hbt-20250421

EXHIBIT 99.1

HBT FINANCIAL, INC. ANNOUNCES

FIRST QUARTER 2025 FINANCIAL RESULTS

First Quarter Highlights

•Net income of $19.1 million, or $0.60 per diluted share; return on average assets (“ROAA”) of 1.54%; return on average stockholders' equity (“ROAE”) of 13.95%; and return on average tangible common equity (“ROATCE”)(1) of 16.20%

•Adjusted net income(1) of $19.3 million; or $0.61 per diluted share; adjusted ROAA(1) of 1.55%; adjusted ROAE(1) of 14.08%; and adjusted ROATCE(1) of 16.36%

•Asset quality remained exceptional with nonperforming assets to total assets of 0.11% and net charge-offs to average loans of 0.05%, on an annualized basis

•Net interest margin increased 16 basis points to 4.12% and net interest margin (tax-equivalent basis)(1) increased 15 basis point to 4.16%

Bloomington, IL, April 21, 2025 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $19.1 million, or $0.60 diluted earnings per share, for the first quarter of 2025. This compares to net income of $20.3 million, or $0.64 diluted earnings per share, for the fourth quarter of 2024, and net income of $15.3 million, or $0.48 diluted earnings per share, for the first quarter of 2024.

J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “We are off to a great start in 2025 with strong first quarter results. Despite the economic outlook recently becoming more uncertain, leading to interest rate volatility and stock market declines, we still believe that 2025 will be a solid year for HBT. Our credit discipline, strong profitability and solid balance sheet give us confidence that we are prepared for a variety of economic environments.

We continued to report solid profitability with adjusted net income(1) of $19.3 million, or $0.61 per diluted share, an adjusted ROAA(1) of 1.55% and an adjusted ROATCE(1) of 16.36%. Our net interest margin on a tax-equivalent basis(1) increased by 15 basis points, with 5 basis points of that increase related to higher nonaccrual interest recoveries and loan fees, as average loan balances were higher, loans and securities continued to reprice higher, and deposits repriced lower. Our strong profitability coupled with an improvement in our accumulated other comprehensive income due to lower interest rates, resulted in a $0.63 increase in our tangible book value per share(1) to $15.43. Tangible book value per share increased by 4.3% for the quarter and 17.0% over the last year.

Our balance sheet remains strong with all capital ratios increasing during the quarter and asset quality improving with nonperforming assets to total assets declining to only 0.11%. Loans at quarter-end were down only slightly while average loans for the quarter were up 2.2%. Deposits were up 1.5% at quarter-end and average deposits for the quarter were up 1.1%. Deposit growth was aided by moving most of our repurchase agreements into interest-bearing demand deposits. Our capital levels and operational structure support attractive acquisition opportunities should the right opportunity arise and markets stabilize.”

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(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

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Adjusted Net Income

In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, realized gains (losses) on sales of securities, mortgage servicing rights fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.3 million, or $0.61 adjusted diluted earnings per share, for the first quarter of 2025. This compares to adjusted net income of $19.5 million, or $0.62 adjusted diluted earnings per share, for the fourth quarter of 2024, and adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the first quarter of 2024 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

Net Interest Income and Net Interest Margin

Net interest income for the first quarter of 2025 was $48.7 million, an increase of 2.8% from $47.4 million for the fourth quarter of 2024. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on loans and debt securities. Additionally, a $0.6 million increase in nonaccrual interest recoveries and loan fees contributed to the increase in net interest income.

Relative to the first quarter of 2024, net interest income increased 4.3% from $46.7 million. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on debt securities. Also contributing was a $0.7 million increase in nonaccrual interest recoveries and loan fees.

Net interest margin for the first quarter of 2025 was 4.12%, compared to 3.96% for the fourth quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the first quarter of 2025 was 4.16%, compared to 4.01% for the fourth quarter of 2024. The increase was primarily attributable to higher yields on interest-earning assets, which increased 9 basis points to 5.34%, and lower funding costs, which decreased 7 basis points to 1.32%. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 5 basis points of the increase in net interest margin.

Relative to the first quarter of 2024, net interest margin increased 18 basis points from 3.94% and net interest margin (tax-equivalent basis)(1) increased 17 basis points from 3.99%. These increases were primarily attributable to higher yields on interest-earning assets, a decrease in funding costs, and an increase in nonaccrual interest recoveries and loan fees. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 6 basis points of the increase in net interest margin.

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(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Noninterest Income

Noninterest income for the first quarter of 2025 was $9.3 million, a 20.0% decrease from $11.6 million for the fourth quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $0.3 million negative MSR fair value adjustment included in the first quarter 2025 results compared to a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results. Further contributing to the decrease was a $0.3 million decrease in wealth management fees, primarily driven by a seasonal decrease in farm management income, a $0.3 million decrease in income on bank owned life insurance, primarily due to the absence of a $0.2 million gain on life insurance proceeds included in the fourth quarter 2024 results, and a $0.2 million decrease in card income. Partially offsetting these decreases was the absence of a $0.3 million realized loss on sale of debt securities included in the fourth quarter 2024 results.

Relative to the first quarter of 2024, noninterest income increased 65.4% from $5.6 million. The increase was primarily attributable to the absence of $3.4 million in realized losses on the sale of debt securities included in the first quarter 2024 results.

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Noninterest Expense

Noninterest expense for the first quarter of 2025 was $31.9 million, a 3.3% increase from $30.9 million for the fourth quarter of 2024. The increase was primarily attributable to a $1.3 million increase in salaries expense, primarily driven by seasonal variations in vacation accruals and annual merit increases which took effect in early March, and a $0.6 million increase in employee benefits expense, primarily attributable to higher medical benefit costs. Partially offsetting these increases were a $0.3 million decrease in other noninterest expense and a $0.3 million decrease in data processing expense.

Relative to the first quarter of 2024, noninterest expense increased 2.1% from $31.3 million. The increase was primarily attributable to a $0.5 million increase in employee benefits expense, primarily driven by increased medical benefit costs, and a $0.4 million increase in salaries expense. Partially offsetting these increases was a $0.2 million decrease in data processing expense.

Income Taxes

During the first quarter of 2025 our effective tax rate decreased to 25.2% when compared to 26.0% during the fourth quarter of 2024. This decrease was primarily related to a $0.2 million tax benefit from stock-based compensation that vested during the quarter. Additionally, during the second quarter of 2025, we expect to recognize an additional $0.3 million of tax expense related to the reversal of a stranded tax effect included in accumulated other comprehensive income in connection with the maturity of a derivative designated as a cash flow hedge.

Loan Portfolio

Total loans outstanding, before allowance for credit losses, were $3.46 billion at March 31, 2025, compared with $3.47 billion at December 31, 2024, and $3.35 billion at March 31, 2024. Total loans as of March 31, 2025 were nearly unchanged when compared to December 31, 2024 with a $23.2 million increase in grain elevator lines of credit in the commercial and industrial segment, due to seasonally higher line utilization, partially offset by a $12.0 million reduction on two lines of credit that funded shortly before and paid off after December 31, 2024, as noted in the previous quarter’s earnings release. Larger payoffs in the one-to-four family residential, multi-family, and commercial real estate – non-owner occupied segments were partially offset by draws on existing loans in the construction and development segment and new originations in the municipal, consumer, and other segment. Additionally, average loan balances increased $73.4 million, or 2.2%, from the fourth quarter of 2024 to the first quarter of 2025.

Deposits

Total deposits were $4.38 billion at March 31, 2025, compared with $4.32 billion at December 31, 2024, and $4.36 billion at March 31, 2024. The $66.3 million increase from December 31, 2024 was primarily attributable to higher balances maintained in existing retail accounts. Additionally, the vast majority of repurchase agreement account balances at December 31, 2024 were transitioned to reciprocal interest-bearing demand deposit accounts during the first quarter of 2025.

Asset Quality

Nonperforming assets totaled $5.6 million, or 0.11% of total assets, at March 31, 2025, compared with $8.0 million, or 0.16% of total assets, at December 31, 2024, and $9.9 million, or 0.20% of total assets, at March 31, 2024. Additionally, of the $5.1 million of nonperforming loans held as of March 31, 2025, $1.4 million is either wholly or partially guaranteed by the U.S. government. The $2.5 million decrease in nonperforming assets from December 31, 2024 was primarily attributable to the pay-off of a $1.6 million nonaccrual commercial real estate – non-owner occupied credit.

The Company recorded a provision for credit losses of $0.6 million for the first quarter of 2025. The provision for credit losses primarily reflects a $0.8 million increase in required reserves resulting from changes in qualitative factors; a $0.1 million increase in required reserves driven by changes within the portfolio; and a $0.3 million decrease in specific reserves.

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The Company had net charge-offs of $0.4 million, or 0.05% of average loans on an annualized basis, for the first quarter of 2025, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the fourth quarter of 2024, and net recoveries of $0.2 million, or 0.02% of average loans on an annualized basis, for the first quarter of 2024.

The Company’s allowance for credit losses was 1.22% of total loans and 825% of nonperforming loans at March 31, 2025, compared with 1.21% of total loans and 549% of nonperforming loans at December 31, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.2 million as of March 31, 2025, compared with $3.1 million as of December 31, 2024.

Capital

As of March 31, 2025, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:


	March 31, 2025		For Capital Adequacy Purposes With Capital Conservation Buffer

Total capital to risk-weighted assets	16.85	%	10.50	%
Tier 1 capital to risk-weighted assets	14.77		8.50
Common equity tier 1 capital ratio	13.48		7.00
Tier 1 leverage ratio	11.64		4.00

The ratio of tangible common equity to tangible assets(1) increased to 9.73% as of March 31, 2025, from 9.42% as of December 31, 2024, and tangible book value per share(1) increased by $0.63 to $15.43 as of March 31, 2025, when compared to December 31, 2024.

