EXHIBIT 99.1
hbt-logo.jpg
HBT FINANCIAL, INC. ANNOUNCES
THIRD QUARTER 2025 FINANCIAL RESULTS
Third Quarter Highlights
•Net income of $19.8 million, or $0.63 per diluted share; return on average assets (“ROAA”) of 1.56%; return on average stockholders' equity (“ROAE”) of 13.31%; and return on average tangible common equity (“ROATCE”)(1) of 15.28%
•Adjusted net income(1) of $20.5 million, or $0.65 per diluted share; adjusted ROAA(1) of 1.61%; adjusted ROAE(1) of 13.77%; and adjusted ROATCE(1) of 15.81%
•Asset quality remained strong with nonperforming assets to total assets of 0.17% and net charge-offs to average loans of 0.02%, on an annualized basis
•Net interest margin decreased 1 basis point to 4.13% and net interest margin (tax-equivalent basis)(1) decreased 1 basis point to 4.18%
Bloomington, IL, October 20, 2025 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $19.8 million, or $0.63 diluted earnings per share, for the third quarter of 2025. This compares to net income of $19.2 million, or $0.61 diluted earnings per share, for the second quarter of 2025, and net income of $18.2 million, or $0.57 diluted earnings per share, for the third quarter of 2024.
J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “During the third quarter of 2025, we continued to produce consistently strong earnings while we maintained a solid balance sheet and saw loan growth return. Adjusted net income(1) of $20.5 million, or $0.65 per diluted share, was our highest quarterly adjusted diluted earnings per share since becoming a public company. This was driven by an increase in adjusted pre-provision net revenue(1) to $28.3 million, an increase of 2.2% compared to the second quarter of 2025. Adjusted ROAA(1) was 1.61% and adjusted ROATCE(1) was 15.81% for the third quarter of 2025. Our net interest margin on a tax equivalent basis(1) remained stable, decreasing only 1 basis point to 4.18%. Our strong profitability coupled with an improvement in our AOCI due to lower interest rates resulted in a $0.62 increase in our tangible book value per share(1) to $16.64. Tangible book value per share(1) increased by 3.9% for the quarter and 14.4% over the last year.
Our balance sheet and asset quality remained strong with nonperforming assets to total assets of only 0.17%. Loan growth returned during the third quarter with quarter end loans increasing 6.2% on an annualized basis for the quarter due to higher loan pipelines at the end of the second quarter and fewer payoffs in the third quarter. Our credit discipline, strong profitability and solid balance sheet give us confidence that we are prepared for a variety of economic environments.
This morning, we announced the signing of a definitive agreement to merge with CNB Bank Shares, Inc. (“CNB Bank Shares” or “CNB”) and its wholly owned subsidiary CNB Bank & Trust, N.A (“CNB Bank”). CNB Bank Shares, like HBT Financial, has central Illinois roots going back for generations and has expanded into more metro areas in the Chicago MSA and St. Louis MSA. CNB Bank is a true community bank focused on

HBT Financial, Inc.
Page 2
supporting their customers and communities, and we are excited to partner with them to continue that tradition. For more information please see the press release and investor presentation that we released this morning.”
____________________________________
(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
Adjusted Net Income
In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, losses on extinguishment of debt, gains (losses) on closed branch premises, realized gains (losses) on sales of securities, mortgage servicing rights (“MSR”) fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $20.5 million, or $0.65 adjusted diluted earnings per share, for the third quarter of 2025. This compares to adjusted net income of $19.8 million, or $0.63 adjusted diluted earnings per share, for the second quarter of 2025, and adjusted net income of $19.2 million, or $0.61 adjusted diluted earnings per share, for the third quarter of 2024 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).
Net Interest Income and Net Interest Margin
Net interest income for the third quarter of 2025 was $50.0 million, an increase of 0.7% from $49.7 million for the second quarter of 2025. The increase was primarily attributable to the higher day count during the third quarter, partially offset by slightly lower average interest-earning assets.
Relative to the third quarter of 2024, net interest income increased 4.7% from $47.7 million. The increase was primarily attributable to lower funding costs and improved yields on debt securities which were partially offset by a decrease in loan yields. Additionally, a $0.4 million increase in loan fees was mostly offset by a $0.3 million decrease in acquired loan discount accretion.
Net interest margin for the third quarter of 2025 was 4.13%, compared to 4.14% for the second quarter of 2025, while net interest margin (tax-equivalent basis)(1) for the third quarter of 2025 was 4.18%, compared to 4.19% for the second quarter of 2025. Lower yields on loans, which decreased 3 basis points to 6.35% primarily due to a reduction in loan fees, accretion of acquired loan discounts, and nonaccrual interest recoveries, were largely offset by improved yields on debt securities, which increased 15 basis points to 2.75%.
Relative to the third quarter of 2024, net interest margin increased 15 basis points from 3.98% and net interest margin (tax-equivalent basis)(1) increased 15 basis points from 4.03%. The increase was primarily attributable to lower funding costs and higher yields on debt securities. Additionally, a 3 basis point increase in the contribution of loan fees to net interest margin was offset by a 3 basis point decrease in the contribution of acquired loan discount accretion to net interest margin.
