits
Central Illinois$1,897,133 $3,817,251 $1,428,580 $2,898,046 
Chicago MSA2,033,019 1,684,119 1,522,963 1,244,319 
Suburban St. Louis399,440 185,160 140,863 107,088 
Iowa357,359 116,918 363,803 109,810 
Total$4,686,951 $5,803,448 $3,456,209 $4,359,263 
CNB Acquisition
On March 1, 2026, HBT Financial completed its acquisition of CNB, the holding company for CNB Bank. The acquisition of CNB further enhanced HBT Financial's footprint in the central Illinois, Chicago MSA, and suburban St. Louis markets. Prior to the acquisition, CNB operated 18 full-service branch locations which now operate as branches of Heartland Bank. The core system conversion was successfully completed in March 2026. After considering business combination accounting adjustments, CNB added total assets of $1.81 billion, total loans held for investment of $1.30 billion, and total deposits of $1.52 billion.
Total consideration consisted of 5.5 million shares of HBT Financial’s common stock and $33.8 million in cash. Based on the closing price of HBT Financial common stock of $26.96 on February 27, 2026, the aggregate consideration was approximately $182.1 million. Goodwill of $23.7 million was recorded in the acquisition. Acquisition-related expenses totaled $15.7 million during the three months ended March 31, 2026. There were no acquisition-related expenses during the three months ended March 31, 2025.
52
RESULTS OF OPERATIONS
Overview of Recent Financial Results
Three Months Ended March 31,
(dollars in thousands, except per share amounts)20262025
Total interest and dividend income$71,839 $63,138 
Total interest expense15,452 14,430 
Net interest income56,387 48,708 
Provision for credit losses(156)576 
Net interest income after provision for credit losses56,543 48,132 
Total noninterest income10,944 9,306 
Total noninterest expense52,437 31,935 
Income before income tax expense15,050 25,503 
Income tax expense3,850 6,428 
Net income$11,200 $19,075 
Adjusted net income (1)
$22,610 $19,253 
Pre-provision net revenue (1)
$14,894 $26,079 
Pre-provision net revenue less net charge-offs (1)
14,136 25,650 
Adjusted pre-provision net revenue (1)
30,569 26,328 
Adjusted pre-provision net revenue less net charge-offs (1)
29,811 25,899 
Share and Per Share Information
Earnings per share - diluted$0.34 $0.60 
Adjusted earnings per share - diluted (1)
0.68 0.61 
Weighted average shares of common stock outstanding33,180,009 31,584,989 
Summary Ratios
Net interest margin *4.20  %4.12  %
Net interest margin (tax-equivalent basis) * (1) (2)
4.25 4.16 
Yield on loans *6.28 6.39 
Yield on interest-earning assets *5.35 5.34 
Cost of total deposits *1.17 1.21 
Cost of funds *1.25 1.32 
Efficiency ratio76.56  %53.85  %
Efficiency ratio (tax-equivalent basis) (1) (2)
75.83 53.35 
Adjusted efficiency ratio (tax-equivalent basis) (1) (2)
52.68 53.12 
Return on average assets *0.80  %1.54  %
Return on average stockholders' equity *6.77 13.95 
Return on average tangible common equity * (1)
7.87 16.20 
Adjusted return on average assets * (1)
1.60  %1.55  %
Adjusted return on average stockholders' equity * (1)
13.67 14.08 
Adjusted return on average tangible common equity * (1)
15.89 16.36 
_________________________________________________
*    Annualized measure.
(1)See "Non-GAAP Financial Information" for reconciliation of non-GAAP measures to their most closely comparable GAAP measures.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
53
Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025
For the three months ended March 31, 2026, net income was $11.2 million, decreasing by $7.9 million, or 41.3%, when compared to net income for the three months ended March 31, 2025, primarily as a result of acquisition-related expenses. Notable changes include the following:
•A $7.7 million increase in net interest income, primarily attributable to higher average interest-earning asset balances following the CNB merger, improved yields on debt securities, and lower funding costs;
•CNB acquisition-related expenses totaled $15.7 million during the three months ended March 31, 2026;
•Excluding CNB acquisition-related expenses, noninterest expense increased by $4.8 million, primarily reflecting higher base costs following the CNB merger, including a $2.6 million increase in employee salaries and benefits expense;
•A $0.9 million increase in wealth management fees, primarily driven by an increase in assets under management following the CNB merger;
•A $0.2 million positive mortgage servicing rights ("MSR") fair value adjustment included in the 2026 results, compared to a $0.3 million negative MSR fair value adjustment included in the 2025 results; and
•A $2.6 million decrease in income tax expense, primarily due to a decrease in pre-tax income as a result of CNB acquisition-related expenses.
Net Interest Income
Net interest income equals the excess of interest income on interest earning assets (including discount accretion on acquired loans plus certain loan fees) over interest expense incurred on interest-bearing liabilities. Net interest margin, which is expressed as the percentage of net interest income to average interest-earning assets, is utilized to measure and explain changes in net interest income.
The following table sets forth average balances, average yields and costs, and certain other information. Average balances are daily average balances. Nonaccrual loans are included in the computation of average balances but have been reflected in the table as loans carrying a zero yield. The yields set forth below include the effect of deferred fees and costs as well as purchase accounting adjustments that are accreted or amortized to interest income or expense.
54
Three Months Ended
March 31, 2026March 31, 2025
(dollars in thousands)Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *
ASSETS
Loans$3,890,388 $60,198 6.28 %$3,460,906 $54,537 6.39 %
Debt securities1,375,875 10,202 3.01 1,204,424 7,405 2.49 
Deposits with banks163,761 1,276 3.16 120,014 1,065 3.60 
Other14,389 163 4.60 12,677 131 4.19 
Total interest-earning assets5,444,413 $71,839 5.35 %4,798,021 $63,138 5.34 %
Allowance for credit losses(48,362)(42,061)
Noninterest-earning assets317,393 276,853 
Total assets$5,713,444 $5,032,813 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand$1,223,982 $1,931 0.64 %$1,120,608 $1,453 0.53 %
Money market906,663 4,448 1.99 807,728 4,397 2.21 
Savings671,852 704 0.43 569,494 370 0.26 
Time940,019 7,026 3.03 784,099 6,719 3.48 
Total interest-bearing deposits3,742,516 14,109 1.53 3,281,929 12,939 1.60 
Securities sold under agreements to repurchase2,902 16 2.21 8,754 22 1.02 
Borrowings28,886 209 2.94 12,890 109 3.41 
Subordinated notes19,781 278 5.70 39,563 470 4.82 
Junior subordinated debentures issued to capital trusts52,916 840 6.44 52,856 890 6.83 
Total interest-bearing liabilities3,847,001 $15,452 1.63 %3,395,992 $14,430 1.72 %
Noninterest-bearing deposits1,150,594 1,045,733 
Noninterest-bearing liabilities45,282 36,373 
Total liabilities5,042,877 4,478,098 
Stockholders' Equity670,567 554,715 
Total liabilities and stockholders’ equity$5,713,444 $5,032,813 
Net interest income/Net interest margin (1)
$56,387 4.20 %$48,708 4.12 %
Tax-equivalent adjustment (2)
649 0.05 545 0.04 
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$57,036 4.25 %$49,253 4.16 %
Net interest rate spread (4)
3.72 %3.62 %
Net interest-earning assets (5)
$1,597,412 $1,402,029 
Ratio of interest-earning assets to interest-bearing liabilities1.421.41
Cost of total deposits1.17 %1.21 %
Cost of funds1.25 1.32 
_________________________________________________
*Annualized measure.
(1)Net interest margin represents net interest income divided by average total interest-earning assets.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3)See "Non-GAAP Financial Information" for reconciliation of non-GAAP measures to their most closely comparable GAAP measures.
(4)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

55
The following table sets forth the components of loan interest income and their contributions to the total loan yield.
Three Months Ended March 31,
20262025
(dollars in thousands)InterestYield
Contribution *		InterestYield
Contribution *
Contractual interest$57,243 5.97 %$51,435 6.03 %
Loan fees1,699 0.18 1,363 0.16 
Accretion of acquired loan discounts992 0.10 1,112 0.13 
Nonaccrual interest recoveries264 0.03 627 0.07 
Total loan interest income$60,198 6.28 %$54,537 6.39 %
_________________________________________________
*    Annualized measure.
