SEC Filing | HBT Financial

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 25, 2023

HBT FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

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)

(888) 897-2276

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐	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))

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
	Emerging growth company ☒

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

Item 2.02. Results of Operations and Financial Condition.

On April 26, 2023, HBT Financial, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2023 (the “Earnings Release”). A copy of the Earnings Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).

The information contained in Item 2.02, including Exhibit 99.1 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or into any filing or other document pursuant to the Exchange Act, except to the extent required by applicable law or regulation.

Item 7.01. Regulation FD Disclosure.

The Company has prepared a presentation of its results for the first quarter ended March 31, 2023 (the “Presentation”) to be used from time to time during meetings with members of the investment community. A copy of the Presentation is furnished as Exhibit 99.2 to this Report. The Presentation will also be made available on the Company’s investor relations website at ir.hbtfinancial.com under the Presentations section.

The information contained in Item 7.01, including Exhibit 99.2 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act, or into any filing or other document pursuant to the Exchange Act, except to the extent required by applicable law or regulation.

Item 8.01. Other Events.

On April 25, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.17 per share on the Company’s common stock (the “Dividend”). The Dividend is payable on May 16, 2023 to shareholders of record as of May 9, 2023.

Item 9.01. Financial Statements and Exhibits.

Exhibit Number	Description of Exhibit

99.1	Earnings Release issued April 26, 2023 for the First Quarter Ended March 31, 2023.

99.2	HBT Financial, Inc. Presentation of Results for the First Quarter Ended March 31, 2023.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	HBT FINANCIAL, INC.


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

Date: April 26, 2023

EXHIBIT 99.1

HBT FINANCIAL, INC. ANNOUNCES

FIRST QUARTER 2023 FINANCIAL RESULTS

First Quarter Highlights

●

Net income of $9.2 million, or $0.30 per diluted share; return on average assets (ROAA) of 0.78%; return on average stockholders' equity (ROAE) of 8.84%; and return on average tangible common equity (ROATCE)⁽¹⁾ of 10.45%

●

Adjusted net income⁽¹⁾ of $19.9 million; or $0.64 per diluted share; adjusted ROAA⁽¹⁾ of 1.69%; adjusted ROAE⁽¹⁾ of 19.08%; and adjusted ROATCE⁽¹⁾ of 22.55%

●

Completed merger with Town and Country Financial Corporation (“Town and Country”) on February 1, 2023

●

Asset quality remained strong with nonperforming assets to total assets of 0.20%

●

Net interest margin expanded 10 basis points to 4.20% from the fourth quarter of 2022

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

Bloomington, IL, April 26, 2023 – 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 $9.2 million, or $0.30 diluted earnings per share, for the first quarter of 2023. This compares to net income of $13.1 million, or $0.46 diluted earnings per share, for the fourth quarter of 2022, and net income of $13.6 million, or $0.47 diluted earnings per share, for the first quarter of 2022.

Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, “It was a strong start to 2023 for HBT. We posted excellent financial results which were underpinned by two strengths that we have been focused on for many years. Asset quality remains strong with low levels of problem loans and net recoveries recorded during the quarter. In addition, our deposit base which is very granular and nearly 70% retail as of March 31, 2023 has remained stable in balances since December 31, 2022, and the increase in the cost of these deposits was in line with our expectations as our overall cost of funds increased only 19 basis points for the quarter. These strengths contributed to strong net income after adjusting for acquisition related expenses. In addition to our strong financial results, we completed a successful close of the Town and Country acquisition which is expected to provide profitable growth, scale and enhance the long-term value of our company. Finally, I am excited by the leadership changes we have recently announced, as I will transition to an Executive Chairman role and Lance Carter, who has been with the bank since 2001, will take over as Chief Executive Officer effective on May 24, 2023.”

HBT Financial, Inc.

Page 2 of 15

Adjusted Net Income

In addition to reporting GAAP results, the Company believes adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on sale of closed branch premises, net earnings (losses) from closed or sold operations, charges related to termination of certain employee benefit plans, realized gains (losses) on sales of securities, and mortgage servicing rights fair value adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.9 million, or $0.64 adjusted diluted earnings per share, for the first quarter of 2023. This compares to adjusted net income of $13.9 million, or $0.48 adjusted diluted earnings per share, for the fourth quarter of 2022, and adjusted net income of $12.2 million, or $0.42 adjusted diluted earnings per share, for the first quarter of 2022 (see "Reconciliation of Non-GAAP Financial Measures" tables).

Acquisition of Town and Country

On February 1, 2023, HBT Financial completed its previously announced acquisition of Town and Country, the holding company for Town and Country Bank. The acquisition further enhances HBT Financial’s footprint in Central Illinois and expands our footprint into metro-east St. Louis. After considering business combination accounting adjustments, Town and Country added total assets of $906 million, total loans held for investment of $635 million, and total deposits of $720 million.

Cash consideration of $38.0 million and stock consideration of approximately 3.4 million shares of HBT Financial common stock resulted in aggregate consideration of $109.4 million. The fair value of the shares of HBT Financial common stock issued as part of the consideration paid to the holders of Town and Country common stock was determined on the basis of the closing price of $21.12 per share on February 1, 2023. Goodwill of $30.6 million was recorded in the acquisition.

Acquisition-related expenses consisted of the following during the first quarter of 2023 and fourth quarter of 2022:


	Three Months Ended
	March 31, 2023		December 31, 2022

	(dollars in thousands)
Provision for credit losses	$	5,924	$	—
Salaries		3,518		—
Data processing		1,855		304
Marketing and customer relations		14		—
Legal fees and other noninterest expense		1,753		326
Total acquisition-related expenses	$	13,064	$	630

Net Interest Income and Net Interest Margin

Net interest income for the first quarter of 2023 was $46.8 million, an increase of 11.0% from $42.2 million for the fourth quarter of 2022. The increase was primarily attributable to the increase in earning assets following the Town and Country merger and higher yields on interest-earning assets. Partially offsetting these improvements were an increase in funding costs and a decrease in nonaccrual interest recoveries to $0.2 million during the first quarter of 2023 from $1.3 million during the fourth quarter of 2022.

Relative to the first quarter of 2022, net interest income increased 46.7% from $31.9 million. The increase was primarily attributable to higher yields on interest-earning assets and the increase in average interest-earning assets following the Town and Country merger.

Net interest margin for the first quarter of 2023 was 4.20%, compared to 4.10% for the fourth quarter of 2022. The increase was primarily attributable to higher yields on interest-earning assets and a more favorable mix of interest-earning assets, driven by the Town and Country merger and subsequent sale of the vast majority of the Town and Country securities portfolio, which was partially offset by higher funding costs. The contribution of nonaccrual interest recoveries to net interest margin was 2 basis points during the first quarter of 2023 and 13 basis points during the fourth quarter of 2022. Additionally, acquired loan discount accretion contributed 7 basis points to net interest margin during the first quarter of 2023 and 2 basis points during the fourth quarter of 2022.

HBT Financial, Inc.

Page 3 of 15

Relative to the first quarter of 2022, net interest margin increased from 3.08%. This increase was primarily attributable to higher yields on interest-earning assets. Nonaccrual interest recoveries contributed 7 basis points to net interest margin, and acquired loan discount accretion contributed 1 basis point to net interest margin, during the first quarter of 2022.

Noninterest Income

Noninterest income for the first quarter of 2023 was $7.4 million, a decrease of 5.7% from $7.9 million for the fourth quarter of 2022. The decrease was primarily attributable to realized losses on sales of securities of $1.0 million as the vast majority of the securities portfolio acquired from Town and Country was sold with the sale proceeds used to reduce Federal Home Loan Bank borrowings. Partially offsetting these losses was a $0.5 million increase in mortgage servicing revenue, primarily due to the addition of Town and Country servicing portfolio which nearly doubled the size of our existing mortgage servicing portfolio.

Relative to the first quarter of 2022, noninterest income decreased 25.9% from $10.0 million. The decline was primarily due to a negative $0.6 million mortgage servicing rights fair value adjustment during the first quarter of 2023 compared to a positive $1.7 million MSR fair value adjustment during the first quarter of 2022. Additionally, the realized losses on sales of securities of $1.0 million were partially offset by increases in mortgage servicing revenue and credit and debit card income.

Noninterest Expense

Noninterest expense for the first quarter of 2023 was $35.9 million, an 8.5% increase from $33.1 million for the fourth quarter of 2022. The increase was primarily due to acquisition-related expenses of $7.1 million and higher base costs following the Town and Country merger. These increases were mostly offset by the absence of accruals for pending legal matters totaling $8.2 million that were included in the fourth quarter of 2022 results.

Relative to the first quarter of 2022, noninterest expense increased 48.7% from $24.2 million, also primarily attributable to acquisition-related expenses.

Loan Portfolio

Total loans outstanding, before allowance for credit losses, were $3.20 billion at March 31, 2023, compared with $2.62 billion at December 31, 2022 and $2.49 billion at March 31, 2022. The $575.3 million increase in total loans from December 31, 2022 included $635.4 million of loans acquired in the Town and Country merger. Excluding the impact of the Town and Country merger, the $60.1 million decrease in total loans was primarily driven by a variety of balance reductions across the portfolio, including $21.9 million of multi-family loans refinanced to the secondary market and $14.9 million of payoffs on loans exited due to the current credit environment. Additionally, significantly lower seasonal usage on grain elevator lines of credit presented a headwind to loan growth during the first quarter of 2023.