____________________________________
(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
Noninterest Income
Noninterest income for the third quarter of 2025 was $9.8 million, a 7.8% increase from $9.1 million for the second quarter of 2025. The increase was primarily attributable to a $0.3 million increase in wealth management fees, primarily driven by higher values of assets under management and an increase in agricultural real estate brokerage commissions, as well as changes in the MSR fair value adjustment, with a $0.5 million negative MSR fair value adjustment included in the third quarter 2025 results compared to a $0.8 million negative MSR fair value adjustment included in the second quarter 2025 results. Additionally, smaller increases in service charges on deposit accounts and gains on the sale of foreclosed assets were partially offset by losses on securities and a decrease in card income.
Relative to the third quarter of 2024, noninterest income increased 13.1% from $8.7 million. The increase was primarily attributable to changes in the MSR fair value adjustment, with a $0.5 million negative MSR fair value adjustment included in the third quarter 2025 results compared to a $1.5 million negative MSR fair value

HBT Financial, Inc.
Page 3
adjustment included in the third quarter 2024 results, and a $0.5 million increase in wealth management fees, primarily driven by higher values of assets under management.
Noninterest Expense
Noninterest expense for the third quarter of 2025 was $32.5 million, a 1.9% increase from the second quarter of 2025. The increase was primarily attributable to a $0.4 million loss on the extinguishment of debt, associated with the early payoff of $40.0 million of subordinated notes during September 2025, and a $0.4 million increase in occupancy expense, primarily due to planned building maintenance and upgrades. In addition, there were $0.1 million of transaction-related expenses for the CNB merger recognized during the third quarter of 2025.
Relative to the third quarter of 2024, noninterest expense increased 3.8% from $31.3 million. The increase was primarily attributable to the $0.4 million loss on the extinguishment of debt, a $0.3 million increase in employee benefits expense, primarily driven by higher medical benefits costs, a $0.3 million increase in furniture and equipment expense, and a $0.2 million increase in data processing expense.
Income Taxes
During the third quarter of 2025 our effective tax rate decreased to 26.1% from 27.0% during the second quarter of 2025. This decrease was primarily related to the absence of $0.3 million of additional tax expense recognized in 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 during the second quarter of 2025.
Loan Portfolio
Total loans outstanding, before allowance for credit losses, were $3.40 billion at September 30, 2025, compared with $3.35 billion at June 30, 2025, and $3.37 billion at September 30, 2024. The $51.8 million increase from June 30, 2025 was primarily attributable to new originations to existing customers in the commercial real estate – non-owner occupied and municipal, consumer and other segments. These increases were partially offset by some larger payoffs across the construction and land development and multi-family segments, as well as a seasonal reduction of $5.9 million in grain elevator lines of credit. Additionally, the increase in the multi-family segment was primarily due to completed projects being moved out of the construction and land development category.
Deposits
Total deposits were $4.35 billion at September 30, 2025, compared with $4.31 billion at June 30, 2025, and $4.28 billion at September 30, 2024. The $40.7 million increase from June 30, 2025 was primarily attributable to $45.0 million of wealth management customer reciprocal money market deposits brought on balance sheet at the end of the third quarter of 2025. Partially offsetting this increase was a $10.1 million decrease in time deposits.
Asset Quality
Nonperforming assets totaled $8.6 million, or 0.17% of total assets, at September 30, 2025, compared with $6.5 million, or 0.13% of total assets, at June 30, 2025, and $8.6 million, or 0.17% of total assets, at September 30, 2024. Additionally, of the $7.6 million of nonperforming loans held as of September 30, 2025, $1.8 million were either wholly or partially guaranteed by the U.S. government.
The Company recorded a provision for credit losses of $0.6 million for the third quarter of 2025. The provision for credit losses primarily reflects a $1.2 million increase in required reserves driven by increased loan balances and changes within the portfolio; a $0.3 million increase in specific reserves; a $0.6 million decrease in required reserves resulting from changes in qualitative factors; and a $0.3 million decrease in required reserves driven by changes in the economic forecast.
The Company had net charge-offs of $0.1 million, or 0.02% of average loans on an annualized basis, for the third quarter of 2025, compared to net charge-offs of $1.0 million, or 0.12% of average loans on an annualized

HBT Financial, Inc.
Page 4
basis, for the second quarter of 2025, and net charge-offs of $0.6 million, or 0.07% of average loans on an annualized basis, for the third quarter of 2024.
The Company’s allowance for credit losses was 1.23% of total loans and 548% of nonperforming loans at September 30, 2025, compared with 1.24% of total loans and 741% of nonperforming loans at June 30, 2025. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.3 million as of September 30, 2025, compared with $3.1 million as of June 30, 2025.
Capital
As of September 30, 2025, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:
September 30, 2025
For Capital
Adequacy Purposes
With Capital
Conservation Buffer
Total capital to risk-weighted assets16.77 %10.50 %
Tier 1 capital to risk-weighted assets15.67 8.50 
Common equity tier 1 capital ratio14.35 7.00 
Tier 1 leverage ratio12.16 4.00 
The ratio of tangible common equity to tangible assets(1) increased to 10.56% as of September 30, 2025, from 10.21% as of June 30, 2025, and tangible book value per share(1) increased by $0.62 to $16.64 as of September 30, 2025, when compared to June 30, 2025.