The following table sets forth the components of net interest income and their contributions to the net interest margin.
Three Months Ended March 31,
20262025
(dollars in thousands)InterestNet Interest Margin Contribution *InterestNet Interest Margin Contribution *
Interest income:
Contractual interest on loans$57,243 4.26 %$51,435 4.35 %
Loan fees1,699 0.13 1,363 0.12 
Accretion of acquired loan discounts992 0.07 1,112 0.09 
Nonaccrual interest recoveries264 0.02 627 0.05 
Debt securities10,202 0.76 7,405 0.63 
Interest-bearing deposits in bank1,276 0.10 1,065 0.09 
Other163 0.01 131 0.01 
Total interest income71,839 5.35 63,138 5.34 
Interest expense:
Deposits14,109 1.05 12,939 1.09 
Other interest-bearing liabilities1,343 0.10 1,491 0.13 
Total interest expense15,452 1.15 14,430 1.22 
Net interest income56,387 4.20 48,708 4.12 
Tax-equivalent adjustment (1)
649 0.05 545 0.04 
Net interest income (tax-equivalent) (1) (2)
$57,036 4.25 %$49,253 4.16 %
_________________________________________________
*    Annualized measure.
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(2)See "Non-GAAP Financial Information" for reconciliation of non-GAAP measures to their most closely comparable GAAP measures.
56
Rate/Volume Analysis
The following table sets forth the dollar amount of changes in interest income and interest expense for the major categories of our interest-earning assets and interest-bearing liabilities. Information is provided for each category of interest-earning assets and interest-bearing liabilities with respect to changes attributable to volume (i.e., changes in average balances multiplied by the prior-period average rate), and changes attributable to rate (i.e., changes in average rate multiplied by prior-period average balances). For purposes of this table, changes attributable to both volume and rate that cannot be segregated have been allocated proportionately to the change due to volume and the change due to rate.
Three Months Ended March 31, 2026
vs.
Three Months Ended March 31, 2025
Increase (Decrease) Due toTotal
(dollars in thousands)VolumeRate
Interest-earning assets:
Loans$6,661 $(1,000)$5,661 
Debt securities1,143 1,654 2,797 
Deposits with banks353 (142)211 
Other19 13 32 
Total interest-earning assets8,176 525 8,701 
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand143 335 478 
Money market509 (458)51 
Savings76 258 334 
Time1,233 (926)307 
Total interest-bearing deposits1,961 (791)1,170 
Securities sold under agreements to repurchase(21)15 (6)
Borrowings117 (17)100 
Subordinated notes(267)75 (192)
Junior subordinated debentures issued to capital trusts1 (51)(50)
Total interest-bearing liabilities1,791 (769)1,022 
Change in net interest income$6,385 $1,294 $7,679 
Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025
Net interest income for the three months ended March 31, 2026 was $56.4 million, increasing $7.7 million, or 15.8%, when compared to the three months ended March 31, 2025. The increase is primarily attributable to higher average interest-earning asset balances following the CNB merger, improved yields on debt securities, and lower funding costs. Additionally, a $0.4 million decrease in nonaccrual interest recoveries was mostly offset by a $0.3 million increase in loan fees.
Net interest margin increased to 4.20% for the three months ended March 31, 2026, compared to 4.12% for the three months ended March 31, 2025. The increase was primarily attributable to improved yields on debt securities and lower funding costs. Additionally, a 3 basis point decrease in the contribution of nonaccrual interest recoveries was mostly offset by a 1 basis point increase in the contribution of loan fees.
57
The quarterly net interest margins were as follows:
20262025
Three months ended:
March 314.20 %4.12 %
June 30— 4.14 
September 30— 4.13 
December 31— 4.12 
From September 2025 to December 2025, the Federal Open Market Committee ("FOMC") lowered the target range for the federal funds rate with three 25 basis point reductions, setting a target range of 3.50% to 3.75% by the end of 2025. These reductions contributed to a decrease in funding costs and yields on variable rate loans while maturing fixed rate loans and securities continued to reprice at higher rates, resulting in a fairly stable net interest margin throughout 2025. Our net interest margin increased in the first quarter of 2026 driven primarily by higher asset yields and the sale of the vast majority of the CNB securities portfolio, with the proceeds used to pay off higher cost sources of funding and purchase higher yield debt securities.
Decreases in market interest rates, and potential future decreases, may put downward pressure on our net interest margin, as the negative impact on floating rate loans may not be fully offset by the positive impacts of maturing fixed rate loans and securities repricing at higher rates or potential decreases in deposit costs. Generally, we expect increases in market interest rates will increase our net interest income and net interest margin in future periods, while decreases in market interest rates may decrease our net interest income and net interest margin in future periods; however, this depends upon the timing and extent of both short-term and long-term interest rate fluctuations and may not always be the case.
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Provision for Credit Losses
The following table sets forth the components of provision for credit losses for the periods indicated:
Three Months Ended March 31,
(dollars in thousands)20262025
PROVISION FOR CREDIT LOSSES
Loans$(415)$496 
Unfunded lending-related commitments259 80 
Total provision for credit losses$(156)$576 
Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025
The Company recorded a negative provision for credit losses of $0.2 million for the three months ended March 31, 2026, compared to a $0.6 million provision during the three months ended March 31, 2025. The 2026 provision for credit losses primarily reflects a $0.3 million decrease in specific reserves, partially offset by changes within the loan portfolio.
The provision for credit losses is highly dependent on current and forecast economic conditions. Potential deterioration of economic conditions may lead to higher credit losses and adversely impact our financial condition and results of operations. The economic forecasts utilized in estimating the allowance for credit losses on loans and unfunded lending-related commitments include the unemployment rate and changes in GDP as macroeconomic variables, although other economic metrics and trends are considered on a qualitative basis.
59
Noninterest Income
The following table sets forth the major categories of noninterest income for the periods indicated:
Three Months Ended March 31,
(dollars in thousands)20262025$ Change% Change
Card income$2,751 $2,548 $203 8.0 %
Wealth management fees3,764 2,841 923 32.5 
Service charges on deposit accounts2,160 1,944 216 11.1 
Mortgage servicing983 990 (7)(0.7)
Mortgage servicing rights fair value adjustment197 (308)505 NM
Gains on sale of mortgage loans331 252 79 31.3 
Unrealized gains (losses) on equity securities(112)8 (120)NM
Gains (losses) on foreclosed assets40 13 27 207.7 
Gains (losses) on other assets(210)54 (264)NM
Income on bank owned life insurance188 164 24 14.6 
Other noninterest income852 800 52 6.5 
Total$10,944 $9,306 $1,638 17.6 %
_________________________________________________
NM    Not meaningful.
Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025
Total noninterest income for the three months ended March 31, 2026, was $10.9 million, an increase of $1.6 million, or 17.6%, from the three months ended March 31, 2025. Notable changes in noninterest income include the following:
•A $0.9 million increase in wealth management fees, primarily driven by higher values of assets under management and an increase in assets under management following the CNB merger;
•A $0.2 million positive MSR fair value adjustment included in the 2026 results, compared to a $0.3 million negative MSR fair value adjustment included in the 2025 results; and
•A $0.2 million impairment loss on bank premises related to the relocation of a branch was recognized in the 2026 results which is absent from the 2025 results.
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Noninterest Expense
The following table sets forth the major categories of noninterest expense for the periods indicated:
Three Months Ended March 31,
(dollars in thousands)20262025$ Change% Change
Salaries$23,061 $17,053 $6,008 35.2 %
Employee benefits3,920 3,285 635 19.3 
Occupancy of bank premises3,124 2,625 499 19.0 
Furniture and equipment608 445 163 36.6 
Data processing11,794 2,717 9,077 334.1 
Marketing and customer relations1,144 1,144 — — 
Amortization of intangible assets887 695 192 27.6 
FDIC insurance588 562 26 4.6 
Loan collection and servicing696 383 313 81.7 
Foreclosed assets60 5 55 1100.0 
Other noninterest expense6,555 3,021 3,534 117.0 
Total$52,437 $31,935 $20,502 64.2 %
Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025
Total noninterest expense for the three months ended March 31, 2026, was $52.4 million, an increase of $20.5 million, or 64.2%, from the three months ended March 31, 2025. Notable changes in noninterest expense include the following:
•CNB acquisition-related expenses totaled $15.7 million during the three months ended March 31, 2026, including $8.7 million in data processing, $4.0 million in salaries, and $2.4 million in professional fees and other noninterest expense;
•The $4.8 million increase in noninterest expenses excluding CNB acquisition-related expenses was primarily attributable to a higher base level of noninterest expense, the majority related to salaries and employee benefits; and
•A $0.6 million increase in employee benefits expense, primarily driven by higher medical benefits cost.