During the first quarter of 2025, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15.0 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2026. As of March 31, 2025, the Company had $15.0 million remaining under the stock repurchase program.

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(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

About HBT Financial, Inc.

HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of March 31, 2025, HBT Financial had total assets of $5.1 billion, total loans of $3.5 billion, and total deposits of $4.4 billion.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily

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comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders including tariffs, immigration policy, regulatory or other governmental agencies, foreign policy and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers; (vii) changes in interest rates and prepayment rates of the Company’s assets; (viii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (ix) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (x) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (xi) the loss of key executives and employees, talent shortages and employee turnover; (xii) changes in consumer spending; (xiii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiv) the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards; (xv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xvi) credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers; (xvii) the overall health of the local and national real estate market; (xviii) the ability to maintain an adequate level of allowance for credit losses on loans; (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xx) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xxi) the level of nonperforming assets on our balance sheet; (xxii) interruptions involving our information technology and communications systems or third-party servicers; (xxiii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information

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concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

CONTACT:

Peter Chapman

[email protected]

(309) 664-4556

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HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	As of or for the Three Months Ended
(dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			March 31, 2024
Interest and dividend income	$	63,138		$	62,798		$	61,961
Interest expense	14,430			15,397			15,273
Net interest income	48,708			47,401			46,688
Provision for credit losses	576			725			527
Net interest income after provision for credit losses	48,132			46,676			46,161
Noninterest income	9,306			11,630			5,626
Noninterest expense	31,935			30,908			31,268
Income before income tax expense	25,503			27,398			20,519
Income tax expense	6,428			7,126			5,261
Net income	$	19,075		$	20,272		$	15,258


Earnings per share - diluted	$	0.60		$	0.64		$	0.48

Adjusted net income (1)	$	19,253		$	19,546		$	18,073

Adjusted earnings per share - diluted (1)	0.61			0.62			0.57

Book value per share	$	17.86		$	17.26		$	15.71
Tangible book value per share (1)	15.43			14.80			13.19

Shares of common stock outstanding	31,631,431			31,559,366			31,612,888
Weighted average shares of common stock outstanding, including all dilutive potential shares	31,711,671			31,702,864			31,803,187

SUMMARY RATIOS
Net interest margin *	4.12		%	3.96		%	3.94		%
Net interest margin (tax-equivalent basis) * (1)(2)	4.16			4.01			3.99

Efficiency ratio	53.85		%	51.16		%	58.41		%
Efficiency ratio (tax-equivalent basis) (1)(2)	53.35			50.68			57.78

Loan to deposit ratio	78.95		%	80.27		%	76.73		%

Return on average assets *	1.54		%	1.61		%	1.23		%
Return on average stockholders' equity *	13.95			14.89			12.42
Return on average tangible common equity * (1)	16.20			17.40			14.83

Adjusted return on average assets * (1)	1.55		%	1.56		%	1.45		%
Adjusted return on average stockholders' equity * (1)	14.08			14.36			14.72
Adjusted return on average tangible common equity * (1)	16.36			16.77			17.57

CAPITAL
Total capital to risk-weighted assets	16.85		%	16.51		%	15.79		%
Tier 1 capital to risk-weighted assets	14.77			14.50			13.77
Common equity tier 1 capital ratio	13.48			13.21			12.44
Tier 1 leverage ratio	11.64			11.51			10.65
Total stockholders' equity to total assets	11.10			10.82			9.85
Tangible common equity to tangible assets (1)	9.73			9.42			8.40

ASSET QUALITY
Net charge-offs (recoveries) to average loans *	0.05		%	0.08		%	(0.02)		%
Allowance for credit losses to loans, before allowance for credit losses	1.22			1.21			1.22
Nonperforming loans to loans, before allowance for credit losses	0.15			0.22			0.29
Nonperforming assets to total assets	0.11			0.16			0.20

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*Annualized measure.

(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

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HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Consolidated Statements of Income


	Three Months Ended
(dollars in thousands, except per share data)	March 31, 2025		December 31, 2024		March 31, 2024
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable	$	53,369	$	52,587	$	51,926
Federally tax exempt	1,168		1,199		1,094
Debt securities:
Taxable	6,936		6,829		6,204
Federally tax exempt	469		482		597
Interest-bearing deposits in bank	1,065		1,520		1,952
Other interest and dividend income	131		181		188
Total interest and dividend income	63,138		62,798		61,961
INTEREST EXPENSE
Deposits	12,939		13,672		13,593
Securities sold under agreements to repurchase	22		179		152
Borrowings	109		115		125
Subordinated notes	470		470		470
Junior subordinated debentures issued to capital trusts	890		961		933
Total interest expense	14,430		15,397		15,273
Net interest income	48,708		47,401		46,688
PROVISION FOR CREDIT LOSSES	576		725		527
Net interest income after provision for credit losses	48,132		46,676		46,161
NONINTEREST INCOME
Card income	2,548		2,797		2,616
Wealth management fees	2,841		3,138		2,547
Service charges on deposit accounts	1,944		2,080		1,869
Mortgage servicing	990		1,158		1,055
Mortgage servicing rights fair value adjustment	(308)		1,331		80
Gains on sale of mortgage loans	252		409		298
Realized gains (losses) on sales of securities	—		(315)		(3,382)
Unrealized gains (losses) on equity securities	8		(83)		(16)
Gains (losses) on foreclosed assets	13		7		87
Gains (losses) on other assets	54		2		(635)
Income on bank owned life insurance	164		415		164
Other noninterest income	800		691		943
Total noninterest income	9,306		11,630		5,626
NONINTEREST EXPENSE
Salaries	17,053		15,784		16,657
Employee benefits	3,285		2,649		2,805
Occupancy of bank premises	2,625		2,773		2,582
Furniture and equipment	445		460		550
Data processing	2,717		2,998		2,925
Marketing and customer relations	1,144		948		996
Amortization of intangible assets	695		709		710
FDIC insurance	562		557		560
Loan collection and servicing	383		653		452
Foreclosed assets	5		31		49
Other noninterest expense	3,021		3,346		2,982
Total noninterest expense	31,935		30,908		31,268
INCOME BEFORE INCOME TAX EXPENSE	25,503		27,398		20,519
INCOME TAX EXPENSE	6,428		7,126		5,261
NET INCOME	$	19,075	$	20,272	$	15,258

EARNINGS PER SHARE - BASIC	$	0.60	$	0.64	$	0.48
EARNINGS PER SHARE - DILUTED	$	0.60	$	0.64	$	0.48
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING	31,584,989		31,559,366		31,662,954

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HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Consolidated Balance Sheets


(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024
ASSETS
Cash and due from banks	$	25,005	$	29,552	$	19,989
Interest-bearing deposits with banks	186,586		108,140		240,223
Cash and cash equivalents	211,591		137,692		260,212

Interest-bearing time deposits with banks	—		—		515
Debt securities available-for-sale, at fair value	706,135		698,049		669,020
Debt securities held-to-maturity	490,398		499,858		517,472
Equity securities with readily determinable fair value	3,323		3,315		3,324
Equity securities with no readily determinable fair value	2,629		2,629		2,622
Restricted stock, at cost	5,086		5,086		5,155
Loans held for sale	2,721		1,586		3,479

Loans, before allowance for credit losses	3,461,778		3,466,146		3,345,962
Allowance for credit losses	(42,111)		(42,044)		(40,815)
Loans, net of allowance for credit losses	3,419,667		3,424,102		3,305,147

Bank owned life insurance	24,153		23,989		24,069
Bank premises and equipment, net	67,272		66,758		64,755
Bank premises held for sale	190		317		317
Foreclosed assets	460		367		277
Goodwill	59,820		59,820		59,820
Intangible assets, net	17,148		17,843		19,972
Mortgage servicing rights, at fair value	18,519		18,827		19,081
Investments in unconsolidated subsidiaries	1,614		1,614		1,614
Accrued interest receivable	22,735		24,770		23,117
Other assets	38,731		46,280		60,542
Total assets	$	5,092,192	$	5,032,902	$	5,040,510

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,065,874	$	1,046,405	$	1,047,074
Interest-bearing	3,318,716		3,271,849		3,313,500
Total deposits	4,384,590		4,318,254		4,360,574

Securities sold under agreements to repurchase	2,698		28,969		31,864
Federal Home Loan Bank advances	7,209		13,231		12,725
Subordinated notes	39,573		39,553		39,494
Junior subordinated debentures issued to capital trusts	52,864		52,849		52,804
Other liabilities	40,201		35,441		46,368
Total liabilities	4,527,135		4,488,297		4,543,829

Stockholders' Equity

Common stock	329		328		328
Surplus	297,024		297,297		296,054
Retained earnings	329,169		316,764		278,353
Accumulated other comprehensive income (loss)	(38,446)		(46,765)		(56,048)
Treasury stock at cost	(23,019)		(23,019)		(22,006)
Total stockholders’ equity	565,057		544,605		496,681
Total liabilities and stockholders’ equity	$	5,092,192	$	5,032,902	$	5,040,510

SHARES OF COMMON STOCK OUTSTANDING	31,631,431		31,559,366		31,612,888

HBT Financial, Inc.

