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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 March 31, 2026

☐ 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 April 29, 2026, there were 36,381,078 shares outstanding of the registrant’s common stock, $0.01 par value.

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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	6
	Consolidated Statements of Cash Flows	7
	Notes to Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	52
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	82
Item 4.	Controls and Procedures	84
PART II. OTHER INFORMATION		85
Item 1.	Legal Proceedings	85
Item 1A.	Risk Factors	85
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	85
Item 3.	Defaults Upon Senior Securities	85
Item 4.	Mine Safety Disclosures	85
Item 5.	Other Information	86
Item 6.	Exhibits	87

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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," "propose," "seek," "continue," "predict" or similar terminology and the negative forms of such words. 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, global energy market conditions, the threat or implementation of tariffs, immigration enforcement and changes in foreign policy);

•policy changes in, and the interpretation and prioritization of, local, state and federal laws, regulations and governmental policies, including executive orders;

•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 the 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;

•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, private credit firms, fintech companies and digital asset service providers 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, including the acquisition of CNB Bank Shares, Inc. ("CNB");

•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 those of our third-party servicers;

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•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;

•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, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 6, 2026.

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)	March 31, 2026		December 31, 2025
ASSETS
Cash and due from banks	$	37,371	$	24,423
Interest-bearing deposits with banks	250,282		97,846
Cash and cash equivalents	287,653		122,269

Interest-bearing time deposits with banks	245		—
Debt securities available-for-sale, at fair value	1,025,992		813,101
Debt securities held-to-maturity (fair value of $420,524 at 2026 and $426,799 at 2025)	453,850		458,746
Equity securities with readily determinable fair value	3,355		3,322
Equity securities with no readily determinable fair value	6,395		2,612
Restricted stock, at cost	6,000		4,979
Loans held for sale	3,247		1,263

Loans, before allowance for credit losses	4,686,951		3,456,209
Allowance for credit losses	(60,474)		(41,690)
Loans, net of allowance for credit losses	4,626,477		3,414,519

Bank owned life insurance	37,677		24,660
Bank premises and equipment, net	90,973		73,642
Bank premises held for sale	337		—
Foreclosed assets	1,149		1,126
Goodwill	83,504		59,820
Intangible assets, net	44,313		15,117
Intangible assets held for sale	649		—
Mortgage servicing rights, at fair value	20,090		16,944
Investments in unconsolidated subsidiaries	1,614		1,614
Accrued interest receivable	35,313		23,779
Other assets	44,891		33,877
Total assets	$	6,773,724	$	5,071,390

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,342,192	$	1,049,043
Interest-bearing	4,461,256		3,310,220
Total deposits	5,803,448		4,359,263

Securities sold under agreements to repurchase	5,046		—
Federal Home Loan Bank advances	12,332		12,301
Subordinated notes	84,003		—
Junior subordinated debentures issued to capital trusts	52,924		52,909
Other liabilities	68,566		31,419
Total liabilities	6,026,319		4,455,892

COMMITMENTS AND CONTINGENCIES (Note 16)

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 38,451,113 at 2026 and 32,899,104 at 2025; shares outstanding of 36,381,078 at 2026 and 31,431,924 at 2025	385		329
Surplus	446,555		298,548
Retained earnings	371,093		367,163
Accumulated other comprehensive income (loss)	(27,371)		(23,018)
Treasury stock at cost, 2,070,035 shares at 2026 and 1,467,180 at 2025	(43,257)		(27,524)
Total stockholders’ equity	747,405		615,498
Total liabilities and stockholders’ equity	$	6,773,724	$	5,071,390

See accompanying Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)


	Three Months Ended March 31,
(dollars in thousands, except per share data)		2026		2025

INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable		$	58,881	$	53,369
Federally tax exempt		1,317		1,168
Debt securities:
Taxable		9,544		6,936
Federally tax exempt		658		469
Interest-bearing deposits in bank		1,276		1,065
Other interest and dividend income		163		131
Total interest and dividend income		71,839		63,138

INTEREST EXPENSE
Deposits		14,109		12,939
Securities sold under agreements to repurchase		16		22
Borrowings		209		109
Subordinated notes		278		470
Junior subordinated debentures issued to capital trusts		840		890
Total interest expense		15,452		14,430
Net interest income		56,387		48,708
PROVISION FOR CREDIT LOSSES		(156)		576
Net interest income after provision for credit losses		56,543		48,132

NONINTEREST INCOME
Card income		2,751		2,548
Wealth management fees		3,764		2,841
Service charges on deposit accounts		2,160		1,944
Mortgage servicing		983		990
Mortgage servicing rights fair value adjustment		197		(308)
Gains on sale of mortgage loans		331		252

Unrealized gains (losses) on equity securities		(112)		8
Gains (losses) on foreclosed assets		40		13
Gains (losses) on other assets		(210)		54
Income on bank owned life insurance		188		164
Other noninterest income		852		800
Total noninterest income		10,944		9,306