Income Taxes
During the three months ended March 31, 2026 and 2025, we recorded income tax expense of $3.9 million, or an effective tax rate of 25.6%, and $6.4 million, or an effective tax rate of 25.2%, respectively.
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FINANCIAL CONDITION
(dollars in thousands, except per share data)March 31,
2026		December 31,
2025		$ Change% Change
Cash and cash equivalents$287,653 $122,269 $165,384 135.3 %
Debt securities available-for-sale, at fair value1,025,992 813,101 212,891 26.2 
Debt securities held-to-maturity453,850 458,746 (4,896)(1.1)
Loans held for sale3,247 1,263 1,984 157.1 
Loans, before allowance for credit losses4,686,951 3,456,209 1,230,742 35.6 
Less: allowance for credit losses60,474 41,690 18,784 45.1 
Loans, net of allowance for credit losses4,626,477 3,414,519 1,211,958 35.5 
Goodwill83,504 59,820 23,684 39.6 
Intangible assets44,962 15,117 29,845 197.4 
Other assets248,039 186,555 61,484 33.0 
Total assets$6,773,724 $5,071,390 $1,702,334 33.6 %
Total deposits$5,803,448 $4,359,263 $1,444,185 33.1 %
Securities sold under agreements to repurchase5,046 — 5,046 NM
Borrowings12,332 12,301 31 0.3 
Subordinated notes84,003 — 84,003 NM
Junior subordinated debentures52,924 52,909 15 — 
Other liabilities68,566 31,419 37,147 118.2 
Total liabilities6,026,319 4,455,892 1,570,427 35.2 
Total stockholders' equity747,405 615,498 131,907 21.4 
Total liabilities and stockholders' equity$6,773,724 $5,071,390 $1,702,334 33.6 %
Tangible assets (1)
$6,645,258 $4,996,453 $1,648,805 33.0 %
Tangible common equity (1)
618,939 540,561 78,378 14.5 
Core deposits (1)
$5,425,094 $4,157,898 $1,267,196 30.5 %
Share and Per Share Information
Book value per share$20.54 $19.58 $0.96 4.9 %
Tangible book value per share (1)
17.01 17.20 (0.19)(1.1)
Shares of common stock outstanding36,381,07831,431,924
Balance Sheet Ratios
Loan to deposit ratio80.76 %79.28 %
Core deposits to total deposits (1)
93.48 95.38 
Stockholders' equity to total assets11.03 12.14 
Tangible common equity to tangible assets (1)
9.31 10.82 
_________________________________________________
NM   Not meaningful.
(1)See "Non-GAAP Financial Information" for reconciliation of non-GAAP measures to their most closely comparable GAAP measures.
62
Notable changes in our consolidated balance sheet include the following:
•The CNB merger added $1.81 billion in total assets, $1.30 billion in loans held for investment, and $1.52 billion in total deposits;
•Following the CNB merger, $313.1 million of the debt securities acquired from CNB were sold with the sales proceeds used to pay off higher cost sources of funding and purchase higher yield debt securities;
•Excluding the impact of the CNB merger, a $72.7 million decrease in total deposits was primarily attributable to an $88.9 million decrease in wealth management customer reciprocal money market deposits, of which $85.0 million was moved off-balance sheet due to strong levels of on-balance sheet liquidity; and
•A private placement of $85.0 million of 5.75% fixed-to-floating rate subordinated notes due in 2036 was completed in March 2026.
Loan Portfolio
The following table sets forth the composition of the loan portfolio, excluding loans held-for-sale, by type of loan.
March 31, 2026December 31, 2025
(dollars in thousands) Balance Percent Balance Percent
Commercial and industrial$528,301 11.3 %$399,760 11.6 %
Commercial real estate - owner occupied519,847 11.1 320,434 9.3 
Commercial real estate - non-owner occupied1,099,784 23.5 937,094 27.0 
Construction and land development425,335 9.1 280,254 8.1 
Multi-family638,653 13.6 544,941 15.8 
One-to-four family residential614,563 13.1 445,463 12.9 
Agricultural and farmland596,294 12.7 275,251 8.0 
Municipal, consumer, and other264,174 5.6 253,012 7.3 
Loans, before allowance for credit losses4,686,951 100.0 %3,456,209 100.0 %
Allowance for credit losses(60,474)(41,690)
Loans, net of allowance for credit losses$4,626,477 $3,414,519 
Loans, before allowance for credit losses were $4.69 billion at March 31, 2026, an increase of $1.23 billion, or 35.6%, from December 31, 2025. Excluding the impact of the CNB merger, loans decreased by $65.6 million with the following notable changes:
•A seasonal $26.3 million increase in grain elevator lines of credit within the commercial and industrial segment;
•A $8.0 million reduction on two commercial and industrial lines of credit that funded shortly before and paid off after December 31, 2025;
•Larger payoffs due to refinancings across the multi-family, commercial real estate - non-owner occupied, and municipal, consumer, and other segments were partially offset by increases in the construction and land development and one-to-four family residential segments.
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Commercial Real Estate Portfolios
Commercial real estate – owner occupied loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The commercial real estate – owner occupied portfolio composition, segmented by the owner’s business classification, as of March 31, 2026 was as follows:
March 31, 2026
(dollars in thousands)BalanceSubstandard
Risk Rating
Accommodation and food services$101,428 $1,218 
Manufacturing53,296 449 
Health care and social assistance41,854 1,391 
Real estate, rental, and leasing41,384 503 
Auto repair and dealers39,020 290 
Retail trade31,151 113 
Grain elevators28,071 2,250 
Construction23,999 1,308 
Arts, entertainment, and recreation21,935 1,107 
Other services (except public administration)21,914 301 
Wholesale trade19,191 523 
Administrative and support services11,125 — 
Professional, scientific, and technical services11,103 88 
Education services9,178 1,137 
Agriculture, forestry, fishing, and hunting6,274 — 
Finance and insurance3,310 416 
Other55,614 1,548 
Total$519,847 $12,642 
Commercial real estate – non-owner occupied loans are primarily made based on projected cash flows from the rental or sale of the underlying collateral. The commercial real estate – non-owner occupied portfolio composition, segmented by the property type, as of March 31, 2026 was as follows:
March 31, 2026
(dollars in thousands)BalanceSubstandard
Risk Rating
Weighted Average LTV(1)
Retail$226,412 $718 52 %
Warehouse and manufacturing207,449 51 54 
Office177,099 — 57 
Hotel160,727 2,472 57 
Senior Living112,243 4,072 59 
Mixed use (commercial and residential)82,259 22 62 
Medical office34,448 — 56 
Gas station30,843 — 59 
Auto repair and dealers21,495 40 54 
Restaurant and bar18,996 43 55 
Other27,813 — 57 
Total$1,099,784 $7,418 56 %
_________________________________________________
(1)     Weighted average LTV is based on the most recent appraisals available, which are generally obtained at the time of origination.
Multi-family loans totaled $638.7 million as of March 31, 2026, and are primarily made based on projected cash flows from the rental of the underlying collateral. As of March 31, 2026, multi-family loans had a weighted average LTV of 58%, based on the most recent appraisals available, which are generally obtained at the time of origination.
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Construction and land development loans totaled $425.3 million as of March 31, 2026. The majority of these loans consist of multi-family and one-to-four family residential construction projects either to be sold upon completion or held for long-term investment, but also include other property types that may be rented, sold, or owner occupied upon completion. Construction and land development loans are primarily based on projected cash flows from the rental or sale of the underlying collateral, or based on the identified cash flows of the borrower.
