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hbt-20260930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2026

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

For the transition period from ______ to

Commission file number: 001-39085

HBT Financial, Inc.

(Exact name of registrant as specified in its charter)


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

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

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


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

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

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

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


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☐

Emerging growth company	☐

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

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

As of October 30, 2026, there were 36,365,612 shares outstanding of the registrant’s common stock, $0.01 par value.

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TABLE OF CONTENTS

HBT Financial, Inc.


		Page

PART I. FINANCIAL INFORMATION		3
Item 1.	Consolidated Financial Statements	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Incom e (Loss)	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statement of Changes in Stockholders’ Equity	6
	Consolidated Statements of Cash Flows	8
	Notes to Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	56
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	92
Item 4.	Controls and Procedures	94
PART II. OTHER INFORMATION		95
Item 1.	Legal Proceedings	95
Item 1A.	Risk Factors	95
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	95
Item 3.	Defaults Upon Senior Securities	95
Item 4.	Mine Safety Disclosures	95
Item 5.	Other Information	96
Item 6.	Exhibits	96

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

•the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, global energy market conditions, the threat or implementation of tariffs, immigration enforcement and changes in foreign policy);

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

•the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine, ongoing conflicts in the Middle East, and other international military conflicts that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control), and the response of the local, state and national governments to any such adverse external events;

•new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board;

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

•changes in interest rates, including as a result of the recent increase in the benchmark federal funds rate by the Federal Reserve, and prepayment rates of the Company’s assets;

•increased competition in the financial services sector, including from non-bank competitors such as credit unions, private credit firms, fintech companies and digital asset service providers and the inability to attract new customers;

•technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers;

•emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business or customers;

•unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated, including the acquisition of CNB Bank Shares, Inc. ("CNB") and the pending acquisition of Tri-County Financial Group, Inc. ("TYFG" or "Tri-County");

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

•changes in consumer spending;

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

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

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

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

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

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

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

•the availability of future equity and debt issuances and other capital raising opportunities on favorable terms;

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

•the level of nonperforming assets on our balance sheets;

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

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

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

•the risk that a condition to closing of the proposed transaction may not be satisfied, that either party may terminate the merger agreement or that the closing of the proposed transaction might be delayed or not occur at all;

•potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction;

•the diversion of management time on transaction-related issues;

•the ultimate timing, outcome and results of integrating the operations of TYFG into those of HBT;

•the effects of any acquisitions on HBT’s future financial condition, results of operations, strategy and plans;

•regulatory approvals of the transaction;

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

•the factors discussed in "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" or elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 6, 2026.

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

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PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	(Unaudited)
(dollars in thousands, except per share data)	September 30, 2026		December 31, 2025
ASSETS
Cash and due from banks	$	28,860	$	24,423
Interest-bearing deposits with banks	97,400		97,846
Cash and cash equivalents	126,260		122,269


Debt securities available-for-sale, at fair value	1,065,551		813,101
Debt securities held-to-maturity (fair value of $373,903 at 2026 and $426,799 at 2025)	417,491		458,746
Equity securities with readily determinable fair value	3,475		3,322
Equity securities with no readily determinable fair value	6,671		2,612
Restricted stock, at cost	6,000		4,979
Loans held for sale	2,980		1,263

Loans, before allowance for credit losses	4,782,743		3,456,209
Allowance for credit losses	(60,475)		(41,690)
Loans, net of allowance for credit losses	4,722,268		3,414,519

Bank owned life insurance	38,112		24,660
Bank premises and equipment, net	91,606		73,642
Bank premises held for sale	276		—
Foreclosed assets	656		1,126
Goodwill	81,949		59,820
Intangible assets, net	41,403		15,117

Mortgage servicing rights, at fair value	20,799		16,944
Investments in unconsolidated subsidiaries	1,614		1,614
Accrued interest receivable	39,427		23,779
Other assets	52,789		33,877
Total assets	$	6,719,327	$	5,071,390

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,303,942	$	1,049,043
Interest-bearing	4,448,490		3,310,220
Total deposits	5,752,432		4,359,263


Federal Home Loan Bank advances	12,210		12,301
Subordinated notes	84,051		—
Junior subordinated debentures issued to capital trusts	52,953		52,909
Other liabilities	63,590		31,419
Total liabilities	5,965,236		4,455,892

COMMITMENTS AND CONTINGENCIES (Note 16)

Stockholders' Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	—		—
Common stock, $0.01 par value; 125,000,000 shares authorized; shares issued of 38,451,113 at 2026 and 32,899,104 at 2025; shares outstanding of 36,365,612 at 2026 and 31,431,924 at 2025	385		329
Surplus	447,557		298,548
Retained earnings	412,781		367,163
Accumulated other comprehensive income (loss)	(62,949)		(23,018)
Treasury stock at cost, 2,085,501 shares at 2026 and 1,467,180 at 2025	(43,683)		(27,524)
Total stockholders’ equity	754,091		615,498
Total liabilities and stockholders’ equity	$	6,719,327	$	5,071,390

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands, except per share data)	2026		2025		2026		2025

INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable	$	75,894	$	52,818	$	208,443	$	159,343
Federally tax exempt	1,501		1,245		4,357		3,628
Debt securities:
Taxable	11,359		8,320		32,070		22,690
Federally tax exempt	1,045		459		2,704		1,385
Interest-bearing deposits in bank	735		1,350		3,035		3,959
Other interest and dividend income	128		144		475		388
Total interest and dividend income	90,662		64,336		251,084		191,393

