HBT Financial, Inc. Announces Second Quarter 2023 Financial Results.

BLOOMINGTON, Ill: 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 $18.5 million, or $0.58 diluted earnings per share, for the second quarter of 2023. This compares to net income of $9.2 million, or $0.30 diluted earnings per share, for the first quarter of 2023, and net income of $14.1 million, or $0.49 diluted earnings per share, for the second quarter of 2022.

J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, "I had the honor of being named CEO of HBT Financial and Heartland Bank and Trust Company during the second quarter. I look forward to continuing to work closely with Fred Drake, Executive Chairman; the rest of Board of Directors; and our executive team to deliver the consistently solid financial performance to which we are accustomed. I am very pleased with our financial performance for the second quarter of 2023. With a ROAA of 1.49% and a ROATCE of 19.91%, we continue to produce strong returns. Our granular deposit base and excellent credit quality continue to support our strong results. Although we continue to see pressure on deposit pricing, we were able to maintain a solid net interest margin of 4.16%, down only 4 basis points from last quarter. We completed our system conversion for our Town and Country Financial Corporation ("Town and Country") acquisition and have fully integrated the Town and Country team. We look forward to recognizing the enhanced long-term value provided by the increased scale and new markets that this acquisition has provided."

Adjusted Net Income

In addition to reporting GAAP results, the Company believes adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on sale of closed branch premises, net earnings (losses) from closed or sold operations, charges related to termination of certain employee benefit plans, realized gains (losses) on sales of securities, and mortgage servicing rights fair value adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $18.8 million, or $0.58 adjusted diluted earnings per share, for the second quarter of 2023. This compares to adjusted net income of $19.9 million, or $0.64 adjusted diluted earnings per share, for the first quarter of 2023, and adjusted net income of $13.8...