HBT Financial, Inc.
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 7, 2026
HBT$37.00-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0000775215-26-000055
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0000775215-26-000069
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 163 previous paragraphs and 175 current paragraphs.
110 unchanged; 38 reworded; 23 added; 14 removed; 1 previous and 4 current paragraphs rearranged.
Tables are not compared: 35 previous and 36 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
•A $19.4 million increase in net interest income, primarily attributable to higher average interest-earning asset balances following the CNB merger and improved yields on debt securities, which were partially offset by an increase in funding costs;
Current report
•CNB acquisition-related expenses totaled $0.3 million during the second quarter of 2026;
Current report
•Excluding CNB acquisition-related expenses, noninterest expense increased by $10.3 million, primarily due to the addition of CNB operations, including a $6.2 million increase in employee salaries and employee benefits;
Current report
•A $2.7 million increase in noninterest income, primarily attributable to the CNB merger, with a $1.1 million increase in wealth management fees, a $0.6 million increase in credit card income, and a $0.6 million increase in service charges on deposit accounts; and
Current report
For the six months ended June 30, 2026, net income was $39.0 million, increasing by $0.7 million, or 1.9%, when compared to net income for the six months ended June 30, 2025. Notable changes include the following:
Current report
•CNB acquisition-related expenses totaled $15.9 million during the six months ended June 30, 2026;
Current report
•A $4.3 million increase in noninterest income, primarily attributable to the CNB merger, with a $2.0 million increase in wealth management fees, a $0.8 million increase in credit card income, and a $0.8 million increase in service charges on deposit accounts.
Current report
Net interest income for the three months ended June 30, 2026 was $69.1 million, increasing $19.4 million, or 39.1%, when compared to the three months ended June 30, 2025. The increase is primarily attributable to higher average interest-earning asset balances following the CNB merger and improved yields on debt securities. Additionally, a $1.1 million increase in acquired loan discount accretion contributed to the improvement and was partially offset by a $0.2 million decrease in loan fees.
Current report
Net interest margin increased to 4.32% for the three months ended June 30, 2026, compared to 4.14% for the three months ended June 30, 2025. The increase was primarily attributable to improved yields on debt securities and a more favorable interest-earning asset mix, which were partially offset by higher funding costs. Additionally, a 5 basis point increase in the contribution of acquired loan discount accretion to net interest margin was mostly offset by a 4 basis point decrease in the contribution of loan fees and a 1 basis point decrease in nonaccrual interest recoveries.
Current report
The Company recorded a provision for credit losses of $0.7 million during the three months ended June 30, 2026, compared to a $0.5 million provision during the three months ended June 30, 2025. The second quarter of 2026 provision for credit losses primarily reflects a $3.9 million increase in required reserves resulting from changes in qualitative factors; a $1.3 million decrease in specific reserves; a $1.0 million decrease in required reserves driven by changes in the economic forecast; and a $1.0 million decrease in required reserves driven by changes within the portfolio.
Current report
•A $0.6 million increase in card income, primarily attributable to debit card activity on deposit accounts acquired through the CNB merger; and
Current report
•A $0.6 million increase in service charges on deposit accounts, primarily attributable to the increase in deposit base following the CNB merger.
Current report
Total noninterest income for the six months ended June 30, 2026, was $22.8 million, an increase of $4.3 million, or 23.5%, from the six months ended June 30, 2025. Notable changes in noninterest income include the following:
Current report
•A $0.8 million increase in card income, primarily attributable to debit card activity on deposit accounts acquired through the CNB merger;
Current report
•A $0.8 million increase in service charges on deposit accounts, primarily attributable to the increase in deposit base following the CNB merger; and
Current report
•CNB acquisition-related expenses totaled $0.3 million during the three months ended June 30, 2026; and
Current report
•Excluding CNB acquisition-related expenses, the $10.3 million increase in noninterest expense was primarily attributable to the addition of CNB’s operations, primarily related to salaries, employee benefits, data processing, and occupancy of bank premises.