INTEREST EXPENSE
Deposits	18,122		12,995		49,484		38,769
Securities sold under agreements to repurchase	—		—		30		22
Borrowings	126		31		505		170
Subordinated notes	1,233		387		2,756		1,326
Junior subordinated debentures issued to capital trusts	860		937		2,545		2,754
Total interest expense	20,341		14,350		55,320		43,041
Net interest income	70,321		49,986		195,764		148,352
PROVISION FOR CREDIT LOSSES	(561)		596		(41)		1,698
Net interest income after provision for credit losses	70,882		49,390		195,805		146,654

NONINTEREST INCOME
Card income	3,247		2,732		9,426		8,077
Wealth management fees	3,943		3,122		11,624		8,789
Service charges on deposit accounts	2,680		2,093		7,329		5,952
Mortgage servicing	1,111		1,019		3,237		3,051
Mortgage servicing rights fair value adjustment	1,460		(514)		906		(1,573)
Gains on sale of mortgage loans	550		390		1,293		1,101
Realized gains (losses) on sales of securities	(184)		(49)		(184)		(49)
Unrealized gains (losses) on equity securities	(71)		(67)		8		(36)
Gains (losses) on foreclosed assets	(67)		148		(156)		175
Gains (losses) on other assets	(62)		(14)		(274)		(88)
Income on bank owned life insurance	229		169		623		500
Other noninterest income	1,401		820		3,190		2,396
Total noninterest income	14,237		9,849		37,022		28,295

NONINTEREST EXPENSE
Salaries	20,988		16,351		66,030		49,856
Employee benefits	4,493		3,314		12,598		10,179
Occupancy of bank premises	3,933		2,826		10,566		7,922
Furniture and equipment	861		737		2,400		1,757
Data processing	4,130		2,791		19,687		8,195
Marketing and customer relations	1,222		1,035		3,752		3,199
Amortization of intangible assets	1,455		694		3,797		2,083
Loss on extinguishment of debt	—		391		—		391
FDIC insurance	723		561		1,988		1,674
Loan collection and servicing	640		264		1,891		1,007
Foreclosed assets	43		62		143		134
Other noninterest expense	4,175		3,482		14,694		9,960
Total noninterest expense	42,663		32,508		137,546		96,357
INCOME BEFORE INCOME TAX EXPENSE	42,456		26,731		95,281		78,592
INCOME TAX EXPENSE	11,064		6,966		24,845		20,522
NET INCOME	$	31,392	$	19,765	$	70,436	$	58,070

EARNINGS PER SHARE - BASIC	$	0.86	$	0.63	$	1.99	$	1.84
EARNINGS PER SHARE - DILUTED	$	0.86	$	0.63	$	1.99	$	1.84
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING	36,365,612		31,481,135		35,318,125		31,525,247

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

NET INCOME	$	31,392	$	19,765	$	70,436	$	58,070

OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized gains (losses) on debt securities available-for-sale	(44,171)		7,239		(52,916)		25,393
Reclassification adjustment for losses on sale of debt securities available-for-sale realized in income	184		49		184		49
Reclassification adjustment for amortization of net unrealized losses on debt securities transferred to held-to-maturity	571		518		1,461		1,514
Unrealized losses on derivative instruments	(2,962)		—		(4,124)		—
Reclassification adjustment for net settlements on derivative instruments	(41)		—		(65)		(38)
Total other comprehensive income (loss), before tax	(46,419)		7,806		(55,460)		26,918
Income tax expense (benefit)	(12,997)		2,186		(15,529)		7,272
Total other comprehensive income (loss)	(33,422)		5,620		(39,931)		19,646
TOTAL COMPREHENSIVE INCOME (LOSS)	$	(2,030)	$	25,385	$	30,505	$	77,716

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)


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

Balance, June 30, 2026	36,365,612	$	385	$	447,030	$	390,528	$	(29,527)	$	(43,683)	$	764,733

Net income	—	—		—		31,392		—		—		31,392
Other comprehensive loss	—	—		—		—		(33,422)		—		(33,422)
Stock-based compensation	—	—		527		—		—		—		527



Cash dividends and dividend equivalents ($0.25 per share)	—	—		—		(9,139)		—		—		(9,139)




Balance, September 30, 2026	36,365,612	$	385	$	447,557	$	412,781	$	(62,949)	$	(43,683)	$	754,091

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

Net income	—	—		—		19,765		—		—		19,765
Other comprehensive income	—	—		—		—		5,620		—		5,620
Stock-based compensation	—	—		513		—		—		—		513


Repurchase of common stock	(39,631)	—		—		—		—		(1,015)		(1,015)
Cash dividends and dividend equivalents ($0.21 per share)	—	—		—		(6,651)		—		—		(6,651)




Balance, September 30, 2025	31,455,803	$	329	$	297,992	$	354,864	$	(27,119)	$	(26,937)	$	599,129

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

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


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

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

Net income	—	—		—		70,436		—		—		70,436
Other comprehensive loss	—	—		—		—		(39,931)		—		(39,931)
Stock-based compensation	—	—		1,479		—		—		—		1,479
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings	53,878	1		(645)		—		—		—		(644)
Issuance of common stock in CNB acquisition	5,498,131	55		148,175		—		—		—		148,230
Repurchase of common stock	(618,321)	—		—		—		—		(16,159)		(16,159)
Cash dividends and dividend equivalents ($0.71 per share)	—	—		—		(24,818)		—		—		(24,818)