During the third quarter of 2025, the Company repurchased 39,631 shares of its common stock at a weighted average price of $25.36 under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15.0 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2026. As of September 30, 2025, the Company had $11.1 million remaining under the stock repurchase program.
____________________________________
(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
About HBT Financial, Inc.
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. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of September 30, 2025, HBT Financial had total assets of $5.0 billion, total loans of $3.4 billion, and total deposits of $4.3 billion.

HBT Financial, Inc.
Page 5
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. 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 directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.
Forward-Looking Statements
Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders including tariffs, immigration policy, regulatory or other governmental agencies, foreign policy and tax regulations; (iii) 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 ongoing 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; (iv) 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; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to bank failures; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers; (vii) changes in interest rates and prepayment rates of the Company’s assets; (viii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (ix) 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; (x) 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; (xi) the loss of key executives and employees, talent shortages and employee turnover; (xii) changes in consumer spending; (xiii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiv) 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; (xv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xvi) 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; (xvii) the overall health of the local and national real estate market;

HBT Financial, Inc.
Page 6
(xviii) the ability to maintain an adequate level of allowance for credit losses on loans; (xix) 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; (xx) 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; (xxi) the level of nonperforming assets on our balance sheet; (xxii) interruptions involving our information technology and communications systems or third-party servicers; (xxiii) 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; (xxiv) the effectiveness of the Company’s risk management framework; (xxv) the possibility that stockholders of CNB may not approve the merger agreement; (xxvi) the risk that a condition to closing of the proposed transaction may not be satisfied, that either party may terminate the merger agreement or that the closing of the proposed transaction might be delayed or not occur at all; (xxvii) potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (xxviii) the diversion of management time on transaction-related issues; (xxix) the ultimate timing, outcome and results of integrating the operations of CNB into those of HBT; (xxx) the effects of the merger in HBT’s future financial condition, results of operations, strategy and plans, and (xxxi) regulatory approvals of the transaction, and (xxxii) the ability of the Company to manage the risks associated with the foregoing as well as anticipated.
Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission (“SEC”).
Important Information and Where to Find It
In connection with the proposed transaction, HBT and CNB intend to file materials with the SEC, including a Registration Statement on Form S-4 of HBT that will include a proxy statement of CNB and a prospectus of HBT. After the Registration Statement is declared effective by the SEC, HBT and CNB intend to mail a definitive proxy statement/prospectus to the stockholders of CNB. This news release is not a substitute for the proxy statement/prospectus or the Registration Statement or for any other document that HBT or CNB may file with the SEC and send to CNB’s stockholders in connection with the proposed transaction. CNB’S STOCKHOLDERS ARE URGED TO CAREFULLY AND THOROUGHLY READ THE PROXY STATEMENT/PROSPECTUS AND THE REGISTRATION STATEMENT, AS MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY HBT OR CNB WITH THE SEC, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT HBT, CNB, THE PROPOSED TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.
Investors will be able to obtain free copies of the Registration Statement and proxy statement/prospectus, as each may be amended from time to time, and other relevant documents filed by HBT and CNB with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by HBT will be available free of charge from HBT’s website at https:// ir.hbtfinancial.com or by contacting HBT’s Investor Relations Department at HBTIR@hbtbank.com.
Participants in the Proxy Solicitation
HBT, CNB and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from CNB’s stockholders in connection with the proposed transaction. Information regarding the executive officers and directors of HBT is included in its definitive proxy statement for its 2025 annual meeting filed with the SEC on April 9, 2025. Information regarding the executive officers and directors of CNB and additional information regarding the persons who may be deemed participants and their direct and indirect interests, by security holdings or otherwise, will be set forth in the Registration Statement and proxy statement/prospectus and other materials when they are filed with the SEC in connection with the proposed transaction. Free copies of these documents may be obtained as described in the paragraphs above.


HBT Financial, Inc.
Page 7
No Offer or Solicitation
Communications in this news release do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
CONTACT:
Peter Chapman
HBTIR@hbtbank.com
(309) 664-4556

HBT Financial, Inc.
