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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to

Commission file number: 001-39085

HBT Financial, Inc.

(Exact name of registrant as specified in its charter)


Delaware			37-1117216
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

401 North Hershey Rd Bloomington, Illinois 61704			(309) 662-4444
(Address of principal executive offices, including zip code)			(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	HBT	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☐

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 23, 2025, there were 31,495,434 shares outstanding of the registrant’s common stock, $0.01 par value.

Table of Contents

TABLE OF CONTENTS

HBT Financial, Inc.


		Page

PART I. FINANCIAL INFORMATION		3
Item 1.	Consolidated Financial Statements	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statement of Changes in Stockholders’ Equity	7
	Consolidated Statements of Cash Flows	8
	Notes to Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	84
Item 4.	Controls and Procedures	86
PART II. OTHER INFORMATION		87
Item 1.	Legal Proceedings	87
Item 1A.	Risk Factors	87
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	87
Item 3.	Defaults Upon Senior Securities	87
Item 4.	Mine Safety Disclosures	87
Item 5.	Other Information	88
Item 6.	Exhibits	88

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Quarterly Report are forward-looking statements. Forward-looking statements may include statements relating to our plans, strategies and expectations, near-term loan growth, net interest margin, mortgage banking profits, wealth management fees, expenses, asset quality, capital levels, continued earnings, and liquidity. Forward-looking statements are generally identifiable by use of the words "believe," "may," "will," "should," "could," "expect," "estimate," "intend," "anticipate," "project," "plan" or similar expressions. Forward-looking statements are frequently based on assumptions that may or may not materialize and are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from the results anticipated or projected and which could materially and adversely affect our operating results, financial condition or prospects include, but are not limited to:

•the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures and supply chain constraints);

•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;

•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;

•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;

•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;

•the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers;

•changes in interest rates and prepayment rates of the Company’s assets;

•increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers;

•technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence;

•unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated;

•the loss of key executives and employees, talent shortages and employee turnover;

•changes in consumer spending;

•unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company;

•the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards;

•fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates;

•credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers;

•the overall health of the local and national real estate market;

•the ability to maintain an adequate level of allowance for credit losses on loans;

•the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure;

•the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds;

•the level of nonperforming assets on our balance sheets;

•interruptions involving our information technology and communications systems or third-party servicers;

Table of Contents

•the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud;

•the effectiveness of the Company’s risk management framework and internal disclosure controls and procedures;

•our asset quality and any loan charge-offs;

•the effects of changes in interest rates on our net interest income, net interest margin, our investments, our loan originations, and our modeling estimates relating to interest rate changes;

•our access to sources of liquidity and capital to address our liquidity needs;

•our inability to receive dividends from the Bank, pay dividends to our common stockholders or satisfy obligations as they become due;

•the effects of problems encountered by other financial institutions;

•our ability to achieve organic loan and deposit growth and the composition of such growth;

•our ability to successfully develop and commercialize new or enhanced products and services;

•current and future business, economic and market conditions in the United States (“U.S.”) generally or in the States of Illinois and Iowa in particular;

•the geographic concentration of our operations in the States of Illinois and Iowa;

•our ability to attract and retain customer deposits;

•our ability to maintain the Bank’s reputation;

•possible impairment of our goodwill and other intangible assets;

•market perceptions associated with certain aspects of our business;

•our ability to meet our obligations as a public company, including our obligations under Section 404 of the Sarbanes-Oxley Act of 2002;

•the ability of the Company to manage the risks associated with the foregoing as well as anticipated; and

•the factors discussed in "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" or elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange (“SEC”) Commission on March 7, 2025.

These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update any forward-looking statement in the future, or to reflect circumstances and events that occur after the date on which the forward-looking statement was made.

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	(Unaudited)
(dollars in thousands, except per share data)	June 30, 2025		December 31, 2024
ASSETS
Cash and due from banks	$	25,563	$	29,552
Interest-bearing deposits with banks	170,179		108,140
Cash and cash equivalents	195,742		137,692


Debt securities available-for-sale, at fair value	773,206		698,049
Debt securities held-to-maturity (fair value of $442,064 at 2025 and $445,186 at 2024)	481,942		499,858
Equity securities with readily determinable fair value	3,346		3,315
Equity securities with no readily determinable fair value	2,609		2,629
Restricted stock, at cost	4,979		5,086
Loans held for sale	2,316		1,586

Loans, before allowance for credit losses	3,348,211		3,466,146
Allowance for credit losses	(41,659)		(42,044)
Loans, net of allowance for credit losses	3,306,552		3,424,102

Bank owned life insurance	24,320		23,989
Bank premises and equipment, net	68,523		66,758
Bank premises held for sale	140		317
Foreclosed assets	890		367
Goodwill	59,820		59,820
Intangible assets, net	16,454		17,843
Mortgage servicing rights, at fair value	17,768		18,827
Investments in unconsolidated subsidiaries	1,614		1,614
Accrued interest receivable	20,624		24,770
Other assets	37,553		46,280
Total assets	$	5,018,398	$	5,032,902

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,034,387	$	1,046,405
Interest-bearing	3,272,144		3,271,849
Total deposits	4,306,531		4,318,254

Securities sold under agreements to repurchase	556		28,969
Federal Home Loan Bank advances	7,240		13,231
Subordinated notes	39,593		39,553
Junior subordinated debentures issued to capital trusts	52,879		52,849
Other liabilities	30,702		35,441
Total liabilities	4,437,501		4,488,297

COMMITMENTS AND CONTINGENCIES (Note 14)