Page 10

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024

LOANS
Commercial and industrial	$	441,261	$	428,389	$	402,206
Commercial real estate - owner occupied	321,990		322,316		294,967
Commercial real estate - non-owner occupied	891,022		899,565		890,251
Construction and land development	376,046		374,657		345,991
Multi-family	424,096		431,524		421,573
One-to-four family residential	455,376		463,968		485,948
Agricultural and farmland	292,240		293,375		287,205
Municipal, consumer, and other	259,747		252,352		217,821
Total loans	$	3,461,778	$	3,466,146	$	3,345,962


(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024

DEPOSITS
Noninterest-bearing deposits	$	1,065,874	$	1,046,405	$	1,047,074
Interest-bearing deposits:
Interest-bearing demand	1,143,677		1,099,061		1,139,172
Money market	812,146		820,825		802,685
Savings	575,558		566,533		602,739
Time	787,335		785,430		713,142
Brokered	—		—		55,762
Total interest-bearing deposits	3,318,716		3,271,849		3,313,500
Total deposits	$	4,384,590	$	4,318,254	$	4,360,574

HBT Financial, Inc.

Page 11

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands)	Average Balance		Interest		Yield/Cost *		Average Balance		Interest		Yield/Cost *		Average Balance		Interest		Yield/Cost *

ASSETS
Loans	$	3,460,906	$	54,537	6.39	%	$	3,387,541	$	53,786	6.32	%	$	3,371,219	$	53,020	6.33	%
Debt securities	1,204,424		7,405		2.49		1,208,404		7,311		2.41		1,213,947		6,801		2.25
Deposits with banks	120,014		1,065		3.60		149,691		1,520		4.04		167,297		1,952		4.69
Other	12,677		131		4.19		12,698		181		5.68		12,986		188		5.82
Total interest-earning assets	4,798,021		$	63,138	5.34	%	4,758,334		$	62,798	5.25	%	4,765,449		$	61,961	5.23	%
Allowance for credit losses	(42,061)						(40,942)						(40,238)
Noninterest-earning assets	276,853						277,074						278,253
Total assets	$	5,032,813					$	4,994,466					$	5,003,464

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,120,608	$	1,453	0.53	%	$	1,088,082	$	1,351	0.49	%	$	1,127,684	$	1,311	0.47	%
Money market	807,728		4,397		2.21		787,768		4,444		2.24		812,684		4,797		2.37
Savings	569,494		370		0.26		562,833		389		0.27		611,224		443		0.29
Time	784,099		6,719		3.48		796,494		7,439		3.72		664,498		5,925		3.59
Brokered	—		—		—		3,261		49		5.96		82,150		1,117		5.47
Total interest-bearing deposits	3,281,929		12,939		1.60		3,238,438		13,672		1.68		3,298,240		13,593		1.66
Securities sold under agreements to repurchase	8,754		22		1.02		31,624		179		2.26		32,456		152		1.89
Borrowings	12,890		109		3.41		13,370		115		3.42		13,003		125		3.87
Subordinated notes	39,563		470		4.82		39,543		470		4.73		39,484		470		4.78
Junior subordinated debentures issued to capital trusts	52,856		890		6.83		52,841		961		7.23		52,796		933		7.11
Total interest-bearing liabilities	3,395,992		$	14,430	1.72	%	3,375,816		$	15,397	1.81	%	3,435,979		$	15,273	1.79	%
Noninterest-bearing deposits	1,045,733						1,041,471						1,036,402
Noninterest-bearing liabilities	36,373						35,644						37,107
Total liabilities	4,478,098						4,452,931						4,509,488
Stockholders' Equity	554,715						541,535						493,976
Total liabilities and stockholders’ equity	$	5,032,813					$	4,994,466					$	5,003,464

Net interest income/Net interest margin (1)			$	48,708	4.12	%			$	47,401	3.96	%			$	46,688	3.94	%
Tax-equivalent adjustment (2)			545		0.04				562		0.05				575		0.05
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3)			$	49,253	4.16	%			$	47,963	4.01	%			$	47,263	3.99	%
Net interest rate spread (4)					3.62	%					3.44	%					3.44	%
Net interest-earning assets (5)	$	1,402,029					$	1,382,518					$	1,329,470
Ratio of interest-earning assets to interest-bearing liabilities	1.41						1.41						1.39
Cost of total deposits					1.21	%					1.27	%					1.26	%
Cost of funds					1.32						1.39						1.37

____________________________________

*Annualized measure.

(1)Net interest margin represents net interest income divided by average total interest-earning assets.

(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.

(3)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

(4)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(5)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

HBT Financial, Inc.

Page 12

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

NONPERFORMING ASSETS
Nonaccrual	$	5,102		$	7,652		$	9,657
Past due 90 days or more, still accruing	4			4			—
Total nonperforming loans	5,106			7,656			9,657
Foreclosed assets	460			367			277
Total nonperforming assets	$	5,566		$	8,023		$	9,934

Nonperforming loans that are wholly or partially guaranteed by the U.S. Government	$	1,350		$	1,573		$	2,676

Allowance for credit losses	$	42,111		$	42,044		$	40,815
Loans, before allowance for credit losses	3,461,778			3,466,146			3,345,962


CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses	1.22		%	1.21		%	1.22		%
Allowance for credit losses to nonaccrual loans	825.38			549.45			422.65
Allowance for credit losses to nonperforming loans	824.74			549.16			422.65
Nonaccrual loans to loans, before allowance for credit losses	0.15			0.22			0.29
Nonperforming loans to loans, before allowance for credit losses	0.15			0.22			0.29
Nonperforming assets to total assets	0.11			0.16			0.20
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets	0.16			0.23			0.30


	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

ALLOWANCE FOR CREDIT LOSSES
Beginning balance	$	42,044		$	40,966		$	40,048

Provision for credit losses	496			1,771			560
Charge-offs	(665)			(1,086)			(227)
Recoveries	236			393			434
Ending balance	$	42,111		$	42,044		$	40,815

Net charge-offs (recoveries)	$	429		$	693		$	(207)
Average loans	3,460,906			3,387,541			3,371,219

Net charge-offs (recoveries) to average loans *	0.05		%	0.08		%	(0.02)		%

____________________________________

*Annualized measure.


	Three Months Ended
(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024

PROVISION FOR CREDIT LOSSES
Loans	$	496	$	1,771	$	560
Unfunded lending-related commitments	80		(1,046)		(33)

Total provision for credit losses	$	576	$	725	$	527

HBT Financial, Inc.

Page 13

Reconciliation of Non-GAAP Financial Measures –

Adjusted Net Income and Adjusted Return on Average Assets


	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Net income	$	19,075		$	20,272		$	15,258
Less: adjustments


Gains (losses) on closed branch premises	59			—			(635)
Realized gains (losses) on sales of securities	—			(315)			(3,382)
Mortgage servicing rights fair value adjustment	(308)			1,331			80
Total adjustments	(249)			1,016			(3,937)
Tax effect of adjustments (1)	71			(290)			1,122
Total adjustments after tax effect	(178)			726			(2,815)
Adjusted net income	$	19,253		$	19,546		$	18,073

Average assets	$	5,032,813		$	4,994,466		$	5,003,464

Return on average assets *	1.54		%	1.61		%	1.23		%
Adjusted return on average assets *	1.55			1.56			1.45

____________________________________

*Annualized measure.

(1)Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures –

Adjusted Earnings Per Share — Basic and Diluted


	Three Months Ended
(dollars in thousands, except per share amounts)	March 31, 2025		December 31, 2024		March 31, 2024

Numerator:
Net income	$	19,075	$	20,272	$	15,258



Adjusted net income	$	19,253	$	19,546	$	18,073



Denominator:
Weighted average common shares outstanding	31,584,989		31,559,366		31,662,954
Dilutive effect of outstanding restricted stock units	126,682		143,498		140,233
Weighted average common shares outstanding, including all dilutive potential shares	31,711,671		31,702,864		31,803,187

Earnings per share - basic	$	0.60	$	0.64	$	0.48
Earnings per share - diluted	$	0.60	$	0.64	$	0.48

Adjusted earnings per share - basic	$	0.61	$	0.62	$	0.57
Adjusted earnings per share - diluted	$	0.61	$	0.62	$	0.57

HBT Financial, Inc.

Page 14

Reconciliation of Non-GAAP Financial Measures –

Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries),

Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)


	Three Months Ended
(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024

Net interest income	$	48,708	$	47,401	$	46,688
Noninterest income	9,306		11,630		5,626
Noninterest expense	(31,935)		(30,908)		(31,268)
Pre-provision net revenue	26,079		28,123		21,046
Less: adjustments


Gains (losses) on closed branch premises	59		—		(635)
Realized gains (losses) on sales of securities	—		(315)		(3,382)
Mortgage servicing rights fair value adjustment	(308)		1,331		80
Total adjustments	(249)		1,016		(3,937)
Adjusted pre-provision net revenue	$	26,328	$	27,107	$	24,983

Pre-provision net revenue	$	26,079	$	28,123	$	21,046
Less: net charge-offs (recoveries)	429		693		(207)
Pre-provision net revenue less net charge-offs	$	25,650	$	27,430	$	21,253

Adjusted pre-provision net revenue	$	26,328	$	27,107	$	24,983
Less: net charge-offs (recoveries)	429		693		(207)
Adjusted pre-provision net revenue less net charge-offs	$	25,899	$	26,414	$	25,190

Reconciliation of Non-GAAP Financial Measures –

Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)


	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Net interest income (tax-equivalent basis)
Net interest income	$	48,708		$	47,401		$	46,688
Tax-equivalent adjustment (1)	545			562			575
Net interest income (tax-equivalent basis) (1)	$	49,253		$	47,963		$	47,263

Net interest margin (tax-equivalent basis)
Net interest margin *	4.12		%	3.96		%	3.94		%
Tax-equivalent adjustment * (1)	0.04			0.05			0.05
Net interest margin (tax-equivalent basis) * (1)	4.16		%	4.01		%	3.99		%

Average interest-earning assets	$	4,798,021		$	4,758,334		$	4,765,449

____________________________________

*Annualized measure.