Deposits

Total deposits were $4.31 billion at March 31, 2023, compared with $3.59 billion at December 31, 2022 and $3.82 billion at March 31, 2022. The $723.5 million increase from December 31, 2022 included $720.4 million of deposits assumed in the Town and Country merger. Excluding the impact of the Town and Country merger, total deposits remained nearly unchanged, with a $30.5 million increase in noninterest-bearing deposits and a $13.8 million increase in time deposits mostly offset by a $28.6 million decrease in money market accounts and a $16.3 million decrease in savings accounts.

HBT Financial, Inc.

Page 4 of 15

Adoption of CECL Methodology

On January 1, 2023, the Company adopted ASU 2016-13 (Topic 326), Measurement of Credit Losses on Financial Instruments, commonly referred to as the Current Expected Credit Loss (“CECL”) standard. Upon adoption of the CECL standard, a cumulative effect adjustment was recognized resulting in an after-tax decrease to retained earnings of $6.9 million as of January 1, 2023. This transition adjustment includes a $7.0 million impact due to the increase in the allowance for credit losses on loans, a $2.9 million impact due to the establishment of an allowance for credit losses on unfunded commitments, and a $2.7 million impact due to the tax effect of the transition adjustment.

Additionally, we also adopted the CECL standard using the prospective transition approach for purchased credit deteriorated (“PCD”) financial assets that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30. In accordance with the CECL standard, we did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2023, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $0.2 million to the allowance for credit losses. The remaining noncredit discount will be accreted into interest income at the effective interest rate as of January 1, 2023.

Asset Quality

Nonperforming loans totaled $6.5 million, or 0.20% of total loans, at March 31, 2023, compared with $2.2 million, or 0.08% of total loans, at December 31, 2022, and $2.5 million, or 0.10% of total loans, at March 31, 2022. The $4.4 million increase in nonperforming loans from December 31, 2022 was primarily attributable to the Town and Country merger, which added $3.8 million in nonaccrual loans as of March 31, 2023, consisting primarily of one-to-four family residential real estate loans.

The Company recorded a provision for credit losses of $6.2 million for the first quarter of 2023 including the 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 in connection with the Town and Country merger. The remaining provision for credit losses primarily reflects the establishment of an allowance for credit losses of $0.6 million on debt securities available-for-sale, related to one bank subordinated debt security, a $0.2 million decrease in specific reserves, and net recoveries of $0.1 million.

The Company had net recoveries of $0.1 million, or (0.02)% of average loans on an annualized basis, for the first quarter of 2023, compared to net recoveries of $0.9 million, or (0.14)% of average loans on an annualized basis, for the fourth quarter of 2022, and net recoveries of $1.2 million, or (0.19)% of average loans on an annualized basis, for the first quarter of 2022.

The Company’s allowance for credit losses was 1.21% of total loans and 595% of nonperforming loans at March 31, 2023, compared with 0.97% of total loans and 1,175% of nonperforming loans at December 31, 2022.

Stock Repurchase Program

During the first quarter of 2023, the Company repurchased 79,463 shares of its common stock at a weighted average price of $19.92 under its stock repurchase program. The Company’s Board of Directors have authorized the repurchase of up to $15 million of HBT Financial common stock under its stock repurchase program in effect until January 1, 2024. As of March 31, 2023, the Company had $13.4 million remaining under the current stock repurchase authorization.

HBT Financial, Inc.

Page 5 of 15

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 provides a comprehensive suite of business, commercial, wealth management, and retail banking products and services to individuals, businesses and municipal entities throughout Illinois and Eastern Iowa through 68 full-service branches. As of March 31, 2023, HBT had total assets of $5.0 billion, total loans of $3.2 billion, and total deposits of $4.3 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 net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), tangible common equity to tangible assets, tangible book value per share, return on average tangible common equity, adjusted net income, adjusted earnings per share, adjusted return on average assets, adjusted return on average stockholders' equity, and adjusted return on average tangible common equity. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the "Reconciliation of Non-GAAP Financial Measures" tables.

Forward-Looking Statements

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

HBT Financial, Inc.

Page 6 of 15

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 (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), acts of war or other threats thereof (including the Russian invasion of Ukraine), or other adverse external 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; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB or the PCAOB (including the Company’s adoption of CECL methodology); (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of LIBOR phase-out); (vi) 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; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) 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; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) 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.

CONTACT:

Peter Chapman

HBTIR@hbtbank.com

(888) 897-2276

HBT Financial, Inc.

Page 7 of 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
	2023			2022			2022

	(dollars in thousands, except per share data)
Interest and dividend income	$	51,779		$	44,948		$	33,335
Interest expense		4,942			2,765			1,407
Net interest income		46,837			42,183			31,928
Provision for credit losses		6,210			(653)			(584)
Net interest income after provision for credit losses		40,627			42,836			32,512
Noninterest income		7,437			7,889			10,043
Noninterest expense		35,933			33,110			24,157
Income before income tax expense		12,131			17,615			18,398
Income tax expense		2,923			4,475			4,794
Net income	$	9,208		$	13,140		$	13,604

Earnings per share - Basic	$	0.30		$	0.46		$	0.47
Earnings per share - Diluted		0.30			0.46			0.47

Adjusted net income ⁽¹⁾	$	19,859		$	13,886		$	12,227
Adjusted earnings per share - Basic ⁽¹⁾		0.64			0.48			0.42
Adjusted earnings per share - Diluted ⁽¹⁾		0.64			0.48			0.42

Book value per share	$	14.02		$	12.99		$	13.23
Tangible book value per share ⁽¹⁾		11.45			11.94			12.16

Shares of common stock outstanding		32,095,370			28,752,626			28,967,943
Weighted average shares of common stock outstanding		30,977,204			28,752,626			28,986,593

SUMMARY RATIOS
Net interest margin *		4.20	%		4.10	%		3.08	%
Net interest margin (tax equivalent basis) * ⁽¹⁾⁽²⁾		4.26			4.17			3.13

Efficiency ratio		65.27	%		65.85	%		56.97	%
Efficiency ratio (tax equivalent basis) ⁽¹⁾⁽²⁾		64.43			64.94			56.26

Loan to deposit ratio		74.13	%		73.05	%		65.19	%

Return on average assets *		0.78	%		1.23	%		1.27	%
Return on average stockholders' equity *		8.84			14.17			13.58
Return on average tangible common equity * ⁽¹⁾		10.45			15.45			14.71

Adjusted return on average assets * ⁽¹⁾		1.69	%		1.30	%		1.14	%
Adjusted return on average stockholders' equity * ⁽¹⁾		19.08			14.98			12.20
Adjusted return on average tangible common equity * ⁽¹⁾		22.55			16.33			13.22

CAPITAL
Total capital to risk-weighted assets		15.11	%		16.27	%		16.86	%
Tier 1 capital to risk-weighted assets		13.16			14.23			14.66
Common equity tier 1 capital ratio		11.79			13.07			13.40
Tier 1 leverage ratio		10.29			10.48			9.83
Total stockholders' equity to total assets		8.98			8.72			8.81
Tangible common equity to tangible assets ⁽¹⁾		7.45			8.06			8.16

ASSET QUALITY
Net charge-offs (recoveries) to average loans, before allowance for credit losses		(0.02)	%		(0.14)	%		(0.19)	%
Allowance for credit losses to loans, before allowance for credit losses		1.21			0.97			0.99
Nonperforming loans to loans, before allowance for credit losses		0.20			0.08			0.10
Nonperforming assets to total assets		0.20			0.12			0.13

* Annualized measure.

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

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

HBT Financial, Inc.

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HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Consolidated Statements of Income


	Three Months Ended
	March 31,		December 31,		March 31,
	2023		2022		2022

INTEREST AND DIVIDEND INCOME	(dollars in thousands, except per share data)
Loans, including fees:
Taxable	$	42,159	$	35,839	$	26,806
Federally tax exempt		952		952		662
Securities:
Taxable		6,616		6,421		4,649
Federally tax exempt		1,197		1,184		1,040
Interest-bearing deposits in bank		739		504		159
Other interest and dividend income		116		48		19
Total interest and dividend income		51,779		44,948		33,335

INTEREST EXPENSE
Deposits		2,374		849		569
Securities sold under agreements to repurchase		38		10		9
Borrowings		1,297		880		1
Subordinated notes		470		470		470
Junior subordinated debentures issued to capital trusts		763		556		358
Total interest expense		4,942		2,765		1,407
Net interest income		46,837		42,183		31,928
PROVISION FOR CREDIT LOSSES		6,210		(653)		(584)
Net interest income after provision for credit losses		40,627		42,836		32,512

NONINTEREST INCOME
Card income		2,658		2,642		2,404
Wealth management fees		2,338		2,485		2,289
Service charges on deposit accounts		1,871		1,701		1,652
Mortgage servicing		1,099		593		658
Mortgage servicing rights fair value adjustment		(624)		(293)		1,729
Gains on sale of mortgage loans		276		194		587
Realized gains (losses) on sales of securities		(1,007)		—		—
Unrealized gains (losses) on equity securities		(22)		33		(187)
Gains (losses) on foreclosed assets		(10)		(122)		40
Gains (losses) on other assets		—		17		193
Income on bank owned life insurance		115		42		40
Other noninterest income		743		597		638
Total noninterest income		7,437		7,889		10,043

NONINTEREST EXPENSE
Salaries		19,411		13,278		12,801
Employee benefits		2,335		2,126		2,444
Occupancy of bank premises		2,102		1,893		2,060
Furniture and equipment		659		633		552
Data processing		4,323		2,167		1,653
Marketing and customer relations		836		867		851
Amortization of intangible assets		510		140		245
FDIC insurance		563		276		288
Loan collection and servicing		278		278		157
Foreclosed assets		61		33		132
Other noninterest expense		4,855		11,419		2,974
Total noninterest expense		35,933		33,110		24,157
INCOME BEFORE INCOME TAX EXPENSE		12,131		17,615		18,398
INCOME TAX EXPENSE		2,923		4,475		4,794
NET INCOME	$	9,208	$	13,140	$	13,604

EARNINGS PER SHARE - BASIC	$	0.30	$	0.46	$	0.47
EARNINGS PER SHARE - DILUTED	$	0.30	$	0.46	$	0.47
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		30,977,204		28,752,626		28,986,593

HBT Financial, Inc.