Management’s disciplined approach to credit risk management is exercised through portfolio diversification, robust underwriting policies, and routine loan monitoring practices in order to identify and mitigate any credit weakness as early as possible. Management continually monitors and evaluates commercial real estate concentrations by property class, industry, and relative to the Bank’s regulatory capital to remain in line with board-established limits and adapt to changing industry conditions. A centralized credit underwriting group, independent of the originating lender, evaluates a vast majority of the commercial exposures over $750 thousand annually, if not more frequently, through a standardized credit review process to ensure uniform application of policies and procedures as well as analyze credit performance. All loans require appropriate internal approval, with a centralized credit approval group reviewing the vast majority of exposures over $1 million. Additionally, more than 45% of loan commitments are reviewed on a rolling 24 month basis between a robust internal review process and an annual third-party review of a sample of the portfolio.
For commercial real estate – non-owner occupied and multi-family loans over $1 million, we evaluate, on a quarterly basis, the impact of current interest rates on the underlying cash flows of the properties securing these loans, based on the most recent cash flow data available. Individual credits with a maturity scheduled within the next five quarters that are presenting stress under current renewal terms are identified, so that ample time is available to develop solutions to manage credit risk. This testing is completed in addition to the various sensitivity testing completed at the initial extension of credit.
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Loan Portfolio Maturities
The following table summarizes the scheduled maturities of the loan portfolio as of March 31, 2026. Demand loans (loans having no stated repayment schedule or maturity) and overdraft loans are reported as being due in one year or less.
(dollars in thousands)1 Year
or Less		After 1 Year
Through
5 Years		After 5 Years
Through
15 Years		After
15 Years		Total
Commercial and industrial$252,574 $196,042 $79,685 $— $528,301 
Commercial real estate - owner occupied66,882 188,205 150,830 113,930 519,847 
Commercial real estate - non-owner occupied243,696 599,750 159,271 97,067 1,099,784 
Construction and land development205,014 197,751 18,332 4,238 425,335 
Multi-family134,373 376,223 72,086 55,971 638,653 
One-to-four family residential95,116 191,429 93,519 234,499 614,563 
Agricultural and farmland205,917 179,776 99,645 110,956 596,294 
Municipal, consumer, and other73,057 79,718 75,685 35,714 264,174 
Total$1,276,629 $2,008,894 $749,053 $652,375 $4,686,951 
The following table summarizes loans maturing after one year, segregated into variable and fixed interest rates.
Variable Interest Rates
(dollars in thousands)Repricing
1 Year
or Less		Repricing
After
1 Year		Total
Variable
Interest Rates		Predetermined
(Fixed)
Interest Rates		Total
Commercial and industrial$78,958 $28,676 $107,634 $168,093 $275,727 
Commercial real estate - owner occupied100,199 179,463 279,662 173,303 452,965 
Commercial real estate - non-owner occupied144,176 148,282 292,458 563,630 856,088 
Construction and land development83,315 8,921 92,236 128,085 220,321 
Multi-family67,048 64,003 131,051 373,229 504,280 
One-to-four family residential104,472 163,165 267,637 251,810 519,447 
Agricultural and farmland78,353 131,364 209,717 180,660 390,377 
Municipal, consumer, and other23,217 31,361 54,578 136,539 191,117 
Total$679,738 $755,235 $1,434,973 $1,975,349 $3,410,322 
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Nonperforming Assets
Our nonperforming loans and nonperforming assets were as follows:
(dollars in thousands)March 31, 2026December 31, 2025
NONPERFORMING ASSETS
Nonaccrual$13,229$7,556 
Past due 90 days or more, still accruing—— 
Total nonperforming loans13,2297,556 
Foreclosed assets1,1491,126 
Total nonperforming assets$14,378$8,682 
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government$2,291 $2,170 
Allowance for credit losses$60,474 $41,690 
Loans, before allowance for credit losses4,686,951 3,456,209 
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses1.29 %1.21 %
Allowance for credit losses to nonaccrual loans457.13551.75
Allowance for credit losses to nonperforming loans457.13551.75
Nonaccrual loans to loans, before allowance for credit losses0.280.22
Nonperforming loans to loans, before allowance for credit losses0.280.22
Nonperforming assets to total assets0.210.17
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets0.310.25
Total nonperforming assets were $14.4 million at March 31, 2026, an increase of 65.6% when compared to $8.7 million at December 31, 2025. The $5.7 million increase in nonperforming assets from December 31, 2025 was primarily attributable to $6.1 million of nonaccrual loans acquired in the CNB merger, with the majority in the construction and land development segment. Additionally, of the $13.2 million of nonperforming loans held as of March 31, 2026, $2.3 million are either wholly or partially guaranteed by the U.S. Government.
Risk Classification of Loans
Our risk classifications of loans were as follows:
(dollars in thousands)March 31, 2026December 31, 2025
Pass$4,317,189 $3,241,912 
Pass-watch256,005 131,766 
Special mention31,013 11,788 
Substandard82,744 70,743 
Total$4,686,951 $3,456,209 
Loans rated pass-watch or worse increased $155.5 million, or 72.5%, from December 31, 2025 to March 31, 2026, primarily attributable to loans acquired in the CNB merger, including $113.0 million of pass-watch loans, $18.0 million of special mention loans, and $20.7 million of substandard loans.

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Net Charge-offs (Recoveries)
The following table summarizes net charge-offs (recoveries) to average loans by loan category.
Three Months Ended March 31,
(dollars in thousands)20262025
Net charge-offs (recoveries)
Commercial and industrial$461 $326 
Commercial real estate - owner occupied244 (1)
Commercial real estate - non-owner occupied(15)— 
Construction and land development— 5 
Multi-family(3)— 
One-to-four family residential(25)41 
Agricultural and farmland(4)(38)
Municipal, consumer, and other100 96 
Total$758 $429 
Average loans
Commercial and industrial$460,121 $444,711 
Commercial real estate - owner occupied384,274 323,501 
Commercial real estate - non-owner occupied998,651 890,466 
Construction and land development341,733 368,489 
Multi-family568,948 433,053 
One-to-four family residential503,901 460,809 
Agricultural and farmland377,720 278,054 
Municipal, consumer, and other255,040 261,823 
Total$3,890,388 $3,460,906 
Charge-offs (recoveries) to average loans *
Commercial and industrial0.41 %0.30 %
Commercial real estate - owner occupied0.26 — 
Commercial real estate - non-owner occupied(0.01)— 
Construction and land development— 0.01 
Multi-family— — 
One-to-four family residential(0.02)0.04 
Agricultural and farmland— (0.06)
Municipal, consumer, and other0.16 0.15 
Total0.08 %0.05 %
_________________________________________________
*    Annualized measure.
The net charge-offs (recoveries) to average total loans ratio has remained low for several years. While we believe our continuous credit monitoring and collection efforts have resulted in lower levels of credit losses, we also recognize that the relatively stable economic conditions after the COVID-19 pandemic have also contributed to reduced credit losses.
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Securities
The Company’s investment policy emphasizes safety of the principal, liquidity needs, expected returns, cash flow targets, and consistency with our interest rate risk management strategy. The composition and maturities of the debt securities portfolio as of March 31, 2026, are summarized in the following table. Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or early redemptions that may occur. Security yields have not been adjusted to a tax-equivalent basis.