Stockholders' Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	—		—
Common stock, $0.01 par value; 125,000,000 shares authorized; shares issued of 32,899,104 at 2025 and 32,827,039 at 2024; shares outstanding of 31,495,434 at 2025 and 31,559,366 at 2024	329		328
Surplus	297,479		297,297
Retained earnings	341,750		316,764
Accumulated other comprehensive income (loss)	(32,739)		(46,765)
Treasury stock at cost, 1,403,670 shares at 2025 and 1,267,673 at 2024	(25,922)		(23,019)
Total stockholders’ equity	580,897		544,605
Total liabilities and stockholders’ equity	$	5,018,398	$	5,032,902

See accompanying Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands, except per share data)	2025		2024		2025		2024

INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable	$	53,156	$	52,177	$	106,525	$	104,103
Federally tax exempt	1,215		1,097		2,383		2,191
Debt securities:
Taxable	7,434		6,315		14,370		12,519
Federally tax exempt	457		521		926		1,118
Interest-bearing deposits in bank	1,544		2,570		2,609		4,522
Other interest and dividend income	113		144		244		332
Total interest and dividend income	63,919		62,824		127,057		124,785

INTEREST EXPENSE
Deposits	12,835		14,133		25,774		27,726
Securities sold under agreements to repurchase	—		129		22		281
Borrowings	30		121		139		246
Subordinated notes	469		469		939		939
Junior subordinated debentures issued to capital trusts	927		944		1,817		1,877
Total interest expense	14,261		15,796		28,691		31,069
Net interest income	49,658		47,028		98,366		93,716
PROVISION FOR CREDIT LOSSES	526		1,176		1,102		1,703
Net interest income after provision for credit losses	49,132		45,852		97,264		92,013

NONINTEREST INCOME
Card income	2,797		2,885		5,345		5,501
Wealth management fees	2,826		2,623		5,667		5,170
Service charges on deposit accounts	1,915		1,902		3,859		3,771
Mortgage servicing	1,042		1,111		2,032		2,166
Mortgage servicing rights fair value adjustment	(751)		(97)		(1,059)		(17)
Gains on sale of mortgage loans	459		443		711		741
Realized gains (losses) on sales of securities	—		—		—		(3,382)
Unrealized gains (losses) on equity securities	23		(96)		31		(112)
Gains (losses) on foreclosed assets	14		(28)		27		59
Gains (losses) on other assets	(128)		—		(74)		(635)
Income on bank owned life insurance	167		166		331		330
Other noninterest income	776		701		1,576		1,644
Total noninterest income	9,140		9,610		18,446		15,236

NONINTEREST EXPENSE
Salaries	16,452		16,364		33,505		33,021
Employee benefits	3,580		2,860		6,865		5,665
Occupancy of bank premises	2,471		2,243		5,096		4,825
Furniture and equipment	575		548		1,020		1,098
Data processing	2,687		2,606		5,404		5,531
Marketing and customer relations	1,020		996		2,164		1,992
Amortization of intangible assets	694		710		1,389		1,420
FDIC insurance	551		565		1,113		1,125
Loan collection and servicing	360		475		743		927
Foreclosed assets	67		10		72		59
Other noninterest expense	3,457		3,132		6,478		6,114
Total noninterest expense	31,914		30,509		63,849		61,777
INCOME BEFORE INCOME TAX EXPENSE	26,358		24,953		51,861		45,472
INCOME TAX EXPENSE	7,128		6,883		13,556		12,144
NET INCOME	$	19,230	$	18,070	$	38,305	$	33,328

EARNINGS PER SHARE - BASIC	$	0.61	$	0.57	$	1.21	$	1.05
EARNINGS PER SHARE - DILUTED	$	0.61	$	0.57	$	1.21	$	1.05
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING	31,510,759		31,579,457		31,547,669		31,621,205

See accompanying Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2025		2024		2025		2024

NET INCOME	$	19,230	$	18,070	$	38,305	$	33,328

OTHER COMPREHENSIVE INCOME
Unrealized gains (losses) on debt securities available-for-sale	7,069		1,524		18,154		(731)
Reclassification adjustment for losses on sale of debt securities available-for-sale realized in income	—		—		—		3,382
Reclassification adjustment for amortization of net unrealized losses on debt securities transferred to held-to-maturity	492		488		996		989
Unrealized gains (losses) on derivative instruments	(1)		14		—		78
Reclassification adjustment for net settlements on derivative instruments	(2)		(118)		(38)		(250)
Total other comprehensive income, before tax	7,558		1,908		19,112		3,468
Income tax expense	1,851		516		5,086		961
Total other comprehensive income	5,707		1,392		14,026		2,507
TOTAL COMPREHENSIVE INCOME	$	24,937	$	19,462	$	52,331	$	35,835

See accompanying Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)


	Common Stock							Accumulated Other Comprehensive Income (Loss)				Total Stockholders’ Equity
(dollars in thousands, except per share data)	Shares Outstanding	Amount		Surplus		Retained Earnings				Treasury Stock

Balance, March 31, 2025	31,631,431	$	329	$	297,024	$	329,169	$	(38,446)	$	(23,019)	$	565,057

Net income	—	—		—		19,230		—		—		19,230
Other comprehensive income	—	—		—		—		5,707		—		5,707
Stock-based compensation	—	—		455		—		—		—		455


Repurchase of common stock	(135,997)	—		—		—		—		(2,903)		(2,903)
Cash dividends and dividend equivalents ($0.21 per share)	—	—		—		(6,649)		—		—		(6,649)




Balance, June 30, 2025	31,495,434	$	329	$	297,479	$	341,750	$	(32,739)	$	(25,922)	$	580,897