NONINTEREST EXPENSE
Salaries		23,061		17,053
Employee benefits		3,920		3,285
Occupancy of bank premises		3,124		2,625
Furniture and equipment		608		445
Data processing		11,794		2,717
Marketing and customer relations		1,144		1,144
Amortization of intangible assets		887		695

FDIC insurance		588		562
Loan collection and servicing		696		383
Foreclosed assets		60		5
Other noninterest expense		6,555		3,021
Total noninterest expense		52,437		31,935
INCOME BEFORE INCOME TAX EXPENSE		15,050		25,503
INCOME TAX EXPENSE		3,850		6,428
NET INCOME		$	11,200	$	19,075

EARNINGS PER SHARE - BASIC		$	0.34	$	0.60
EARNINGS PER SHARE - DILUTED		$	0.34	$	0.60
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		33,180,009		31,584,989

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)


	Three Months Ended March 31,
(dollars in thousands)		2026		2025

NET INCOME		$	11,200	$	19,075

OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized gains (losses) on debt securities available-for-sale		(6,495)		11,085

Reclassification adjustment for amortization of net unrealized losses on debt securities transferred to held-to-maturity		449		504
Unrealized gains on derivative instruments		—		1
Reclassification adjustment for net settlements on derivative instruments		—		(36)
Total other comprehensive income (loss), before tax		(6,046)		11,554
Income tax expense (benefit)		(1,693)		3,235
Total other comprehensive income (loss)		(4,353)		8,319
TOTAL COMPREHENSIVE INCOME		$	6,847	$	27,394

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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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, December 31, 2025	31,431,924	$	329	$	298,548	$	367,163	$	(23,018)	$	(27,524)	$	615,498

Net income	—	—		—		11,200		—		—		11,200
Other comprehensive loss	—	—		—		—		(4,353)		—		(4,353)
Stock-based compensation	—	—		477		—		—		—		477
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings	53,878	1		(645)		—		—		—		(644)
Issuance of common stock in CNB acquisition	5,498,131	55		148,175		—		—		—		148,230
Repurchase of common stock	(602,855)	—		—		—		—		(15,733)		(15,733)
Cash dividends and dividend equivalents ($0.23 per share)	—	—		—		(7,270)		—		—		(7,270)




Balance, March 31, 2026	36,381,078	$	385	$	446,555	$	371,093	$	(27,371)	$	(43,257)	$	747,405

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

Net income	—	—		—		19,075		—		—		19,075
Other comprehensive income	—	—		—		—		8,319		—		8,319
Stock-based compensation	—	—		419		—		—		—		419
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings	72,065	1		(692)		—		—		—		(691)


Cash dividends and dividend equivalents ($0.21 per share)	—	—		—		(6,670)		—		—		(6,670)




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

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)


	Three Months Ended March 31,
(dollars in thousands)	2026		2025

CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	11,200	$	19,075
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	971		756
Provision for credit losses	(156)		576
Net amortization of debt securities	157		777
Deferred income tax expense	9,732		782
Stock-based compensation	477		419
Net accretion of discount and deferred loan fees on loans	(1,989)		(1,887)

Net unrealized loss (gain) on equity securities	112		(8)
Net loss on disposals of bank premises and equipment	—		5
Net gain on sales of bank premises held for sale	—		(59)
Impairment losses on bank premises held for sale	210		—
Net gain on sales of foreclosed assets	(40)		(27)
Write-down of foreclosed assets	—		14
Amortization of intangibles	887		695
Decrease (increase) in fair value of mortgage servicing rights	(197)		308

Amortization of discount and issuance costs on subordinated notes and debentures	21		35
Amortization of discount on Federal Home Loan Bank advances	31		66

Amortization of premium on time deposits	(252)		—
Mortgage loans originated for sale	(14,533)		(8,315)
Proceeds from sale of mortgage loans	13,167		7,432
Net gain on sale of mortgage loans	(331)		(252)
Increase in cash surrender value of bank owned life insurance	(188)		(164)

Decrease in accrued interest receivable	2,261		2,035
Decrease (increase) in other assets	(5,016)		2,270
Increase in other liabilities	11,997		5,907
Net cash provided by operating activities	28,521		30,440

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)


	Three Months Ended March 31,
(dollars in thousands)	2026		2025

CASH FLOWS FROM INVESTING ACTIVITIES


Proceeds from sales of debt securities	313,077		—

Proceeds from paydowns, maturities, and calls of debt securities	40,305		36,553
Purchase of debt securities	(202,650)		(24,367)
Purchase of equity securities	(60)		—
Purchase of loans	—		(9,782)
Net decrease in loans	66,554		15,369

Proceeds from redemption of restricted stock	4,230		—

Purchases of bank premises and equipment	(2,723)		(1,275)