March 31, 2026
Available-for-SaleHeld-to-MaturityTotal
(dollars in thousands)Amortized
Cost		Weighted
Average
Yield		Amortized
Cost		Weighted
Average
Yield		Amortized
Cost		Weighted
Average
Yield
Due in 1 year or less
U.S. Treasury$19,948 1.15 %$— — %$19,948 1.15 %
U.S. government agency10,387 2.02 5,000 1.10 15,387 1.72 
Municipal9,472 2.56 2,330 2.83 11,802 2.62 
Mortgage-backed:
Agency residential896 2.74 — — 896 2.74 
Agency commercial10,075 1.90 7,454 2.85 17,529 2.30 
Corporate1,999 6.00 — — 1,999 6.00 
Total$52,777 1.93 %$14,784 2.25 %$67,561 2.00 %
Due after 1 year through 5 years
U.S. Treasury$59,877 1.46 %$— — %$59,877 1.46 %
U.S. government agency12,350 2.54 57,887 2.50 70,237 2.51 
Municipal85,542 1.71 15,296 3.21 100,838 1.94 
Mortgage-backed:
Agency residential21,417 2.01 10,551 2.08 31,968 2.03 
Agency commercial63,426 1.78 158,691 1.97 222,117 1.92 
Corporate18,238 5.12 — — 18,238 5.12 
Total$260,850 1.97 %$242,425 2.18 %$503,275 2.07 %
Due after 5 years through 10 years
U.S. government agency$80,572 4.12 %$25,614 2.70 %$106,186 3.78 %
Municipal58,346 2.35 8,647 3.64 66,993 2.52 
Mortgage-backed:
Agency residential41,236 2.95 2,403 3.11 43,639 2.96 
Agency commercial11,131 3.41 64,588 2.02 75,719 2.23 
Corporate41,000 6.11 — — 41,000 6.11 
Total$232,285 3.79 %$101,252 2.36 %$333,537 3.35 %
Due after 10 years
U.S. government agency$7,093 4.39 %$— — %$7,093 4.39 %
Municipal55,332 3.56 1,932 3.47 57,264 3.55 
Mortgage-backed:
Agency residential390,309 4.59 60,580 3.63 450,889 4.46 
Agency commercial58,178 3.75 32,877 2.03 91,055 3.13 
Corporate4,429 5.96 — — 4,429 5.96 
Total$515,341 4.39 %$95,389 3.08 %$610,730 4.19 %
Total
U.S. Treasury$79,825 1.39 %$— — %$79,825 1.39 %
U.S. government agency110,402 3.77 88,501 2.48 198,903 3.19 
Municipal208,692 2.42 28,205 3.33 236,897 2.53 
Mortgage-backed:
Agency residential453,858 4.31 73,534 3.39 527,392 4.19 
Agency commercial142,810 2.72 263,610 2.02 406,420 2.26 
Corporate65,666 5.82 — — 65,666 5.82 
Total$1,061,253 3.54 %$453,850 2.41 %$1,515,103 3.20 %
69
SOURCES OF FUNDS
Deposits
Management continues to focus on growing deposits through the Company’s relationship-driven banking philosophy and community-focused marketing programs.
The following table sets forth the distribution of average deposits, by account type:
Three Months Ended March 31,Percent
Change in
Average
Balance
20262025
(dollars in thousands)Average
Balance
Percent of
Total Deposits
Weighted
Average Cost *
Average
Balance
Percent of
Total Deposits
Weighted
Average Cost *
Noninterest-bearing$1,150,594 23.5 %— %$1,045,733 24.1 %— %10.0 %
Interest-bearing demand1,223,982 25.0 0.64 1,120,608 25.9 0.53 9.2 
Money market906,663 18.6 1.99 807,728 18.7 2.21 12.2 
Savings671,852 13.7 0.43 569,494 13.2 0.26 18.0 
Time940,019 19.2 3.03 784,099 18.1 3.48 19.9 
Total deposits$4,893,110 100.0 %1.17 %$4,327,662 100.0 %1.21 %13.1 %
_________________________________________________
*Annualized measure.
The average balance of deposits increased 13.1% from the three months ended March 31, 2025 to the three months ended March 31, 2026 primarily due to the CNB acquisition, which added $996.5 million of non-maturity deposits and $520.4 million of time deposits on March 1, 2026.
Despite the continued shift towards higher cost deposit products, a reduction in the target range for the federal funds rate during the second half of 2025 contributed to a decrease in funding costs. As a result, total deposit costs have continued to decline.
The following table sets forth time deposits by remaining maturity as of March 31, 2026:
(dollars in thousands)3 Months or
Less		Over 3 through
6 Months		Over 6 through
12 Months		Over
12 Months		Total
Time deposits:
Amounts less than $100,000$178,934$130,022$128,349$38,032$475,337
Amounts of $100,000 or more but less than $250,000158,659115,708118,82518,786411,978
Amounts of $250,000 or more156,55361,818151,2548,729378,354
Total time deposits$494,146$307,548$398,428$65,547$1,265,669
As of March 31, 2026 and December 31, 2025, the Bank’s uninsured deposits were estimated to be $1.34 billion and $928.7 million, respectively.
70
LIQUIDITY
Bank Liquidity
The overall objective of bank liquidity management is to ensure the availability of sufficient cash funds to meet all financial commitments and to take advantage of investment opportunities. The Bank manages liquidity in order to meet deposit withdrawals on demand or at contractual maturity, to repay borrowings as they mature, and to fund new loans and investments as opportunities arise.
The Bank continuously monitors its liquidity positions to ensure that assets and liabilities are managed in a manner that will meet all of our short-term and long-term cash requirements. The Bank manages its liquidity position to meet our daily cash flow needs, while maintaining an appropriate balance between assets and liabilities to meet the return on investment objectives. The Bank also monitors liquidity requirements in light of interest rate trends, changes in the economy, the scheduled maturity and interest rate sensitivity of the investment and loan portfolios and deposits, and regulatory capital requirements.
As part of the Bank’s liquidity management strategy, the Bank is also focused on minimizing costs of liquidity and attempts to decrease these costs by promoting noninterest-bearing and low-cost deposits. While the Bank does not control the types of deposit instruments our clients choose, those choices can be influenced with the rates and the deposit specials offered.
Our on-balance sheet sources of liquidity included cash and cash equivalents as well as unpledged securities which may be sold or pledged as collateral to meet liquidity needs. As of March 31, 2026 and December 31, 2025, our on-balance sheet sources of liquidity included the following:
(dollars in thousands)March 31, 2026December 31, 2025
Cash and cash equivalents$287,653 $122,269 
Fair value of unpledged securities950,205 845,524 
Total cash and unpledged securities$1,237,858 $967,793 
Additional sources of liquidity include borrowings from the FHLB, the Federal Reserve discount window, and federal fund lines of credit. Interest is charged on outstanding borrowings at the prevailing market rate. As of March 31, 2026, our current borrowings and additional available borrowing capacity were as follows:
March 31, 2026
(dollars in thousands)Current BalanceAdditional
Available Capacity
FHLB$12,332 $1,007,862 
Federal Reserve— 108,336 
Federal funds lines of credit— 80,000 
Total$12,332 $1,196,198 
Furthermore, the Bank has the option to utilize brokered deposits as an additional source of liquidity, as needed.
As of March 31, 2026, management believed the current liquidity and available sources of liquidity are adequate to meet all of the reasonably foreseeable short-term and intermediate-term demands of the Bank. As of March 31, 2026, the Bank had no material commitments for capital expenditures.
71
Holding Company Liquidity
The Holding Company, or HBT Financial, Inc. on an unconsolidated basis, is a corporation separate and apart from the Bank and, therefore, it must provide for its own liquidity. As of March 31, 2026, the Holding Company had cash and cash equivalents of $28.7 million.
The Holding Company’s main source of funding is dividends declared and paid to it by the Bank. Dividends paid by the Bank to the Holding Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. Management believes that such limitations will not impact the Holding Company’s ability to meet its ongoing short-term or intermediate-term cash obligations. During the three months ended March 31, 2026 and 2025, the Bank paid $56.0 million and $7.5 million in dividends to the Holding Company, respectively. Additionally, the private placement of $85.0 million of subordinated notes completed on March 11, 2026 bolstered the cash reserves at the Holding Company with $60.0 million contributed to the Bank during the first quarter of 2026.
The liquidity needs of the Holding Company on an unconsolidated basis consist primarily of operating expenses, interest payments on debt, and shareholder distributions in the form of dividends and stock repurchases. During the three months ended March 31, 2026 and 2025, holding company operating expenses consisted of interest expense of $1.1 million and $1.4 million, respectively, and other operating expenses of $3.5 million and $1.0 million, respectively. Additionally, the Holding Company paid $7.3 million and $6.7 million of dividends to stockholders during the three months ended March 31, 2026 and 2025, respectively.
As of March 31, 2026, management was not aware of any known trends, events or uncertainties that had or were reasonably likely to have a material impact on the Holding Company’s liquidity.