Balance, March 31, 2024	31,612,888	$	328	$	296,054	$	278,353	$	(56,048)	$	(22,006)	$	496,681

Net income	—	—		—		18,070		—		—		18,070
Other comprehensive income	—	—		—		—		1,392		—		1,392
Stock-based compensation	—	—		376		—		—		—		376


Repurchase of common stock	(53,522)	—		—		—		—		(1,013)		(1,013)
Cash dividends and dividend equivalents ($0.19 per share)	—	—		—		(6,037)		—		—		(6,037)




Balance, June 30, 2024	31,559,366	$	328	$	296,430	$	290,386	$	(54,656)	$	(23,019)	$	509,469

See accompanying Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (CONTINUED)
(Unaudited)


	Common Stock							Accumulated Other Comprehensive Income (Loss)				Total Stockholders’ Equity
(dollars in thousands, except per share data)	Shares Outstanding	Amount		Surplus		Retained Earnings				Treasury Stock

Balance, December 31, 2024	31,559,366	$	328	$	297,297	$	316,764	$	(46,765)	$	(23,019)	$	544,605

Net income	—	—		—		38,305		—		—		38,305
Other comprehensive income	—	—		—		—		14,026		—		14,026
Stock-based compensation	—	—		874		—		—		—		874
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings	72,065	1		(692)		—		—		—		(691)

Repurchase of common stock	(135,997)	—		—		—		—		(2,903)		(2,903)
Cash dividends and dividend equivalents ($0.42 per share)	—	—		—		(13,319)		—		—		(13,319)




Balance, June 30, 2025	31,495,434	$	329	$	297,479	$	341,750	$	(32,739)	$	(25,922)	$	580,897

Balance, December 31, 2023	31,695,828	$	327	$	295,877	$	269,051	$	(57,163)	$	(18,596)	$	489,496
Cumulative effect of change in accounting principle (ASU 2023-02)	—	—		—		116		—		—		116
Net income	—	—		—		33,328		—		—		33,328
Other comprehensive income	—	—		—		—		2,507		—		2,507
Stock-based compensation	—	—		885		—		—		—		885
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings	96,341	1		(332)		—		—		—		(331)

Repurchase of common stock	(232,803)	—		—		—		—		(4,423)		(4,423)
Cash dividends and dividend equivalents ($0.38 per share)	—	—		—		(12,109)		—		—		(12,109)




Balance, June 30, 2024	31,559,366	$	328	$	296,430	$	290,386	$	(54,656)	$	(23,019)	$	509,469

See accompanying Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)


	Six Months Ended June 30,
(dollars in thousands)	2025		2024

CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	38,305	$	33,328
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	1,535		1,462
Provision for credit losses	1,102		1,703
Net amortization of debt securities	1,409		1,998
Deferred income tax expense	1,091		722
Stock-based compensation	874		885
Net accretion of discount and deferred loan fees on loans	(3,801)		(3,572)
Net realized loss on sales of securities	—		3,382
Net unrealized loss (gain) on equity securities	(31)		112
Net loss on disposals of bank premises and equipment	83		55
Net gain on sales of bank premises held for sale	(59)		—
Impairment losses on bank premises held for sale	50		580
Net gain on sales of foreclosed assets	(41)		(95)
Write-down of foreclosed assets	14		36
Amortization of intangibles	1,389		1,420
Decrease in fair value of mortgage servicing rights	1,059		17
Amortization of discount and issuance costs on subordinated notes and debentures	70		70
Amortization of discount on Federal Home Loan Bank advances	97		204

Amortization of premium on time deposits	—		(57)
Mortgage loans originated for sale	(23,453)		(28,101)
Proceeds from sale of mortgage loans	23,434		30,302
Net gain on sale of mortgage loans	(711)		(741)
Increase in cash surrender value of bank owned life insurance	(331)		(330)

Decrease in accrued interest receivable	4,146		2,109
Decrease (increase) in other assets	424		(4,937)
Increase (decrease) in other liabilities	(2,662)		6,017
Net cash provided by operating activities	43,993		46,569

See accompanying Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)


	Six Months Ended June 30,
(dollars in thousands)	2025		2024

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of interest-bearing time deposits with banks	—		(11)
Proceeds from sales of debt securities	—		66,812
Proceeds from sales and redemptions of equity securities	54		58
Proceeds from paydowns, maturities, and calls of debt securities	86,079		58,497
Purchase of debt securities	(125,579)		(27,753)
Purchase of equity securities	(34)		(146)
Purchase of loans	(9,782)		(4,448)
Net decrease in loans	129,077		26,101

Proceeds from redemption of restricted stock	107		2,074

Purchases of bank premises and equipment	(3,383)		(2,975)

Proceeds from sales of bank premises held for sale	186		—
Proceeds from sales of foreclosed assets	469		965


Net cash provided by investing activities	77,194		119,174

CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in deposits	(11,723)		(82,687)
Net decrease in repurchase agreements	(28,413)		(13,112)
Net increase in short-term Federal Home Loan Bank advances	—		907
Proceeds from long-term Federal Home Loan Bank advances	1,800		—
Repayment of long-term Federal Home Loan Bank advances	(7,888)		—
Taxes paid related to the vesting of restricted stock units	(691)		(331)
Repurchase of common stock	(2,903)		(4,423)
Cash dividends and dividend equivalents paid	(13,319)		(12,109)
Net cash used in financing activities	(63,137)		(111,755)

NET INCREASE IN CASH AND CASH EQUIVALENTS	58,050		53,988
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	137,692		141,252
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	195,742	$	195,240

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	$	29,168	$	31,206
Net cash paid for income taxes	$	14,145	$	9,801

SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES
Transfers of loans to foreclosed assets	$	965	$	374

Transfers of bank premises and equipment to bank premises held for sale	$	—	$	317

See accompanying Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1 – ACCOUNTING POLICIES

Basis of Presentation

HBT Financial, Inc. (“HBT Financial” or the “Company”) is headquartered in Bloomington, Illinois and is the holding company for Heartland Bank and Trust Company (“Heartland Bank” or the “Bank”). The Bank provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa. Additionally, the Company is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory agencies.