Page 9 of 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Consolidated Balance Sheets


	March 31,		December 31,		March 31,
	2023		2022		2022

	(dollars in thousands)
ASSETS
Cash and due from banks	$	35,244	$	18,970	$	30,761
Interest-bearing deposits with banks		141,868		95,189		328,218
Cash and cash equivalents		177,112		114,159		358,979

Interest-bearing time deposits with banks		249		—		487
Debt securities available-for-sale, at fair value		854,622		843,524		933,922
Debt securities held-to-maturity		536,429		541,600		438,054
Equity securities with readily determinable fair value		3,145		3,029		3,256
Equity securities with no readily determinable fair value		1,980		1,977		1,927
Restricted stock, at cost		4,991		7,965		2,739
Loans held for sale		5,130		615		1,777

Loans, before allowance for credit losses		3,195,540		2,620,253		2,487,785
Allowance for credit losses		(38,776)		(25,333)		(24,508)
Loans, net of allowance for credit losses		3,156,764		2,594,920		2,463,277

Bank owned life insurance		23,447		7,557		7,433
Bank premises and equipment, net		65,119		50,469		52,005
Bank premises held for sale		235		235		1,081
Foreclosed assets		3,356		3,030		3,043
Goodwill		59,876		29,322		29,322
Intangible assets, net		22,842		1,070		1,698
Mortgage servicing rights, at fair value		19,992		10,147		9,723
Investments in unconsolidated subsidiaries		1,614		1,165		1,165
Accrued interest receivable		20,301		19,506		13,527
Other assets		56,617		56,444		25,550
Total assets	$	5,013,821	$	4,286,734	$	4,348,965

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,218,888	$	994,954	$	1,069,231
Interest-bearing		3,091,633		2,592,070		2,746,838
Total deposits		4,310,521		3,587,024		3,816,069

Securities sold under agreements to repurchase		34,919		43,081		50,834
Federal Home Loan Bank advances		75,183		160,000		—
Subordinated notes		39,415		39,395		39,336
Junior subordinated debentures issued to capital trusts		52,746		37,780		37,731
Other liabilities		50,939		45,822		21,840
Total liabilities		4,563,723		3,913,102		3,965,810

Stockholders' Equity
Common stock		327		293		293
Surplus		294,441		222,783		221,735
Retained earnings		228,782		232,004		203,076
Accumulated other comprehensive income (loss)		(62,175)		(71,759)		(36,100)
Treasury stock at cost		(11,277)		(9,689)		(5,849)
Total stockholders’ equity		450,098		373,632		383,155
Total liabilities and stockholders’ equity	$	5,013,821	$	4,286,734	$	4,348,965

SHARE INFORMATION
Shares of common stock outstanding		32,095,370		28,752,626		28,967,943

HBT Financial, Inc.

Page 10 of 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	March 31,		December 31,		March 31,
	2023		2022		2022

	(dollars in thousands)
LOANS
Commercial and industrial	$	333,013	$	266,757	$	291,909
Commercial real estate - owner occupied		317,103		218,503		237,000
Commercial real estate - non-owner occupied		854,024		713,202		687,617
Construction and land development		389,142		360,824		320,030
Multi-family		362,672		287,865		243,447
One-to-four family residential		482,732		338,253		327,791
Agricultural and farmland		243,357		237,746		232,528
Municipal, consumer, and other		213,497		197,103		147,463
Loans, before allowance for credit losses	$	3,195,540	$	2,620,253	$	2,487,785

PPP LOANS (included above)
Commercial and industrial	$	25	$	28	$	16,184
Agricultural and farmland		—		—		392
Total PPP Loans	$	25	$	28	$	16,576


	March 31,		December 31,		March 31,
	2023		2022		2022

	(dollars in thousands)
DEPOSITS
Noninterest-bearing	$	1,218,888	$	994,954	$	1,069,231
Interest-bearing demand		1,270,454		1,139,150		1,167,058
Money market		662,088		555,425		597,464
Savings		738,719		634,527		687,147
Time		420,372		262,968		295,169
Total deposits	$	4,310,521	$	3,587,024	$	3,816,069

HBT Financial, Inc.

Page 11 of 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	Three Months Ended
	March 31, 2023						December 31, 2022						March 31, 2022
	Average						Average						Average
	Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *

	(dollars in thousands)
ASSETS
Loans	$	3,012,320	$	43,111	5.80	%	$	2,600,746	$	36,791	5.61	%	$	2,507,006	$	27,468	4.44	%
Securities		1,411,613		7,813	2.24			1,396,401		7,605	2.16			1,321,918		5,689	1.75
Deposits with banks		92,363		739	3.24			76,507		504	2.61			370,130		159	0.17
Other		7,425		116	6.33			5,607		48	3.37			2,739		19	2.80
Total interest-earning assets		4,523,721	$	51,779	4.64	%		4,079,261	$	44,948	4.37	%		4,201,793	$	33,335	3.22	%
Allowance for credit losses		(33,301)						(25,404)						(24,099)
Noninterest-earning assets		274,870						188,942						165,752
Total assets	$	4,765,290					$	4,242,799					$	4,343,446

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,230,644	$	458	0.15	%	$	1,125,877	$	177	0.06	%	$	1,143,829	$	142	0.05	%
Money market		634,608		935	0.60			572,718		379	0.26			598,271		121	0.08
Savings		709,862		178	0.10			640,668		53	0.03			649,563		50	0.03
Time		356,779		803	0.91			266,117		240	0.36			310,675		256	0.33
Total interest-bearing deposits		2,931,893		2,374	0.33			2,605,380		849	0.13			2,702,338		569	0.09
Securities sold under agreements to repurchase		39,619		38	0.38			51,703		10	0.08			53,054		9	0.07
Borrowings		113,896		1,297	4.62			92,120		880	3.79			500		1	0.71
Subordinated notes		39,403		470	4.83			39,384		470	4.73			39,325		470	4.84
Junior subordinated debentures issued to capital trusts		47,586		763	6.50			37,770		556	5.84			37,721		358	3.85
Total interest-bearing liabilities		3,172,397	$	4,942	0.63	%		2,826,357	$	2,765	0.39	%		2,832,938	$	1,407	0.20	%
Noninterest-bearing deposits		1,121,365						1,023,355						1,077,917
Noninterest-bearing liabilities		49,316						25,220						26,302
Total liabilities		4,343,078						3,874,932						3,937,157
Stockholders' Equity		422,212						367,867						406,289
Total liabilities and stockholders’ equity	$	4,765,290					$	4,242,799					$	4,343,446

Net interest income/Net interest margin ⁽¹⁾			$	46,837	4.20	%			$	42,183	4.10	%			$	31,928	3.08	%
Tax-equivalent adjustment ⁽²⁾				702	0.06					698	0.07					529	0.05
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis)^{(2) (3)}			$	47,539	4.26	%			$	42,881	4.17	%			$	32,457	3.13	%
Net interest rate spread ⁽⁴⁾					4.01	%					3.98	%					3.02	%
Net interest-earning assets ⁽⁵⁾	$	1,351,324					$	1,252,904					$	1,368,855
Ratio of interest-earning assets to interest-bearing liabilities		1.43						1.44						1.48
Cost of total deposits					0.24	%					0.09	%					0.06	%
Cost of funds					0.47						0.28						0.15

* 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 of 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	March 31,			December 31,			March 31,
	2023			2022			2022

	(dollars in thousands)
NONPERFORMING ASSETS
Nonaccrual	$	6,508		$	2,155		$	2,461
Past due 90 days or more, still accruing ⁽¹⁾		10			1			8
Total nonperforming loans		6,518			2,156			2,469
Foreclosed assets		3,356			3,030			3,043
Total nonperforming assets	$	9,874		$	5,186		$	5,512

Allowance for credit losses	$	38,776		$	25,333		$	24,508
Loans, before allowance for credit losses		3,195,540			2,620,253			2,487,785

CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses		1.21	%		0.97	%		0.99	%
Allowance for credit losses to nonaccrual loans		595.82			1,175.55			995.86
Allowance for credit losses to nonperforming loans		594.91			1,175.00			992.63
Nonaccrual loans to loans, before allowance for credit losses		0.20			0.08			0.10
Nonperforming loans to loans, before allowance for credit losses		0.20			0.08			0.10
Nonperforming assets to total assets		0.20			0.12			0.13
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets		0.31			0.20			0.22

(1)	Prior to 2023, excludes loans acquired with deteriorated credit quality that are past due 90 or more days and accruing. Such loans totaled $145 thousand as of December 31, 2022 and $25 thousand as of March 31, 2022.