Page 8
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
As of or for the Three Months EndedNine Months Ended September 30,
(dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024		20252024
Interest and dividend income$64,336 $63,919 $64,117 $191,393 $188,902 
Interest expense14,350 14,261 16,384 43,041 47,453 
Net interest income49,986 49,658 47,733 148,352 141,449 
Provision for credit losses596 526 603 1,698 2,306 
Net interest income after provision for credit losses49,390 49,132 47,130 146,654 139,143 
Noninterest income9,849 9,140 8,705 28,295 23,941 
Noninterest expense32,508 31,914 31,322 96,357 93,099 
Income before income tax expense26,731 26,358 24,513 78,592 69,985 
Income tax expense6,966 7,128 6,333 20,522 18,477 
Net income$19,765 $19,230 $18,180 $58,070 $51,508 
Earnings per share - diluted$0.63 $0.61 $0.57 $1.84 $1.62 
Adjusted net income (1)
$20,452 $19,803 $19,244 $59,508 $55,456 
Adjusted earnings per share - diluted (1)
0.65 0.63 0.61 1.88 1.75 
Book value per share$19.05 $18.44 $17.04 
Tangible book value per share (1)
16.64 16.02 14.55 
Shares of common stock outstanding31,455,803 31,495,434 31,559,366 
Weighted average shares of common stock outstanding, including all dilutive potential shares31,587,935 31,588,541 31,677,546 31,628,929 31,715,708 
SUMMARY RATIOS
Net interest margin *4.13 %4.14 %3.98 %4.13 %3.96 %
Net interest margin (tax-equivalent basis) * (1)(2)
4.18 4.19 4.03 4.18 4.01 
Efficiency ratio53.17 %53.10 %54.24 %53.37 %55.00 %
Efficiency ratio (tax-equivalent basis) (1)(2)
52.68 52.61 53.71 52.88 54.45 
Loan to deposit ratio78.21 %77.75 %78.72 %
Return on average assets *1.56 %1.53 %1.44 %1.54 %1.37 %
Return on average stockholders' equity *13.31 13.47 13.81 13.57 13.58 
Return on average tangible common equity * (1)
15.28 15.55 16.25 15.66 16.11 
Adjusted return on average assets * (1)
1.61 %1.58 %1.53 %1.58 %1.48 %
Adjusted return on average stockholders' equity * (1)
13.77 13.87 14.62 13.90 14.62 
Adjusted return on average tangible common equity * (1)
15.81 16.02 17.20 16.05 17.34 
CAPITAL
Total capital to risk-weighted assets16.77 %17.74 %16.54 %
Tier 1 capital to risk-weighted assets15.67 15.60 14.48 
Common equity tier 1 capital ratio14.35 14.26 13.15 
Tier 1 leverage ratio12.16 11.86 11.16 
Total stockholders' equity to total assets11.90 11.58 10.77 
Tangible common equity to tangible assets (1)
10.56 10.21 9.35 
ASSET QUALITY
Net charge-offs (recoveries) to average loans *0.02 %0.12 %0.07 %0.06 %0.04 %
Allowance for credit losses to loans, before allowance for credit losses1.23 1.24 1.22 
Nonperforming loans to loans, before allowance for credit losses0.22 0.17 0.24 
Nonperforming assets to total assets0.17 0.13 0.17 
____________________________________
*Annualized measure.
(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc.
Page 9
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Statements of Income
Three Months EndedNine Months Ended September 30,
(dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024		20252024
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable$52,818 $53,156 $53,650 $159,343 $157,753 
Federally tax exempt1,245 1,215 1,133 3,628 3,324 
Debt securities:
Taxable8,320 7,434 6,453 22,690 18,972 
Federally tax exempt459 457 502 1,385 1,620 
Interest-bearing deposits in bank1,350 1,544 2,230 3,959 6,752 
Other interest and dividend income144 113 149 388 481 
Total interest and dividend income64,336 63,919 64,117 191,393 188,902 
INTEREST EXPENSE
Deposits12,995 12,835 14,649 38,769 42,375 
Securities sold under agreements to repurchase— — 134 22 415 
Borrowings31 30 119 170 365 
Subordinated notes387 469 470 1,326 1,409 
Junior subordinated debentures issued to capital trusts937 927 1,012 2,754 2,889 
Total interest expense14,350 14,261 16,384 43,041 47,453 
Net interest income49,986 49,658 47,733 148,352 141,449 
PROVISION FOR CREDIT LOSSES596 526 603 1,698 2,306 
Net interest income after provision for credit losses49,390 49,132 47,130 146,654 139,143 
NONINTEREST INCOME
Card income2,732 2,797 2,753 8,077 8,254 
Wealth management fees3,122 2,826 2,670 8,789 7,840 
Service charges on deposit accounts2,093 1,915 2,081 5,952 5,852 
Mortgage servicing1,019 1,042 1,113 3,051 3,279 
Mortgage servicing rights fair value adjustment(514)(751)(1,488)(1,573)(1,505)
Gains on sale of mortgage loans390 459 461 1,101 1,202 
Realized gains (losses) on sales of securities(49)— — (49)(3,382)
Unrealized gains (losses) on equity securities(67)23 136 (36)24 
Gains (losses) on foreclosed assets148 14 (44)175 15 
Gains (losses) on other assets(14)(128)(2)(88)(637)
Income on bank owned life insurance169 167 170 500 500 
Other noninterest income820 776 855 2,396 2,499 
Total noninterest income9,849 9,140 8,705 28,295 23,941 
NONINTEREST EXPENSE
Salaries16,351 16,452 16,325 49,856 49,346 
Employee benefits3,314 3,580 2,997 10,179 8,662 
Occupancy of bank premises2,826 2,471 2,695 7,922 7,520 
Furniture and equipment737 575 446 1,757 1,544 
Data processing2,791 2,687 2,640 8,195 8,171 
Marketing and customer relations1,035 1,020 1,380 3,199 3,372 
Amortization of intangible assets694 694 710 2,083 2,130 
Loss on extinguishment of debt391 — — 391 — 
FDIC insurance561 551 572 1,674 1,697 
Loan collection and servicing264 360 476 1,007 1,403 
Foreclosed assets62 67 19 134 78 
Other noninterest expense3,482 3,457 3,062 9,960 9,176 
Total noninterest expense32,508 31,914 31,322 96,357 93,099 
INCOME BEFORE INCOME TAX EXPENSE26,731 26,358 24,513 78,592 69,985 
INCOME TAX EXPENSE6,966 7,128 6,333 20,522 18,477 
NET INCOME$19,765 $19,230 $18,180 $58,070 $51,508 
EARNINGS PER SHARE - BASIC$0.63 $0.61 $0.58 $1.84 $1.63 
EARNINGS PER SHARE - DILUTED$0.63 $0.61 $0.57 $1.84 $1.62 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING31,481,13531,510,75931,559,36631,525,24731,600,442

HBT Financial, Inc.