(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc.

Page 15

Reconciliation of Non-GAAP Financial Measures –

Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)


	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Total noninterest expense	$	31,935		$	30,908		$	31,268
Less: amortization of intangible assets	695			709			710
Noninterest expense excluding amortization of intangible assets	$	31,240		$	30,199		$	30,558






Net interest income	$	48,708		$	47,401		$	46,688
Total noninterest income	9,306			11,630			5,626
Operating revenue	58,014			59,031			52,314
Tax-equivalent adjustment (1)	545			562			575
Operating revenue (tax-equivalent basis) (1)	58,559			59,593			52,889
Less: adjustments to noninterest income
Gains (losses) on closed branch premises	59			—			(635)
Realized gains (losses) on sales of securities	—			(315)			(3,382)
Mortgage servicing rights fair value adjustment	(308)			1,331			80
Total adjustments to noninterest income	(249)			1,016			(3,937)
Adjusted operating revenue (tax-equivalent basis) (1)	$	58,808		$	58,577		$	56,826

Efficiency ratio	53.85		%	51.16		%	58.41		%
Efficiency ratio (tax-equivalent basis) (1)	53.35			50.68			57.78
Adjusted efficiency ratio (tax-equivalent basis) (1)	53.12			51.55			53.77

____________________________________

(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc.

Page 16

Reconciliation of Non-GAAP Financial Measures –

Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share


(dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			March 31, 2024

Tangible Common Equity
Total stockholders' equity	$	565,057		$	544,605		$	496,681
Less: Goodwill	59,820			59,820			59,820
Less: Intangible assets, net	17,148			17,843			19,972
Tangible common equity	$	488,089		$	466,942		$	416,889

Tangible Assets
Total assets	$	5,092,192		$	5,032,902		$	5,040,510
Less: Goodwill	59,820			59,820			59,820
Less: Intangible assets, net	17,148			17,843			19,972
Tangible assets	$	5,015,224		$	4,955,239		$	4,960,718

Total stockholders' equity to total assets	11.10		%	10.82		%	9.85		%
Tangible common equity to tangible assets	9.73			9.42			8.40

Shares of common stock outstanding	31,631,431			31,559,366			31,612,888

Book value per share	$	17.86		$	17.26		$	15.71
Tangible book value per share	15.43			14.80			13.19

Reconciliation of Non-GAAP Financial Measures –

Return on Average Tangible Common Equity,

Adjusted Return on Average Stockholders' Equity and Adjusted Return on Average Tangible Common Equity


	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Average Tangible Common Equity
Total stockholders' equity	$	554,715		$	541,535		$	493,976
Less: Goodwill	59,820			59,820			59,820
Less: Intangible assets, net	17,480			18,170			20,334
Average tangible common equity	$	477,415		$	463,545		$	413,822

Net income	$	19,075		$	20,272		$	15,258
Adjusted net income	19,253			19,546			18,073

Return on average stockholders' equity *	13.95		%	14.89		%	12.42		%
Return on average tangible common equity *	16.20			17.40			14.83

Adjusted return on average stockholders' equity *	14.08		%	14.36		%	14.72		%
Adjusted return on average tangible common equity *	16.36			16.77			17.57

____________________________________

*Annualized measure.

Q1 2025 Results Presentation April 21, 2025

1 Forward-Looking Statements Readers should note that in addition to the historical information contained herein, this presentation contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this presentation, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders including tariffs, immigration policy, regulatory or other governmental agencies, foreign policy and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers; (vii) changes in interest rates and prepayment rates of the Company’s assets; (viii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (ix) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (x) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (xi) the loss of key executives and employees, talent shortages and employee turnover; (xii) changes in consumer spending; (xiii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiv) the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards; (xv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xvi) credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers; (xvii) the overall health of the local and national real estate market; (xviii) the ability to maintain an adequate level of allowance for credit losses on loans; (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xx) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xxi) the level of nonperforming assets on our balance sheet; (xxii) interruptions involving our information technology and communications systems or third-party servicers; (xxiii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures. While the Company believes these are useful measures for investors, they are not presented in accordance with GAAP. You should not consider non- GAAP measures in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Because not all companies use identical calculations, the presentation herein of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Tax-equivalent adjustments assume a federal tax rate of 21% and state tax rate of 9.5%. For a reconciliation of the non-GAAP measures we use to the most closely comparable GAAP measures, see the Appendix to this presentation.

2 Exceptional asset quality Strong profitability and tangible book value growth Net interest margin expansion supported by low cost deposit base n Nonperforming assets representing only 0.11% of total assets at March 31, 2025, compared to 0.16% at December 31, 2024 n Net charge-offs representing only 0.05% of average loans on an annualized basis during 1Q25, compared to 0.08% of average loans on an annualized basis during 4Q24 n Net income of $19.1 million, or $0.60 per diluted share; return on average assets (ROAA) of 1.54% and return on average tangible common equity (ROATCE)1 of 16.20% n Adjusted net income1 of $19.3 million, or $0.61 per diluted share; adjusted ROAA1 of 1.55% and adjusted ROATCE1 of 16.36% n Tangible book value per share1 increased 4.3% from December 31, 2024 and 17.0% from March 31, 2024 n Net interest margin expanded 16 basis points to 4.12% and net interest margin (tax-equivalent basis)1 expanded 15 basis points to 4.16% n Average loan balances increased $73.4 million, or 2.2%, and loan yields increased 7 basis points to 6.39% n Cost of funds decreased 7 basis points to 1.32% and total cost of deposits decreased 6 basis points to 1.21% Q1 2025 Highlights Note: Financial data as of and for the three months ended March 31, 2025 unless otherwise indicated; 1 See "Non-GAAP reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

3 Company Snapshot Overview ü Company incorporated in 1982 from base of family-owned banks and completed its IPO in October 2019 ü Headquartered in Bloomington, Illinois, with operations throughout Illinois and eastern Iowa ü Strong, granular, and low-cost deposit franchise with 1.21%* cost of deposits and 95.2% core deposits1 ü Conservative credit culture, with net charge-offs to average loans of 0.05% for the year ended December 31, 2024 and net charge-offs to average loans of 0.05%* for the three months ended March 31, 2025 ü High profitability sustained through economic cycles Loan Composition Deposit Composition Noninterest- bearing demand: 24% Interest- bearing demand: 26% Money market: 19% Savings: 13% Time: 18%C&I: 13% CRE–Owner occupied: 9% CRE–Non- owner occupied: 26% C&D: 11% Multi-family: 12% 1-4 Family residential: 13% Agricultural & farmland: 8% Municipal, consumer & other: 8% Commercial Real Estate Note: Financial data as of and for the three months ended March 31, 2025 unless otherwise indicated; * Annualized measure; FTE: Fully tax equivalent; 1 Non-GAAP financial measure. See “Non-GAAP Reconciliations” in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. Commercial Financial Highlights ($mm) 2022 2023 2024 1Q25As of or for the period ended B al an ce S he et Total assets $4,287 $5,073 $5,033 $5,092 Total loans 2,620 3,404 3,466 3,462 Total deposits 3,587 4,401 4,318 4,385 Core deposits (%)1 99.2 % 93.8 % 95.3 % 95.2 % Loans-to-deposits 73.0 % 77.3 % 80.3 % 79.0 % CET1 (%) 13.1 % 12.1 % 13.2 % 13.5 % TCE / TA1 8.1 % 8.2 % 9.4 % 9.7 % K ey P er fo rm an ce In di ca to rs Adjusted ROAA1 1.31 % 1.59 % 1.50 % 1.55 %* Adjusted ROATCE1 15.8 % 20.9 % 17.2 % 16.4 %* NIM (FTE)1 3.60 % 4.15 % 4.01 % 4.16 %* Yield on loans 4.91 % 6.04 % 6.36 % 6.39 %* Cost of deposits 0.07 % 0.60 % 1.30 % 1.21 %* Cost of funds 0.19 % 0.86 % 1.41 % 1.32 %* Efficiency ratio (FTE)1 56.9 % 55.8 % 53.5 % 53.3 % C re di t NCOs / loans (0.08) % 0.01 % 0.05 % 0.05 %* ACL / loans 0.97 % 1.18 % 1.21 % 1.22 % NPLs / loans 0.08 % 0.23 % 0.22 % 0.15 % NPAs / assets 0.12 % 0.17 % 0.16 % 0.11 %