Balance, September 30, 2026	36,365,612	$	385	$	447,557	$	412,781	$	(62,949)	$	(43,683)	$	754,091

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

Net income	—	—		—		58,070		—		—		58,070
Other comprehensive income	—	—		—		—		19,646		—		19,646
Stock-based compensation	—	—		1,387		—		—		—		1,387
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings	72,065	1		(692)		—		—		—		(691)

Repurchase of common stock	(175,628)	—		—		—		—		(3,918)		(3,918)
Cash dividends and dividend equivalents ($0.63 per share)	—	—		—		(19,970)		—		—		(19,970)




Balance, September 30, 2025	31,455,803	$	329	$	297,992	$	354,864	$	(27,119)	$	(26,937)	$	599,129

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)


	Nine Months Ended September 30,
(dollars in thousands)	2026		2025

CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	70,436	$	58,070
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	3,224		2,347
Provision for credit losses	(41)		1,698
Net amortization of debt securities	(160)		1,859
Deferred income tax expense	9,030		725
Stock-based compensation	1,479		1,387
Net accretion of discount and deferred loan fees on loans	(7,501)		(5,473)
Net realized loss on sales of securities	184		49
Net unrealized loss (gain) on equity securities	(8)		36
Net loss on disposals of bank premises and equipment	3		90
Net gain on sales of bank premises held for sale	—		(52)
Impairment losses on bank premises held for sale	271		50
Net gain on sales of foreclosed assets	(60)		(224)
Write-down of foreclosed assets	216		49
Amortization of intangibles	3,797		2,083
Decrease (increase) in fair value of mortgage servicing rights	(906)		1,573
Net loss on extinguishment of subordinated debt	—		391
Amortization of discount and issuance costs on subordinated notes and debentures	98		101
Amortization of discount on Federal Home Loan Bank advances	91		128

Amortization of premium on time deposits	(1,266)		—
Mortgage loans originated for sale	(50,133)		(36,348)
Proceeds from sale of mortgage loans	49,996		37,603
Net gain on sale of mortgage loans	(1,293)		(1,101)
Increase in cash surrender value of bank owned life insurance	(623)		(500)

Decrease (increase) in accrued interest receivable	(1,853)		1,195
Decrease in other assets	4,093		219
Increase (decrease) in other liabilities	1,200		(4,788)
Net cash provided by operating activities	80,274		61,167

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)


	Nine Months Ended September 30,
(dollars in thousands)	2026		2025

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities of interest-bearing time deposits with banks	245		—

Proceeds from sales of debt securities	316,155		1,276
Proceeds from sales and redemptions of equity securities	77		54
Proceeds from paydowns, maturities, and calls of debt securities	134,497		128,291
Purchase of debt securities	(348,212)		(166,907)
Purchase of equity securities	(413)		(34)
Purchase of loans	—		(9,782)
Net decrease (increase) in loans	(23,425)		78,157

Proceeds from redemption of restricted stock	4,230		107

Purchases of bank premises and equipment	(5,612)		(5,657)
Proceeds from sales of bank premises and equipment	—		13
Proceeds from sales of bank premises held for sale	—		319
Proceeds from sales of foreclosed assets	892		1,140

Net cash received in acquisition of CNB Bank Shares, Inc.	15,036		—
Proceeds from sale of brokerage operations acquired from CNB Bank Shares, Inc.	649		—
Net cash provided by investing activities	94,119		26,977

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits	(122,403)		28,933
Net decrease in repurchase agreements	(18,354)		(28,969)

Proceeds from long-term Federal Home Loan Bank advances	—		1,800
Repayment of long-term Federal Home Loan Bank advances	(72,021)		(7,888)
Repayment of subordinated notes	—		(40,000)
Issuance of subordinated notes, net of issuance costs	83,997		—
Taxes paid related to the vesting of restricted stock units	(644)		(691)
Repurchase of common stock	(16,159)		(3,918)
Cash dividends and dividend equivalents paid	(24,818)		(19,970)
Net cash used in financing activities	(170,402)		(70,703)

NET INCREASE IN CASH AND CASH EQUIVALENTS	3,991		17,441
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	122,269		137,692
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	126,260	$	155,133

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	$	56,887	$	44,191
Net cash paid for income taxes:
Federal	$	5,998	$	13,900
Illinois	2,900		6,675
Other states	435		465
Total	$	9,333	$	21,040

SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES
Transfers of loans to foreclosed assets	$	578	$	1,605

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

See accompanying Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1 – ACCOUNTING POLICIES

Basis of Presentation

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

The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) interim reporting requirements. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to rules and regulations of the SEC. These interim unaudited consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026.

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

Use of Estimates

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

Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses and fair value of assets acquired and liabilities assumed in business combinations.