	Three Months Ended
	March 31,			December 31,			March 31,
	2023			2022			2022

ALLOWANCE FOR CREDIT LOSSES ON LOANS	(dollars in thousands)
Beginning balance	$	25,333		$	25,060		$	23,936
Adoption of ASC 326		6,983			—			—
PCD allowance established in acquisition		1,247			—			—
Provision for credit losses		5,101			(653)			(584)
Charge-offs		(142)			(169)			(134)
Recoveries		254			1,095			1,290
Ending balance	$	38,776		$	25,333		$	24,508

Net charge-offs (recoveries)	$	(112)		$	(926)		$	(1,156)
Average loans, before allowance for credit losses		3,012,320			2,600,746			2,507,006

Net charge-offs (recoveries) to average loans, before allowance for credit losses *		(0.02)	%		(0.14)	%		(0.19)	%

* Annualized measure.


	Three Months Ended
	March 31,		December 31,		March 31,
	2023		2022		2022

PROVISION FOR CREDIT LOSSES	(dollars in thousands)
Loans ⁽¹⁾	$	5,101	$	(653)	$	(584)
Unfunded lending-related commitments ⁽¹⁾		509		—		—
Debt securities		600		—		—
Total provision for credit losses	$	6,210	$	(653)	$	(584)

(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 in connection with the Town and Country merger.

HBT Financial, Inc.

Page 13 of 15

Reconciliation of Non-GAAP Financial Measures –

Adjusted Net Income and Adjusted Return on Average Assets


	Three Months Ended
	March 31,			December 31,			March 31,
	2023			2022			2022

	(dollars in thousands)
Net income	$	9,208		$	13,140		$	13,604
Adjustments:
Acquisition expenses ⁽¹⁾		(13,064)			(630)			—
Gains (losses) on sales of closed branch premises		—			—			197
Realized gains (losses) on sales of securities		(1,007)			—			—
Mortgage servicing rights fair value adjustment		(624)			(293)			1,729
Total adjustments		(14,695)			(923)			1,926
Tax effect of adjustments		4,044			177			(549)
Less adjustments, after tax effect		(10,651)			(746)			1,377
Adjusted net income	$	19,859		$	13,886		$	12,227

Average assets	$	4,765,290		$	4,242,799		$	4,343,446

Return on average assets *		0.78	%		1.23	%		1.27	%
Adjusted return on average assets *		1.69			1.30			1.14

* 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 in connection with the Town and Country merger.

Reconciliation of Non-GAAP Financial Measures –

Adjusted Earnings Per Share


	Three Months Ended
	March 31,		December 31,		March 31,
	2023		2022		2022

	(dollars in thousands, except per share data)
Numerator:
Net income	$	9,208	$	13,140	$	13,604
Earnings allocated to participating securities ⁽¹⁾		(5)		(15)		(17)
Numerator for earnings per share - basic and diluted	$	9,203	$	13,125	$	13,587

Adjusted net income	$	19,859	$	13,886	$	12,227
Earnings allocated to participating securities ⁽¹⁾		(13)		(16)		(15)
Numerator for adjusted earnings per share - basic and diluted	$	19,846	$	13,870	$	12,212

Denominator:
Weighted average common shares outstanding		30,977,204		28,752,626		28,986,593
Dilutive effect of outstanding restricted stock units		69,947		91,905		43,646
Weighted average common shares outstanding, including all dilutive potential shares		31,047,151		28,844,531		29,030,239

Earnings per share - Basic	$	0.30	$	0.46	$	0.47
Earnings per share - Diluted	$	0.30	$	0.46	$	0.47

Adjusted earnings per share - Basic	$	0.64	$	0.48	$	0.42
Adjusted earnings per share - Diluted	$	0.64	$	0.48	$	0.42

(1)

The Company has granted certain restricted stock units that contain non-forfeitable rights to dividend equivalents. Such restricted stock units are considered participating securities. As such, we have included these restricted stock units in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

HBT Financial, Inc.

Page 14 of 15

Reconciliation of Non-GAAP Financial Measures –

Net Interest Income and Net Interest Margin (Tax Equivalent Basis)


	Three Months Ended
	March 31,			December 31,			March 31,
	2023			2022			2022

	(dollars in thousands)
Net interest income (tax equivalent basis)
Net interest income	$	46,837		$	42,183		$	31,928
Tax-equivalent adjustment ⁽¹⁾		702			698			529
Net interest income (tax equivalent basis) ⁽¹⁾	$	47,539		$	42,881		$	32,457

Net interest margin (tax equivalent basis)
Net interest margin *		4.20	%		4.10	%		3.08	%
Tax-equivalent adjustment * ⁽¹⁾		0.06			0.07			0.05
Net interest margin (tax equivalent basis) * ⁽¹⁾		4.26	%		4.17	%		3.13	%

Average interest-earning assets	$	4,523,721		$	4,079,261		$	4,201,793

* Annualized measure.

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

Reconciliation of Non-GAAP Financial Measures –

Efficiency Ratio (Tax Equivalent Basis)


	Three Months Ended
	March 31,			December 31,			March 31,
	2023			2022			2022

	(dollars in thousands)
Efficiency ratio (tax equivalent basis)
Total noninterest expense	$	35,933		$	33,110		$	24,157
Less: amortization of intangible assets		510			140			245
Adjusted noninterest expense	$	35,423		$	32,970		$	23,912

Net interest income	$	46,837		$	42,183		$	31,928
Total noninterest income		7,437			7,889			10,043
Operating revenue		54,274			50,072			41,971
Tax-equivalent adjustment ⁽¹⁾		702			698			529
Operating revenue (tax equivalent basis) ⁽¹⁾	$	54,976		$	50,770		$	42,500

Efficiency ratio		65.27	%		65.85	%		56.97	%
Efficiency ratio (tax equivalent basis) ⁽¹⁾		64.43			64.94			56.26

(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 of 15

Reconciliation of Non-GAAP Financial Measures –

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


	March 31,			December 31,			March 31,
	2023			2022			2022

	(dollars in thousands, except per share data)
Tangible common equity
Total stockholders' equity	$	450,098		$	373,632		$	383,155
Less: Goodwill		59,876			29,322			29,322
Less: Intangible assets, net		22,842			1,070			1,698
Tangible common equity	$	367,380		$	343,240		$	352,135

Tangible assets
Total assets	$	5,013,821		$	4,286,734		$	4,348,965
Less: Goodwill		59,876			29,322			29,322
Less: Intangible assets, net		22,842			1,070			1,698
Tangible assets	$	4,931,103		$	4,256,342		$	4,317,945

Total stockholders' equity to total assets		8.98	%		8.72	%		8.81	%
Tangible common equity to tangible assets		7.45			8.06			8.16

Shares of common stock outstanding		32,095,370			28,752,626			28,967,943

Book value per share	$	14.02		$	12.99		$	13.23
Tangible book value per share		11.45			11.94			12.16

Reconciliation of Non-GAAP Financial Measures –

Return on Average Tangible Common Equity,

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


	Three Months Ended
	March 31,			December 31,			March 31,
	2023			2022			2022

	(dollars in thousands)
Average tangible common equity
Total stockholders' equity	$	422,212		$	367,867		$	406,289
Less: Goodwill		49,352			29,322			29,322
Less: Intangible assets, net		15,635			1,134			1,844
Average tangible common equity	$	357,225		$	337,411		$	375,123

Net income	$	9,208		$	13,140		$	13,604
Adjusted net income		19,859			13,886			12,227

Return on average stockholders' equity *		8.84	%		14.17	%		13.58	%
Return on average tangible common equity *		10.45			15.45			14.71

Adjusted return on average stockholders' equity *		19.08	%		14.98	%		12.20	%
Adjusted return on average tangible common equity *		22.55			16.33			13.22

* Annualized measure.

Exhibit 99.2

S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L Q1 2023 Results Presentation A p r i l 2 6 , 2023 HBT Financial, Inc.