The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) interim reporting requirements. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to rules and regulations of the SEC. These interim unaudited consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025.

The unaudited consolidated financial statements include all normal, recurring adjustments necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.

Use of Estimates

The accompanying consolidated financial statements have been prepared in conformity with GAAP. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported results of operations for the periods then ended.

Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or stockholders’ equity.

Subsequent Events

In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Recent Legislation

On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic research and development expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. These changes were not reflected in the income tax provision for the period ended June 30, 2025, as enactment occurred after the balance sheet date. The Company is currently evaluating the impact on future periods.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 expands income tax disclosure requirements. The amendments require annual disclosure of certain information relating to the rate reconciliation, income taxes paid by jurisdiction, income (loss) from continuing operations before income tax expense (benefit) disaggregated between domestic and foreign, income tax expense (benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments also eliminate certain requirements relating to unrecognized tax benefits and certain deferred tax disclosure relating to subsidiaries and corporate joint ventures. The amendments in this update are effective for years beginning after December 15, 2024. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. Early adoption is permitted. This standard did not have a material impact on the Company’s consolidated results of operations or financial position.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 provides more decision-useful information about a public entity's expenses by requiring additional detail on expenses reported in income statements. Under the ASU, public entities will provide detailed disclosure in interim and annual periods of specified categories underlying certain expense captions. The ASU requires public entities to apply the amendments prospectively, with an option to use retrospective application. The amendments in this update are effective for years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This standard is not expected to have a material impact on the Company's consolidated results of operations or financial position.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 2 – SECURITIES

Debt Securities

The amortized cost and fair values of debt securities, with gross unrealized gains and losses and allowance for credit losses, are as follows:


	June 30, 2025
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Available-for-sale:
U.S. Treasury	$	99,710	$	—	$	(5,733)	$	—	$	93,977
U.S. government agency	50,679		95		(1,540)		—		49,234
Municipal	153,458		74		(15,562)		—		137,970
Mortgage-backed:
Agency residential	309,847		2,014		(9,804)		—		302,057
Agency commercial	142,682		58		(9,065)		—		133,675

Corporate	58,119		387		(2,213)		—		56,293
Total available-for-sale	$	814,495	$	2,628	$	(43,917)	$	—	$	773,206

	June 30, 2025
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses

Held-to-maturity:
U.S. government agency	$	88,484	$	—	$	(6,146)	$	82,338	$	—
Municipal	31,031		140		(212)		30,959		—
Mortgage-backed:
Agency residential	80,877		—		(3,770)		77,107		—
Agency commercial	281,550		17		(29,907)		251,660		—
Total held-to-maturity	$	481,942	$	157	$	(40,035)	$	442,064	$	—

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


	December 31, 2024
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Available-for-sale:
U.S. Treasury	$	119,690	$	—	$	(8,545)	$	—	$	111,145
U.S. government agency	55,742		—		(2,544)		—		53,198
Municipal	150,163		—		(19,484)		—		130,679
Mortgage-backed:
Agency residential	241,342		253		(14,227)		—		227,368
Agency commercial	128,823		3		(12,145)		—		116,681
Corporate	61,732		156		(2,910)		—		58,978
Total available-for-sale	$	757,492	$	412	$	(59,855)	$	—	$	698,049

	December 31, 2024
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses

Held-to-maturity:
U.S. government agency	$	88,472	$	—	$	(8,819)	$	79,653	$	—
Municipal	35,862		48		(371)		35,539		—
Mortgage-backed:
Agency residential	85,643		—		(5,796)		79,847		—
Agency commercial	289,881		—		(39,734)		250,147		—
Total held-to-maturity	$	499,858	$	48	$	(54,720)	$	445,186	$	—

As of June 30, 2025 and December 31, 2024, the Bank had debt securities with a carrying value of $491.0 million and $468.8 million, respectively, which were pledged to secure public deposits, securities sold under agreements to repurchase, available borrowing capacity, and for other purposes required or permitted by law.

The amortized cost and fair value of debt securities by contractual maturity, as of June 30, 2025, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available-for-Sale				Held-to-Maturity
(dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due in 1 year or less	$	36,650	$	36,162	$	3,422	$	3,416
Due after 1 year through 5 years	167,929		157,963		59,325		57,307
Due after 5 years through 10 years	133,369		121,849		54,829		50,758
Due after 10 years	24,018		21,500		1,939		1,816

Mortgage-backed:
Agency residential	309,847		302,057		80,877		77,107
Agency commercial	142,682		133,675		281,550		251,660
Total	$	814,495	$	773,206	$	481,942	$	442,064

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following table presents gross unrealized losses and fair value of debt securities available-for-sale that do not have an associated allowance for credit losses as of June 30, 2025 and December 31, 2024, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position:


	June 30, 2025
	Investments in a Continuous Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(dollars in thousands)	Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value