4 3.96% 0.06% 0.03% 0.02% (0.02)% 0.05% 0.02% 4.12% 4Q24 Loans Loan Fees Nonaccrual Interest Recoveries Other Earning Assets Deposit Costs Other Funding Costs 1Q25 Earnings Overview Prior Quarter Current Quarter ($000) 4Q24 Non-GAAP Adj.1 Adjusted 4Q241 1Q25 Non-GAAP Adj.1 Adjusted 1Q251 Interest and dividend income $62,798 $— $62,798 $63,138 $— $63,138 Interest expense 15,397 — 15,397 14,430 — 14,430 Net interest income 47,401 — 47,401 48,708 — 48,708 Provision for credit losses 725 — 725 576 — 576 Net interest income after provision for credit losses 46,676 — 46,676 48,132 — 48,132 Noninterest income 11,630 (1,016) 10,614 9,306 249 9,555 Noninterest expense 30,908 — 30,908 31,935 — 31,935 Income before income tax expense 27,398 (1,016) 26,382 25,503 249 25,752 Income tax expense 7,126 (290) 6,836 6,428 71 6,499 Net income $20,272 $(726) $19,546 $19,075 $178 $19,253 Highlights Relative to Previous Quarter 2 n Net interest income increased $1.3 million from the fourth quarter of 2024 with higher average loan balances, lower deposit costs, and increased yields on loans and debt securities. Additionally, a $0.6 million increase in nonaccrual interest recoveries and loan fees contributed to the increase in net interest income. n Net interest margin increased 16 basis points to 4.12%. n Provision for credit losses primarily reflects changes in the qualitative factors and in the loan portfolio which were partially offset by a decrease in specific reserves. n Excluding the mortgage servicing rights fair value adjustments, noninterest income decreased by $0.7 million primarily due to a $0.3 million decrease in wealth management fees, driven by a seasonal decrease in farm management income, the absence of a $0.2 million gain on life insurance proceeds included in the fourth quarter 2024 results, and a $0.2 million decrease in card income. n Noninterest expense increased by $1.0 million, primarily attributable to a $1.3 million increase in salaries, driven by seasonal variation in vacation accruals and merit increases effective in March 2025, and a $0.6 million increase in employee benefits expense, driven by higher medical benefits expenses, which were partially offset by a $0.3 million decrease in other noninterest expense and a $0.3 million decrease in data processing expense. 1Q25 NIM Analysis* Note: Financial data as of and for the three months ended March 31, 2025 unless otherwise indicated; * Annualized measures; 1 Non-GAAP financial measure. See “Non-GAAP Reconciliations” in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures; 2 Reflects contribution of loan interest income to net interest margin, excluding loan discount accretion, nonaccrual interest recoveries, and loan fees.

5 5.50% 1.31% Fed Funds Rate Cost of Deposits* 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 —% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Deposit Overview Deposit Base Highlights n Highly granular deposit base with balances up during the first quarter of 2025 and the spot interest rate for total deposits at March 31, 2025 was 2 basis points lower than total deposit interest costs during the first quarter of 2025 n Top 100 depositors, by balance, make up 13% of our deposit base, and the top 200 depositors make up 17% as of March 31, 2025 n Excluding reciprocal deposit accounts, account balances consist of 71% retail, 20% business, and 9% public funds as of March 31, 2025 n Uninsured and uncollateralized deposits estimated to be $606 million, or 14% of total deposits, as of March 31, 2025 Interest Costs* 1Q25 Spot Interest Rates2 As of 3/31/25 Interest-bearing demand 0.53 % 0.55 % Money market 2.21 % 2.21 % Savings 0.26 % 0.27 % Time 3.48 % 3.38 % Total interest-bearing deposits 1.60 % 1.58 % Total deposits 1.21 % 1.19 % 1 Latest Rising Rate Cycle Deposit Beta (4Q21 to 2Q24): 23.6% 5.43% 4.50% 1.35% 1.21% Fed Funds Rate Cost of Deposits* 3Q24 4Q24 1Q25 —% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Current Falling Rate Cycle Deposit Beta (3Q24 to 1Q25): 15.1% 1 Rate Data Source: St. Louis FRED; * Annualized measure; 1 Represents quarterly average of federal funds target rate upper limit; 2 Weighted average spot interest rates do not include impact of purchase accounting adjustment amortization. 1

6 Net Interest Margin Annual Quarterly FTE NIM*1 GAAP NIM* Accretion of acquired loan discounts contribution to NIM* FTE NIM1 GAAP NIM Accretion of acquired loan discounts contribution to NIM 3.60% 3.23% 3.60% 4.15% 4.01% 3.54% 3.18% 3.54% 4.09% 3.96% 2020 2021 2022 2023 2024 3.99% 4.00% 4.03% 4.01% 4.16% 3.94% 3.95% 3.98% 3.96% 4.12% 1Q24 2Q24 3Q24 4Q24 1Q25 n First quarter 2025 net interest margin and net interest margin (tax- equivalent basis)1 increased 16 and 15 basis points from the prior quarter, respectively n 34% of the loan portfolio matures or reprices within the next 3 months and 44% of the loan portfolio matures or reprices within the next 12 months n An increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 5 basis points of the increase in net interest margin Scheduled Fixed Rate Loan Maturities ($000) 2Q25 3Q25 4Q25 1H26 2H26 Balance $ 140,222 $ 58,838 $ 99,192 $ 228,123 $ 128,271 Weighted Average Interest Rate2 6.57 % 4.74 % 5.45 % 5.09 % 4.27 % Note: Financial data as of and for the three months ended March 31, 2025 unless otherwise indicated; * Annualized measure; 1 Tax-equivalent basis metric; see "Non-GAAP reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures; 2 Weighted average interest rates does not include impact of purchase accounting adjustment amortization or deferred loan fee amortization. 2bps 3bps 2bps 9bps 9bps 10bps 8bps 10bps 9bps 9bps

7 Loan Portfolio Overview: Commercial and Commercial Real Estate n $1.69 billion portfolio as of March 31, 2025 n $891 million in non-owner occupied CRE primarily supported by rental cash flow of the underlying properties n $376 million in construction and land development loans primarily to developers for properties to sell upon completion or for long-term investment n $424 million in multi-family loans secured by 5+ unit apartment buildings n Office CRE exposure characterized by solid credit metrics as of March 31, 2025 with 2.6% rated substandard, less than 0.1% past due 30 days or more, and a weighted average LTV of 58% Commercial Real Estate PortfolioCommercial Loan Portfolio n $441 million C&I loans outstanding as of March 31, 2025 n For working capital, asset acquisition, and other business purposes n Underwritten primarily based on borrower’s cash flow and majority further supported by collateral and personal guarantees; loans based primarily in- market1 n $322 million owner-occupied CRE outstanding as of March 31, 2025 n Primarily underwritten based on cash flow of the business occupying the property and supported by personal guarantees; loans based primarily in- market1 Auto Repair and Dealers: 9% Construction: 9% Health Care and Social Assistance: 8% Manufacturing: 8% Wholesale Trade: 8% Accommodation and Food Services: 8%Real Estate, Rental, and Leasing: 7% Grain Elevators: 6% Finance and Insurance: 5% Retail Trade: 5% Other: 27% Multi-Family: 35% Warehouse/ Manufacturing: 13%Retail: 11% Office: 11% Senior Living Facilities: 7% Hotels: 5% Other: 18% 1 Market area defined as within 60 miles of a branch

8 Loan Portfolio Overview: Selected Portfolios n $292 million portfolio as of March 31, 2025 n Borrower operations focus primarily on corn and soybean production n Federal crop insurance programs mitigate production risks n No customer accounts for more than 3% of the agriculture portfolio n Weighted average LTV on farmland loans is 51% n 1.6% is rated substandard as of March 31, 2025 n More than 70% of agricultural borrowers have been with the Company for at least 10 years, and 51% for more than 20 years n $260 million portfolio as of March 31, 2025 n Loans to municipalities are primarily federally tax-exempt n Consumer loans include loans to individuals for consumer purposes and typically consist of small balance loans n Commercial Tax-Exempt – Senior Living n $44.4 million portfolio with $4.9 million average loan size n Weighted average LTV of 74% n 31.9% is rated substandard n Commercial Tax-Exempt – Medical n $21.3 million portfolio with $3.0 million average loan size n Weighted average LTV of 44% n No loans are rated substandard Farmland: 63% Crops: 30% Equipment: 5% Livestock: 2% Non-Depository Institutions: 43% Municipalities: 21% Commercial Tax-Exempt (Senior Living): 17% Commercial Tax- Exempt (Medical): 8% Consumer: 4% Other: 7% Municipal, Consumer and OtherAgriculture and Farmland

9 Loan Portfolio Overview: ACL and Asset Quality 1Q25 ACL on Loans Activity ($000) Watch List and Nonaccrual Loans ($000) As of 12/31/24 Change As of 3/31/25 Pass-Watch $ 83,947 $ 2,874 $ 86,821 Special Mention 46,590 (1,756) 44,834 Substandard 71,213 2,511 73,724 Nonaccrual1 7,652 (2,550) 5,102 CECL Methodology and Oversight n Discounted cash flow method utilized for majority of loan segments, except weighted average remaining maturity method used for consumer loans n Credit loss drivers determined by regression analysis includes Company and peer loss data and macroeconomic variables, including unemployment and GDP n ACL / Loans of 1.22% as of March 31, 2025 n ACL Committee provides model governance and oversight ACL on Unfunded Commitments n ACL on unfunded lending-related commitments was $3.2 million as of March 31, 2025 1 Includes $1.4 million of loans that are wholly or partially guaranteed by the U.S. government as of March 31, 2025. $42,044 $(429) $(332) $37 $717 $74 $42,111 4Q24 Net Charge-Offs Changes in Specific Reserves Changes in Economic Forecast Changes in Qualitative Factors Changes in Portfolio and Other Changes 1Q25

10 4.5 4.8 5.9 5.7 6.9 8.6 2.2 1.6 1.7 1.9 2.4 2.0 1.6 0.5 0.4 0.4 0.2 0.8 0.6 0.5 Asset Management and Trust Services Agricultural Services - Farm Management Agricultural Services - Real Estate Brokerage Investment Brokerage Total 2019 2020 2021 2022 2023 2024 1Q25 0 1 2 3 4 5 6 7 8 9 10 11 12 Wealth Management Overview Comprehensive Wealth Management Services n Proprietary investment management solutions n Financial planning n Trust and estate administration Wealth Management Revenue Trends ($mm) Agricultural Services n Farm management services: over 78,000 acres managed as of March 31, 2025 n Real estate brokerage including auction services n Farmland appraisals $2.8 $7.2 $8.4 $9.2 $9.9 Over $2.3 billion of assets under management or administration as of March 31, 2025 $6.8 $11.0