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 HBT Financial, Inc. (the “Company” or “HBT”) 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 (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), acts of war or other threats thereof (including the Russian invasion of Ukraine), or other adverse external 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; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB or the PCAOB (including the Company’s adoption of CECL methodology); (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of LIBOR phase-out); (vi) 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; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) 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; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) 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. 1

Q1 2023 Highlights M&A continues to contribute to value of HBT franchise ◼ Completed merger with Town and Country on February 1, 2023 ➢ Expands HBT’s Central Illinois footprint while adding exposure to St. Louis MSA ➢ Adds high performing, highly compatible commercial banking franchise with low-cost deposit base ➢ Core system conversion successfully completed in April 2023 Strong profitability ◼ Net income of $9.2 million, or $0.30 per diluted share; return on average assets (ROAA) of 0.78% and return on average tangible common equity (ROATCE)1 of 10.45% ◼ Adjusted net income1 of $19.9 million, or $0.64 per diluted share; adjusted ROAA1 of 1.69% and adjusted ROATCE1 of 22.55% Stable, low-cost deposit base and solid asset quality ◼ Deposit balances relatively unchanged from previous quarter after excluding $720 million of deposits assumed in the Town and Country merger ◼ Asset sensitive balance sheet resulted in 10 basis point increase in net interest margin ◼ Cost of funds increased 19 basis points, to 0.47%, and total cost of deposits increased 15 basis points, to 0.24%, while average yield on earning assets increased by 27 basis points, to 4.64% ◼ Maintained strong asset quality with nonperforming assets to total assets of 0.20% and net recoveries to average loans of (0.02)% 1 See "Non-GAAP reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures 2

Noninterest-bearing demand 28% Interest-bearing demand 30% Money Market 15% Savings 17% Time 10% Financial highlights ($mm) C&I 10% CRE–Owner occupied 10% CRE–Non-owner occupied 27% C&D 12% Multi-family 11% 1-4 Family residential 15% Agricultural & farmland 8% Municipal, consumer & other 7% Company Snapshot ✓ Company incorporated in 1982 from base of family-owned banks and completed its IPO in October 2019 ✓ Headquartered in Bloomington, Illinois, with operations throughout Illinois and Eastern Iowa ✓ Strong, granular, and low-cost deposit franchise with 24bps cost of deposits, 99% core deposits1 ✓ Conservative credit culture, with net recoveries to average loans of 8bps for the year ended December 31, 2022 and 2bps for the first quarter of 2023 ✓ High profitability sustained through cycles Overview As of or for the period ended 2020 2021 2022 1Q23 Total assets $3,667 $4,314 $4,287 $5,014 Total loans 2,247 2,500 2,620 3,196 Total deposits 3,131 3,738 3,587 4,311 Core deposits (%)1 99.1% 98.3% 99.2% 98.6% Loans-to-deposits 71.8% 66.9% 73.0% 74.1% CET1 (%) 13.1% 13.4% 13.1% 11.8% TCE / TA1 9.3% 8.9% 8.1% 7.5% Adjusted ROAA1 1.15% 1.43% 1.31% 1.69%* Adjusted ROATCE1 12.3% 16.1% 15.8% 22.5%* NIM (FTE)1 3.60% 3.23% 3.60% 4.26%* Yield on loans 4.69% 4.68% 4.91% 5.80%* Cost of deposits 0.14% 0.07% 0.07% 0.24%* Cost of funds 0.21% 0.16% 0.19% 0.47%* Efficiency ratio (FTE)1 58.9% 55.8% 56.9% 64.4% NCOs / loans 0.04% (0.01)% (0.08)% (0.02)%* ACL / loans 1.42% 0.96% 0.97% 1.21% NPLs / loans 0.44% 0.11% 0.08% 0.20% NPAs / loans + OREO 0.63% 0.24% 0.20% 0.31% = Balance sheet Key performance indicators Credit Loan composition Note: Financial data as of and for the three months ended March 31, 2023 unless otherwise indicated; * Annualized measure; 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 Commercial Real Estate Deposit composition 3

Earnings Overview 4 ($000) 1Q23 Non-GAAP Adjustments2 Adjusted 1Q232 Interest and dividend income $51,779 -- $51,779 Interest expense 4,942 -- 4,942 Net interest income 46,837 -- 46,837 Provision for credit losses 6,210 (5,924) 286 Net interest income after provision for credit losses 40,627 5,924 46,551 Noninterest income 7,437 1,631 9,068 Noninterest expense 35,933 (7,140) 28,793 Income before income tax expense 12,131 14,695 26,826 Income tax expense 2,923 4,044 6,967 Net income $9,208 10,651 19,859 ◼ Net interest income benefited from increased earning assets following the Town and Country merger and higher yields, while partially offset by increased funding costs ◼ Proceeds from sale of vast majority of the Town and Country securities portfolio was used to reduce FHLB borrowings and offset increasing funding costs ◼ Net interest margin expanded 10 basis points to 4.20% ◼ Provision for credit losses includes day 2 non-PCD provision of $5.9 million related to the Town and Country merger ◼ Noninterest income decreased slightly, primarily attributable to $1.0 million realized loss on sale of securities, partially offset by $0.5 million increase in mortgage servicing revenue due to the addition of the Town and Country servicing portfolio which nearly doubled the size of our existing mortgage servicing portfolio ◼ Noninterest expense increased by $2.8 million, primarily due to acquisition-related expenses of $7.1 million and higher base costs following the Town and Country merger, partially offset by absence of accruals for pending legal matters totaling $8.2 million included in the fourth quarter of 2022 results. Highlights Relative to Previous Quarter 1Q23 NIM Analysis* * Annualized measures; 1 Reflects contribution of loan interest income to net interest margin, excluding loan discount accretion and nonaccrual interest recoveries; 2 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. 1

Deposits Overview 5 0.25% 4.69% 0.07% 0.24% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Fed Funds Rate Cost of Deposits * Deposit beta (4Q21 to 1Q23): 3.8% 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 Deposit Base Highlights ◼ Highly granular deposit base with stable balances and cost increases in line with expectations during the first quarter of 2023 ◼ Top 100 depositors, by balance, make up 13% of our deposit base, and the top 200 depositors make up 17% ◼ Account balances consist of 69% retail, 23% business, and 8% public funds as of March 31, 2023 ◼ Uninsured and uncollateralized deposits estimated to be $693 million, or 16% of total deposits, as of March 31, 2023 ◼ Net deposit inflows of $78 million on last day of first quarter of 2023, $36 million of which was in one account and was withdrawn the next day Interest Costs* 1Q23 Spot Interest Rates2 As of 3/31/23 Interest-bearing demand 0.15% 0.27% Money market 0.60% 0.90% Savings 0.10% 0.11% Time 0.91% 1.50% Total interest-bearing deposits 0.33% 0.53% Total deposits 0.24% 0.38%

◼ First quarter 2023 net interest margin increased 10 basis points from the prior quarter, primarily due to higher yields on earning assets, more favorable earning asset mix, partially offset by increase in funding costs and decrease in nonaccrual interest recoveries ◼ 36% of the loan portfolio matures or reprices within the next 12 months ◼ Loan mix is 64% fixed rate and 36% variable rate, and 71% of variable rate loans have floors Net Interest Margin Annual Quarterly 6 * 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. 1bp 3bps 2bps 2bps 7bps 6bps 1bp 0bps 13bps 7bps 2bps 3bps N/A N/A 9bps 24bps 2bps 4bps 7bps 0bps 3.08% 3.34% 3.65% 3.13% 4.10% 4.20% 3.39% 3.72% 4.17% 4.26% 1Q22 2Q22 3Q22 4Q22 1Q23 4.16% 4.31% 3.54% 3.18% 3.54% 4.25% 4.38% 3.60% 3.23% 3.60% 2018 2019 2020 2021 2022 FTE NIM*1 GAAP NIM* Accretion of acquired loan discounts contribution to NIM* PPP loan fees contribution to NIM* FTE NIM1 GAAP NIM Accretion of acquired loan discounts contribution to NIM PPP loan fees contribution to NIM 30.6% 5.8% 20.7% 23.8% 19.1% <3m 3m-12m 12m-3y 3y-5y 5y+ Percentage of Loans Maturing or Repricing Fixed Variable

Loan Portfolio Overview: Commercial and Commercial Real Estate ◼ $1.61 billion portfolio as of March 31, 2023 ➢ $854 million in non-owner occupied CRE primarily supported by rental cash flow of the underlying properties ➢ $389 million in construction and land development loans primarily to developers to sell upon completion or for long-term investment ➢ $363 million in multi-family loans secured by 5+ unit apartment buildings ◼ Office CRE exposure characterized by solid credit metrics as of March 31, 2023 with only 2.2% rated pass-watch, none rated substandard, and none past due 30 days or more Multi-Family 30% Retail 13% Warehouse/ Manufacturing 12% Office 10% Hotels 7% Senior Living Facilities 7% Land and Lots 6% 1-4 Family Construction 4% Medical 2% Auto Repair & Dealers 2% Other 7% Commercial Real Estate Portfolio 7 Commercial Loan Portfolio ◼ $333 million C&I loans outstanding as of March 31, 2023 ➢ For working capital, asset acquisition, and other business purposes ➢ Underwritten primarily based on borrower’s cash flow and majority further supported by collateral and personal guarantees; loans based primarily in-market1 ◼ $317 million owner-occupied CRE outstanding as of March 31, 2023 ➢ Primarily underwritten based on cash flow of the business occupying the property and supported by personal guarantees; loans based primarily in-market Health Care and Social Assistance 12% Real Estate and Rental and Leasing 11% Auto Repair & Dealers 10% Retail Trade-Other 7% Construction Manufacturing 7% 6% Wholesale Trade 6% Grain Elevators 6% Restaurants and Bars 6% Professional, Scientific, and Technical Services 5% Arts, Entertainment, and Recreation 4% Finance and Insurance 3% Other 17% 1 Market area defined as within 60 miles of a branch