Reclassifications

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

Subsequent Events

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

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Impact of Recently Adopted Accounting Standards

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

Recent Accounting Pronouncements

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

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. ASU 2025-09 provides clarification on certain aspects of the guidance on hedge accounting and addresses several incremental hedge accounting issues arising from the global reference rate reform. Consistent with the original objective of ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, the objective of ASU 2025-09 is to more closely align hedge accounting with the economics of an entity's risk management activities. The ASU requires public entities to apply the amendments prospectively. The amendments in this update are effective for years beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted. This standard is not expected to have a material impact on the Company's consolidated results of operations or financial position.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies interim disclosure requirements and the applicability of Topic 270, Interim Reporting. The amendments result in a comprehensive list of interim disclosures required by GAAP. The amendment also adds a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The ASU allows public entities to apply the amendments either prospectively or retrospectively. The amendments in this update are effective for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. This standard is not expected to have a material impact on the Company's consolidated results of operations or financial position.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 2 – BUSINESS COMBINATIONS

Tri-County Financial Group, Inc.

On August 10, 2026, HBT Financial and Tri-County Financial Group, Inc. ("Tri-County"), the holding company for First State Bank in Mendota, Illinois ("FSB"), jointly announced the signing of a merger agreement pursuant to which HBT Financial will acquire Tri-County and FSB. The acquisition will expand HBT Financial's presence in the central Illinois and Chicago MSA markets.

Under the terms of the merger agreement, total consideration consists of approximately 3.8 million shares of HBT Financial's common stock and $59.9 million in cash. Tri-County shareholders may elect to receive either (i) 2.4589 shares of HBT Financial's common stock for each share of Tri-County common stock, or (ii) $71.01 per share in cash, or (iii) a combination of cash and stock consideration, subject to adjustment and to the election and proration procedures as provided in the merger agreement. Upon closing the transaction, shareholders of Tri-County are expected to hold approximately 9% of HBT Financial's outstanding common stock. The transaction is expected to close early in the first quarter of 2027, subject to customary closing conditions and regulatory approvals.

There were no Tri-County acquisition-related expenses recognized prior to the third quarter of 2026. Acquisition-related expenses recognized during the three months and nine months ended September 30, 2026 are summarized below.


	Three Months Ended				Nine Months Ended
(dollars in thousands)	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025

Salaries	$	58	$	—	$	58	$	—










Professional fees and other noninterest expense	620		—		620		—
Total	$	678	$	—	$	678	$	—

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

CNB Bank Shares, Inc.

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

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

This transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the date of acquisition. Given the timing of the acquisition, fair values are subject to refinement up to one year after the closing date of March 1, 2026. A measurement period adjustment of $1.6 million was recorded in the second quarter of 2026 as more information became available related to CNB's unrecorded assets. Goodwill of $22.1 million was recorded in the acquisition, which reflects expected synergies from combining the operations of HBT Financial and CNB, and is nondeductible for tax purposes.

The acquisition of CNB further enhanced HBT Financial's footprint in the central Illinois, Chicago MSA, and suburban St. Louis markets. There were no CNB acquisition-related expenses recognized during the third quarter of 2025 or during the nine months ended September 30, 2025. Acquisition-related expenses recognized during the three and nine months ended September 30, 2026 are summarized below.


	Three Months Ended				Nine Months Ended
(dollars in thousands)	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025

Salaries	$	—	$	—	$	3,959	$	—

Occupancy of bank premises	—		—		118		—
Furniture and equipment	—		—		72		—
Data processing	260		—		9,019		—
Marketing and customer relations	—		—		74		—



Loan collection and servicing	—		—		348		—

Professional fees and other noninterest expense	67		—		2,660		—
Total	$	327	$	—	$	16,250	$	—

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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


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

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

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

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

Accrued interest receivable	13,795
Other assets	15,550
Total assets acquired	1,791,818

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

Other liabilities	24,849
Total liabilities assumed	1,631,880
Net assets acquired	$	159,938

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

Goodwill	$	22,129

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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


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

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

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

The following table provides the pro forma information for the results of operations for the three and nine months ended September 30, 2026 and 2025 as if the acquisition of CNB had occurred on January 1, 2025. The pro forma results combine the historical results of CNB into HBT Financial’s consolidated statements of income, including the impact of certain acquisition accounting adjustments, which include loan discount accretion, securities discount accretion, intangible assets amortization, deposit premium amortization, and borrowing premium amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2025. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. Acquisition-related expenses that have been recognized are included in net income in the following table.


	Pro Forma
	Three Months Ended				Nine Months Ended
(dollars in thousands, except per share data)	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Total revenues (net interest income and noninterest income)	$	84,173	$	81,583	$	244,940	$	239,993
Net income	31,102		25,192		80,245		62,230
Earnings per share - basic	0.86		0.68		2.20		1.68
Earnings per share - diluted	0.85		0.68		2.19		1.68

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 3 – SECURITIES

Debt Securities

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


	September 30, 2026
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Available-for-sale:
U.S. Treasury	$	79,878	$	—	$	(4,813)	$	—	$	75,065
U.S. government agency	152,302		—		(7,989)		—		144,313
Municipal	218,339		1		(24,815)		—		193,525
Mortgage-backed:
Agency residential	497,225		154		(32,135)		—		465,244
Agency commercial	145,286		7		(10,702)		—		134,591

Corporate	54,019		343		(1,549)		—		52,813
Total available-for-sale	$	1,147,049	$	505	$	(82,003)	$	—	$	1,065,551

	September 30, 2026
(dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		Allowance for Credit Losses

Held-to-maturity:
U.S. government agency	$	83,513	$	—	$	(7,745)	$	75,768	$	—
Municipal	25,763		—		(757)		25,006		—
Mortgage-backed:
Agency residential	64,036		—		(4,908)		59,128		—
Agency commercial	244,179		—		(30,178)		214,001		—
Total held-to-maturity	$	417,491	$	—	$	(43,588)	$	373,903	$	—

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


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

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

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

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

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

As of September 30, 2026 and December 31, 2025, the Bank had debt securities with a carrying value of $528.6 million and $412.8 million, respectively, which were pledged to secure public deposits, securities sold under agreements to repurchase, available borrowing capacity, and for other purposes required or permitted by law.