Page 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Balance Sheets
(dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024
ASSETS
Cash and due from banks$21,767 $25,563 $26,776 
Interest-bearing deposits with banks133,366 170,179 152,895 
Cash and cash equivalents155,133 195,742 179,671 
Debt securities available-for-sale, at fair value793,730 773,206 710,303 
Debt securities held-to-maturity466,565 481,942 505,075 
Equity securities with readily determinable fair value3,279 3,346 3,364 
Equity securities with no readily determinable fair value2,609 2,609 2,638 
Restricted stock, at cost4,979 4,979 5,086 
Loans held for sale1,432 2,316 2,959 
Loans, before allowance for credit losses3,400,029 3,348,211 3,369,830 
Allowance for credit losses(41,900)(41,659)(40,966)
Loans, net of allowance for credit losses3,358,129 3,306,552 3,328,864 
Bank owned life insurance24,489 24,320 24,405 
Bank premises and equipment, net69,965 68,523 65,919 
Bank premises held for sale— 140 317 
Foreclosed assets1,007 890 376 
Goodwill59,820 59,820 59,820 
Intangible assets, net15,760 16,454 18,552 
Mortgage servicing rights, at fair value17,254 17,768 17,496 
Investments in unconsolidated subsidiaries1,614 1,614 1,614 
Accrued interest receivable23,575 20,624 24,160 
Other assets35,687 37,553 40,109 
Total assets$5,035,027 $5,018,398 $4,990,728 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing$1,034,181 $1,034,387 $1,008,359 
Interest-bearing3,313,006 3,272,144 3,272,341 
Total deposits4,347,187 4,306,531 4,280,700 
Securities sold under agreements to repurchase— 556 29,029 
Federal Home Loan Bank advances7,271 7,240 13,435 
Subordinated notes— 39,593 39,533 
Junior subordinated debentures issued to capital trusts52,894 52,879 52,834 
Other liabilities28,546 30,702 37,535 
Total liabilities4,435,898 4,437,501 4,453,066 
Stockholders' Equity
Common stock329 329 328 
Surplus297,992 297,479 296,810 
Retained earnings354,864 341,750 302,532 
Accumulated other comprehensive income (loss)(27,119)(32,739)(38,989)
Treasury stock at cost(26,937)(25,922)(23,019)
Total stockholders’ equity599,129 580,897 537,662 
Total liabilities and stockholders’ equity$5,035,027 $5,018,398 $4,990,728 
SHARES OF COMMON STOCK OUTSTANDING31,455,803 31,495,434 31,559,366 

HBT Financial, Inc.
Page 11
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024
LOANS
Commercial and industrial$395,859 $419,430 $395,598 
Commercial real estate - owner occupied312,192 317,475 288,838 
Commercial real estate - non-owner occupied931,723 907,073 889,188 
Construction and land development269,924 310,252 359,151 
Multi-family514,801 453,812 432,712 
One-to-four family residential443,215 451,197 472,040 
Agricultural and farmland280,309 271,644 297,102 
Municipal, consumer, and other252,006 217,328 235,201 
Total loans$3,400,029 $3,348,211 $3,369,830 
(dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024
DEPOSITS
Noninterest-bearing deposits$1,034,181 $1,034,387 $1,008,359 
Interest-bearing deposits:
Interest-bearing demand1,102,815 1,097,086 1,076,445 
Money market883,327 831,292 795,150 
Savings562,149 568,971 566,783 
Time764,715 774,795 803,964 
Brokered— — 29,999 
Total interest-bearing deposits3,313,006 3,272,144 3,272,341 
Total deposits$4,347,187 $4,306,531 $4,280,700 


HBT Financial, Inc.