Loan Portfolio Overview: Selected Portfolios Agriculture and Farmland ◼ $243 million portfolio as of March 31, 2023 ◼ Elevated corn and soybean prices and generally solid crop yields since 2020 improved borrower profitability ◼ Federal crop insurance programs mitigate production risks ◼ No customer accounts for more than 3% of the agriculture portfolio ◼ Weighted average LTV on Farmland loans is 55.0% ◼ 1.7% is rated substandard as of March 31, 2023 ◼ Over 70% of agricultural borrowers have been with the Company for at least 10 years, and approximately half for more than 20 years 8 Municipal, Consumer and Other ◼ $213 million portfolio as of March 31, 2023 ➢ Loans to municipalities are primarily federally tax-exempt ➢ Consumer loans include loans to individuals for consumer purposes and typically consist of small balance loans ➢ Other loans primarily include loans to nondepository financial institutions ◼ Commercial Tax-Exempt - Senior Living ➢ $47.0 million portfolio with $5.9 million average loan size ➢ Weighted average LTV of 85.4% ➢ 35.4% is rated substandard ◼ Commercial Tax-Exempt – Medical ➢ $28.7 million portfolio with $3.2 million average loan size ➢ Weighted average LTV of 37.1% ➢ No loans are rated substandard Municipalities 21% Commercial Tax-Exempt (Senior Living) 22% Commercial Tax-Exempt (Medical) Consumer 13% 7% Other Farmland 37% 65% Crops 26% Equipment finance 7% Livestock 2%

Loan Portfolio Overview: Adoption of CECL and Asset Quality 1Q23 ACL Activity ($000) CECL Methodology and Oversight ◼ Discounted cash flow method utilized for majority of loan segments, except weighted average remaining maturity method used for consumer loans ◼ Credit loss drivers determined by regression analysis includes company and peer loss data and macroeconomic variables, including unemployment and GDP ◼ ACL / Loans of 1.21% as of March 31, 2023 ◼ ACL Committee provides model governance and oversight 9 19,049 9,960 2,779 2,156 6,518 117% 320% 861% 1,175% 595% 2019 2020 2021 2022 1Q23 NPLs ($000) ACL / NPLs Watch List and Nonaccrual Loans ($000) As of 12/31/22 Town and Country Acquisition Other Changes As of 3/31/23 Pass-Watch $66,934 $10,302 $(5,189) $72,047 Substandard 73,831 17,588 1,283 92,702 Nonaccrual 2,155 3,802 551 6,508

Wealth Management Overview 10 Comprehensive Wealth Management Services ◼ Proprietary investment management solutions ◼ Financial planning ◼ Trust and estate administration 4.5 4.8 5.9 5.7 1.6 1.6 1.7 2.0 2.4 0.5 0.4 0.4 0.2 0.8 0.2 0.3 0.3 0.3 0.3 $6.8 $7.2 $8.4 $9.2 $2.3 $0 $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 2019 2020 2021 2022 1Q23 Asset Management and Trust Services Agricultural Services - Farm Management Agricultural Services - Real Estate Brokerage Investment Brokerage Total Wealth Management Revenue Trends ($mm) Over $2.2 billion of assets under management or administration as of March 31, 2023 Agricultural Services ◼ Farm management services: Over 78,000 acres managed ◼ Real estate brokerage including auction services ◼ Farmland appraisals

U.S. Treasury 12% Book Yield: 1.38% U.S. Gov't Agency 10% Book Yield: 2.50% Municipal 21% Book Yield: 2.05% Agency RMBS 22% Book Yield: 2.81% Agency CMBS 31% Book Yield: 1.97% Corporate 4% Book Yield: 4.09% Securities Portfolio Overview Financial data as of March 31, 2023, unless otherwise indicated 11 Portfolio Composition Amortized Cost: $1,470mm Book Yield: 2.25% Securities Overview Key investment portfolio metrics ($000) AFS HTM Total Amortized Cost $933,104 $536,429 $1,469,533 Unrealized Gain/(Loss) (77,882) (54,504) (132,386) Allowance for Credit Losses (600) -- (600) Fair Value 854,622 481,925 1,336,547 Book Yield 2.13% 2.44% 2.25% Effective Duration (Years) 3.52 5.33 4.17 ◼ Company’s debt securities consist primarily of the following types of fixed income instruments: ◼ Agency guaranteed MBS: MBS pass-throughs, CMOs, and CMBS ◼ Municipal Bonds: weighted average NRSRO credit rating of AA/Aa2 ◼ Treasury, Government Agency Debentures, and SBA-backed Full Faith and Credit Debt ◼ Corporate Bonds: Investment Grade Corporate and Bank Subordinated Debt ◼ Investment strategy focused on maximizing returns and managing the Company’s asset sensitivity with high credit quality intermediate duration investments ◼ Company emphasizes predictable cash flows that limit faster prepayments when rates decline or extended durations when rates rise ◼ During first quarter of 2023, sold $146 million of securities acquired from Town and Country with sales proceeds used to reduce FHLB borrowings ◼ ACL on AFS debt securities relates to one bank subordinated debt security

Capital and Liquidity Overview CET 1 Risk-based Capital Ratio (%) Tangible Common Equity to Tangible Assets (%)1 Liquidity Sources ($000) 12.15 13.06 13.37 13.07 11.79 2019 2020 2021 2022 1Q23 9.49 9.27 8.89 8.06 7.45 2019 2020 2021 2022 1Q23 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 Represents FHLB advance capacity based on loans currently pledged. Additional capacity of approximately $600 million would be available by pledging additional eligible loans. 12 Liquidity Sources As of 3/31/23 Balance of Cash and Cash Equivalents $177,112 Market Value of Unpledged Securities 985,248 Available FHLB Advance Capacity2 525,529 Available Fed Fund Lines of Credit 80,000 Total Estimated Sources of Liquidity $1,767,889 Capital and Liquidity Highlights ◼ Overall capital levels remain strong and well above regulatory requirements. ◼ Tangible common equity decreased during the quarter as a result of the Town and Country acquisition and remains well above internal targets ◼ If all unrealized losses on debt securities, regardless of accounting classification, were included in tangible equity, tangible common equity to tangible assets would be 6.71% ◼ With the loan to deposit ratio at 74%, there is more than sufficient on-balance sheet liquidity that is also supplemented by multiple untapped liquidity sources

Near-Term Outlook ◼ Full quarter impact of Town and Country merger expected to increase net interest income and noninterest income in 2Q23 ◼ Loan growth in low single digits on an annualized basis expected for remainder of 2023 ◼ Deposits are expected to decrease by low to mid single digits on annualized basis, based on current market competition and customer behavior ◼ NIM expansion is largely complete with modest decline expected in 2Q23 ◼ Mortgage banking revenue in 2Q23 expected to benefit from seasonal increases in origination volume as well as rate stabilization ◼ Noninterest expense should stabilize between $30 million and $32 million, excluding remaining acquisition-related expenses ➢ Remaining one-time expenses related to Town and Country merger estimated to be less than $1 million ➢ Annual salary increases effective in mid-March 2023 ➢ Substantially all cost saves from Town and Country expected to be realized beginning May 1, 2023 ➢ Full quarter impact of Town and Country expense base reflected in 2Q23 and beyond ◼ Expect to consolidate two acquired Town and Country branches into our existing branch network during 2023 ◼ Asset quality expected to remain solid although a declining economy could cause increased provisions ◼ Stock repurchase program will continue to be used opportunistically ◼ Well-positioned to capitalize on accretive acquisition opportunities which is supported by capital levels 13

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 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 2019 Completion of IPO in October 14 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

◼ After business combination accounting adjustments, Town and Country added $906 million in assets, $635 million in loans, and $720 million in deposits ◼ Anticipated EPS accretion of 17% in first full year with cost savings (excluding transaction expenses) ◼ Short TBV dilution earnback period of 2 years (crossover method) ◼ Adds low-cost deposit base (cost of deposits of 22 bps during 2022) Town and Country Financial Corporation Merger Overview Key Highlights and Strategic Rationale ◼ Expanded HBT’s Illinois footprint while adding exposure to higher growth St. Louis MSA with presence in St. Louis Metro East market ◼ Adds high performing, highly compatible commercial banking franchise with relationship-based approach, strong credit culture and attractive deposit base ◼ Provides opportunities to expand customer relationships with broader range of products and services and greater ability to meet larger borrowing needs ◼ Leverages HBT’s excess capital and integration expertise to enhance franchise value and improve ability to generate profitable growth in the future Expected Financial Impact Franchise Footprint 15 Full-Service Branches TWCF (10) HBT (58)

Our Markets Full-service branch locations Chicago MSA 29% Legacy HBT Central Illinois 52% Acquired from Town and Country 16% Iowa 3% Deposits Chicago MSA 40% Legacy HBT Central Illinois 31% Acquired from Town and Country 20% Iowa 9% Chicago MSA 26% Legacy HBT Central Illinois 53% Acquired from Town and Country 15% Iowa 6% $3.2bn $4.3bn 68 locations 16 Illinois branches outside of the Chicago MSA Illinois branches in the Chicago MSA Iowa branches Acquired Town and Country branches Full-service Branches Loans Source: S&P Capital IQ; Financial data as of March 31, 2023