Proceeds from sales of bank premises held for sale	—		186
Proceeds from sales of foreclosed assets	292		159

Net cash received in acquisition of CNB Bank Shares, Inc.	15,036		—
Net cash provided by investing activities	234,061		16,843

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits	(72,401)		66,336
Net decrease in repurchase agreements	(13,308)		(26,271)

Proceeds from long-term Federal Home Loan Bank advances	—		1,800
Repayment of long-term Federal Home Loan Bank advances	(71,839)		(7,888)

Issuance of subordinated notes, net of issuance costs	83,997		—
Taxes paid related to the vesting of restricted stock units	(644)		(691)
Repurchase of common stock	(15,733)		—
Cash dividends and dividend equivalents paid	(7,270)		(6,670)
Net cash provided by (used in) financing activities	(97,198)		26,616

NET INCREASE IN CASH AND CASH EQUIVALENTS	165,384		73,899
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	122,269		137,692
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	287,653	$	211,591

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	$	15,509	$	15,039




Net cash paid for income taxes	$	—	$	—

SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES
Transfers of loans to foreclosed assets	$	275	$	239

Transfers of bank premises and equipment to bank premises held for sale	$	337	$	—

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, eastern Iowa, and suburban St. Louis. 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, 2025, filed with the SEC on March 6, 2026.

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 and fair value of assets acquired and liabilities assumed in business combinations.

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.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Impact of Recently Adopted Accounting Standards

On January 1, 2026, the Company adopted Accounting Standards Update ("ASU") 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans, which expands the population of acquired financial assets subject to the gross-up approach in Topic 326. Loans (excluding credit cards) acquired without credit deterioration and deemed "seasoned" are purchased seasoned loans and accounted for using the gross-up approach at acquisition. All non-PCD loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. This standard is applied on a prospective basis and eliminates the day 1 provision for credit losses which prior to adoption of ASU 2025-08 would have been recognized on eligible purchased loans, including the non-PCD loans acquired from CNB Bank Shares, Inc. ("CNB").

Recent Accounting Pronouncements

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.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. ASU 2025-09 provides clarification on certain aspects of the guidance on hedge accounting and addresses several incremental hedge accounting issues arising from the global reference rate reform. Consistent with the original objective of ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, the objective of ASU 2025-09 is to more closely align hedge accounting with the economics of an entity's risk management activities. The ASU requires public entities to apply the amendments prospectively. The amendments in this update are effective for years beginning after December 15, 2026, and interim periods within those annual reporting periods. 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.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies interim disclosure requirements and the applicability of Topic 270, Interim Reporting. The amendments result in a comprehensive list of interim disclosures required by GAAP. The amendment also adds a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The ASU allows public entities to apply the amendments either prospectively or retrospectively. The amendments in this update are effective for interim periods within annual reporting periods 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.

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 2 – BUSINESS COMBINATIONS

CNB Bank Shares, Inc.

On March 1, 2026, HBT Financial acquired 100% of the issued and outstanding common stock of CNB Bank Shares, Inc., the holding company for CNB Bank & Trust, N.A. (“CNB Bank”), pursuant to an Agreement and Plan of Merger dated October 20, 2025. Under the Agreement and Plan of Merger, CNB merged with and into HBT Financial, with HBT Financial as the surviving entity, immediately followed by the merger of CNB Bank with and into Heartland Bank, with Heartland Bank as the surviving entity.

At the effective time of the merger, each share of CNB was converted into the right to receive, subject to the election and proration procedures as provided in the Merger Agreement, one of the following: (i) 1.0434 shares of HBT Financial's common stock, or (ii) $27.73 in cash, or (iii) a combination of cash and HBT Financial common stock. Total consideration consisted of 5.5 million shares of HBT Financial's common stock and $33.8 million in cash. In lieu of fractional shares of HBT Financial stock, holders of CNB common stock received cash. Based on the closing price of HBT Financial common stock of $26.96 on February 27, 2026, the aggregate transaction value was approximately $182.1 million.

This transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the date of acquisition. Given the timing of the acquisition, fair values are subject to refinement up to one year after the closing date of March 1, 2026. Goodwill of $23.7 million was recorded in the acquisition, which reflects expected synergies from combining the operations of HBT Financial and CNB, and is nondeductible for tax purposes.

The acquisition of CNB further enhanced HBT Financial's footprint in the central Illinois, Chicago MSA, and suburban St. Louis markets. Acquisition-related expenses recognized during the three months ended March 31, 2026 and 2025 are summarized below.


