HBT Financial, Inc.

Previous 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.

Current wording

The following is management’s discussion and analysis of the financial condition as of September 30, 2026 (unaudited), as compared with December 31, 2025, and the results of operations for the three and nine months ended September 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 nine months ended September 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

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.

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.

Previous 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:

Current wording

For the three months ended September 30, 2026, net income was $31.4 million, increasing by $11.6 million, or 58.8%, when compared to net income for the three months ended September 30, 2025. Notable changes include the following:

Previous wording

•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 wording

•A $20.3 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 and loans, which were partially offset by an increase in funding costs;

Previous wording

•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 wording

•Excluding acquisition-related expenses, noninterest expense increased by $9.2 million, primarily due to the addition of CNB operations, including a $5.8 million increase in salaries and employee benefits;

Previous 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.

Current wording

•A $4.1 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

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 wording

For the nine months ended September 30, 2026, net income was $70.4 million, increasing by $12.4 million, or 21.3%, when compared to net income for the nine months ended September 30, 2025. Notable changes include the following:

Previous 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;

Current wording

•A $47.4 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;

Previous 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

Current wording

•Excluding acquisition-related expenses, noninterest expense increased by $24.3 million, primarily reflecting higher base costs following the CNB merger, including a $14.6 million increase in salaries and benefits expense;

Previous 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.

Current wording

Net interest income for the three months ended September 30, 2026 was $70.3 million, increasing $20.3 million, or 40.7%, when compared to the three months ended September 30, 2025. The increase is primarily attributable to higher average interest-earning asset balances following the CNB merger and improved yields on debt securities and loans. Additionally, increases in acquired loan discount accretion, loan fees, and nonaccrual interest recoveries further contributed to the improvement.

Previous wording

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 wording

Net interest margin increased to 4.35% for the three months ended September 30, 2026, compared to 4.13% for the three months ended September 30, 2025. The increase was primarily attributable to improved yields on debt securities and loans as well as a more favorable interest-earning asset mix, which were partially offset by higher funding costs. Additionally, net interest margin benefited from a 1 basis point increase in the contribution from acquired loan discount accretion and a 2 basis point increase in the contribution from nonaccrual interest recoveries, which were partially offset by a 1 basis point decrease in the contribution from loan fees.

Previous wording

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 wording

Net interest income for the nine months ended September 30, 2026 was $195.8 million, increasing $47.4 million, or 32.0%, when compared to the nine months ended September 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 $1.4 million increase in acquired loan discount accretion and a $0.5 million increase in loan fees further contributed to the improvement.

Previous 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.

Current wording

Net interest margin increased to 4.30% for the nine months ended September 30, 2026, compared to 4.13% for the nine months ended September 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 increase in the contribution of acquired loan discount accretion was offset by a 2 basis point decrease in the contribution of loan fees.

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 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.

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 during the nine months ended September 30, 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. 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.

Current wording

In September 2026, the FOMC raised the target range for the federal funds rate by 25 basis points to 3.75% to 4.00%. Increases in market interest rates may lead to increased competition for deposits and could increase our funding costs. Alternatively, 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.

Previous wording

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 wording

The Company recorded a negative provision for credit losses of $0.6 million during the three months ended September 30, 2026, compared to a $0.6 million provision during the three months ended September 30, 2025. The negative provision for credit losses during the third quarter of 2026 primarily reflects a $1.9 million decrease in required reserves driven by changes within the portfolio, which included net recoveries of $0.5 million; a $0.6 million decrease in required reserves driven by changes in the economic forecast; a $0.1 million decrease in specific reserves; and a $2.0 million increase in required reserves resulting from changes in qualitative factors.

Previous 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.

Current wording

The Company recorded a negative provision for credit losses of $41 thousand for the nine months ended September 30, 2026, compared to a $1.7 million provision during the nine months ended September 30, 2025. The 2026 negative provision for credit losses primarily reflects a $2.8 million decrease in required reserves driven by changes within the portfolio; a $1.7 million decrease in specific reserves; a $1.5 million decrease in required reserves resulting from changes in economic forecasts; and a $6.0 million increase in required reserves resulting from changes in qualitative factors.

Previous 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:

Current wording

Total noninterest income for the three months ended September 30, 2026, was $14.2 million, an increase of $4.4 million, or 44.6%, from the three months ended September 30, 2025. Notable changes in noninterest income include the following:

Previous 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;

Current wording

•A $0.8 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 $0.6 million increase in card income, primarily attributable to debit card activity on deposit accounts acquired through the CNB merger; and

Current wording

•A $0.5 million increase in card income, primarily attributable to debit card activity on deposit accounts acquired through the CNB merger; and

Previous wording

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 wording

Total noninterest income for the nine months ended September 30, 2026, was $37.0 million, an increase of $8.7 million, or 30.8%, from the nine months ended September 30, 2025. Notable changes in noninterest income include the following:

Previous 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;

Current wording

•A $2.8 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 $0.6 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.