Business Strategy ◼ Drake family involved in Central IL banking since 1920 ◼ Management lives and works in our communities ◼ Community banking and relationship-based approach stems from adherence to our Midwestern values ◼ Committed to providing products and services to support the unique needs of our customer base ◼ Vast majority of loans originated to borrowers domiciled within 60 miles of a branch ◼ Robust underwriting standards will continue to be a hallmark of the Company ◼ Maintained sound credit quality and minimal originated problem asset levels during the Great Recession ◼ Diversified loan portfolio primarily within footprint ◼ Underwriting continues to be a strength as evidenced by net recoveries of 1bp during 2021, 8bps during 2022, and 2bps during 2023 ◼ Positioned to be the acquirer of choice for many potential partners in and adjacent to our existing markets ◼ Successful integration of 10 community bank acquisitions2 since 2007 ◼ Chicago MSA, in particular, has ~100 banking institutions with less than $1bn in assets ◼ 1.43% ROAA3 and 3.23% NIM4 during 2021; 1.31% ROAA3 and 3.60% NIM4 during 2022; 1.69% ROAA3 and 4.26% NIM4 during 1Q23 ◼ Highly profitable through the Great Recession ◼ Highly defensible market position (Top 2 deposit share rank in 6 of 8 largest Central Illinois markets in which the Company operates1 ) that contributes to our strong core deposit base and funding advantage ◼ Continue to deploy our excess deposit funding (74% loan-to-deposit ratio as of 1Q23) into attractive loan opportunities in larger, more diversified markets ◼ 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 1 Source: S&P Capital IQ, data as of June 30, 2022; 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. Small enough to know you, big enough to serve you 17

Experienced executive management team with deep community ties Fred L. Drake Chairman and CEO1 40 years with Company 43 years in industry J. Lance Carter President and Chief Operating Officer1 21 years with Company 29 years in industry Lawrence J. Horvath Chief Lending Officer 13 years with Company 37 years in industry Mark W. Scheirer Chief Credit Officer 12 years with Company 30 years in industry Andrea E. Zurkamer Chief Risk Officer 9 years with Company 22 years in industry Diane H. Lanier Chief Retail Officer 26 years with Company 38 years in industry 18 Peter Chapman Chief Financial Officer Joined HBT in Oct. 2022 29 years in industry 1 As previously disclosed, effective May 24, 2023, Fred L. Drake will step down from his position as Chief Executive Officer of the Company and assume the role of Executive Chairman of the Company and Heartland Bank and Trust Company (“Heartland Bank”). Our Board appointed J. Lance Carter to serve as President and Chief Executive Officer of the Company and Heartland Bank effective May 24, 2023

Talented Board of Directors with deep financial services industry experience Fred L. Drake Chairman • Director since 1984 • CEO of HBT Financial • 40 years with Company • 43 years in industry J. Lance Carter Director • Director since 2011 • President and COO of HBT Financial • 21 years with Company • 29 years in industry Patrick F. Busch Director • Director since 1998 • Vice Chairman of Heartland Bank • 27 years with Company • 44 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 with 46 years of industry experience • Former CFO of Bridgeview Bancorp 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 • Owner, Sinclair Elevator, Inc. • 15 years in industry 19

Investment Highlights 3 1 2 4 Track record of successfully integrating acquisitions Consistent performance through cycles Strong, granular, low-cost deposit base provides funding for loan growth opportunities Prudent risk management 20

Consistent performance through cycles. . . Drivers of profitability Pre-tax return on average assets (%) 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% 2006 2007 2008 2009 2010 2011¹ 2012¹ 2013¹ 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: S&P Capital IQ; 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; HBT pre-tax ROAA adjusted to exclude the following significant non-recurring items in the following years: 2011: $25.4 million bargain purchase gains; 2012: $11.4 million bargain purchase gains, $9.7 million net realized gain on securities, and $6.7 million net positive adjustments on FDIC indemnification asset and true-up liability; 2013: $9.1 million net realized loss on securities and $6.9 million net loss related to the sale of branches; 2 Represents 34 high performing major exchange-traded banks headquartered in the Midwest with $2-10bn in assets and a 2022 core return on average assets above 1.0% Strong, low-cost deposits supported by our leading market share in our Central Illinois markets 1 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 Company Adjusted Company 1 High Performing Peer Median2 Consistent outperformance, even during periods of broad economic stress 1 2 3 21

4.69 5.38 6.10 6.91 10.15 12.56 12.93 14.72 15.33 16.25 16.23 17.27 17.80 10.54 11.12 12.29 13.13 11.94 11.45 (7.26) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 3Q19 2019 2020 2021 2022 1Q23 .. . . drives compelling tangible book value growth Tangible book value per share over time ($ per share)1 1 For reconciliation with GAAP metric, see “Non-GAAP reconciliations” in Appendix; 2 In 2019, HBT Financial issued and sold 9,429,794 shares of common stock at a price of $16 per share. Total proceeds received by the Company, net of offering costs, were $138.5 million and were used to substantially fund a $170 million special dividend to stockholders of record prior to the initial public offering. Amount reflects dilution per share attributable to newly issued shares in initial public offering and special dividend payment. For reconciliation with GAAP metric, see “Non-GAAP reconciliations”; 3 Excludes dividends paid to S Corp shareholders for estimated tax liability prior to conversion to C Corp status on October 11, 2019. Excludes $170 million special dividend funded primarily from IPO proceeds. For reconciliation with GAAP metric, see “Non-GAAP reconciliations” in Appendix. 1 IPO Dilution2 IPO Adjusted2 Cumulative effect of dividends paid ($ per share)3 22 Initial Town and Country acquisition dilution estimated to be $0.68 in 1Q23 when including acquisition expenses 0.20 0.40 0.60 0.79 1.53 1.77 2.02 2.36 3.21 5.01 5.88 7.83 0.60 1.20 1.84 2.01 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 2019 2020 2021 2022 1Q23 Negative AOCI reduces TBVPS by $1.93 as of 1Q23

0.17 0.21 0.29 0.14 0.07 0.07 0.33 0.60 0.87 0.48 0.21 0.36 2017 2018 2019 2020 2021 2022 HBT High Performing Peers Strong, granular, low-cost deposit base. . . Cost of deposits (%) remains consistently below peers Source: S&P Capital IQ Note: 1 Represents median of 34 high performing major exchange-traded banks headquartered in the Midwest with $2-10bn in assets and a 2022 core return on average assets above 1.0% 1 2 23 With a lower deposit beta than peers since beginning of current interest rate tightening cycle 0.00 1.00 2.00 3.00 4.00 5.00 0.00 0.20 0.40 0.60 0.80 1.00 4Q21 1Q22 2Q22 3Q22 4Q22 HBT Cost of Deposits % (left axis) High Performing Peers Median Cost of Deposits % (left axis) Fed Funds Rate % (right axis) Deposit beta (4Q21 – 4Q22): HBT = 0.6%, High Performing Peers 1 = 15.9% 1

2 . . . provides funding for loan growth opportunities 24 Chicago MSA ◼ Entered market in 2011 with acquisition of Western Springs National Bank ◼ In-market disruption from recent bank M&A in Chicago MSA has provided attractive source of local talent ◼ Scale and diversity of Chicago MSA provides continued growth opportunities, both in lending and deposits ◼ Loan growth in Chicago MSA spread across a variety of commercial asset classes, including multifamily, mixed use, industrial, retail, and office Central and Southern Illinois ◼ Deep-rooted market presence expanded through several acquisitions since 2007 ◼ Central and Southern Illinois markets have been resilient during previous economic downturns ◼ Town and Country merger will enhance loan growth through access to new markets and opportunities to expand customer relationships with HBT’s greater ability to meet larger borrowing needs Iowa ◼ Entered market in 2021 with acquisition of NXT Bancorporation, Inc. ◼ Continued opportunity to accelerate loan growth in Iowa thanks to HBT’s larger lending limit and ability to add to talented banking team ◼ Top 2 deposit share rank in 6 of 8 largest Central Illinois markets in which the Company operates1 ◼ Deposit base is long tenured and granular across a variety of product types dispersed across our geography ◼ Proactive campaign to reach out to top 250 largest deposit customers has been run to solidify these relationships ◼ Detailed deposit pricing guidance is available to all consumer and commercial staff to assist in pricing discussions with customers Leading Deposit Market Position Loan Growth Opportunities As of 3/31/23 Number of Accounts (000) Average Balance ($000) Weighted Average Age (Years) Noninterest-bearing 72 $17 14.4 Interest-bearing demand 60 21 18.8 Money market 6 120 11.1 Savings 48 15 16.1 Time 14 30 6.1 Total deposits 200 22 14.7 Deposit Base Characteristics2 1 Source: S&P Capital IQ, data as of June 30, 2022; leading deposit share defined as top 3 deposit share rank; 2 Excludes overdrawn deposit accounts

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 2010 2015 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 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 25 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

Prudent risk management ◼ Risk management culture instilled by management ◼ Well-diversified loan portfolio across commercial, regulatory CRE, and residential ◼ Primarily originated across in-footprint borrowers ◼ Centralized credit underwriting group that evaluates all exposures over $750,000 to ensure uniform application of policies and procedures ◼ Conservative credit culture, strong underwriting criteria, and regular loan portfolio monitoring ◼ Robust internal loan review process annually reviews more than 40% of loan commitments. Strategy and Risk Management ◼ Majority of directors are independent, with varied experiences and backgrounds ◼ Board of directors has an established Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee and an Enterprise Risk Management (ERM) Committee ◼ ERM program embodies the “three lines of defense” model and promotes business line risk ownership. ◼ Independent and robust internal audit structure, reporting directly to our Audit Committee ◼ Strong compliance culture and compliance management system ◼ Code of Ethics and other governance documents are available at ir.hbtfinancial.com Data Security & Privacy ◼ Robust data security program, and under our privacy policy, we do not sell or share customer information with non-affiliated entities. ◼ 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 0.07 0.04 (0.01) (0.08) (0.02) 2019 2020 2021 2022 1Q23 NCOs / Loans % 26

Appendix 27

Non-GAAP Reconciliations Adjusted net income and adjusted ROAA ($000) 2020 2021 2022 1Q23 Net income $36,845 $56,271 $56,456 $9,208 Adjustments: Acquisition expenses 1 -- (1,416) (1,092) (13,064) Branch closure expenses -- (748) -- -- Charges related to termination of certain employee benefit plans (1,457) -- -- -- Gains (losses) on sale of closed branch premises -- -- 141 -- Realized losses on sale of securities -- -- -- (1,007) Mortgage servicing rights fair value adjustment (2,584) 1,690 2,153 (624) Total adjustments (4,041) (474) 1,202 (14,695) Tax effect of adjustments 1,152 (95) (551) 4,044 Less adjustments after tax effect (2,889) (569) 651 (10,651) Adjusted net income $39,734 $56,840 $55,805 $19,859 Average assets $3,447,500 $3,980,538 $4,269,873 $4,765,290 Return on average assets 1.07% 1.41% 1.32% 0.78%* Adjusted return on average assets 1.15% 1.43% 1.31% 1.69%* 28 * 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.