The amortized cost and fair value of debt securities by contractual maturity, as of September 30, 2026, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


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

Due in 1 year or less	$	57,081	$	56,391	$	8,285	$	8,240
Due after 1 year through 5 years	154,700		139,955		68,631		64,073
Due after 5 years through 10 years	220,441		205,988		30,433		26,779
Due after 10 years	72,316		63,382		1,927		1,682

Mortgage-backed:
Agency residential	497,225		465,244		64,036		59,128
Agency commercial	145,286		134,591		244,179		214,001
Total	$	1,147,049	$	1,065,551	$	417,491	$	373,903

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following table presents gross unrealized losses and fair value of debt securities available-for-sale that do not have an associated allowance for credit losses as of September 30, 2026 and December 31, 2025, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position:


	September 30, 2026
	Investments in a Continuous Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(dollars in thousands)	Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value

Available-for-sale:
U.S. Treasury	$	—	$	—	$	(4,813)	$	75,065	$	(4,813)	$	75,065
U.S. government agency	(6,812)		117,289		(1,177)		27,024		(7,989)		144,313
Municipal	(8,252)		75,209		(16,563)		116,975		(24,815)		192,184
Mortgage-backed:
Agency residential	(23,147)		370,555		(8,988)		85,600		(32,135)		456,155
Agency commercial	(2,883)		44,571		(7,819)		86,904		(10,702)		131,475
Corporate	(464)		14,536		(1,085)		13,990		(1,549)		28,526
Total available-for-sale	$	(41,558)	$	622,160	$	(40,445)	$	405,558	$	(82,003)	$	1,027,718


	December 31, 2025
	Investments in a Continuous Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(dollars in thousands)	Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value

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

As of September 30, 2026, there were 491 debt securities in an unrealized loss position for a period of 12 months or more, and 360 debt securities in an unrealized loss position for a period of less than 12 months.

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

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Municipal securities include general obligation bonds, which have a very low historical default rate due to issuers generally having taxing authority to service the debt, and represent approximately 71% of the total fair value of our municipal securities portfolio as of September 30, 2026. The remainder of the municipal securities are also of high credit quality with ratings of A1/A+ or better. The Company evaluates credit risk through monitoring credit ratings and reviews of available financial data. The changes in fair value in municipal securities were considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks. The estimated allowance for credit losses for the municipal debt securities held-to-maturity was deemed insignificant.

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

As of September 30, 2026, the Company did not intend to sell the debt securities that are in an unrealized loss position, and it was more likely than not that the Company would recover the amortized cost prior to being required to sell the debt securities.

Accrued interest on debt securities is excluded from the estimate of credit losses and totaled $7.5 million and $5.5 million as of September 30, 2026 and December 31, 2025, respectively.

Sales of debt securities were as follows during the three and nine months ended September 30:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Proceeds from sales	$	3,078	$	1,276	$	316,155	$	1,276
Gross realized gains	—		—		—		—
Gross realized losses	(184)		(49)		(184)		(49)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Equity Securities

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

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


	September 30, 2026
(dollars in thousands)	Readily Determinable Fair Value		No Readily Determinable Fair Value

Initial cost	$	3,269	$	7,040
Cumulative net unrealized gains (losses)	206		(369)
Carrying value	$	3,475	$	6,671


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

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

As of September 30, 2026 and December 31, 2025, the cumulative net unrealized losses on equity securities with no readily determinable fair value reflect impairments of $0.2 million and downward adjustments based on observable price changes of an identical investment of $0.2 million. There have been no upward adjustments based on observable price changes to equity securities with no readily determinable fair value.

Unrealized gains (losses) on equity securities were as follows during the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Readily determinable fair value	$	(71)	$	(67)	$	8	$	(36)
No readily determinable fair value	—		—		—		—
Unrealized gains (losses) on equity securities	$	(71)	$	(67)	$	8	$	(36)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 4 – LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES

Major categories of loans are summarized as follows:


(dollars in thousands)	September 30, 2026		December 31, 2025

Commercial and industrial	$	509,973	$	399,760
Commercial real estate - owner occupied	515,800		320,434
Commercial real estate - non-owner occupied	1,136,065		937,094
Construction and land development	476,352		280,254
Multi-family	648,969		544,941
One-to-four family residential	583,266		445,463
Agricultural and farmland	595,485		275,251
Municipal, consumer, and other	316,833		253,012
Loans, before allowance for credit losses	4,782,743		3,456,209
Allowance for credit losses	(60,475)		(41,690)
Loans, net of allowance for credit losses	$	4,722,268	$	3,414,519

Allowance for Credit Losses

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

At September 30, 2026, the economic forecast used by management anticipates that the unemployment rate will remain relatively flat and that gross domestic product ("GDP") will grow at a modest and relatively stable pace during the next four quarters. After the forecast period, the Company reverts to long-term averages over a four-quarter reversion period. Additionally, management has made qualitative adjustments to the loss estimates to reflect other factors that influence credit losses.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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