As of March 31, 2026, management believed the current liquidity and available sources of liquidity are adequate to meet all of the reasonably foreseeable short-term and intermediate-term demands of the Holding Company. As of March 31, 2026, the Holding Company had no material commitments for capital expenditures.
CAPITAL RESOURCES
The overall objectives of capital management are to ensure the availability of sufficient capital to support loan, deposit and other asset and liability growth opportunities and to maintain capital to absorb unforeseen losses or write-downs that are inherent in the business risks associated with the banking industry. The Company seeks to balance the need for higher capital levels to address such unforeseen risks and the goal to achieve an adequate return on the capital invested by our stockholders.
Regulatory Capital Requirements
The Company and Bank are each subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the financial statements of the Company and the Bank.
In addition to meeting minimum capital requirements, the Company and the Bank must also maintain a “capital conservation buffer” to avoid becoming subject to restrictions on capital distributions and certain discretionary bonus payments to management. The capital conservation buffer requirement is 2.5% of risk-weighted assets.
As of March 31, 2026 and December 31, 2025, the Company and the Bank met all capital adequacy requirements to which they were subject. As of those dates, the Bank was “well capitalized” under the regulatory prompt corrective action provisions.
72
The following table sets forth actual capital ratios of the Company and the Bank as of the dates indicated, as well as the minimum ratios for capital adequacy purposes with the capital conservation buffer, and the minimum ratios to be well capitalized under regulatory prompt corrective action provisions.
March 31,
2026		December 31,
2025
For Capital
Adequacy Purposes
With Capital
Conservation Buffer (1)
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions (2)
Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)15.99 %16.82 %10.50 %N/A
Tier 1 Capital (to Risk Weighted Assets)13.38 15.72 8.50 N/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)12.42 14.42 7.00 N/A
Tier 1 Capital (to Average Assets)12.63 12.26 4.00 N/A
Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)15.46 %16.52 %10.50 %10.00 %
Tier 1 Capital (to Risk Weighted Assets)14.44 15.42 8.50 8.00 
Common Equity Tier 1 Capital (to Risk Weighted Assets)14.44 15.42 7.00 6.50 
Tier 1 Capital (to Average Assets)13.63 12.02 4.00 5.00 
_________________________________________________
(1)The Tier 1 capital to average assets ratio (known as the “leverage ratio”) is not impacted by the capital conservation buffer.
(2)The prompt corrective action provisions are not applicable to bank holding companies.
N/A   Not applicable.
As of March 31, 2026, management was not aware of any known trends, events or uncertainties that had or were reasonably likely to have a material impact on the Company’s capital resources.
Cash Dividends
During 2025, the Company paid quarterly cash dividends of $0.21 per share. In January 2026, the Company announced an increase of $0.02 and paid a $0.23 per share dividend during the first quarter of 2026.
Stock Repurchase Program
Under the Company's stock repurchase program, the Company repurchased 602,855 shares of its common stock at a weighted average price of $25.84 during the three months ended March 31, 2026. The Company’s Board of Directors has authorized the repurchase of up to $30.0 million of its common stock under its stock repurchase program in effect until January 1, 2027. As of March 31, 2026, the Company had $14.4 million remaining under the current stock repurchase authorization.
OFF-BALANCE SHEET ARRANGEMENTS
As a financial services provider, the Bank routinely is a party to various financial instruments with off-balance sheet risks, such as commitments to extend credit, standby letters of credit, unused lines of credit, commitments to sell loans, and interest rate swaps. While these contractual obligations represent our future cash requirements, a significant portion of commitments to extend credit may expire without being drawn upon. Such commitments are subject to the same credit policies and approval process afforded to loans originated by the Bank. For additional information, see “Note 16 – Commitments and Contingencies” to the consolidated financial statements.
73
CRITICAL ACCOUNTING ESTIMATES
Critical accounting estimates are those that are critical to the portrayal and understanding of the Company’s financial condition and results of operations and require management to make assumptions that are difficult, subjective, or complex. These estimates involve judgments, assumptions, and uncertainties that are susceptible to change. In the event that different assumptions or conditions were to prevail, and depending on the severity of such changes, the possibility of a materially different financial condition or materially different results of operations is a reasonable likelihood. Further, changes in accounting standards could impact the Company’s critical accounting estimates. The following accounting estimates could be deemed critical:
Allowance for Credit Losses
The allowance for credit losses reflects an estimate of lifetime expected credit losses. Measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is established through a provision for credit losses which is charged to expense. Additions to the allowance for credit losses are expected to maintain the adequacy of the total allowance for credit losses. Loan losses are charged off against the allowance for credit losses when the Company determines the loan balance to be uncollectible. Cash received on previously charged off amounts is recorded as a recovery to the allowance for credit losses.
Management uses the discounted cash flow method to estimate expected credit losses for all loan categories, except for consumer loans where the weighted average remaining maturity method is utilized. The Company uses regression analysis of historical internal and peer data to determine which macroeconomic variables are most closely correlated with credit losses, such as the unemployment rate and changes in GDP. Management leverages economic projections from a reputable third party to form its economic forecasts with a reversion to historical averages for periods beyond a reasonable and supportable forecast period.
Nonaccrual loans and loans which do not share risk characteristics with other loans in the pool are individually evaluated to determine expected credit losses.
The allowance for credit losses on unfunded commitments is estimated in the same manner as the associated loans, adjusted for anticipated funding rate.
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations
Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method of accounting, assets acquired and liabilities assumed are recorded at their estimated fair value on the acquisition date. Estimating such fair values may require highly subjective assumptions or the use of a valuation specialist. In the CNB acquisition, the fair value for loans was most significant estimate and relatively small changes in assumptions used in this estimate could result in a materially different conclusion.
The fair value for loans was based on a discounted cash flow methodology that considered credit loss and prepayment expectations, market interest rates and other market factors, such as liquidity, from the perspective of a market participant. Loan cash flows were generated on an individual loan basis. The probability of default, loss given default, exposure at default, and prepayment assumptions are key factors in this analysis.



74
NON-GAAP FINANCIAL INFORMATION
This Quarterly Report on Form 10-Q contains certain financial information determined by methods other than those in accordance with GAAP. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures below.
Non-GAAP Financial MeasureDefinitionHow the Measure Provides Useful Information to Investors
Adjusted Net Income
•Net income, with the following adjustments:
-excludes acquisition expenses,
-excludes branch closure expenses,
-excludes net earnings (losses) from closed or sold operations,
-losses on extinguishment of debt,
-excludes gains (losses) on closed branch premises,
-excludes realized gains (losses) on sales of securities,
-excludes mortgage servicing rights fair value adjustment, and
-the income tax effect of these pre-tax adjustments.
•Enhances comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects.
•We also sometimes refer to ratios that include Adjusted Net Income, such as:
-Adjusted Return on Average Assets, which is Adjusted Net Income divided by average assets.
-Adjusted Return on Average Equity, which is Adjusted Net Income divided by average equity.
-Adjusted Earnings Per Share – Basic, which is Adjusted Net Income divided by weighted average common shares outstanding.
-Adjusted Earnings Per Share – Diluted, which is Adjusted Net Income divided by weighted average common shares outstanding, including all dilutive potential shares.
•Adjusted Return on Average Assets is a performance measure utilized in determining executive compensation.

Pre-Provision Net Revenue
•Net interest income, plus noninterest income, less noninterest expense.
•Provides investors with information regarding profitability excluding provision for credit losses and income tax expense, which may fluctuate from period to period.
•We also sometimes refer to measures that include Pre-Provision Net Revenue, such as:
-Adjusted Pre-Provision Net Revenue which reflects the adjustments considered in Adjusted Net Income, as necessary.
-Pre-Provision Net Revenue Less Charge-offs (Recoveries).
-Adjusted Pre-Provision Net Revenue Less Charge-offs (Recoveries) which reflects the adjustments considered in Adjusted Net Income, as necessary.
•Adjusted Pre-Provision Net Revenue Less Net Charge-Offs (Recoveries) is a performance measure utilized in determining executive compensation.