	Three Months Ended
(dollars in thousands)		March 31, 2026		March 31, 2025

Salaries		$	4,003	$	—

Occupancy of bank premises		105		—
Furniture and equipment		63		—
Data processing		8,668		—
Marketing and customer relations		69		—


Loan collection and servicing		320		—

Professional fees and other noninterest expense		2,438		—

Total acquisition-related expenses		$	15,666	$	—

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The fair value of the assets acquired and liabilities assumed from CNB on the acquisition date of March 1, 2026 were as follows (dollars in thousands):


	Fair Value
Assets acquired:
Cash and cash equivalents	$	48,873
Interest-bearing time deposits with banks	245
Debt securities	364,930
Equity securities	3,868
Restricted stock	5,251
Loans held for sale	287

Loans, before allowance for credit losses	1,296,340
Allowance for credit losses	(19,957)
Loans, net of allowance for credit losses	1,276,383

Bank owned life insurance	12,829
Bank premises and equipment	16,126

Intangible assets	30,083
Intangible assets held for sale	649
Mortgage servicing rights	2,949

Accrued interest receivable	13,795
Other assets	13,995
Total assets acquired	1,790,263

Liabilities assumed:
Deposits	1,516,838
Repurchase Agreements	18,354
FHLB advances	71,839

Other liabilities	24,849
Total liabilities assumed	1,631,880
Net assets acquired	$	158,383

Consideration paid:
Cash	$	33,837
Common stock	148,230
Total consideration paid	$	182,067

Goodwill	$	23,684

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Of the loans acquired, there were $163.9 million which exhibited more-than-insignificant credit deterioration on the acquisition date. The following table provides a summary of these PCD loans at acquisition (dollars in thousands):


Unpaid principal balance	$	163,879
Allowance for credit losses at acquisition	(2,509)
Non-credit discount	(10,121)
Purchase price	$	151,249

Intangible assets consist of core deposit intangible and customer relationship intangible assets with definite useful lives which are amortized over a 10 year period.

CNB information was fully integrated into HBT Financial's processes and systems during the system conversion in the first quarter of 2026, and as a result standalone CNB financial results are not available.

The following table provides the pro forma information for the results of operations for the three months ended March 31, 2026 and 2025 as if the acquisition of CNB had occurred on January 1, 2025. The pro forma results combine the historical results of CNB into HBT Financial’s consolidated statements of income, including the impact of certain acquisition accounting adjustments, which include loan discount accretion, securities discount accretion, intangible assets amortization, deposit premium amortization, and borrowing premium amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2025. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. The acquisition-related expenses that have been recognized are included in net income in the following table.


		Pro Forma
	Three Months Ended
(dollars in thousands, except per share data)			March 31, 2026		March 31, 2025
Total revenues (net interest income and noninterest income)			$	81,045	$	77,942
Net income			22,228		11,757
Earnings per share - basic			0.60		0.32
Earnings per share - diluted			0.60		0.32

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 3 – 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:


	March 31, 2026
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Available-for-sale:
U.S. Treasury	$	79,825	$	—	$	(4,277)	$	—	$	75,548
U.S. government agency	110,402		187		(1,478)		—		109,111
Municipal	208,692		119		(14,618)		—		194,193
Mortgage-backed:
Agency residential	453,858		1,959		(9,988)		—		445,829
Agency commercial	142,810		95		(6,927)		—		135,978

Corporate	65,666		828		(1,161)		—		65,333
Total available-for-sale	$	1,061,253	$	3,188	$	(38,449)	$	—	$	1,025,992

	March 31, 2026
(dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		Allowance for Credit Losses

Held-to-maturity:
U.S. government agency	$	88,501	$	—	$	(5,292)	$	83,209	$	—
Municipal	28,205		186		(90)		28,301		—
Mortgage-backed:
Agency residential	73,534		6		(3,018)		70,522		—
Agency commercial	263,610		16		(25,134)		238,492		—
Total held-to-maturity	$	453,850	$	208	$	(33,534)	$	420,524	$	—

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


	December 31, 2025
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Available-for-sale:
U.S. Treasury	$	89,796	$	—	$	(4,252)	$	—	$	85,544
U.S. government agency	42,399		146		(1,123)		—		41,422
Municipal	152,144		188		(12,062)		—		140,270
Mortgage-backed:
Agency residential	364,567		3,605		(7,377)		—		360,795
Agency commercial	127,004		107		(7,174)		—		119,937

Corporate	65,957		621		(1,445)		—		65,133
Total available-for-sale	$	841,867	$	4,667	$	(33,433)	$	—	$	813,101

	December 31, 2025
(dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		Allowance for Credit Losses

Held-to-maturity:
U.S. government agency	$	88,496	$	—	$	(4,850)	$	83,646	$	—
Municipal	28,214		353		(58)		28,509		—
Mortgage-backed:
Agency residential	75,536		23		(2,544)		73,015		—
Agency commercial	266,500		25		(24,896)		241,629		—
Total held-to-maturity	$	458,746	$	401	$	(32,348)	$	426,799	$	—