	Three Months Ended September 30, 2026
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Beginning balance	$	8,935	$	7,704	$	11,613	$	7,929	$	7,391	$	5,736	$	2,175	$	9,081	$	60,564

Provision for credit losses	(645)		(185)		(503)		953		355		5		(174)		(399)		(593)
Charge-offs	(272)		(37)		—		—		—		(10)		—		(233)		(552)
Recoveries	839		45		—		—		9		56		14		93		1,056
Ending balance	$	8,857	$	7,527	$	11,110	$	8,882	$	7,755	$	5,787	$	2,015	$	8,542	$	60,475

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

Beginning balance	$	6,310	$	3,311	$	11,635	$	3,450	$	4,554	$	3,677	$	1,558	$	7,164	$	41,659

Provision for credit losses	110		342		212		(604)		272		(117)		(151)		311		375
Charge-offs	(398)		(114)		—		—		—		(31)		(15)		(165)		(723)
Recoveries	459		3		—		—		—		57		11		59		589
Ending balance	$	6,481	$	3,542	$	11,847	$	2,846	$	4,826	$	3,586	$	1,403	$	7,369	$	41,900

	Nine Months Ended September 30, 2026
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Beginning balance	$	6,975	$	4,383	$	8,705	$	3,899	$	5,484	$	3,535	$	758	$	7,951	$	41,690
Allowance established in acquisition	$	3,415	$	3,775	$	3,103	$	3,475	$	2,117	$	2,202	$	991	$	879	$	19,957
Provision for credit losses	(1,620)		(390)		(800)		1,439		138		(79)		224		70		(1,018)
Charge-offs	(960)		(290)		—		(7)		—		(17)		—		(593)		(1,867)
Recoveries	1,047		49		102		76		16		146		42		235		1,713
Ending balance	$	8,857	$	7,527	$	11,110	$	8,882	$	7,755	$	5,787	$	2,015	$	8,542	$	60,475

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

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

Provision for credit losses	2,002		514		140		(1,452)		538		82		190		(548)		1,466
Charge-offs	(1,442)		(115)		—		(8)		(43)		(548)		(24)		(460)		(2,640)
Recoveries	564		36		—		4		—		144		67		215		1,030
Ending balance	$	6,481	$	3,542	$	11,847	$	2,846	$	4,826	$	3,586	$	1,403	$	7,369	$	41,900

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Gross charge-offs, further sorted by origination year, were as follows during the three months ended September 30, 2026 and 2025.


	Gross Charge-Offs for the Three Months Ended September 30, 2026
	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
(dollars in thousands)	2026		2025		2024		2023		2022		Prior

Commercial and industrial	$	78	$	1	$	—	$	152	$	—	$	—	$	41	$	—	$	272
Commercial real estate - owner occupied	—		—		29		—		—		—		8		—		37
Commercial real estate - non-owner occupied	—		—		—		—		—		—		—		—		—
Construction and land development	—		—		—		—		—		—		—		—		—
Multi-family	—		—		—		—		—		—		—		—		—
One-to-four family residential	—		—		—		—		—		—		10		—		10
Agricultural and farmland	—		—		—		—		—		—		—		—		—
Municipal, consumer, and other	150		20		6		—		—		1		56		—		233
Total	$	228	$	21	$	35	$	152	$	—	$	1	$	115	$	—	$	552

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

Commercial and industrial	$	12	$	1	$	172	$	189	$	—	$	—	$	24	$	—	$	398
Commercial real estate - owner occupied	—		—		114		—		—		—		—		—		114
Commercial real estate - non-owner occupied	—		—		—		—		—		—		—		—		—
Construction and land development	—		—		—		—		—		—		—		—		—
Multi-family	—		—		—		—		—		—		—		—		—
One-to-four family residential	—		—		—		31		—		—		—		—		31
Agricultural and farmland	—		—		—		—		—		—		15		—		15
Municipal, consumer, and other	86		5		—		—		—		—		74		—		165
Total	$	98	$	6	$	286	$	220	$	—	$	—	$	113	$	—	$	723

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Gross charge-offs, further sorted by origination year, were as follows during the nine months ended September 30, 2026 and 2025.


	Gross Charge-Offs for the Nine Months Ended September 30, 2026
	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
(dollars in thousands)	2026		2025		2024		2023		2022		Prior

Commercial and industrial	$	83	$	403	$	—	$	341	$	58	$	—	$	75	$	—	$	960
Commercial real estate - owner occupied	—		212		29		—		—		—		49		—		290
Commercial real estate - non-owner occupied	—		—		—		—		—		—		—		—		—
Construction and land development	—		6		—		—		—		1		—		—		7
Multi-family	—		—		—		—		—		—		—		—		—
One-to-four family residential	—		—		—		1		1		4		11		—		17
Agricultural and farmland	—		—		—		—		—		—		—		—		—
Municipal, consumer, and other	308		114		14		26		—		1		130		—		593
Total	$	391	$	735	$	43	$	368	$	59	$	6	$	265	$	—	$	1,867