75
Non-GAAP Financial MeasureDefinitionHow the Measure Provides Useful Information to Investors
Net Interest Income (Tax-Equivalent Basis)
•Net interest income adjusted for the tax-favored status of tax-exempt loans and securities. (1)
•We believe the tax-equivalent basis is the preferred industry measurement of net interest income.
•Enhances comparability of net interest income arising from taxable and tax-exempt sources.
•We also sometimes refer to Net Interest Margin (Tax-Equivalent Basis), which is Net Interest Income (Tax-Equivalent Basis) divided by average interest-earning assets.
Efficiency Ratio (Tax-Equivalent Basis)
•Noninterest expense less amortization of intangible assets divided by the sum of net interest income (tax-equivalent basis) and noninterest income. (1)
•Provides a measure of productivity in the banking industry.
•Calculated to measure the cost of generating one dollar of revenue. That is, the ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue.
•We also sometimes refer to Adjusted Efficiency Ratio (Tax-Equivalent Basis) which reflects the adjustments considered in Adjusted Net Income, as necessary.
•Adjusted Efficiency Ratio (Tax-Equivalent Basis) is a performance measure utilized in determining executive compensation.
Ratio of Tangible Common Equity to Tangible Assets
•Tangible Common Equity is total stockholders’ equity less goodwill and other intangible assets.
•Tangible Assets is total assets less goodwill and other intangible assets.
•Generally used by investors, our management, and banking regulators to evaluate capital adequacy.
•Facilitates comparison of our earnings with the earnings of other banking organization with varying amounts of goodwill or intangible assets.
•We also sometimes refer to ratios that include Tangible Common Equity, such as:
-Tangible Book Value Per Share, which is Tangible Common Equity divided by shares of common stock outstanding.
-Return on Average Tangible Common Equity, which is net income divided by average Tangible Common Equity.
-Adjusted Return on Average Tangible Common Equity, which is Adjusted Net Income divided by average Tangible Common Equity.
Core Deposits
•Total deposits, excluding:
-Time deposits of $250,000 or more, and
-Brokered deposits
•Provides investors with information regarding the stability of the Company’s sources of funds.
•We also sometimes refer to the ratio of Core Deposits to total deposits.
_________________________________________________
(1)Tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
76
Reconciliation of Non-GAAP Financial Measure —
Adjusted Net Income and Adjusted Return on Average Assets
Three Months Ended March 31,
(dollars in thousands)20262025
Net income$11,200 $19,075 
Less: adjustments
Acquisition expenses(15,666)— 
Net earnings (losses) on closed or sold operations4 — 
Gains (losses) on closed branch premises(210)59 
Mortgage servicing rights fair value adjustment197 (308)
Total adjustments(15,675)(249)
Tax effect of adjustments (1)
4,265 71 
Total adjustments after tax effect(11,410)(178)
Adjusted net income$22,610 $19,253 
Average assets$5,713,444 $5,032,813 
Return on average assets *0.80 %1.54 %
Adjusted return on average assets *1.60 1.55 
_________________________________________________
*    Annualized measure.
(1)Assumes a federal income tax rate of 21% and a state tax rate of 9.5%, and excludes non-deductible acquisition expenses.
Reconciliation of Non-GAAP Financial Measure —
Adjusted Earnings Per Share
Three Months Ended March 31,
(dollars in thousands, except per share amounts)20262025
Numerator:
Net income$11,200 $19,075 
Adjusted net income$22,610 $19,253 
Denominator:
Weighted average common shares outstanding33,180,00931,584,989
Dilutive effect of outstanding restricted stock units120,087126,682
Weighted average common shares outstanding, including all dilutive potential shares33,300,09631,711,671
Earnings per share - basic$0.34 $0.60 
Earnings per share - diluted$0.34 $0.60 
Adjusted earnings per share - basic$0.68 $0.61 
Adjusted earnings per share - diluted$0.68 $0.61 

77
Reconciliation of Non-GAAP Financial Measure —
Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Charge-offs (Recoveries),
Adjusted Pre-Provision Net Revenue, and
Adjusted Pre-Provision Net Revenue Less Charge-offs (Recoveries)
Three Months Ended March 31,
(dollars in thousands)20262025
Net interest income$56,387 $48,708 
Noninterest income10,944 9,306 
Noninterest expense(52,437)(31,935)
Pre-provision net revenue14,894 26,079 
Less: adjustments
Acquisition expenses(15,666)— 
Net earnings (losses) on closed or sold operations4 — 
Gains (losses) on closed branch premises(210)59 
Mortgage servicing rights fair value adjustment197 (308)
Total adjustments(15,675)(249)
Adjusted pre-provision net revenue$30,569 $26,328 
Pre-provision net revenue$14,894 $26,079 
Less: net charge-offs758 429 
Pre-provision net revenue less net charge-offs$14,136 $25,650 
Adjusted pre-provision net revenue$30,569 $26,328 
Less: net charge-offs758 429 
Adjusted pre-provision net revenue less net charge-offs$29,811 $25,899 
78
Reconciliation of Non-GAAP Financial Measure —
Net Interest Income and Net Interest Margin (Tax-Equivalent Basis)
Three Months Ended March 31,
(dollars in thousands)20262025
Net interest income (tax-equivalent basis)
Net interest income$56,387 $48,708 
Tax-equivalent adjustment (1)
649 545 
Net interest income (tax-equivalent basis) (1)
$57,036 $49,253 
Net interest margin (tax-equivalent basis)
Net interest margin *4.20 %4.12 %
Tax-equivalent adjustment * (1)
0.05 0.04 
Net interest margin (tax-equivalent basis) * (1)
4.25 %4.16 %
Average interest-earning assets$5,444,413 $4,798,021 
_________________________________________________
*    Annualized measure.
(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 Measure —
Efficiency Ratio (Tax-Equivalent Basis) and Adjusted Efficiency Ratio (Tax-Equivalent Basis)
Three Months Ended March 31,
(dollars in thousands)20262025
Total noninterest expense$52,437 $31,935 
Less: amortization of intangible assets887 695 
Noninterest expense excluding amortization of intangible assets51,550 31,240 
Less: adjustments to noninterest expense
Acquisition expenses15,666 — 
Expenses from closed or sold operations149 — 
Total adjustments to noninterest expense15,815 — 
Adjusted noninterest expense$35,735 $31,240 
Net interest income$56,387 $48,708 
Total noninterest income10,944 9,306 
Operating revenue67,331 58,014 
Tax-equivalent adjustment (1)
649 545 
Operating revenue (tax-equivalent basis) (1)
67,980 58,559 
Less: adjustments to noninterest income
Revenue from closed or sold operations153 — 
Gains (losses) on closed branch premises(210)59 
Mortgage servicing rights fair value adjustment197 (308)
Total adjustments to noninterest income140 (249)
Adjusted operating revenue (tax-equivalent basis) (1)
$67,840 $58,808 
Efficiency ratio76.56 %53.85 %
Efficiency ratio (tax-equivalent basis) (1)
75.83 53.35 
Adjusted efficiency ratio (tax-equivalent basis) (1)
52.68 53.12 
_________________________________________________
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
79
Reconciliation of Non-GAAP Financial Measure —
Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
(dollars in thousands, except per share data)March 31, 2026December 31, 2025
Tangible Common Equity
Total stockholders' equity$747,405 $615,498 
Less: Goodwill83,504 59,820 
Less: Intangible assets44,962 15,117 
Tangible common equity$618,939 $540,561 
Tangible Assets
Total assets$6,773,724 $5,071,390 
Less: Goodwill83,504 59,820 
Less: Intangible assets44,962 15,117 
Tangible assets$6,645,258 $4,996,453 
Total stockholders' equity to total assets11.03 %12.14 %
Tangible common equity to tangible assets9.31 10.82 
Shares of common stock outstanding36,381,07831,431,924
Book value per share$20.54 $19.58 
Tangible book value per share17.01 17.20 
Reconciliation of Non-GAAP Financial Measure —
Return on Average Tangible Common Equity, Adjusted Return on Average Stockholders’ Equity, and Adjusted Return on Average Tangible Common Equity
Three Months Ended March 31,
(dollars in thousands)20262025
Average Tangible Common Equity
Total stockholders' equity$670,567 $554,715 
Less: Goodwill67,977 59,820 
Less: Intangible assets25,382 17,480 
Average tangible common equity$577,208 $477,415 
Net income$11,200 $19,075 
Adjusted net income22,610 19,253 
Return on average stockholders' equity *6.77 %13.95 %
Return on average tangible common equity *7.87 16.20 
Adjusted return on average stockholders' equity *13.67 %14.08 %
Adjusted return on average tangible common equity *15.89 16.36 
_________________________________________________
*    Annualized measure.