Available-for-sale:
U.S. Treasury	$	—	$	—	$	(5,733)	$	93,977	$	(5,733)	$	93,977
U.S. government agency	—		—		(1,540)		41,438		(1,540)		41,438
Municipal	(62)		2,816		(15,500)		129,218		(15,562)		132,034
Mortgage-backed:
Agency residential	(838)		53,005		(8,966)		116,454		(9,804)		169,459
Agency commercial	(132)		12,047		(8,933)		110,685		(9,065)		122,732
Corporate	(35)		5,847		(2,178)		29,798		(2,213)		35,645
Total available-for-sale	$	(1,067)	$	73,715	$	(42,850)	$	521,570	$	(43,917)	$	595,285


	December 31, 2024
	Investments in a Continuous Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(dollars in thousands)	Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value

Available-for-sale:
U.S. Treasury	$	—	$	—	$	(8,545)	$	111,145	$	(8,545)	$	111,145
U.S. government agency	(141)		7,594		(2,403)		45,604		(2,544)		53,198
Municipal	(8)		2,634		(19,476)		127,776		(19,484)		130,410
Mortgage-backed:
Agency residential	(2,041)		81,055		(12,186)		129,178		(14,227)		210,233
Agency commercial	(125)		3,327		(12,020)		112,118		(12,145)		115,445
Corporate	(4)		1,996		(2,906)		43,064		(2,910)		45,060
Total available-for-sale	$	(2,319)	$	96,606	$	(57,536)	$	568,885	$	(59,855)	$	665,491

As of June 30, 2025, there were 581 debt securities in an unrealized loss position for a period of twelve months or more, and 56 debt securities in an unrealized loss position for a period of less than twelve months.

U.S. Treasury, U.S. government agency, and agency mortgage-backed securities are considered to have no risk of credit loss as they are either explicitly or implicitly guaranteed by the U.S. government. The changes in fair value in these portfolios are considered to be primarily driven by changes in market interest rates and other non-credit risks, such as prepayment and liquidity risks.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Municipal securities include general obligation bonds which have a very low historical default rate due to issuers generally having taxing authority to service the debt and represent approximately 74% of the total fair value of our municipal securities portfolio as of June 30, 2025. The remainder of the municipal securities are also of high credit quality with ratings of Aa3/AA- or better. The Company evaluates credit risk through monitoring credit ratings and reviews of available financial data. The changes in fair value in municipal securities were considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks. The estimated allowance for credit losses for the municipal debt securities held-to-maturity was deemed insignificant.

Corporate securities include investment grade corporate and bank subordinated debt securities. The Company evaluates credit risk through monitoring credit ratings, reviews of available issuer financial data, and sector trends. The changes in fair value in corporate securities were considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks.

As of June 30, 2025, the Company did not intend to sell the debt securities that are in an unrealized loss position, and it was more likely than not that the Company would recover the amortized cost prior to being required to sell the debt securities.

Accrued interest on debt securities is excluded from the estimate of credit losses and totaled $5.2 million and $5.1 million as of June 30, 2025 and December 31, 2024, respectively.

Sales of debt securities were as follows during the three and six months ended June 30:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2025		2024		2025		2024

Proceeds from sales	$	—	$	—	$	—	$	66,812
Gross realized gains	—		—		—		—
Gross realized losses	—		—		—		(3,382)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Equity Securities

Equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in unrealized gains (losses) on equity securities on the consolidated statements of income. The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for identical or similar securities of the same issuer.

The initial cost and carrying values of equity securities, with cumulative net unrealized gains and losses were as follows:


	June 30, 2025
(dollars in thousands)	Readily Determinable Fair Value		No Readily Determinable Fair Value

Initial cost	$	3,124	$	2,978
Cumulative net unrealized gains (losses)	222		(369)
Carrying value	$	3,346	$	2,609


	December 31, 2024
(dollars in thousands)	Readily Determinable Fair Value		No Readily Determinable Fair Value

Initial cost	$	3,124	$	2,998
Cumulative net unrealized gains (losses)	191		(369)
Carrying value	$	3,315	$	2,629

As of June 30, 2025 and December 31, 2024, the cumulative net unrealized losses on equity securities with no readily determinable fair value reflect impairments of $0.2 million and downward adjustments based on observable price changes of an identical investment of $0.2 million. There have been no upward adjustments based on observable price changes to equity securities with no readily determinable fair value.

Unrealized gains (losses) on equity securities were as follows during the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2025		2024		2025		2024

Readily determinable fair value	$	23	$	(96)	$	31	$	(112)
No readily determinable fair value	—		—		—		—
Unrealized gains (losses) on equity securities	$	23	$	(96)	$	31	$	(112)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 3 – LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES

Major categories of loans are summarized as follows:


(dollars in thousands)	June 30, 2025		December 31, 2024

Commercial and industrial	$	419,430	$	428,389
Commercial real estate - owner occupied	317,475		322,316
Commercial real estate - non-owner occupied	907,073		899,565
Construction and land development	310,252		374,657
Multi-family	453,812		431,524
One-to-four family residential	451,197		463,968
Agricultural and farmland	271,644		293,375
Municipal, consumer, and other	217,328		252,352
Loans, before allowance for credit losses	3,348,211		3,466,146
Allowance for credit losses	(41,659)		(42,044)
Loans, net of allowance for credit losses	$	3,306,552	$	3,424,102

Allowance for Credit Losses

Management estimates the allowance for credit losses using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The discounted cash flow method is used to estimate expected credit losses for all loan categories, except for consumer loans where the weighted average remaining maturity method is utilized.