11 Securities Portfolio Overview Securities Overview Key Investment Portfolio Metrics ($000) AFS HTM Total Amortized Cost $ 754,493 $ 490,398 $ 1,244,891 Unrealized Gain/(Loss) (48,358) (44,636) (92,994) Allowance for Credit Losses — — — Fair Value 706,135 445,762 1,151,897 Book Yield 2.67 % 2.43 % 2.58 % Effective Duration (Years) 3.22 4.15 3.58 Portfolio Composition U.S. Treasury: 9% U.S. Gov't Agency: 11% Municipal: 15% Agency RMBS: 26% Agency CMBS: 33% Corporate: 6% Amortized Cost: $1,245mm Book Yield: 2.58% Book Yield: 2.58% Book Yield: 2.00% Book Yield: 1.34% Book Yield: 2.01% Book Yield: 3.52% Book Yield: 5.03% n Company’s debt securities consist primarily of the following types of fixed income instruments: n Agency guaranteed MBS: MBS pass-throughs, CMOs, and CMBS n Municipal bonds: weighted average NRSRO credit rating of Aa2/AA n Treasury, government agency debentures, and SBA-backed full faith and credit debt n Corporate bonds: Investment-grade corporate and bank subordinated debt n Investment strategy focused on maximizing returns and managing the Company’s asset sensitivity with high credit quality intermediate duration investments n Company emphasizes predictable cash flows that limit faster prepayments when rates decline or extended durations when rates rise n During the quarter, $24.4 million of debt securities were purchased with excess liquidity on hand Expected Debt Securities Principal Cash Flows ($000) 2Q25 3Q25 4Q25 1H26 2H26 Expected Principal Cash Flows1 $ 41,270 $ 26,987 $ 49,902 $ 65,012 $ 70,038 Book Yield 2.83 % 2.87 % 2.30 % 2.70 % 2.53 % Financial data as of March 31, 2025, unless otherwise indicated; 1 Expected principal cash flows includes contractual maturities, projected calls, and projected mortgage-backed principal payments based on industry recognized prepayment models as of March 31, 2025.

12 Capital and Liquidity Overview As of 3/31/25 Balance of Cash and Cash Equivalents $211,591 Market Value of Unpledged Securities 743,840 Available FHLB Advance Capacity 1,028,078 Available FRB Discount Window Capacity 106,279 Available Fed Fund Lines of Credit 80,000 Total Estimated Sources of Liquidity $2,169,788 Capital and Liquidity Highlights n All capital measures increased during 1Q25 and remain well above regulatory requirements n Decrease in CET1 risk-based capital ratio in 2023 was primarily a result of the Town and Country acquisition n If all unrealized losses on debt securities, regardless of accounting classification, were included in tangible equity, tangible common equity to tangible assets would be 9.15%1 n With the loan to deposit ratio at 79%, there is more than sufficient on-balance sheet liquidity that is also supplemented by multiple untapped liquidity sources CET1 Risk-Based Capital Ratio (%) 13.37 13.07 12.12 13.21 13.48% 2021 2022 2023 2024 1Q25 Tangible Common Equity to Tangible Assets (%) 8.89 8.06 8.19 9.42 9.73% 2021 2022 2023 2024 1Q25 1 1 Non-GAAP financial measure. See “Non-GAAP Reconciliations” in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. Liquidity Sources ($000)

13 Near-Term Outlook nNet interest income is expected to be up slightly in 2Q25, relative to 1Q25, due to a stable NIM and an increased day count despite lower projected average and end of period loan balances. nDeposit balances are expected to be flat in 2Q25, relative to 1Q25. nWith current liquidity levels, we may increase debt security purchases during the remainder of 2025, if yields are attractive. nNoninterest income is expected to increase slightly during 2Q25, relative to 1Q25. nNoninterest expense expected to be between $31 million and $33 million per quarter in 2025. nAsset quality expected to remain solid, although a return to more normalized asset quality metrics and charge-offs may occur should the economy soften. Additionally, there may be more volatility in the CECL calculation if we see large movements in forecast unemployment and GDP. nStock repurchase program will continue to be used opportunistically with $15 million available through January 1, 2026. nCurrent capital levels and operational structure support M&A should the right opportunity arise.

14 Our History – Long track record of organic and acquisitive growth Fred Drake named President and CEO of Heartland Bank and Trust Company and leads its entry into Bloomington-Normal 1992 1964 - 1982 George Drake purchases El Paso National Bank and assembles group of banks in rural communities in central IL M.B. Drake starts bank in central IL 1920 HBT Financial, Inc. incorporates as a multi-bank holding company owning three banks 1982 1997 All five banks owned by HBT Financial, Inc. merge into Heartland Bank and Trust Company Wave of FDIC- assisted and strategic acquisitions, including expansion into the Chicago MSA 2010-2015 Acquisition1 of Lincoln S.B. Corp (State Bank of Lincoln) 2018 Company crosses $1bn in assets 2007 1999 - 2008 Entry into several new markets in central IL through de novo branches and acquisitions 2019 Completion of IPO in October 2020 Merger of State Bank of Lincoln into Heartland Bank and Trust Company 2021 Entry into Iowa with NXT Bank acquisition 2023 Completed acquisition of Town and Country Financial Corporation 1 Although the Lincoln S.B. Corp transaction is identified as an acquisition above, the transaction was accounted for as a change of reporting entity due to its common control with the Company

15 Central Illinois: 44 Chicago MSA: 18 Iowa: 4 Central Illinois branches Chicago MSA branches Iowa branches Our Markets Source: S&P Capital IQ; Financial data as of March 31, 2025. Full-Service Branch Locations Central Illinois: 69% Chicago MSA: 28% Iowa: 3% $4.4bn Central Illinois: 48% Chicago MSA: 42% Iowa: 10% $3.5bn 66 Locations Deposits Loans Full-Service Branches

16 Business Strategy n Drake family involved in central Illinois banking since 1920 n Management lives and works in our communities n Community banking and relationship-based approach stems from adherence to our Midwestern values n Committed to providing products and services to support the unique needs of our customer base n Vast majority of loans originated to borrowers residing within 60 miles of a branch n Robust underwriting standards will continue to be a hallmark of the Company n Maintained sound credit quality and minimal originated problem asset levels during the Great Recession n Diversified loan portfolio primarily within footprint n Underwriting continues to be a strength as evidenced by NCOs / loans of 0.05% during 2024 and 0.05%* during 1Q25; NPLs / loans of 0.22% at 2024 and 0.15% at 1Q25 n Positioned to be the acquirer of choice for many potential partners in and adjacent to our existing markets n Successful integration of 10 community bank acquisitions2 since 2007 n Chicago MSA, in particular, has ~70 banking institutions with less than $2bn in assets n 1.50% adjusted ROAA3 and 4.01% NIM (FTE)4 during 2024; 1.55%* adjusted ROAA3 and 4.16%* NIM (FTE)4 during 1Q25 n Highly profitable through the Great Recession and the COVID-19 pandemic n Highly defensible market position (Top 2 deposit share rank in 6 of 7 largest central Illinois markets in which the Company operates1) that contributes to our strong core deposit base and funding advantage n Continued deployment of our excess deposit funding (79% loan-to-deposit ratio as of 1Q25) into attractive loan opportunities in larger, more diversified markets n Efficient decision-making process provides a competitive advantage over the larger and more bureaucratic money center and super regional financial institutions that compete in our markets Preserve strong ties to our communities Deploy excess deposit funding into loan growth opportunities Maintain a prudent approach to credit underwriting Pursue strategic acquisitions and sustain strong profitability Small enough to know you, big enough to serve you * Annualized measure; FTE: Fully tax equivalent; 1 Source: S&P Capital IQ, data as of June 30, 2024; 2 Includes merger with Lincoln S.B. Corp in 2018, although the transaction was accounted for as a change of reporting entity due to its common control with Company; 3 Metrics based on adjusted net income, which is a non-GAAP metric; for reconciliation with GAAP metrics, see “Non-GAAP reconciliations” in Appendix; 4 Metrics presented on tax-equivalent basis; for reconciliation with GAAP metric, see “Non-GAAP reconciliations” in Appendix.

17 Experienced executive management team with deep community ties Fred L. Drake Executive Chairman 42 years with Company 45 years in industry J. Lance Carter President and Chief Executive Officer 23 years with Company 31 years in industry Lawrence J. Horvath Chief Lending Officer 14 years with Company 39 years in industry Mark W. Scheirer Chief Credit Officer 14 years with Company 32 years in industry Andrea E. Zurkamer Chief Risk Officer 11 years with Company 24 years in industry Diane H. Lanier Chief Retail Officer 28 years with Company 40 years in industry Peter Chapman Chief Financial Officer Joined HBT in 2022 31 years in industry

18 Talented Board of Directors with deep financial services industry experience Fred L. Drake Executive Chairman • Director since 1984 • 42 years with Company • 45 years in industry J. Lance Carter Director • Director since 2011 • President and CEO of HBT Financial and Heartland Bank • 23 years with Company • 31 years in industry Patrick F. Busch Director • Director since 1998 • Vice Chairman of Heartland Bank • 29 years with Company • 46 years in industry Eric E. Burwell Director • Director since 2005 • Owner, Burwell Management Company • Invests in a variety of real estate, private equity, venture capital and liquid investments Linda J. Koch Director • Director since 2020 • Former President and CEO of the Illinois Bankers Association • 36 years in industry Gerald E. Pfeiffer Director • Director since 2019 • Former Partner at CliftonLarsonAllen LLP • Former CFO of Bridgeview Bancorp • Over 50 years of industry experience Allen C. Drake Director • Director since 1981 • Retired EVP with 27 years of experience at Company • Formerly responsible for Company’s lending, administration, technology, personnel, accounting, trust and strategic planning Dr. C. Alvin Bowman Director • Director since 2019 • Former President of Illinois State University • 36 years in higher education Roger A. Baker Director • Director since 2022 • Former Chairman and President of NXT Bancorporation • 15 years in industry