As of March 31, 2026 and December 31, 2025, the Bank had debt securities with a carrying value of $515.9 million and $412.8 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 March 31, 2026, 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	$	41,806	$	41,190	$	7,330	$	7,292
Due after 1 year through 5 years	176,007		164,871		73,183		70,399
Due after 5 years through 10 years	179,918		174,361		34,261		31,952
Due after 10 years	66,854		63,763		1,932		1,867

Mortgage-backed:
Agency residential	453,858		445,829		73,534		70,522
Agency commercial	142,810		135,978		263,610		238,492
Total	$	1,061,253	$	1,025,992	$	453,850	$	420,524

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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 March 31, 2026 and December 31, 2025, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position:


	March 31, 2026
	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	$	—	$	—	$	(4,277)	$	75,548	$	(4,277)	$	75,548
U.S. government agency	(394)		48,259		(1,084)		29,252		(1,478)		77,511
Municipal	(2,072)		56,417		(12,546)		122,850		(14,618)		179,267
Mortgage-backed:
Agency residential	(2,688)		194,821		(7,300)		100,089		(9,988)		294,910
Agency commercial	(146)		26,285		(6,781)		90,814		(6,927)		117,099
Corporate	(31)		7,454		(1,130)		20,191		(1,161)		27,645
Total available-for-sale	$	(5,331)	$	333,236	$	(33,118)	$	438,744	$	(38,449)	$	771,980


	December 31, 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	$	—	$	—	$	(4,252)	$	85,544	$	(4,252)	$	85,544
U.S. government agency	(18)		2,956		(1,105)		30,744		(1,123)		33,700
Municipal	(35)		4,525		(12,027)		123,881		(12,062)		128,406
Mortgage-backed:
Agency residential	(231)		45,392		(7,146)		121,114		(7,377)		166,506
Agency commercial	(7)		4,442		(7,167)		95,580		(7,174)		100,022
Corporate	(57)		8,728		(1,388)		24,932		(1,445)		33,660
Total available-for-sale	$	(348)	$	66,043	$	(33,085)	$	481,795	$	(33,433)	$	547,838

As of March 31, 2026, there were 508 debt securities in an unrealized loss position for a period of 12 months or more, and 194 debt securities in an unrealized loss position for a period of less than 12 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 March 31, 2026. The remainder of the municipal securities are also of high credit quality with ratings of A1/A+ 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 March 31, 2026, 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 $6.7 million and $5.5 million as of March 31, 2026 and December 31, 2025, respectively.

Sales of debt securities were as follows during the three months ended March 31:


	Three Months Ended March 31,
(dollars in thousands)		2026		2025

Proceeds from sales		$	313,077	$	—
Gross realized gains		—		—
Gross realized losses		—		—

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:


	March 31, 2026
(dollars in thousands)	Readily Determinable Fair Value		No Readily Determinable Fair Value

Initial cost	$	3,269	$	6,764
Cumulative net unrealized gains (losses)	86		(369)
Carrying value	$	3,355	$	6,395


	December 31, 2025
(dollars in thousands)	Readily Determinable Fair Value		No Readily Determinable Fair Value

Initial cost	$	3,124	$	2,981
Cumulative net unrealized gains (losses)	198		(369)
Carrying value	$	3,322	$	2,612

As of March 31, 2026 and December 31, 2025, 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 months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(dollars in thousands)		2026		2025

Readily determinable fair value		$	(112)	$	8
No readily determinable fair value		—		—
Unrealized gains (losses) on equity securities		$	(112)	$	8

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 4 – LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES

Major categories of loans are summarized as follows:


(dollars in thousands)	March 31, 2026		December 31, 2025

Commercial and industrial	$	528,301	$	399,760
Commercial real estate - owner occupied	519,847		320,434
Commercial real estate - non-owner occupied	1,099,784		937,094
Construction and land development	425,335		280,254
Multi-family	638,653		544,941
One-to-four family residential	614,563		445,463
Agricultural and farmland	596,294		275,251
Municipal, consumer, and other	264,174		253,012
Loans, before allowance for credit losses	4,686,951		3,456,209
Allowance for credit losses	(60,474)		(41,690)
Loans, net of allowance for credit losses	$	4,626,477	$	3,414,519

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 March 31, 2026, the economic forecast used by management anticipates that the unemployment rate will remain relatively flat and that gross domestic product ("GDP") will grow at a modest pace during the next four quarters. After the forecast period, the Company reverts to long-term averages over a four-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 March 31, 2026
(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	$	6,975	$	4,383	$	8,705	$	3,899	$	5,484	$	3,535	$	758	$	7,951	$	41,690
Allowance established in acquisition	3,415		3,775		3,103		3,475		2,117		2,202		991		879		19,957
Provision for credit losses	(136)		492		(225)		(867)		(379)		(117)		138		679		(415)
Charge-offs	(584)		(246)		—		(1)		—		(6)		—		(164)		(1,001)
Recoveries	123		2		15		1		3		31		4		64		243
Ending balance	$	9,793	$	8,406	$	11,598	$	6,507	$	7,225	$	5,645	$	1,891	$	9,409	$	60,474

	Three Months Ended March 31, 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	1,055		192		(514)		324		(213)		(112)		108		(344)		496
Charge-offs	(385)		(1)		—		(6)		—		(85)		—		(188)		(665)
Recoveries	59		2		—		1		—		44		38		92		236
Ending balance	$	6,086	$	3,300	$	11,193	$	4,621	$	4,118	$	3,755	$	1,316	$	7,722	$	42,111

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 March 31, 2026 and 2025.