At June 30, 2025, the economic forecast used by management anticipates a mild economic slowdown, but not a recession, over the next 4 quarters considered in the forecast period, with the unemployment rate increasing slightly during the remainder of 2025 then remaining stable and gross domestic product ("GDP") growth slowing during the remainder of 2025 and then increasing in 2026. After the forecast period, the Company reverts to long-term averages over a 4-quarter reversion period. Additionally, management has made qualitative adjustments to the loss estimates to reflect other factors that influence credit losses.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following tables detail activity in the allowance for credit losses:


	Three Months Ended June 30, 2025
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Beginning balance	$	6,086	$	3,300	$	11,193	$	4,621	$	4,118	$	3,755	$	1,316	$	7,722	$	42,111

Provision for credit losses	837		(20)		442		(1,172)		479		311		233		(515)		595
Charge-offs	(659)		—		—		(2)		(43)		(432)		(9)		(107)		(1,252)
Recoveries	46		31		—		3		—		43		18		64		205
Ending balance	$	6,310	$	3,311	$	11,635	$	3,450	$	4,554	$	3,677	$	1,558	$	7,164	$	41,659

	Three Months Ended June 30, 2024
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Beginning balance	$	5,230	$	2,157	$	10,058	$	5,545	$	3,845	$	4,846	$	1,014	$	8,120	$	40,815

Provision for credit losses	—		32		(257)		609		55		(75)		44		269		677
Charge-offs	(493)		—		—		—		(188)		(54)		—		(135)		(870)
Recoveries	24		2		15		1		—		68		1		73		184
Ending balance	$	4,761	$	2,191	$	9,816	$	6,155	$	3,712	$	4,785	$	1,059	$	8,327	$	40,806

	Six Months Ended June 30, 2025
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Beginning balance	$	5,357	$	3,107	$	11,707	$	4,302	$	4,331	$	3,908	$	1,170	$	8,162	$	42,044

Provision for credit losses	1,892		172		(72)		(848)		266		199		341		(859)		1,091
Charge-offs	(1,044)		(1)		—		(8)		(43)		(517)		(9)		(295)		(1,917)
Recoveries	105		33		—		4		—		87		56		156		441
Ending balance	$	6,310	$	3,311	$	11,635	$	3,450	$	4,554	$	3,677	$	1,558	$	7,164	$	41,659

	Six Months Ended June 30, 2024
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Beginning balance	$	4,980	$	2,272	$	7,714	$	5,998	$	3,837	$	5,204	$	975	$	9,068	$	40,048

Provision for credit losses	239		(85)		1,845		155		63		(496)		76		(560)		1,237
Charge-offs	(508)		—		—		—		(188)		(75)		—		(326)		(1,097)
Recoveries	50		4		257		2		—		152		8		145		618
Ending balance	$	4,761	$	2,191	$	9,816	$	6,155	$	3,712	$	4,785	$	1,059	$	8,327	$	40,806

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Gross charge-offs, further sorted by origination year, were as follows during the three months ended June 30, 2025 and 2024.


	Gross Charge-Offs for the Three Months Ended June 30, 2025
	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
(dollars in thousands)	2025		2024		2023		2022		2021		Prior

Commercial and industrial	$	—	$	—	$	205	$	6	$	—	$	—	$	448	$	—	$	659
Commercial real estate - owner occupied	—		—		—		—		—		—		—		—		—
Commercial real estate - non-owner occupied	—		—		—		—		—		—		—		—		—
Construction and land development	—		2		—		—		—		—		—		—		2
Multi-family	—		43		—		—		—		—		—		—		43
One-to-four family residential	—		20		—		13		—		399		—		—		432
Agricultural and farmland	—		9		—		—		—		—		—		—		9
Municipal, consumer, and other	89		6		1		—		—		—		11		—		107
Total	$	89	$	80	$	206	$	19	$	—	$	399	$	459	$	—	$	1,252

	Gross Charge-Offs for the Three Months Ended June 30, 2024
	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
(dollars in thousands)	2024		2023		2022		2021		2020		Prior

Commercial and industrial	$	—	$	326	$	75	$	—	$	—	$	—	$	92	$	—	$	493
Commercial real estate - owner occupied	—		—		—		—		—		—		—		—		—
Commercial real estate - non-owner occupied	—		—		—		—		—		—		—		—		—
Construction and land development	—		—		—		—		—		—		—		—		—
Multi-family	—		—		—		188		—		—		—		—		188
One-to-four family residential	—		—		4		13		4		1		32		—		54
Agricultural and farmland	—		—		—		—		—		—		—		—		—
Municipal, consumer, and other	84		—		—		—		—		—		51		—		135
Total	$	84	$	326	$	79	$	201	$	4	$	1	$	175	$	—	$	870

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Gross charge-offs, further sorted by origination year, were as follows during the six months ended June 30, 2025 and 2024.


	Gross Charge-Offs for the Six Months Ended June 30, 2025
	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
(dollars in thousands)	2025		2024		2023		2022		2021		Prior

Commercial and industrial	$	—	$	—	$	524	$	6	$	46	$	—	$	468	$	—	$	1,044
Commercial real estate - owner occupied	—		—		—		—		1		—		—		—		1
Commercial real estate - non-owner occupied	—		—		—		—		—		—		—		—		—
Construction and land development	—		2		—		2		—		4		—		—		8
Multi-family	—		43		—		—		—		—		—		—		43
One-to-four family residential	—		20		—		14		—		480		3		—		517
Agricultural and farmland	—		9		—		—		—		—		—		—		9
Municipal, consumer, and other	156		66		2		—		—		—		71		—		295
Total	$	156	$	140	$	526	$	22	$	47	$	484	$	542	$	—	$	1,917

	Gross Charge-Offs for the Six Months Ended June 30, 2024
	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
(dollars in thousands)	2024		2023		2022		2021		2020		Prior