19 Investment Highlights 3 1 2 4 Track record of successfully integrating acquisitions Consistent performance through economic cycles and consistent out-performance of peers drives long-term shareholder value Strong, granular, low-cost deposit base provides funding for diversified loan portfolio and loan growth opportunities Prudent risk management

20 Consistent performance through economic cycles. . . Drivers of Profitability Strong, granular, low-cost deposits1 Relationship-based business model that has allowed us to cultivate and underwrite attractively priced loans A robust credit risk management framework to prudently manage credit quality Diversified sources of fee income, including in wealth management 4 Consistent out-performance, even during periods of broad economic stress 1 2 3 Pre-Tax Return on Average Assets (%) Company Company Adjusted Peer Median 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% 1 Source: S&P Capital IQ as available on April 10, 2025; For 2006 through June 30, 2012, the Company’s pre-tax ROAA does not include Lincoln S.B. Corp. and its subsidiaries; 1 Non-GAAP financial measure. See “Non-GAAP Reconciliations” in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures; 2 See "Peer Group Members" in the Appendix for listing of the publicly-traded bank holding companies included in peer group median. 2

21 . . . and consistent out-performance of peers. . .1 CET1 Capital Ratio (%) 13.37 13.07 12.12 13.21 11.98 10.68 11.04 11.42 HBT Peer Median 2021 2022 2023 2024 Return on Average Equity (%) 14.81 14.73 14.60 13.9312.84 13.43 12.50 11.04 HBT Peer Median 2021 2022 2023 2024 Cost of Funds (%) 0.16 0.19 0.86 1.41 0.30 0.52 1.76 2.31 HBT Peer Median 2021 2022 2023 2024 Nonperforming Assets to Total Assets (%) 0.14 0.12 0.17 0.16 0.29 0.24 0.29 0.38 HBT Peer Median 2021 2022 2023 2024 Robust Capitalization Superior Profitability Exceptional Funding Base Conservative Credit Underwriting 1 11 1 Source: S&P Capital IQ as available on April 10, 2025; 1 See "Peer Group Members" in the Appendix for listing of the publicly-traded bank holding companies included in peer group median.

22 . . . drives long-term shareholder value1 HBT Financial, Inc. Peer Median S&P 600 Small Cap Bank Index 10/11/2019 (IPO Date) 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 3/31/2025 $75.00 $100.00 $125.00 $150.00 $175.00 $200.00 Industry Recognition n Ranked 7th out of 200 in the Forbes 2025 America's Best Banks ranking (based on 2024 results) n Ranked 16th out of 208 in S&P Global Market Intelligence's 2024 large US community bank ranking n Ranked 12th out of community banks with total assets of $5bn to $10bn and 21st out of 300 publicly traded banks overall in Bank Director's The Best U.S. Banks 2024 edition Cumulative Total Return (Initial investment of $100 and reinvestment of dividends) 1 Source: S&P Capital IQ as available on April 10, 2025; 1 See "Peer Group Members" in the Appendix for listing of the publicly-traded bank holding companies included in peer group median.

23 0.29 0.14 0.07 0.07 0.60 1.30 0.81 0.44 0.21 0.36 1.49 2.06 HBT Peer Median 2019 2020 2021 2022 2023 2024 Strong, granular, low-cost deposit base provides funding for . . . Cost of Deposits (%) Remains Consistently Below Peers 1 2 With a Lower Deposit Beta than Peers During the Latest Interest Rate Tightening Cycle Deposit Beta (4Q21 – 2Q24): HBT = 23.6% Peer Median1 = 36.2% As of 3/31/25 Number of Accounts (000) Average Account Balance ($000) Weighted Average Age (Years) Noninterest-bearing 74 $14 15.0 Interest-bearing demand 55 19 20.4 Money market 6 116 11.4 Savings 45 13 17.5 Time 18 43 2.1 Total deposits 197 $21 13.7 Deposit Base Characteristics2 1 Source: S&P Capital IQ as available on April 10, 2025; * Annualized measure; 1 See "Peer Group Members" in the Appendix for listing of the publicly-traded bank holding companies included in peer group median; 2 Excludes overdrawn deposit accounts, reciprocal deposit accounts, and internal HBT accounts. 1.31% 2.07% HBT Peer Median 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 —% 0.50% 1.00% 1.50% 2.00% 2.50% 1

24 . . . diversified loan portfolio and loan growth opportunities2 March 31, 2025 Balance ($000) Percent Commercial and industrial $ 441,261 12.7 % Commercial real estate - owner occupied 321,990 9.3 % Commercial real estate - non- owner occupied 891,022 25.7 % Construction and land development 376,046 10.9 % Multi-family 424,096 12.3 % One-to-four family residential 455,376 13.2 % Agricultural and farmland 292,240 8.4 % Municipal, consumer, and other 259,747 7.5 % Total loans $ 3,461,778 100.0 % Diversified Loan Portfolio Chicago MSA n Entered market in 2011 with acquisition of Western Springs National Bank n In-market disruption from recent bank M&A in Chicago MSA has provided attractive source of local talent n Scale and diversity of Chicago MSA provides continued growth opportunities, both in lending and deposits n Loan growth in Chicago MSA spread across a variety of commercial asset classes, including multi-family, mixed use, industrial, retail, and office n Chicago MSA region loans grew 6.8% over the last 12 months Central Illinois n Deep-rooted market presence expanded through several acquisitions since 2007 n Central Illinois markets have been resilient during previous economic downturns n Town and Country merger has provided very strong market share in a number of new markets and opportunities to expand customer relationships with HBT’s greater ability to meet larger borrowing needs n Central Illinois region loans were relatively stable over the last 12 months Iowa n Entered market in 2021 with acquisition of NXT Bancorporation, Inc. ("NXT") n Continued opportunity to accelerate loan growth in Iowa thanks to HBT’s larger lending limit and ability to add to talented banking team n Iowa region loans grew 14.5% over the last 12 months Loan Growth Opportunities

25 Track record of successfully integrating acquisitions BankPlus Morton, IL $231mm deposits 2007 2012 Bank of Illinois Normal, IL FDIC-assisted $176mm deposits Western Springs National Bank Western Springs, IL FDIC-assisted $184mm deposits 2011 Citizens First National Bank Princeton, IL FDIC-assisted $808mm deposits 2018 Farmer City State Bank Farmer City, IL $70mm deposits 20152010 Bank of Shorewood Shorewood, IL FDIC-assisted $105mm deposits National Bancorp, Inc. (American Midwest Bank) Schaumburg, IL $447mm deposits Lincoln S.B. Corp (State Bank of Lincoln)1 Lincoln, IL $357mm deposits 2021 NXT Bancorporation, Inc. (NXT Bank) Central City, IA $182mm deposits Town and Country Financial Corporation (Town and Country Bank) Springfield, IL $720mm deposits 2023 3 1 Although the Lincoln Acquisition is identified as an acquisition in the above table, the transaction was accounted for as a change of reporting entity due to its common control with Company.

26 Prudent risk management n Risk management culture instilled by management n Well-diversified loan portfolio across commercial, regulatory CRE, and residential n Primarily originated across in-footprint borrowers n Centralized credit underwriting group that evaluates the vast majority of exposures over $750,000 to ensure uniform application of policies and procedures n Conservative credit culture, strong underwriting criteria, and regular loan portfolio monitoring n Robust internal loan review process that reviews more than 45% of loan commitments on a rolling 24 month basis Strategy and Risk Management n Majority of directors are independent, with varied expertise and backgrounds n Board of directors has an established Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee, and Enterprise Risk Management (ERM) Committee n ERM program embodies the “three lines of defense” model and promotes business line risk ownership n Independent and robust internal audit structure, reporting directly to our Audit Committee n Strong compliance culture and compliance management system n Code of Ethics and other governance documents are available at ir.hbtfinancial.com Data Security & Privacy n Robust data security program, and under our privacy policy, we do not sell or share customer information with non-affiliated entities n Formal company-wide business continuity plan covering all departments, as well as a cybersecurity program that includes internal and outsourced, independent testing of our systems and employees Comprehensive Enterprise Risk Management Disciplined Credit Risk Management Historical Net Charge-Offs (%) 4 NCOs / Loans % 0.04% (0.01)% (0.08)% 0.01% 0.05% 0.05%* 2020 2021 2022 2023 2024 1Q25 * Annualized Measure.