	Gross Charge-Offs for the Three Months Ended March 31, 2026
	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
(dollars in thousands)	2026		2025		2024		2023		2022		Prior

Commercial and industrial	$	—	$	402	$	—	$	90	$	58	$	—	$	34	$	—	$	584
Commercial real estate - owner occupied	—		212		—		—		—		—		34		—		246
Commercial real estate - non-owner occupied	—		—		—		—		—		—		—		—		—
Construction and land development	—		—		—		—		—		1		—		—		1
Multi-family	—		—		—		—		—		—		—		—		—
One-to-four family residential	—		—		—		1		1		3		1		—		6
Agricultural and farmland	—		—		—		—		—		—		—		—		—
Municipal, consumer, and other	26		74		7		—		—		—		57		—		164
Total	$	26	$	688	$	7	$	91	$	59	$	4	$	126	$	—	$	1,001

	Gross Charge-Offs for the Three Months Ended March 31, 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	$	—	$	—	$	319	$	—	$	46	$	—	$	20	$	—	$	385
Commercial real estate - owner occupied	—		—		—		—		1		—		—		—		1
Commercial real estate - non-owner occupied	—		—		—		—		—		—		—		—		—
Construction and land development	—		—		—		2		—		4		—		—		6
Multi-family	—		—		—		—		—		—		—		—		—
One-to-four family residential	—		—		—		1		—		81		3		—		85
Agricultural and farmland	—		—		—		—		—		—		—		—		—
Municipal, consumer, and other	67		60		1		—		—		—		60		—		188
Total	$	67	$	60	$	320	$	3	$	47	$	85	$	83	$	—	$	665

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:


	March 31, 2026
(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	$	526,325	$	517,108	$	1,095,556	$	424,335	$	638,591	$	607,233	$	595,366	$	250,675	$	4,655,189
Individually evaluated	1,976		2,739		4,228		1,000		62		7,330		928		13,499		31,762
Total	$	528,301	$	519,847	$	1,099,784	$	425,335	$	638,653	$	614,563	$	596,294	$	264,174	$	4,686,951

Allowance for credit losses:
Collectively evaluated	$	9,135	$	7,482	$	11,598	$	6,501	$	7,225	$	5,519	$	1,891	$	8,039	$	57,390
Individually evaluated	658		924		—		6		—		126		—		1,370		3,084
Total	$	9,793	$	8,406	$	11,598	$	6,507	$	7,225	$	5,645	$	1,891	$	9,409	$	60,474

	December 31, 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	$	398,573	$	318,669	$	932,972	$	280,254	$	544,941	$	442,029	$	274,086	$	239,364	$	3,430,888
Individually evaluated	1,187		1,765		4,122		—		—		3,434		1,165		13,648		25,321
Total	$	399,760	$	320,434	$	937,094	$	280,254	$	544,941	$	445,463	$	275,251	$	253,012	$	3,456,209

Allowance for credit losses:
Collectively evaluated	$	6,739	$	3,764	$	8,705	$	3,899	$	5,484	$	3,525	$	758	$	6,691	$	39,565
Individually evaluated	236		619		—		—		—		10		—		1,260		2,125
Total	$	6,975	$	4,383	$	8,705	$	3,899	$	5,484	$	3,535	$	758	$	7,951	$	41,690

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:


	March 31, 2026
	Amortized Cost								Allowance for Credit Losses
	Primary Collateral Type
(dollars in thousands)	Real Estate		Vehicles		Other		Total

Commercial and industrial	$	—	$	416	$	1,560	$	1,976	$	658
Commercial real estate - owner occupied	2,562		—		177		2,739		924
Commercial real estate - non-owner occupied	4,177		—		51		4,228		—
Construction and land development	1,000		—		—		1,000		6
Multi-family	62		—		—		62		—
One-to-four family residential	7,330		—		—		7,330		126
Agricultural and farmland	55		—		873		928		—
Municipal, consumer, and other	9,652		8		3,839		13,499		1,370
Total	$	24,838	$	424	$	6,500	$	31,762	$	3,084

	December 31, 2025
	Amortized Cost								Allowance for Credit Losses
	Primary Collateral Type
(dollars in thousands)	Real Estate		Vehicles		Other		Total