Current report
Total noninterest expense for the six months ended June 30, 2026, was $94.9 million, an increase of $31.0 million, or 48.6%, from the six months ended June 30, 2025. Notable changes in noninterest expense include the following:
Current report
•Excluding CNB acquisition-related expenses, the $15.1 million increase in noninterest expenses was primarily attributable to the addition of CNB’s operations, primarily related to salaries, employee benefits, data processing, and occupancy of bank premises.
Current report
The higher effective tax rate during the three months ended June 30, 2025 was primarily attributable to $0.3 million of additional tax expense, which was recognized during the second quarter of 2025, related to the nonrecurring reversal of a stranded tax effect included in accumulated other comprehensive income, in connection with the maturity of a derivative designated as a cash flow hedge.
Current report
•Increase in the municipal, consumer, and other category was primarily attributable to a $40.1 million increase in loans to nondepository institutions;
Current report
•Several larger payoffs due to refinances across multiple loan categories; and
Current report
•Completed construction projects were transferred from construction and land development to other categories, primarily in the commercial real estate – non-owner occupied category.
Removed paragraphs (14)
Previous report
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
Previous report
•CNB acquisition-related expenses totaled $15.7 million during the three months ended March 31, 2026;
Previous report
*Annualized measure.
Previous report
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
Previous report
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
Previous report
•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.
Previous report
•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
Previous report
•A $0.6 million increase in employee benefits expense, primarily driven by higher medical benefits cost.
Previous report
•A seasonal $26.3 million increase in grain elevator lines of credit within the commercial and industrial segment;
Previous report
•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.
Previous report
*Annualized measure.
Previous report
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.
Previous report
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
Previous report
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
Reworded paragraphs (38)
Previous wording
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.
Current wording
The following is management’s discussion and analysis of the financial condition as of June 30, 2026 (unaudited), as compared with December 31, 2025, and the results of operations for the three and six months ended June 30, 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 and six months ended June 30, 2026 and 2025 are not necessarily indicative of results to be attained for the year ended December 31, 2026, or for any other period.
Previous wording
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.
Current wording
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 June 30, 2026, the Company had total assets of $6.7 billion, loans held for investment of $4.8 billion, and total deposits of $5.8 billion.
Previous wording
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.
Current wording
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 $22.1 million was recorded in the acquisition. Acquisition-related expenses totaled $0.3 million during the three months ended June 30, 2026 and $15.9 million during the six months ended June 30, 2026. There were no acquisition-related expenses during the three and six months ended June 30, 2025.
Previous wording
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:
Current wording
For the three months ended June 30, 2026, net income was $27.8 million, increasing by $8.6 million, or 44.8%, when compared to net income for the three months ended June 30, 2025. Notable changes include the following:
Previous wording
•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.
Current wording
•A $2.8 million increase in income tax expense, primarily due to an increase in pre-tax income as a result of the items noted above.
Previous wording
•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;
Current wording
•A $27.1 million increase in net interest income, primarily attributable to higher average interest-earning asset balances following the CNB merger and improved yields on debt securities;
Previous wording
•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;
Current wording
•Excluding CNB acquisition-related expenses, noninterest expense increased by $15.1 million, primarily reflecting higher base costs following the CNB merger, including a $8.8 million increase in employee salaries and benefits expense; and
Previous wording
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.
Current wording
The following tables set 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.
Previous wording
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.
Current wording
Net interest income for the six months ended June 30, 2026 was $125.4 million, increasing $27.1 million, or 27.5%, when compared to the six months ended June 30, 2025. The increase is primarily attributable to higher average interest-earning asset balances following the CNB merger and improved yields on debt securities. Additionally, a $1.0 million increase in the contribution of acquired loan discount accretion was partially offset by a $0.4 million decrease in nonaccrual interest recoveries.
Previous wording
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.