Commercial and industrial	$	—	$	329	$	75	$	—	$	—	$	11	$	93	$	—	$	508
Commercial real estate - owner occupied	—		—		—		—		—		—		—		—		—
Commercial real estate - non-owner occupied	—		—		—		—		—		—		—		—		—
Construction and land development	—		—		—		—		—		—		—		—		—
Multi-family	—		—		—		188		—		—		—		—		188
One-to-four family residential	—		—		7		13		4		7		44		—		75
Agricultural and farmland	—		—		—		—		—		—		—		—		—
Municipal, consumer, and other	128		56		6		—		—		—		136		—		326
Total	$	128	$	385	$	88	$	201	$	4	$	18	$	273	$	—	$	1,097

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following tables present loans and the related allowance for credit losses by category:


	June 30, 2025
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Loan balances:
Collectively evaluated for impairment	$	418,251	$	316,989	$	894,272	$	309,777	$	453,768	$	447,802	$	271,644	$	203,336	$	3,315,839
Individually evaluated for impairment	1,179		486		12,801		475		44		3,395		—		13,992		32,372
Total	$	419,430	$	317,475	$	907,073	$	310,252	$	453,812	$	451,197	$	271,644	$	217,328	$	3,348,211

Allowance for credit losses:
Collectively evaluated for impairment	$	6,031	$	3,307	$	11,183	$	3,450	$	4,554	$	3,666	$	1,558	$	5,230	$	38,979
Individually evaluated for impairment	279		4		452		—		—		11		—		1,934		2,680
Total	$	6,310	$	3,311	$	11,635	$	3,450	$	4,554	$	3,677	$	1,558	$	7,164	$	41,659

	December 31, 2024
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Loan balances:
Collectively evaluated for impairment	$	427,737	$	322,159	$	884,832	$	374,408	$	431,432	$	459,790	$	293,240	$	241,765	$	3,435,363
Individually evaluated for impairment	652		157		14,733		249		92		4,178		135		10,587		30,783
Total	$	428,389	$	322,316	$	899,565	$	374,657	$	431,524	$	463,968	$	293,375	$	252,352	$	3,466,146

Allowance for credit losses:
Collectively evaluated for impairment	$	5,344	$	3,107	$	11,201	$	4,269	$	4,239	$	3,747	$	1,170	$	5,901	$	38,978
Individually evaluated for impairment	13		—		506		33		92		161		—		2,261		3,066
Total	$	5,357	$	3,107	$	11,707	$	4,302	$	4,331	$	3,908	$	1,170	$	8,162	$	42,044

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following tables present collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related allowance for credit losses allocated to these loans:


	June 30, 2025
	Amortized Cost								Allowance for Credit Losses
	Primary Collateral Type
(dollars in thousands)	Real Estate		Vehicles		Other		Total

Commercial and industrial	$	—	$	566	$	613	$	1,179	$	279
Commercial real estate - owner occupied	486		—		—		486		4
Commercial real estate - non-owner occupied	12,801		—		—		12,801		452
Construction and land development	475		—		—		475		—
Multi-family	44		—		—		44		—
One-to-four family residential	3,395		—		—		3,395		11
Agricultural and farmland	—		—		—		—		—
Municipal, consumer, and other	9,995		—		3,997		13,992		1,934
Total	$	27,196	$	566	$	4,610	$	32,372	$	2,680

	December 31, 2024
	Amortized Cost								Allowance for Credit Losses
	Primary Collateral Type
(dollars in thousands)	Real Estate		Vehicles		Other		Total

Commercial and industrial	$	—	$	627	$	25	$	652	$	13
Commercial real estate - owner occupied	157		—		—		157		—
Commercial real estate - non-owner occupied	14,733		—		—		14,733		506
Construction and land development	249		—		—		249		33
Multi-family	92		—		—		92		92
One-to-four family residential	4,178		—		—		4,178		161
Agricultural and farmland	—		—		135		135		—
Municipal, consumer, and other	10,569		5		13		10,587		2,261
Total	$	29,978	$	632	$	173	$	30,783	$	3,066

Accrued interest on loans is excluded from the estimate of credit losses and totaled $15.3 million and $19.6 million as of June 30, 2025 and December 31, 2024, respectively.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Past Due and Nonaccrual Status

Past due status is based on the contractual terms of the loan. Typically, loans are placed on nonaccrual when they reach 90 days past due, or when, in management’s opinion, there is reasonable doubt regarding the collection of the amounts due through the normal means of the borrower. Interest accrued and unpaid at the time a loan is placed on nonaccrual status is reversed from interest income. Interest payments received on nonaccrual loans are recognized in accordance with our significant accounting policies. Once a loan is placed on nonaccrual status, the borrower must generally demonstrate at least six months of payment performance and we must believe that all remaining principal and interest is fully collectible, before the loan is eligible to return to accrual status.

The following tables present loans by category based on current payment and accrual status:


	June 30, 2025
	Accruing Interest
(dollars in thousands)	Current		30 - 89 Days Past Due		90+ Days Past Due		Nonaccrual		Total Loans

Commercial and industrial	$	416,736	$	1,511	$	4	$	1,179	$	419,430
Commercial real estate - owner occupied	316,452		537		—		486		317,475
Commercial real estate - non-owner occupied	907,041		—		—		32		907,073
Construction and land development	297,680		12,097		—		475		310,252
Multi-family	453,768		—		—		44		453,812
One-to-four family residential	446,841		961		—		3,395		451,197
Agricultural and farmland	270,967		677		—		—		271,644
Municipal, consumer, and other	217,169		150		5		4		217,328
Total	$	3,326,654	$	15,933	$	9	$	5,615	$	3,348,211