Page 12
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Three Months Ended
September 30, 2025June 30, 2025September 30, 2024
(dollars in thousands)Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *
ASSETS
Loans$3,379,637 $54,063 6.35 %$3,417,582 $54,371 6.38 %$3,379,299 $54,783 6.45 %
Debt securities1,265,683 8,779 2.75 1,217,386 7,891 2.60 1,191,642 6,955 2.32 
Deposits with banks142,659 1,350 3.75 160,726 1,544 3.85 185,870 2,230 4.77 
Other12,540 144 4.51 12,519 113 3.66 12,660 149 4.68 
Total interest-earning assets4,800,519 $64,336 5.32 %4,808,213 $63,919 5.33 %4,769,471 $64,117 5.35 %
Allowance for credit losses(41,711)(42,118)(40,780)
Noninterest-earning assets268,353 270,580 278,030 
Total assets$5,027,161 $5,036,675 $5,006,721 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand$1,113,391 $1,676 0.60 %$1,125,787 $1,569 0.56 %$1,085,609 $1,408 0.52 %
Money market833,812 4,638 2.21 813,531 4,463 2.20 800,651 4,726 2.35 
Savings568,001 399 0.28 569,193 374 0.26 573,077 396 0.27 
Time771,360 6,282 3.23 780,536 6,429 3.30 804,379 7,702 3.81 
Brokered— — — — — — 29,996 417 5.54 
Total interest-bearing deposits3,286,564 12,995 1.57 3,289,047 12,835 1.57 3,293,712 14,649 1.77 
Securities sold under agreements to repurchase6 — — 1,420 — 0.05 29,426 134 1.80 
Borrowings7,256 31 1.68 7,225 30 1.70 13,691 119 3.47 
Subordinated notes32,714 387 4.69 39,582 469 4.76 39,524 470 4.73 
Junior subordinated debentures issued to capital trusts52,887 937 7.04 52,871 927 7.03 52,827 1,012 7.63 
Total interest-bearing liabilities3,379,427 $14,350 1.68 %3,390,145 $14,261 1.69 %3,429,180 $16,384 1.90 %
Noninterest-bearing deposits1,028,608 1,044,539 1,013,893 
Noninterest-bearing liabilities30,050 29,486 39,903 
Total liabilities4,438,085 4,464,170 4,482,976 
Stockholders' Equity589,076 572,505 523,745 
Total liabilities and stockholders’ equity$5,027,161 $5,036,675 $5,006,721 
Net interest income/Net interest margin (1)
$49,986 4.13 %$49,658 4.14 %$47,733 3.98 %
Tax-equivalent adjustment (2)
552 0.05 548 0.05 552 0.05 
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$50,538 4.18 %$50,206 4.19 %$48,285 4.03 %
Net interest rate spread (4)
3.64 %3.64 %3.45 %
Net interest-earning assets (5)
$1,421,092 $1,418,068 $1,340,291 
Ratio of interest-earning assets to interest-bearing liabilities1.421.421.39
Cost of total deposits1.19 %1.19 %1.35 %
Cost of funds1.29 1.29 1.47 
____________________________________
*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 “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial 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.

HBT Financial, Inc.
Page 13
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Nine Months Ended
September 30, 2025September 30, 2024
(dollars in thousands)Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *
ASSETS
Loans$3,419,077 $162,971 6.37 %$3,374,875 $161,077 6.38 %
Debt securities1,229,388 24,075 2.62 1,197,772 20,592 2.30 
Deposits with banks141,216 3,959 3.75 188,087 6,752 4.80 
Other12,579 388 4.12 12,744 481 5.04 
Total interest-earning assets4,802,260 $191,393 5.33 %4,773,478 $188,902 5.29 %
Allowance for credit losses(41,962)(40,611)
Noninterest-earning assets271,193 279,789 
Total assets$5,031,491 $5,012,656 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand$1,119,902 $4,698 0.56 %$1,112,198 $4,148 0.50 %
Money market818,453 13,498 2.20 800,693 14,193 2.37 
Savings568,891 1,143 0.27 592,134 1,232 0.28 
Time778,618 19,430 3.34 744,349 20,744 3.72 
Brokered— — — 50,046 2,058 5.49 
Total interest-bearing deposits3,285,864 38,769 1.58 3,299,420 42,375 1.72 
Securities sold under agreements to repurchase3,361 22 0.89 30,769 415 1.80 
Borrowings9,103 170 2.49 13,387 365 3.64 
Subordinated notes37,261 1,326 4.76 39,504 1,409 4.76 
Junior subordinated debentures issued to capital trusts52,871 2,754 6.97 52,812 2,889 7.31 
Total interest-bearing liabilities3,388,460 $43,041 1.70 %3,435,892 $47,453 1.84 %
Noninterest-bearing deposits1,039,564 1,031,239 
Noninterest-bearing liabilities31,242 38,943 
Total liabilities4,459,266 4,506,074 
Stockholders' Equity572,225 506,582 
Total liabilities and stockholders’ equity$5,031,491 5,012,656 
Net interest income/Net interest margin (1)
$148,352 4.13 %$141,449 3.96 %
Tax-equivalent adjustment (2)
1,645 0.05 1,680 0.05 
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$149,997 4.18 %$143,129 4.01 %
Net interest rate spread (4)
3.63 %3.45 %
Net interest-earning assets (5)
$1,413,800 $1,337,586 
Ratio of interest-earning assets to interest-bearing liabilities1.421.39
Cost of total deposits1.20 %1.31 %
Cost of funds1.30 1.42 
____________________________________
(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 "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial 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.

HBT Financial, Inc.