Current wording
Net interest margin increased to 4.27% for the six months ended June 30, 2026, compared to 4.13% for the six months ended June 30, 2025. The increase was primarily attributable to improved yields on debt securities and a more favorable interest-earning asset mix. Additionally, a 2 basis point decrease in the contribution of nonaccrual interest recoveries was mostly offset by a 1 basis point increase in the contribution of acquired loan discount accretion.
Previous wording
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.
Current wording
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 half 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 reduce higher cost sources of funding and purchase higher yield debt securities.
Previous wording
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.
Current wording
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. Alternatively, increases in market interest rates may lead to increased competition for deposits and could increase our funding 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.
Previous wording
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.
Current wording
The Company recorded a provision for credit losses of $0.5 million for the six months ended June 30, 2026, compared to a $1.1 million provision during the six months ended June 30, 2025. The 2026 provision for credit losses primarily reflects a $3.9 million increase required reserves resulting from changes in qualitative factors; a $1.6 million decrease in specific reserves; a $1.0 million decrease in required reserves resulting from changes in economic forecasts; and a $0.9 million decrease in required reserves driven by changes within the portfolio.
Previous wording
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:
Current wording
Total noninterest income for the three months ended June 30, 2026, was $11.8 million, an increase of $2.7 million, or 29.6%, from the three months ended June 30, 2025. Notable changes in noninterest income include the following:
Previous wording
•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;
Current wording
•A $1.1 million increase in wealth management fees, primarily driven by an increase in assets under management following the CNB merger and higher values of assets under management;
Previous wording
•A $0.9 million increase in wealth management fees, primarily driven by an increase in assets under management following the CNB merger;
Current wording
•A $2.0 million increase in wealth management fees, primarily driven by an increase in assets under management following the CNB merger and higher values of assets under management;
Previous wording
•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
Current wording
•A $0.6 million negative MSR fair value adjustment included in the 2026 results, compared to a $1.1 million negative MSR fair value adjustment included in the 2025 results.
Previous wording
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:
Current wording
Total noninterest expense for the three months ended June 30, 2026, was $42.4 million, an increase of $10.5 million, or 33.0%, from the three months ended June 30, 2025. Notable changes in noninterest expense include the following:
Previous wording
•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;
Current wording
•CNB acquisition-related expenses totaled $15.9 million during the six months ended June 30, 2026, including $8.8 million in data processing, $4.0 million in salaries, and $2.6 million in professional fees and other noninterest expense; and
Previous wording
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.
Current wording
During the three months ended June 30, 2026 and 2025, we recorded income tax expense of $9.9 million, or an effective tax rate of 26.3%, and $7.1 million, or an effective tax rate of 27.0%, respectively. During the six months ended June 30, 2026 and 2025, we recorded income tax expense of $13.8 million, or an effective tax rate of 26.1%, and $13.6 million, or an effective tax rate of 26.1%, respectively.
Previous wording
•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;
Current wording
•Following the CNB merger, $313.1 million of the debt securities acquired from CNB were sold with the sales proceeds used to reduce higher cost sources of funding and purchase higher yield debt securities;
Previous wording
•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
Current wording
•Excluding the impact of the CNB merger, a $118.1 million decrease in total deposits was primarily attributable to the expected run-off of higher cost time deposit balances and $36.4 million of wealth management customer reciprocal money market deposits that were moved off-balance sheet due to strong levels of on-balance sheet liquidity; and
Previous wording
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:
Current wording
Loans, before allowance for credit losses were $4.75 billion at June 30, 2026, an increase of $1.30 billion, or 37.5%, from December 31, 2025. Excluding the impact of the CNB merger, loans were relatively flat with the following notable changes:
Previous wording
•A $8.0 million reduction on two commercial and industrial lines of credit that funded shortly before and paid off after December 31, 2025;
Current wording
•An $8.0 million reduction on two commercial and industrial lines of credit that funded shortly before and paid off after December 31, 2025;
Previous wording
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.