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

Commercial and industrial	$	12	$	1	$	696	$	195	$	46	$	—	$	492	$	—	$	1,442
Commercial real estate - owner occupied	—		—		114		—		1		—		—		—		115
Commercial real estate - non-owner occupied	—		—		—		—		—		—		—		—		—
Construction and land development	—		2		—		2		—		4		—		—		8
Multi-family	—		43		—		—		—		—		—		—		43
One-to-four family residential	—		20		—		45		—		480		3		—		548
Agricultural and farmland	—		9		—		—		—		—		15		—		24
Municipal, consumer, and other	242		71		2		—		—		—		145		—		460
Total	$	254	$	146	$	812	$	242	$	47	$	484	$	655	$	—	$	2,640

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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


	September 30, 2026
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Loan balances:
Collectively evaluated	$	508,448	$	514,159	$	1,131,785	$	476,352	$	648,969	$	576,779	$	595,367	$	303,668	$	4,755,527
Individually evaluated	1,525		1,641		4,280		—		—		6,487		118		13,165		27,216
Total	$	509,973	$	515,800	$	1,136,065	$	476,352	$	648,969	$	583,266	$	595,485	$	316,833	$	4,782,743

Allowance for credit losses:
Collectively evaluated	$	8,461	$	7,226	$	11,110	$	8,882	$	7,755	$	5,606	$	2,015	$	7,719	$	58,774
Individually evaluated	396		301		—		—		—		181		—		823		1,701
Total	$	8,857	$	7,527	$	11,110	$	8,882	$	7,755	$	5,787	$	2,015	$	8,542	$	60,475

	December 31, 2025
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

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

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

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Nonaccrual loans and loans which do not share risk characteristics with other loans in the pool are individually evaluated to determine expected credit losses. The following tables present collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related allowance for credit losses allocated to these loans:


	September 30, 2026
	Amortized Cost								Allowance for Credit Losses
	Primary Collateral Type
(dollars in thousands)	Real Estate		Vehicles		Other		Total

Commercial and industrial	$	—	$	260	$	1,265	$	1,525	$	396
Commercial real estate - owner occupied	1,533		—		108		1,641		301
Commercial real estate - non-owner occupied	4,229		—		51		4,280		—
Construction and land development	—		—		—		—		—
Multi-family	—		—		—		—		—
One-to-four family residential	6,487		—		—		6,487		181
Agricultural and farmland	30		—		88		118		—
Municipal, consumer, and other	9,417		22		3,726		13,165		823
Total	$	21,696	$	282	$	5,238	$	27,216	$	1,701

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

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

Accrued interest on loans is excluded from the estimate of credit losses and totaled $31.7 million and $18.2 million as of September 30, 2026 and December 31, 2025, respectively.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Past Due and Nonaccrual Status

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

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


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

Commercial and industrial	$	507,572	$	876	$	—	$	1,525	$	509,973
Commercial real estate - owner occupied	514,153		6		—		1,641		515,800
Commercial real estate - non-owner occupied	1,135,795		—		—		270		1,136,065
Construction and land development	476,352		—		—		—		476,352
Multi-family	648,837		132		—		—		648,969
One-to-four family residential	574,887		1,892		—		6,487		583,266
Agricultural and farmland	595,132		235		—		118		595,485
Municipal, consumer, and other	316,551		225		—		57		316,833
Total	$	4,769,279	$	3,366	$	—	$	10,098	$	4,782,743


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

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

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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


	September 30, 2026
(dollars in thousands)	Nonaccrual With Allowance for Credit Losses		Nonaccrual With No Allowance for Credit Losses		Total Nonaccrual

Commercial and industrial	$	812	$	713	$	1,525
Commercial real estate - owner occupied	301		1,340		1,641
Commercial real estate - non-owner occupied	—		270		270
Construction and land development	—		—		—
Multi-family	—		—		—
One-to-four family residential	631		5,856		6,487
Agricultural and farmland	—		118		118
Municipal, consumer, and other	39		18		57
Total	$	1,783	$	8,315	$	10,098

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

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

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Credit Quality Indicators

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

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

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

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

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

Doubtful – a doubtful loan has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. There were no loans classified as doubtful as of September 30, 2026 and December 31, 2025.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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


	September 30, 2026
(dollars in thousands)	Pass		Pass-Watch		Special Mention		Substandard		Total

Commercial and industrial	$	459,651	$	30,651	$	1,134	$	18,537	$	509,973
Commercial real estate - owner occupied	478,709		16,280		3,214		17,597		515,800
Commercial real estate - non-owner occupied	1,066,694		48,709		1,303		19,359		1,136,065
Construction and land development	471,949		2,766		694		943		476,352
Multi-family	592,709		43,086		11,867		1,307		648,969
One-to-four family residential	554,523		13,000		1,278		14,465		583,266
Agricultural and farmland	494,347		67,056		11,379		22,703		595,485
Municipal, consumer, and other	303,386		148		4		13,295		316,833
Total	$	4,421,968	$	221,696	$	30,873	$	108,206	$	4,782,743


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

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

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Risk ratings of loans, further sorted by origination year, are as follows as of September 30, 2026:


(dollars in thousands)	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
	2026		2025		2024		2023		2022		Prior
Commercial and industrial
Pass	$	68,005	$	54,037	$	41,412	$	37,630	$	35,299	$	19,678	$	200,403	$	3,187	$	459,651
Pass-Watch	57		479		269		1,533		317		690		26,991		315		30,651
Special Mention	—		—		195		—		113		23		803		—		1,134
Substandard	2,398		1,030		2,490		806		1,446		1,406		7,270		1,691		18,537
Total	$	70,460	$	55,546	$	44,366	$	39,969	$	37,175	$	21,797	$	235,467	$	5,193	$	509,973