Non-GAAP Reconciliations (cont’d) ROATCE, adjusted return on average stockholders’ equity, and adjusted ROATCE ($000) 2020 2021 2022 1Q23 Total stockholders’ equity $350,703 $380,080 $383,306 $422,212 Less: goodwill (23,620) (25,057) (29,322) (49,352) Less: core deposit intangible assets (3,436) (2,333) (1,480) (15,635) Average tangible common equity $323,647 $352,690 $352,504 $357,225 Net income $36,845 $56,271 $56,456 $9,208 Adjusted net income 39,734 56,840 55,805 19.859 Return on average stockholders’ equity 10.51% 14.81% 14.73% 8.84%* Return on average tangible common equity 11.38% 15.95% 16.02% 10.45%* Adjusted return on average stockholders’ equity 11.33% 14.95% 14.56% 19.08%* Adjusted return on average tangible common equity 12.28% 16.12% 15.83% 22.55%* * Annualized measure 29

Non-GAAP Reconciliations (cont’d) ($000) 2018 2019 2020 2021 2022 Net interest income $129,442 $133,800 $117,605 $122,403 $145,874 Tax equivalent adjustment 2,661 2,309 1,943 2,028 2,499 Net interest income (tax-equivalent basis) $132,103 $136,109 $119,548 $124,431 $148,373 Average interest-earnings assets $3,109,289 $3,105,863 $3,318,764 $3,846,473 $4,118,124 Net interest income (tax-equivalent basis) Net interest margin (tax-equivalent basis) * Annualized measure. (%) 2018 2019 2020 2021 2022 Net interest margin 4.16% 4.31% 3.54% 3.18% 3.54% Tax equivalent adjustment 0.09% 0.07% 0.06% 0.05% 0.06% Net interest margin (tax-equivalent basis) 4.25% 4.38% 3.60% 3.23% 3.60% 30 Net interest income (tax-equivalent basis) Net interest margin (tax-equivalent basis) ($000) 1Q22 2Q22 3Q22 4Q22 1Q23 Net interest income $31,928 $34,373 $37,390 $42,183 $46,837 Tax equivalent adjustment 529 598 674 698 702 Net interest income (tax-equivalent basis) $32,457 $34,971 $38,064 $42,881 $47,539 Average interest-earnings assets $4,201,793 $4,133,448 $4,059,978 $4,079,261 $4,523,721 (%) 1Q22 2Q22 3Q22 4Q22 1Q23 Net interest margin 3.08%* 3.34%* 3.65%* 4.10%* 4.20%* Tax equivalent adjustment 0.05%* 0.05%* 0.07%* 0.07%* 0.06%* Net interest margin (tax-equivalent basis) 3.13%* 3.39%* 3.72%* 4.17%* 4.26%*

Non-GAAP Reconciliations (cont’d) Efficiency ratio (tax-equivalent basis) ($000) 2020 2021 2022 1Q23 Total noninterest expense $91,956 $91,246 $105,107 $35,933 Less: amortization of intangible assets (1,232) (1,054) (873) (510) Adjusted noninterest expense $90,724 $90,192 $104,234 $35,423 Net interest income $117,605 $122,403 $145,874 $46,837 Total noninterest income 34,456 37,328 34,717 7,437 Operating revenue 152,061 159,731 180,591 54,274 Tax-equivalent adjustment 1,943 2,028 2,499 702 Operating revenue (tax-equivalent basis) $154,004 $161,759 $183,090 $54,976 Efficiency ratio 59.66% 56.46% 57.72% 65.27% Efficiency ratio (tax-equivalent basis) 58.91% 55.76% 56.93% 64.43%

Non-GAAP Reconciliations (cont’d) Tangible book value per share and cumulative effect of dividends (2007 to 3Q19) ($mm) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 Tangible book value per share Total equity $109 $120 $130 $143 $197 $262 $257 $287 $311 $326 $324 $340 $349 Less goodwill (23) (23) (23) (23) (23) (23) (12) (12) (24) (24) (24) (24) (24) Less core deposit intangible (9) (9) (7) (7) (7) (15) (11) (9) (11) (9) (7) (5) (4) Tangible common equity $77 $88 $99 $113 $167 $224 $233 $265 $276 $294 $293 $311 $321 Shares outstanding (mm) 16.47 16.28 16.30 16.33 16.45 17.84 18.03 18.03 18.02 18.07 18.07 18.03 18.03 Book value per share $6.65 $7.36 $7.95 $8.73 $12.00 $14.68 $14.23 $15.92 $17.26 $18.05 $17.92 $18.88 $19.36 Tangible book value per share $4.69 $5.38 $6.10 $6.91 $10.15 $12.56 $12.93 $14.72 $15.33 $16.25 $16.23 $17.27 $17.80 TBVPS CAGR (%) 12.0% Cumulative effect of dividends per share Cumulative regular dividends $-- $3 $7 $10 $13 $17 $22 $26 $33 $38 $46 $54 $62 Cumulative special dividends -- -- -- -- -- 10 10 10 10 20 45 52 79 Cumulative effect of dividends $-- $3 $7 $10 $13 $27 $32 $36 $43 $58 $91 $106 $141 Shares outstanding (mm) 16.47 16.28 16.30 16.33 16.45 17.84 18.03 18.03 18.02 18.07 18.07 18.03 18.03 Cumulative effect of dividends per share $-- $0.20 $0.40 $0.60 $0.79 $1.53 $1.77 $2.02 $2.36 $3.21 $5.01 $5.88 $7.83 32

Non-GAAP Reconciliations (cont’d) IPO adjusted tangible book value per share ($mm) IPO Adjusted 3Q19 2019 2020 2021 2022 1Q23 Tangible book value per share Total equity $333 $364 $412 $374 $450 Less goodwill (24) (24) (29) (29) (60) Less core deposit intangible (4) (3) (2) (1) (23) Tangible common equity $305 $338 $381 $343 $367 Shares outstanding (mm) 27.46 27.46 28.99 28.75 32.10 Book value per share $12.12 $13.25 $14.21 $12.99 $14.02 Tangible book value per share $10.54 $11.12 $12.29 $13.13 $11.94 $11.45 TBVPS CAGR (%) 2.4% Tangible book value per share (IPO adjusted 3Q19 to 3Q22) ($000) 3Q19 Tangible common equity Total equity $348,936 Less goodwill (23,620) Less core deposit intangible (4,366) Tangible common equity 320,950 Net proceeds from initial public offering 138,493 Use of proceeds from initial public offering (special dividend) (169,999) IPO adjusted tangible common equity $289,444 Shares outstanding 18,027,512 New shares issued during initial public offering 9,429,794 Shares outstanding, following the initial public offering 27,457,306 Tangible book value per share $17.80 Dilution per share attributable to new investors and special dividend payment (7.26) IPO adjusted tangible book value per share $10.54 33

Non-GAAP Reconciliations (cont’d) ($000) 2019 2020 2021 2022 1Q23 Tangible common equity Total equity $332,918 $363,917 $411,881 $373,632 $450,098 Less goodwill (23,620) (23,620) (29,322) (29,322) (59,876) Less core deposit intangible (4,030) (2,798) (1,943) (1,070) (22,842) Tangible common equity $305,268 $337,499 $380,616 $343,240 $367,380 Tangible assets Total assets $3,245,103 $3,666,567 $4,314,254 $4,286,734 $5,013,821 Less goodwill (23,620) (23,620) (29,322) (29,322) (59,876) Less core deposit intangible (4,030) (2,798) (1,943) (1,070) (22,842) Tangible assets $3,217,453 $3,640,149 $4,282,989 $4,256,342 $4,931,103 Total stockholders’ equity to total assets 10.26% 9.93% 9.55% 8.72% 8.98% Tangible common equity to tangible assets 9.49% 9.27% 8.89% 8.06% 7.45% Tangible common equity to tangible assets 34

Non-GAAP Reconciliations (cont’d) ($000) 2020 2021 2022 1Q23 Total deposits $3,130,534 $3,738,185 $3,587,024 $4,310,521 Less time deposits of $250,000 or more (26,687) (59,512) (27,158) (59,816) Less brokered deposits -- (4,238) -- -- Core deposits $3,103,847 $3,674,435 $3,559,866 $4,250,705 Core deposits to total deposits 99.15% 98.29% 99.24% 98.61% Core deposits 35

HBT Financial, Inc.