80
Reconciliation of Non-GAAP Financial Measure —
Core Deposits
(dollars in thousands)March 31, 2026December 31, 2025
Core Deposits
Total deposits$5,803,448 $4,359,263 
Less: time deposits of $250,000 or more378,354 201,365 
Less: brokered deposits— — 
Core deposits$5,425,094 $4,157,898 
Core deposits to total deposits93.48 %95.38 %
81
ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Managing risk is an essential part of successfully managing a financial institution. Our most prominent risk exposures are interest rate risk and credit risk.
Interest Rate Risk
Our most significant form of market risk is interest rate risk inherent in the normal course of lending and deposit-taking activities. Interest rate risk is the potential reduction of net interest income as a result of changes in interest rates. Management believes that our ability to successfully respond to changes in interest rates will have a significant impact on our financial results. To that end, management actively monitors and manages our interest rate exposure.
The Company’s Asset/Liability Management Committee (“ALCO”), which is authorized by the Company’s board of directors, monitors our interest rate sensitivity and makes decisions relating to that process. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk so as to minimize the adverse impact of changes in interest rates on net interest income and capital in either a rising or declining interest rate environment. Profitability is affected by fluctuations in interest rates. A sudden and substantial change in interest rates may adversely impact our earnings because the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis.
We monitor the impact of changes in interest rates on our net interest income and economic value of equity (“EVE”) using rate shock analysis. Net interest income simulations measure the short-term earnings exposure from changes in market rates of interest in a rigorous and explicit fashion. Our current financial position is combined with assumptions regarding future business to calculate net interest income under varying hypothetical rate scenarios. EVE measures our long-term earnings exposure from changes in market rates of interest. EVE is defined as the present value of assets minus the present value of liabilities at a point in time. A decrease in EVE due to a specified rate change indicates a decline in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet.
The base and shock scenarios in the rate shock analysis assume a static balance sheet, static interest rates, no changes to product mix shift, and cash flow reinvestment at current market interest rates. We also make assumptions for our deposit betas and asset prepayments, based on historical experience.
Deposit Betas
Deposit pricing changes are primarily driven by changes in the federal funds rate, with the relationship between deposit rates and federal funds rate defined as deposit beta. We define cumulative deposit beta as the change in our quarterly cost of deposits divided by the change in the upper level of the stated federal funds rate range over a specified period. During the most recent rising rate cycle, which was from the fourth quarter of 2021 through the second quarter of 2024, our cumulative deposit beta was 23.6%. Since the start of the current falling rate cycle, which began with the third quarter of 2024, our cumulative deposit beta has been 10.7%.
Asset Prepayments
We include prepayment assumptions for both our loan and securities portfolios, based on historical experience. Generally, mortgage portfolio prepayments increase in lower rate environments, while commercial and consumer portfolios have historically remained more consistent throughout rate cycles.
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The following table sets forth the estimated impact on our EVE and net interest income of immediate and parallel changes in interest rates at the specified levels.
Change in Interest Rates (basis points)Estimated
Increase (Decrease)
in EVE		Increase (Decrease) in
Estimated Net Interest Income
Year 1Year 2
March 31, 2026
+40017.4 %9.6 %20.5 %
+30014.4 7.9 16.3 
+20010.4 5.8 11.6 
+1005.7 3.3 6.4 
-100(6.5)(2.8)(6.3)
-200(13.1)(4.4)(11.7)
-300(6.7)(6.8)(18.5)
-4003.5 (8.4)(21.5)
December 31, 2025
+40025.3 %4.9 %14.7 %
+30020.7 4.2 11.8 
+20014.8 3.7 9.0 
+1008.0 2.2 5.0 
-100(9.1)(4.0)(7.3)
-200(16.6)(4.1)(11.3)
-300(9.2)(5.3)(16.9)
-4000.6 (5.5)(18.0)
Certain shortcomings are inherent in the methodology used in the above interest rate risk measurements. Modeling changes in EVE and net interest income requires that we make certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. The EVE and net interest income table presented above assumes that the composition of our interest-rate-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and, accordingly, the data does not reflect any actions that we may undertake in response to changes in interest rates, such as changes in rates paid on certain deposit accounts based on local competitive factors, which could change the actual impact on EVE and net interest income. The table also assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration to maturity or the repricing characteristics of specific assets and liabilities. Accordingly, although the EVE and net interest income table provides an indication of our sensitivity to interest rate changes at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our net interest income and will differ from actual results.
Credit Risk
Credit risk is the risk that borrowers or counterparties will be unable or unwilling to repay their obligations in accordance with the underlying contractual terms. We manage credit risk in the loan portfolio by adhering to well-defined underwriting criteria and account administration standards established by management. Our loan policy documents underwriting standards, approval levels, exposure limits and other limits or standards deemed necessary and prudent. Portfolio diversification at the borrower, industry, and product levels is actively managed to mitigate concentration risk. In addition, credit risk management also includes an independent loan review process that assesses compliance with loan policy, compliance with loan documentation standards, accuracy of the risk rating and overall credit quality of the loan portfolio.
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ITEM 4.    CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
An evaluation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this report was carried out under the supervision and with the participation of the Company’s Chief Executive Officer, Chief Financial Officer and other members of the Company’s senior management. The Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2026, the end of the period covered by this report, the Company’s disclosure controls and procedures were effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is: (i) accumulated and communicated to the Company’s management (including the Chief Executive Officer and Chief Financial Officer) to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) or Rule 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1.    LEGAL PROCEEDINGS
We are sometimes party to legal actions that are routine and incidental to our business. Management, in consultation with legal counsel, does not expect the ultimate disposition of any or a combination of these matters to have a material adverse effect on our assets, business, cash flow, financial condition, liquidity, prospects and results of operations; however, given the nature, scope and complexity of the extensive legal and regulatory landscape applicable to our business, including laws and regulations governing consumer protection, fair lending, fair labor, privacy, information security, and anti-money laundering and anti-terrorism laws, we, like all banking organizations, are subject to heightened legal and regulatory compliance and litigation risk.
ITEM 1A.    RISK FACTORS
There have been no material changes to the risk factors disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026.
ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
On December 16, 2025, the Company’s board of directors approved a stock repurchase program that authorizes the Company to repurchase up to $30.0 million of its common stock. The stock repurchase program will be in effect until January 1, 2027, with the timing of purchases and number of shares repurchased dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements, and market conditions. The Company is not obligated to purchase any shares under the stock repurchase program, and the stock repurchase program may be suspended or discontinued at any time without notice.
The following table sets forth information about the Company’s purchases of its common stock during the first quarter of 2026:
PeriodTotal Number
of Shares
Purchased		Average
Price Paid
Per Share		Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs		Approximate Dollar Value of
Shares That May Yet be Purchased
 Under the Plans or Programs
(in thousands)
January 1 - 31, 2026—$— —$30,000 
February 1 - 28, 2026—— —30,000 
March 1 - 31, 2026602,85525.84 602,85514,422 
Total602,855$25.84 602,855$14,422 
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.    MINE SAFETY DISCLOSURES
None.
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ITEM 5.    OTHER INFORMATION
During the fiscal quarter ended March 31, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement.
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Table of Contents
ITEM 6.    EXHIBITS
Exhibit No.Description
4.1
4.2
10.1
10.2
10.3 §
10.4 §
10.5 §
10.6 §
10.7 §
31.1
31.2
32.1 *
32.2 *
101.INSInline XBRL Instance Document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibits 101).
_________________________________________________
*This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent the Company specifically incorporates it by reference.
§    A management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 601 of Regulation S-K.
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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 thereunto duly authorized.
HBT FINANCIAL, INC.
May 6, 2026By:/s/ Peter R. Chapman
Peter R. Chapman
Chief Financial Officer
(on behalf of the registrant and as principal financial officer)
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