	December 31, 2024
	Accruing Interest
(dollars in thousands)	Current		30 - 89 Days Past Due		90+ Days Past Due		Nonaccrual		Total Loans

Commercial and industrial	$	425,859	$	1,878	$	—	$	652	$	428,389
Commercial real estate - owner occupied	321,805		354		—		157		322,316
Commercial real estate - non-owner occupied	897,445		299		—		1,821		899,565
Construction and land development	373,933		475		—		249		374,657
Multi-family	431,432		—		—		92		431,524
One-to-four family residential	459,069		721		—		4,178		463,968
Agricultural and farmland	293,231		9		—		135		293,375
Municipal, consumer, and other	251,798		182		4		368		252,352
Total	$	3,454,572	$	3,918	$	4	$	7,652	$	3,466,146

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following tables present nonaccrual loans with and without a related allowance for credit losses:


	June 30, 2025
(dollars in thousands)	Nonaccrual With Allowance for Credit Losses		Nonaccrual With No Allowance for Credit Losses		Total Nonaccrual

Commercial and industrial	$	993	$	186	$	1,179
Commercial real estate - owner occupied	329		157		486
Commercial real estate - non-owner occupied	—		32		32
Construction and land development	—		475		475
Multi-family	—		44		44
One-to-four family residential	50		3,345		3,395
Agricultural and farmland	—		—		—
Municipal, consumer, and other	—		4		4
Total	$	1,372	$	4,243	$	5,615

	December 31, 2024
(dollars in thousands)	Nonaccrual With Allowance for Credit Losses		Nonaccrual With No Allowance for Credit Losses		Total Nonaccrual

Commercial and industrial	$	185	$	467	$	652
Commercial real estate - owner occupied	—		157		157
Commercial real estate - non-owner occupied	—		1,821		1,821
Construction and land development	216		33		249
Multi-family	92		—		92
One-to-four family residential	654		3,524		4,178
Agricultural and farmland	—		135		135
Municipal, consumer, and other	—		368		368
Total	$	1,147	$	6,505	$	7,652

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Credit Quality Indicators

The Company assigns a risk rating to all loans and periodically performs detailed internal reviews of all loans that are part of relationships with over $750 thousand in total exposure to identify credit risks and to assess the overall collectability of the portfolio. During these internal reviews, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which the borrowers operate and the fair values of collateral securing the loans. These credit quality indicators are used to assign a risk rating to each individual loan. Risk ratings are reviewed annually, at a minimum, and on an as needed basis depending on the specific circumstances of the loan. These risk ratings are also subject to review by the Company’s regulators, external loan review, and internal loan review. Risk ratings are grouped into the following major categories:

Pass – a pass loan is a credit with no existing or known potential weaknesses deserving of management’s close attention.

Pass-Watch – a pass-watch loan is still considered a "pass" credit and is not a classified or criticized asset, but is a reflection of a borrower who exhibits credit weaknesses or downward trends warranting close attention and increased monitoring. These potential weaknesses may result in deterioration of the repayment prospects for the loan. No loss of principal or interest is expected, and the borrower does not pose sufficient risk to warrant a special mention, substandard, or doubtful classification.

Special Mention – a special mention loan has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the assets or in the institution's credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

Substandard – a substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized as probable that the borrower will not pay principal and interest in accordance with the contractual terms.

Doubtful – a doubtful loan has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. There were no loans classified as doubtful as of June 30, 2025 and December 31, 2024.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following tables present loans by category based on their assigned risk ratings determined by management:


	June 30, 2025
(dollars in thousands)	Pass		Pass-Watch		Special Mention		Substandard		Total

Commercial and industrial	$	396,056	$	16,948	$	5	$	6,421	$	419,430
Commercial real estate - owner occupied	287,046		16,775		3,646		10,008		317,475
Commercial real estate - non-owner occupied	855,023		24,080		270		27,700		907,073
Construction and land development	287,333		1,543		—		21,376		310,252
Multi-family	442,580		11,188		—		44		453,812
One-to-four family residential	435,911		8,516		94		6,676		451,197
Agricultural and farmland	238,233		20,111		2,388		10,912		271,644
Municipal, consumer, and other	202,433		875		—		14,020		217,328
Total	$	3,144,615	$	100,036	$	6,403	$	97,157	$	3,348,211


	December 31, 2024
(dollars in thousands)	Pass		Pass-Watch		Special Mention		Substandard		Total

Commercial and industrial	$	404,779	$	16,429	$	1,957	$	5,224	$	428,389
Commercial real estate - owner occupied	297,150		14,969		2,713		7,484		322,316
Commercial real estate - non-owner occupied	843,487		21,594		—		34,484		899,565
Construction and land development	351,657		1,376		20,847		777		374,657
Multi-family	411,842		3,855		15,735		92		431,524
One-to-four family residential	448,869		6,641		710		7,748		463,968
Agricultural and farmland	269,926		18,154		521		4,774		293,375
Municipal, consumer, and other	236,686		929		4,107		10,630		252,352
Total	$	3,264,396	$	83,947	$	46,590	$	71,213	$	3,466,146

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Risk ratings of loans, further sorted by origination year, are as follows as of June 30, 2025:


(dollars in thousands)	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
	2025		2024		2023		2022		2021		Prior
Commercial and industrial
Pass	$	26,114	$	58,597	$	50,691	$	42,486	$	9,664	$	26,394	$	179,937	$	2,173	$	396,056
Pass-Watch	—		626		1,813		693		958		1,076		10,650		1,132		16,948
Special Mention	—		—		—		—		—		—		5		—		5
Substandard

HBT Financial, Inc. 10-Q