Current wording
Multi-family loans totaled $666.6 million as of June 30, 2026, and are primarily made based on projected cash flows from the rental of the underlying collateral. As of June 30, 2026, multi-family loans had a weighted average LTV of 60%, based on the most recent appraisals available, which are generally obtained at the time of origination.
Previous wording
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.
Current wording
Construction and land development loans totaled $429.8 million as of June 30, 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.
Previous wording
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.
Current wording
Total nonperforming assets were $9.9 million at June 30, 2026, an increase of 13.5% when compared to $8.7 million at December 31, 2025. The $1.2 million increase in nonperforming assets from December 31, 2025 was primarily attributable to the CNB merger which added $6.1 million in nonaccrual loans which was mostly offset by paydowns and payoffs in the one-to-four family residential and construction and land development categories. Additionally, of the $9.1 million of nonperforming loans held as of June 30, 2026, $2.4 million are either wholly or partially guaranteed by the U.S. Government.
Previous wording
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.
Current wording
Loans rated pass-watch or worse increased $159.3 million, or 74.3%, from December 31, 2025 to June 30, 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.
Previous wording
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.
Current wording
The average balance of deposits increased 22.9% from the six months ended June 30, 2025 to the six months ended June 30, 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.
Previous wording
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.
Current wording
As of June 30, 2026 and December 31, 2025, the Bank’s uninsured deposits were estimated to be $1.38 billion and $928.7 million, respectively.
Previous wording
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.
Current wording
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 June 30, 2026, the Holding Company had cash and cash equivalents of $21.1 million.
Previous wording
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.
Current wording
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 June 30, 2026 and 2025, the Bank paid $3.0 million and $30.0 million in dividends to the Holding Company, respectively. During the six months ended June 30, 2026 and 2025, the Bank paid $59.0 million and $37.5 million in dividends to the Holding Company, respectively.
Previous wording
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.
Current wording
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 June 30, 2026 and 2025, holding company operating expenses consisted of interest expense of $2.1 million and $1.4 million, respectively, and other operating expenses of $1.1 million and $1.1 million, respectively. During the six months ended June 30, 2026 and 2025, holding company operating expenses consisted of interest expense of $3.2 million and $2.8 million, respectively, and other operating expenses of $4.6 million and $2.1 million, respectively. Additionally, the Holding Company paid $8.4 million and $6.6 million of dividends to stockholders during the three months ended June 30, 2026 and 2025, respectively, and paid $15.7 million and $13.3 million of dividends to stockholders during the six months ended June 30, 2026 and 2025, respectively.
Previous wording
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.
Current wording
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 two quarters of 2026. In July 2026, the Company's Board of Directors increased the quarterly cash dividend by $0.02 per share to $0.25 per share.
Previous wording
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.
Current wording
Under the Company's stock repurchase program, the Company repurchased 15,466 shares of its common stock at a weighted average price of $27.53 during the three months ended June 30, 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 June 30, 2026, the Company had $14.0 million remaining under the current stock repurchase authorization.
Previous wording
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.
Current wording
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 the most significant estimate and relatively small changes in assumptions used in this estimate could result in a materially different conclusion.
Previous wording
(1)Tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
Current wording
(1)Tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
Previous wording
(1)Assumes a federal income tax rate of 21% and a state tax rate of 9.5%, and excludes non-deductible acquisition expenses.
Current wording
(1)Assumes a federal income tax rate of 21% and a state income tax rate of 9.5%, and excludes non-deductible acquisition expenses.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
(1)Net interest margin represents net interest income divided by average total interest-earning assets.
Current report — wording carried from elsewhere
(3)See "Non-GAAP Financial Information" for reconciliation of non-GAAP measures to their most closely comparable GAAP measures.
Current report — wording carried from elsewhere
(4)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
Current report — wording carried from elsewhere
(5)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•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