Commercial and industrial	$	—	$	362	$	825	$	1,187	$	236
Commercial real estate - owner occupied	1,765		—		—		1,765		619
Commercial real estate - non-owner occupied	4,122		—		—		4,122		—
Construction and land development	—		—		—		—		—
Multi-family	—		—		—		—		—
One-to-four family residential	3,434		—		—		3,434		10
Agricultural and farmland	736		—		429		1,165		—
Municipal, consumer, and other	9,768		—		3,880		13,648		1,260
Total	$	19,825	$	362	$	5,134	$	25,321	$	2,125

Accrued interest on loans is excluded from the estimate of credit losses and totaled $28.2 million and $18.2 million as of March 31, 2026 and December 31, 2025, 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:


	March 31, 2026
	Accruing Interest
(dollars in thousands)	Current		30 - 89 Days Past Due		90+ Days Past Due		Nonaccrual		Total Loans

Commercial and industrial	$	525,532	$	1,264	$	—	$	1,505	$	528,301
Commercial real estate - owner occupied	517,109		522		—		2,216		519,847
Commercial real estate - non-owner occupied	1,098,193		1,435		—		156		1,099,784
Construction and land development	424,236		99		—		1,000		425,335
Multi-family	638,478		113		—		62		638,653
One-to-four family residential	605,555		1,678		—		7,330		614,563
Agricultural and farmland	593,964		1,402		—		928		596,294
Municipal, consumer, and other	263,859		283		—		32		264,174
Total	$	4,666,926	$	6,796	$	—	$	13,229	$	4,686,951


	December 31, 2025
	Accruing Interest
(dollars in thousands)	Current		30 - 89 Days Past Due		90+ Days Past Due		Nonaccrual		Total Loans

Commercial and industrial	$	397,254	$	1,319	$	—	$	1,187	$	399,760
Commercial real estate - owner occupied	318,094		575		—		1,765		320,434
Commercial real estate - non-owner occupied	934,230		2,864		—		—		937,094
Construction and land development	279,980		274		—		—		280,254
Multi-family	544,941		—		—		—		544,941
One-to-four family residential	440,247		1,782		—		3,434		445,463
Agricultural and farmland	274,086		—		—		1,165		275,251
Municipal, consumer, and other	252,814		193		—		5		253,012
Total	$	3,441,646	$	7,007	$	—	$	7,556	$	3,456,209

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:


	March 31, 2026
(dollars in thousands)	Nonaccrual With Allowance for Credit Losses		Nonaccrual With No Allowance for Credit Losses		Total Nonaccrual

Commercial and industrial	$	836	$	669	$	1,505
Commercial real estate - owner occupied	740		1,476		2,216
Commercial real estate - non-owner occupied	—		156		156
Construction and land development	6		994		1,000
Multi-family	—		62		62
One-to-four family residential	704		6,626		7,330
Agricultural and farmland	—		928		928
Municipal, consumer, and other	19		13		32
Total	$	2,305	$	10,924	$	13,229

	December 31, 2025
(dollars in thousands)	Nonaccrual With Allowance for Credit Losses		Nonaccrual With No Allowance for Credit Losses		Total Nonaccrual

Commercial and industrial	$	565	$	622	$	1,187
Commercial real estate - owner occupied	886		879		1,765
Commercial real estate - non-owner occupied	—		—		—
Construction and land development	—		—		—
Multi-family	—		—		—
One-to-four family residential	133		3,301		3,434
Agricultural and farmland	—		1,165		1,165
Municipal, consumer, and other	—		5		5
Total	$	1,584	$	5,972	$	7,556

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 March 31, 2026 and December 31, 2025.

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:


	March 31, 2026
(dollars in thousands)	Pass		Pass-Watch		Special Mention		Substandard		Total

Commercial and industrial	$	472,076	$	32,810	$	10,060	$	13,355	$	528,301
Commercial real estate - owner occupied	480,277		23,607		3,321		12,642		519,847
Commercial real estate - non-owner occupied	1,026,046		64,720		1,600		7,418		1,099,784
Construction and land development	419,964		3,350		702		1,319		425,335
Multi-family	589,997		47,283		—		1,373		638,653
One-to-four family residential	586,920		12,699		1,377		13,567		614,563
Agricultural and farmland	491,430		71,449		13,936		19,479		596,294
Municipal, consumer, and other	250,479		87		17		13,591		264,174
Total	$	4,317,189	$	256,005	$	31,013	$	82,744	$	4,686,951


	December 31, 2025
(dollars in thousands)	Pass		Pass-Watch		Special Mention		Substandard		Total

Commercial and industrial	$	369,941	$	18,960	$	2,591	$	8,268	$	399,760
Commercial real estate - owner occupied	291,831		17,681		3,774		7,148		320,434
Commercial real estate - non-owner occupied	889,380		33,391		308		14,015		937,094
Construction and land development	269,932		540		975		8,807		280,254
Multi-family	503,133		41,808		—		—		544,941
One-to-four family residential	431,553		5,741		1,646		6,523		445,463
Agricultural and farmland	246,820		13,625		2,494		12,312		275,251
Municipal, consumer, and other	239,322		20		—		13,670		253,012
Total	$	3,241,912	$	131,766	$	11,788	$	70,743	$	3,456,209