Page 14
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024
NONPERFORMING ASSETS
Nonaccrual$7,637 $5,615 $8,200 
Past due 90 days or more, still accruing5 9 5 
Total nonperforming loans7,642 5,624 8,205 
Foreclosed assets1,007 890 376 
Total nonperforming assets$8,649 $6,514 $8,581 
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government$1,760 $1,878 $2,046 
Allowance for credit losses$41,900 $41,659 $40,966 
Loans, before allowance for credit losses3,400,029 3,348,211 3,369,830 
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses1.23 %1.24 %1.22 %
Allowance for credit losses to nonaccrual loans548.64 741.92 499.59 
Allowance for credit losses to nonperforming loans548.29 740.74 499.28 
Nonaccrual loans to loans, before allowance for credit losses0.22 0.17 0.24 
Nonperforming loans to loans, before allowance for credit losses0.22 0.17 0.24 
Nonperforming assets to total assets0.17 0.13 0.17 
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets0.25 0.19 0.25 
Three Months EndedNine Months Ended September 30,
(dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024		20252024
ALLOWANCE FOR CREDIT LOSSES
Beginning balance$41,659 $42,111 $40,806 $42,044 $40,048 
Provision for credit losses375 595 746 1,466 1,983 
Charge-offs(723)(1,252)(1,101)(2,640)(2,198)
Recoveries589 205 515 1,030 1,133 
Ending balance$41,900 $41,659 $40,966 $41,900 $40,966 
Net charge-offs$134 $1,047 $586 $1,610 $1,065 
Average loans3,379,637 3,417,582 3,379,299 3,419,077 3,374,875 
Net charge-offs to average loans *0.02 %0.12 %0.07 %0.06 %0.04 %
____________________________________
*Annualized measure.
Three Months EndedNine Months Ended September 30,
(dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024		20252024
PROVISION FOR CREDIT LOSSES
Loans$375 $595 $746 $1,466 $1,983 
Unfunded lending-related commitments221 (69)(143)232 323 
Total provision for credit losses$596 $526 $603 $1,698 $2,306 

HBT Financial, Inc.
Page 15
Reconciliation of Non-GAAP Financial Measures –
Adjusted Net Income and Adjusted Return on Average Assets
Three Months EndedNine Months Ended September 30,
(dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024		20252024
Net income$19,765 $19,230 $18,180 $58,070 $51,508 
Less: adjustments
Loss on extinguishment of debt(391)— — (391)— 
Gains (losses) on closed branch premises(7)(50)— 2 (635)
Realized gains (losses) on sales of securities(49)— — (49)(3,382)
Mortgage servicing rights fair value adjustment(514)(751)(1,488)(1,573)(1,505)
Total adjustments(961)(801)(1,488)(2,011)(5,522)
Tax effect of adjustments (1)
274 228 424 573 1,574 
Total adjustments after tax effect(687)(573)(1,064)(1,438)(3,948)
Adjusted net income$20,452 $19,803 $19,244 $59,508 $55,456 
Average assets$5,027,161 $5,036,675 $5,006,721 $5,031,491 $5,012,656 
Return on average assets *1.56 %1.53 %1.44 %1.54 %1.37 %
Adjusted return on average assets *1.61 1.58 1.53 1.58 1.48 
____________________________________
*Annualized measure.
(1)Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.
Reconciliation of Non-GAAP Financial Measures –
Adjusted Earnings Per Share — Basic and Diluted
Three Months EndedNine Months Ended September 30,
(dollars in thousands, except per share amounts)September 30,
2025		June 30,
2025		September 30,
2024		20252024
Numerator:
Net income$19,765 $19,230 $18,180 $58,070 $51,508 
Adjusted net income$20,452 $19,803 $19,244 $59,508 $55,456 
Denominator:
Weighted average common shares outstanding31,481,135 31,510,759 31,559,366 31,525,247 31,600,442 
Dilutive effect of outstanding restricted stock units106,800 77,782 118,180 103,682 115,266 
Weighted average common shares outstanding, including all dilutive potential shares31,587,935 31,588,541 31,677,546 31,628,929 31,715,708 
Earnings per share - basic$0.63 $0.61 $0.58 $1.84 $1.63 
Earnings per share - diluted$0.63 $0.61 $0.57 $1.84 $1.62 
Adjusted earnings per share - basic$0.65 $0.63 $0.61 $1.89 $1.75 
Adjusted earnings per share - diluted$0.65 $0.63 $0.61 $1.88 $1.75 

HBT Financial, Inc.