27 Appendix

28 Non-GAAP Reconciliations Adjusted Net Income and Adjusted ROAA ($000) 2022 2023 2024 4Q24 1Q25 Net income $ 56,456 $ 65,842 $ 71,780 $ 20,272 $ 19,075 Adjustments: Acquisition expenses1 (1,092) (13,691) — — — Gains (losses) on closed branch premises 141 75 (635) — 59 Realized losses on sale of securities — (1,820) (3,697) (315) — Mortgage servicing rights fair value adjustment 2,153 (1,615) (174) 1,331 (308) Total adjustments 1,202 (17,051) (4,506) 1,016 (249) Tax effect of adjustments2 (551) 4,711 1,284 (290) 71 Total adjustments after tax effect 651 (12,340) (3,222) 726 (178) Adjusted net income $ 55,805 $ 78,182 $ 75,002 $ 19,546 $ 19,253 Average assets $ 4,269,873 $ 4,927,904 $ 5,008,083 $ 4,994,466 $ 5,032,813 Return on average assets 1.32 % 1.34 % 1.43 % 1.61 %* 1.54 %* Adjusted return on average assets 1.31 % 1.59 % 1.50 % 1.56 %* 1.55 %* * Annualized measure; 1 Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million subsequent to the Town and Country merger during first quarter of 2023; 2 Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

29 Non-GAAP Reconciliations (cont’d) ROATCE, Adjusted ROAE, and Adjusted ROATCE ($000) 2022 2023 2024 1Q25 Total stockholders’ equity $ 383,306 $ 450,928 $ 515,368 $ 554,715 Less: goodwill (29,322) (57,266) (59,820) (59,820) Less: core deposit intangible assets (1,480) (20,272) (19,247) (17,480) Average tangible common equity $ 352,504 $ 373,390 $ 436,301 $ 477,415 Net income $ 56,456 $ 65,842 $ 71,780 $ 19,075 Adjusted net income 55,805 78,182 75,002 19,253 Return on average stockholders’ equity 14.73 % 14.60 % 13.93 % 13.95 %* Return on average tangible common equity 16.02 % 17.63 % 16.45 % 16.20 %* Adjusted return on average stockholders’ equity 14.56 % 17.34 % 14.55 % 14.08 %* Adjusted return on average tangible common equity 15.83 % 20.94 % 17.19 % 16.36 %* * Annualized measure.

30 Non-GAAP Reconciliations (cont’d) ($000) 2020 2021 2022 2023 2024 Net interest income $ 117,605 $ 122,403 $ 145,874 $ 191,072 $ 188,850 Tax-equivalent adjustment1 1,943 2,028 2,499 2,758 2,242 Net interest income (tax-equivalent basis)1 $ 119,548 $ 124,431 $ 148,373 $ 193,830 $ 191,092 Average interest-earnings assets $ 3,318,764 $ 3,846,473 $ 4,118,124 $ 4,675,025 $ 4,769,671 Net interest margin 3.54 % 3.18 % 3.54 % 4.09 % 3.96 % Tax-equivalent adjustment1 0.06 % 0.05 % 0.06 % 0.06 % 0.05 % Net interest margin (tax-equivalent basis)1 3.60 % 3.23 % 3.60 % 4.15 % 4.01 % Net Interest Income (tax-equivalent basis) and Net Interest Margin (tax-equivalent basis) Net Interest Income (tax-equivalent basis) and Net Interest Margin (tax-equivalent basis) ($000) 1Q24 2Q24 3Q24 4Q24 1Q25 Net interest income $ 46,688 $ 47,028 $ 47,733 $ 47,401 $ 48,708 Tax-equivalent adjustment1 575 553 552 562 545 Net interest income (tax-equivalent basis)1 $ 47,263 $ 47,581 $ 48,285 $ 47,963 $ 49,253 Average interest-earnings assets $ 4,765,449 $ 4,785,558 $ 4,769,471 $ 4,758,334 $ 4,798,021 Net interest margin 3.94 %* 3.95 %* 3.98 %* 3.96 %* 4.12 %* Tax-equivalent adjustment1 0.05 %* 0.05 %* 0.05 %* 0.05 %* 0.04 %* Net interest margin (tax-equivalent basis)1 3.99 %* 4.00 %* 4.03 %* 4.01 %* 4.16 %* * Annualized measure; 1 Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

31 Non-GAAP Reconciliations (cont’d) Efficiency Ratio (tax-equivalent basis) ($000) 2022 2023 2024 1Q25 Total noninterest expense $ 105,107 $ 130,964 $ 124,007 $ 31,935 Less: amortization of intangible assets (873) (2,670) (2,839) (695) Noninterest expense excluding amortization of intangible assets $ 104,234 $ 128,294 $ 121,168 $ 31,240 Net interest income $ 145,874 $ 191,072 $ 188,850 $ 48,708 Total noninterest income 34,717 36,046 35,571 9,306 Operating revenue 180,591 227,118 224,421 58,014 Tax-equivalent adjustment1 2,499 2,758 2,242 545 Operating revenue (tax-equivalent basis)1 $ 183,090 $ 229,876 $ 226,663 $ 58,559 Efficiency ratio 57.72 % 56.49 % 53.99 % 53.85 % Efficiency ratio (tax-equivalent basis)1 56.93 % 55.81 % 53.46 % 53.35 % 1 Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

32 Non-GAAP Reconciliations (cont’d) ($000) 2021 2022 2023 2024 1Q25 Tangible common equity Total equity $ 411,881 $ 373,632 $ 489,496 $ 544,605 $ 565,057 Less: goodwill (29,322) (29,322) (59,820) (59,820) (59,820) Less: core deposit intangible (1,943) (1,070) (20,682) (17,843) (17,148) Tangible common equity $ 380,616 $ 343,240 $ 408,994 $ 466,942 488,089 Unrealized loss on HTM securities (44,636) Tax Effect 12,498 Tangible common equity - HTM adjusted $ 455,951 Tangible assets Total assets $ 4,314,254 $ 4,286,734 $ 5,073,170 $ 5,032,902 $ 5,092,192 Less: goodwill (29,322) (29,322) (59,820) (59,820) (59,820) Less: core deposit intangible (1,943) (1,070) (20,682) (17,843) (17,148) Tangible assets $ 4,282,989 $ 4,256,342 $ 4,992,668 $ 4,955,239 5,015,224 Unrealized loss on HTM securities (44,636) Tax Effect 12,498 Tangible assets - HTM adjusted $ 4,983,086 Total stockholders’ equity to total assets 9.55 % 8.72 % 9.65 % 10.82 % 11.10 % Tangible common equity to tangible assets 8.89 % 8.06 % 8.19 % 9.42 % 9.73 % Tangible common equity to tangible assets - HTM adjusted 9.15 % Tangible Common Equity to Tangible Assets

33 Non-GAAP Reconciliations (cont’d) ($000) 2021 2022 2023 2024 1Q25 Tangible common equity Total equity $ 411,881 $ 373,632 $ 489,496 $ 544,605 $ 565,057 Less: goodwill (29,322) (29,322) (59,820) (59,820) (59,820) Less: core deposit intangible (1,943) (1,070) (20,682) (17,843) (17,148) Tangible common equity $ 380,616 $ 343,240 $ 408,994 $ 466,942 $ 488,089 Shares outstanding 28,986,061 28,752,626 31,695,828 31,559,366 31,631,431 Book value per share $ 14.21 $ 12.99 $ 15.44 $ 17.26 $ 17.86 Tangible book value per share $ 13.13 $ 11.94 $ 12.90 $ 14.80 $ 15.43 Tangible Book Value Per Share

34 Non-GAAP Reconciliations (cont’d) ($000) 2022 2023 2024 1Q25 Total deposits $ 3,587,024 $ 4,401,437 $ 4,318,254 $ 4,384,590 Less: time deposits of $250,000 or more (27,158) (130,183) (202,196) (209,223) Less: brokered deposits — (144,880) — — Core deposits $ 3,559,866 $ 4,126,374 $ 4,116,058 $ 4,175,367 Core deposits to total deposits 99.24 % 93.75 % 95.32 % 95.23 % Core Deposits

35 Non-GAAP Reconciliations ($000) 2011 2012 2013 Income before income tax expense $ 47,301 $ 71,384 $ 46,134 Adjustments: Bargain purchase gain 25,417 11,361 — Realized gains (losses) on sale of securities — 9,683 (9,143) Net positive adjustments on FDIC indemnification asset and true-up liability — 6,687 — Net loss related to the sale of branches — — (6,860) Total adjustments 25,417 27,731 (16,003) Adjusted income before income tax expense 21,884 43,653 62,137 Average assets $ 1,831,704 $ 2,494,242 $ 3,148,005 Pre-tax return on average assets 2.58 % 2.86 % 1.47 % Adjusted pre-tax return on average assets 1.19 % 1.75 % 1.97 % Adjusted Pre-Tax ROAA (2011 to 2013)

36 Peer Group Members Ticker Symbol Company Name BFC Bank First Corporation BY Byline Bancorp, Inc. CIVB Civista Bancshares, Inc. FMNB Farmers National Banc Corp. THFF First Financial Corporation FMBH First Mid Bancshares, Inc. GABC German American Bancorp, Inc. GSBC Great Southern Bancorp, Inc. HBNC Horizon Bancorp, Inc. IBCP Independent Bank Corporation LKFN Lakeland Financial Corporation MBWM Mercantile Bank Corporation MSBI Midland States Bancorp, Inc. MOFG MidWestOne Financial Group, Inc. NIC Nicolet Bankshares, Inc. OSBC Old Second Bancorp, Inc. PEBO Peoples Bancorp Inc. QCRH QCR Holdings, Inc. SMBC Southern Missouri Bancorp, Inc. SYBT Stock Yards Bancorp, Inc.

0 118 104 0 118 104 0 118 104 165 211 142 165 211 142 245 230 168 245 230 168 255 255 255


Delaware	001-39085	37-1117216
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

401 North Hershey Road Bloomington, Illinois		61704
(Address of principal executive offices)		(Zip Code)


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


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


Exhibit Number			Description of Exhibit

99.1			Earnings Release issued April 21, 2025 for the First Quarter Ended March 31, 2025.

99.2			HBT Financial, Inc. Presentation of Results for the First Quarter Ended March 31, 2025.

104			Cover Page Interactive Data File (embedded within the Inline XBRL document).


	HBT FINANCIAL, INC.

	By:	/s/ Peter R. Chapman
		Name: Peter R. Chapman
		Title: Chief Financial Officer

Date: April 21, 2025