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 March 31, 2026:


(dollars in thousands)	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
	2026		2025		2024		2023		2022		Prior
Commercial and industrial
Pass	$	27,879	$	68,921	$	49,541	$	47,923	$	40,609	$	28,845	$	206,242	$	2,116	$	472,076
Pass-Watch	774		802		2,295		1,685		512		1,154		25,370		218		32,810
Special Mention	19		39		250		—		174		23		9,255		300		10,060
Substandard	40		1,318		596		1,073		1,545		1,206		6,652		925		13,355
Total	$	28,712	$	71,080	$	52,682	$	50,681	$	42,840	$	31,228	$	247,519	$	3,559	$	528,301

Commercial real estate - owner occupied
Pass	$	17,177	$	94,724	$	84,922	$	43,300	$	85,040	$	132,395	$	22,415	$	304	$	480,277
Pass-Watch	403		4,836		2,315		609		3,729		4,639		7,029		47		23,607
Special Mention	—		1,650		—		—		—		171		1,500		—		3,321
Substandard	1,565		1,319		712		145		3,515		3,105		2,250		31		12,642
Total	$	19,145	$	102,529	$	87,949	$	44,054	$	92,284	$	140,310	$	33,194	$	382	$	519,847

Commercial real estate - non-owner occupied
Pass	$	71,009	$	240,195	$	93,134	$	105,251	$	196,768	$	294,200	$	22,905	$	2,584	$	1,026,046
Pass-Watch	5,057		11,567		6,670		2,442		13,975		24,526		483		—		64,720
Special Mention	—		—		—		—		—		1,600		—		—		1,600
Substandard	4,073		—		407		206		64		2,668		—		—		7,418
Total	$	80,139	$	251,762	$	100,211	$	107,899	$	210,807	$	322,994	$	23,388	$	2,584	$	1,099,784

Construction and land development
Pass	$	68,699	$	238,685	$	72,922	$	24,698	$	2,587	$	6,043	$	4,544	$	1,786	$	419,964
Pass-Watch	2,391		684		243		—		17		15		—		—		3,350
Special Mention	—		333		—		—		—		—		—		369		702
Substandard	—		999		—		271		—		49		—		—		1,319
Total	$	71,090	$	240,701	$	73,165	$	24,969	$	2,604	$	6,107	$	4,544	$	2,155	$	425,335

Multi-family
Pass	$	13,489	$	209,695	$	55,194	$	81,175	$	84,232	$	143,085	$	2,113	$	1,014	$	589,997
Pass-Watch	4,802		—		—		11,984		29,259		1,238		—		—		47,283
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		62		—		1,027		—		284		—		—		1,373
Total	$	18,291	$	209,757	$	55,194	$	94,186	$	113,491	$	144,607	$	2,113	$	1,014	$	638,653

One-to-four family residential
Pass	$	60,627	$	98,675	$	43,594	$	59,278	$	94,740	$	146,539	$	77,982	$	5,485	$	586,920
Pass-Watch	2,796		2,363		192		832		1,259		4,589		392		276		12,699
Special Mention	106		—		—		311		901		—		59		—		1,377
Substandard	50		2,841		325		1,920		574		6,807		597		453		13,567
Total	$	63,579	$	103,879	$	44,111	$	62,341	$	97,474	$	157,935	$	79,030	$	6,214	$	614,563

Agricultural and farmland
Pass	$	28,074	$	90,957	$	59,338	$	41,588	$	31,195	$	87,365	$	138,152	$	14,761	$	491,430
Pass-Watch	840		13,453		3,067		5,809		2,950		26,135		19,124		71		71,449
Special Mention	61		3,278		605		1,802		826		3,033		3,186		1,145		13,936
Substandard	122		2,316		782		1,449		2,455		5,814		6,538		3		19,479
Total	$	29,097	$	110,004	$	63,792	$	50,648	$	37,426	$	122,347	$	167,000	$	15,980	$	596,294

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


(dollars in thousands)	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
	2026		2025		2024		2023		2022		Prior
Municipal, consumer, and other
Pass	$	31,925	$	53,852	$	30,154	$	19,515	$	15,394	$	57,460	$	42,159	$	20	$	250,479
Pass-Watch	—		35		—		—		6		33		13		—		87
Special Mention	—		3		—		—		14		—		—		—		17
Substandard	2		23		26		33		5		13,498		4		—		13,591
Total	$	31,927	$	53,913	$	30,180	$	19,548	$	15,419	$	70,991	$	42,176	$	20	$

HBT Financial, Inc. 10-Q