Current wording

•A $0.9 million positive MSR fair value adjustment included in the 2026 results, primarily due to changes in future interest rate assumptions utilized in the valuations, compared to a $1.6 million negative MSR fair value adjustment included in the 2025 results;

Previous wording

•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 wording

•A $1.4 million increase in service charges on deposit accounts, primarily attributable to the increase in deposit base following the CNB merger;

Previous wording

•A $0.8 million increase in card income, primarily attributable to debit card activity on deposit accounts acquired through the CNB merger;

Current wording

•A $1.3 million increase in card income, primarily attributable to debit card activity on deposit accounts acquired through the CNB merger, and

Previous 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:

Current wording

Total noninterest expense for the three months ended September 30, 2026, was $42.7 million, an increase of $10.2 million, or 31.2%, from the three months ended September 30, 2025. Notable changes in noninterest expense include the following:

Previous wording

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 wording

Total noninterest expense for the nine months ended September 30, 2026, was $137.5 million, an increase of $41.2 million, or 42.7%, from the nine months ended September 30, 2025. Notable changes in noninterest expense include the following:

Previous wording

•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 wording

•Excluding acquisition-related expenses, the $24.3 million increase in noninterest expenses was primarily attributable to the addition of CNB’s operations, driven by a $14.6 million increase in salaries and employee benefits, as well as increases in occupancy, data processing, and marketing expenses.

Previous 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.

Current wording

During the three months ended September 30, 2026 and 2025, we recorded income tax expense of $11.1 million, or an effective tax rate of 26.1%, and $7.0 million, or an effective tax rate of 26.1%, respectively. During the nine months ended September 30, 2026 and 2025, we recorded income tax expense of $24.8 million, or an effective tax rate of 26.1%, and $20.5 million, or an effective tax rate of 26.1%, respectively.

Previous 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

Current wording

•Excluding the impact of the CNB merger, a $123.7 million decrease in total deposits was primarily attributable to the expected run-off of higher cost time deposit balances as well as a decrease in noninterest-bearing deposits;

Previous 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:

Current wording

Loans, before allowance for credit losses were $4.78 billion at September 30, 2026, an increase of $1.33 billion, or 38.4%, from December 31, 2025. Excluding the impact of the CNB merger, loans increased by $30.2 million with the following notable changes:

Previous wording

•Increase in the municipal, consumer, and other category was primarily attributable to a $40.1 million increase in loans to nondepository institutions;

Current wording

•Increase in the municipal, consumer, and other category was primarily attributable to a $39.0 million increase in loans to nondepository institutions;

Previous 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.

Current wording

Multi-family loans totaled $649.0 million as of September 30, 2026, and are primarily made based on projected cash flows from the rental of the underlying collateral. As of September 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 $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.

Current wording

Construction and land development loans totaled $476.4 million as of September 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 $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.

Current wording

Total nonperforming assets were $10.8 million at September 30, 2026, an increase of 23.9% when compared to $8.7 million at December 31, 2025. The $2.1 million increase in nonperforming assets from December 31, 2025 was primarily attributable to the CNB merger, which added $6.1 million in nonaccrual loans and was mostly offset by paydowns and payoffs in the construction and land development and agricultural and farmland categories. Additionally, of the $10.1 million of nonperforming loans held as of September 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 $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.

Current wording

Loans rated pass-watch or worse increased $146.5 million, or 68.4%, from December 31, 2025 to September 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 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.

Current wording

The average balance of deposits increased 26.5% from the nine months ended September 30, 2025 to the nine months ended September 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 June 30, 2026 and December 31, 2025, the Bank’s uninsured deposits were estimated to be $1.38 billion and $928.7 million, respectively.

Current wording

As of September 30, 2026 and December 31, 2025, the Bank’s uninsured deposits were estimated to be $1.37 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 June 30, 2026, the Holding Company had cash and cash equivalents of $21.1 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 September 30, 2026, the Holding Company had cash and cash equivalents of $29.4 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 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.

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 September 30, 2026 and 2025, the Bank paid $17.0 million and $25.0 million in dividends to the Holding Company, respectively. During the nine months ended September 30, 2026 and 2025, the Bank paid $76.0 million and $62.5 million in dividends to the Holding Company, respectively.