Page 16
Reconciliation of Non-GAAP Financial Measures –
Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries),
Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)
Three Months EndedNine Months Ended September 30,
(dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024		20252024
Net interest income$49,986 $49,658 $47,733 $148,352 $141,449 
Noninterest income9,849 9,140 8,705 28,295 23,941 
Noninterest expense(32,508)(31,914)(31,322)(96,357)(93,099)
Pre-provision net revenue27,327 26,884 25,116 80,290 72,291 
Less: adjustments
Loss on extinguishment of debt(391)— — (391)— 
Gains (losses) on closed branch premises(7)(50)— 2 (635)
Realized gains (losses) on sales of securities(49)— — (49)(3,382)
Mortgage servicing rights fair value adjustment(514)(751)(1,488)(1,573)(1,505)
Total adjustments(961)(801)(1,488)(2,011)(5,522)
Adjusted pre-provision net revenue$28,288 $27,685 $26,604 $82,301 $77,813 
Pre-provision net revenue$27,327 $26,884 $25,116 $80,290 $72,291 
Less: net charge-offs134 1,047 586 1,610 1,065 
Pre-provision net revenue less net charge-offs$27,193 $25,837 $24,530 $78,680 $71,226 
Adjusted pre-provision net revenue$28,288 $27,685 $26,604 $82,301 $77,813 
Less: net charge-offs134 1,047 586 1,610 1,065 
Adjusted pre-provision net revenue less net charge-offs$28,154 $26,638 $26,018 $80,691 $76,748 
Reconciliation of Non-GAAP Financial Measures –
Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
Three Months EndedNine Months Ended September 30,
(dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024		20252024
Net interest income (tax-equivalent basis)
Net interest income$49,986 $49,658 $47,733 $148,352 $141,449 
Tax-equivalent adjustment (1)
552 548 552 1,645 1,680 
Net interest income (tax-equivalent basis) (1)
$50,538 $50,206 $48,285 $149,997 $143,129 
Net interest margin (tax-equivalent basis)
Net interest margin *4.13 %4.14 %3.98 %4.13 %3.96 %
Tax-equivalent adjustment * (1)
0.05 0.05 0.05 0.05 0.05 
Net interest margin (tax-equivalent basis) * (1)
4.18 %4.19 %4.03 %4.18 %4.01 %
Average interest-earning assets$4,800,519 $4,808,213 $4,769,471 $4,802,260 $4,773,478 
____________________________________
*Annualized measure.
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc.
Page 17
Reconciliation of Non-GAAP Financial Measures –
Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)
Three Months EndedNine Months Ended September 30,
(dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024		20252024
Total noninterest expense$32,508 $31,914 $31,322 $96,357 $93,099 
Less: amortization of intangible assets694 694 710 2,083 2,130 
Noninterest expense excluding amortization of intangible assets31,814 31,220 30,612 94,274 90,969 
Less: adjustments to noninterest expense
Loss on extinguishment of debt391 — — 391 — 
Total adjustments to noninterest expense391 — — 391 — 
Adjusted noninterest expense$31,423 $31,220 $30,612 $93,883 $90,969 
Net interest income$49,986 $49,658 $47,733 $148,352 $141,449 
Total noninterest income9,849 9,140 8,705 28,295 23,941 
Operating revenue59,835 58,798 56,438 176,647 165,390 
Tax-equivalent adjustment (1)
552 548 552 1,645 1,680 
Operating revenue (tax-equivalent basis) (1)
60,387 59,346 56,990 178,292 167,070 
Less: adjustments to noninterest income
Gains (losses) on closed branch premises(7)(50)— 2 (635)
Realized gains (losses) on sales of securities(49)— — (49)(3,382)
Mortgage servicing rights fair value adjustment(514)(751)(1,488)(1,573)(1,505)
Total adjustments to noninterest income(570)(801)(1,488)(1,620)(5,522)
Adjusted operating revenue (tax-equivalent basis) (1)
$60,957 $60,147 $58,478 $179,912 $172,592 
Efficiency ratio53.17 %53.10 %54.24 %53.37 %55.00 %
Efficiency ratio (tax-equivalent basis) (1)
52.68 52.61 53.71 52.88 54.45 
Adjusted efficiency ratio (tax-equivalent basis) (1)
51.55 51.91 52.35 52.18 52.71 
____________________________________
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc.
Page 18
Reconciliation of Non-GAAP Financial Measures –
Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
(dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024
Tangible Common Equity
Total stockholders' equity$599,129 $580,897 $537,662 
Less: Goodwill59,820 59,820 59,820 
Less: Intangible assets, net15,760 16,454 18,552 
Tangible common equity$523,549 $504,623 $459,290 
Tangible Assets
Total assets$5,035,027 $5,018,398 $4,990,728 
Less: Goodwill59,820 59,820 59,820 
Less: Intangible assets, net15,760 16,454 18,552 
Tangible assets$4,959,447 $4,942,124 $4,912,356 
Total stockholders' equity to total assets11.90 %11.58 %10.77 %
Tangible common equity to tangible assets10.56 10.21 9.35 
Shares of common stock outstanding31,455,803 31,495,434 31,559,366 
Book value per share$19.05 $18.44 $17.04 
Tangible book value per share16.64 16.02 14.55 
Reconciliation of Non-GAAP Financial Measures –
Return on Average Tangible Common Equity,
Adjusted Return on Average Stockholders' Equity and Adjusted Return on Average Tangible Common Equity
Three Months EndedNine Months Ended September 30,
(dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024		20252024
Average Tangible Common Equity
Total stockholders' equity$589,076 $572,505 $523,745 $572,225 $506,582 
Less: Goodwill59,820 59,820 59,820 59,820 59,820 
Less: Intangible assets, net16,095 16,782 18,892 16,781 19,607 
Average tangible common equity$513,161 $495,903 $445,033 $495,624 $427,155 
Net income$19,765 $19,230 $18,180 $58,070 $51,508 
Adjusted net income20,452 19,803 19,244 59,508 55,456 
Return on average stockholders' equity *13.31 %13.47 %13.81 %13.57 %13.58 %
Return on average tangible common equity *15.28 15.55 16.25 15.66 16.11 
Adjusted return on average stockholders' equity *13.77 %13.87 %14.62 %13.90 %14.62 %
Adjusted return on average tangible common equity *15.81 16.02 17.20 16.05 17.34 
____________________________________
*Annualized measure.