Commercial real estate - owner occupied
Pass	$	53,963	$	88,672	$	78,879	$	39,221	$	77,240	$	114,581	$	25,588	$	565	$	478,709
Pass-Watch	497		5,521		2,241		1,077		3,502		3,442		—		—		16,280
Special Mention	—		1,547		—		—		—		167		1,500		—		3,214
Substandard	8,650		1,080		664		220		3,857		2,772		310		44		17,597
Total	$	63,110	$	96,820	$	81,784	$	40,518	$	84,599	$	120,962	$	27,398	$	609	$	515,800

Commercial real estate - non-owner occupied
Pass	$	233,631	$	230,266	$	82,816	$	105,642	$	180,712	$	210,200	$	21,291	$	2,136	$	1,066,694
Pass-Watch	25,134		3,961		961		2,057		4,737		11,859		—		—		48,709
Special Mention	—		—		—		—		—		1,303		—		—		1,303
Substandard	4,567		—		1,649		192		4,057		8,894		—		—		19,359
Total	$	263,332	$	234,227	$	85,426	$	107,891	$	189,506	$	232,256	$	21,291	$	2,136	$	1,136,065

Construction and land development
Pass	$	261,040	$	175,022	$	25,077	$	1,046	$	1,569	$	5,147	$	2,101	$	947	$	471,949
Pass-Watch	2,374		279		82		—		17		14		—		—		2,766
Special Mention	—		325		—		—		—		—		—		369		694
Substandard	248		—		—		264		—		431		—		—		943
Total	$	263,662	$	175,626	$	25,159	$	1,310	$	1,586	$	5,592	$	2,101	$	1,316	$	476,352

Multi-family
Pass	$	101,721	$	160,052	$	62,458	$	70,828	$	83,005	$	109,706	$	3,543	$	1,396	$	592,709
Pass-Watch	10,690		—		708		1,052		29,138		1,303		195		—		43,086
Special Mention	11,867		—		—		—		—		—		—		—		11,867
Substandard	—		8		—		1,042		—		257		—		—		1,307
Total	$	124,278	$	160,060	$	63,166	$	72,922	$	112,143	$	111,266	$	3,738	$	1,396	$	648,969

One-to-four family residential
Pass	$	87,978	$	80,514	$	39,161	$	53,238	$	74,990	$	128,670	$	85,209	$	4,763	$	554,523
Pass-Watch	2,482		427		208		1,463		3,155		4,276		660		329		13,000
Special Mention	—		—		—		309		875		—		94		—		1,278
Substandard	1,262		1,718		1,066		2,308		741		6,789		239		342		14,465
Total	$	91,722	$	82,659	$	40,435	$	57,318	$	79,761	$	139,735	$	86,202	$	5,434	$	583,266

Agricultural and farmland
Pass	$	55,560	$	86,370	$	49,457	$	37,363	$	27,719	$	76,905	$	160,052	$	921	$	494,347
Pass-Watch	3,739		7,296		2,054		5,577		3,029		26,125		19,011		225		67,056
Special Mention	1,404		1,060		99		320		763		1,401		6,266		66		11,379
Substandard	1,980		3,112		1,025		3,032		2,049		5,096		6,409		—		22,703
Total	$	62,683	$	97,838	$	52,635	$	46,292	$	33,560	$	109,527	$	191,738	$	1,212	$	595,485

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


(dollars in thousands)	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
	2026		2025		2024		2023		2022		Prior
Municipal, consumer, and other
Pass	$	99,646	$	50,162	$	23,554	$	18,036	$	14,391	$	55,567	$	42,030	$	—	$	303,386
Pass-Watch	—		52		64		—		4		25		3		—		148
Special Mention	—		2		—		—		—		2		—		—		4
Substandard	41		47		21		29		3		13,142		12		—		13,295
Total	$	99,687	$	50,263	$	23,639	$	18,065	$	14,398	$	68,736	$	42,045	$	—	$	316,833

Total by risk rating
Pass	$	961,544	$	925,095	$	402,814	$	363,004	$	494,925	$	720,454	$	540,217	$	13,915	$	4,421,968
Pass-Watch	44,973		18,015		6,587		12,759		43,899		47,734		46,860		869		221,696
Special Mention	13,271		2,934		294		629		1,751		2,896		8,663		435		30,873
Substandard	19,146		6,995		6,915		7,893		12,153		38,787		14,240		2,077		108,206
Total	$	1,038,934	$	953,039	$	416,610	$	384,285	$	552,728	$	809,871	$	609,980	$	17,296	$	4,782,743

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Risk ratings of loans, further sorted by origination year, are as follows as of December 31, 2025:


(dollars in thousands)	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
	2025		2024		2023		2022		2021		Prior
Commercial and industrial
Pass	$	45,966	$	46,995	$	39,709	$	30,655	$	7,983	$	15,680	$	171,444	$	11,509	$	369,941
Pass-Watch	457		145		1,328		254		821		12		15,847		96		18,960
Special Mention	134		—		36		331		—		—		255		1,835		2,591
Substandard	198		514		743		1,122		110		705		3,821		1,055		8,268
Total	$	46,755	$	47,654	$	41,816	$	32,362	$	8,914	$	16,397	$	191,367	$	14,495	$	399,760

Commercial real estate - owner occupied
Pass	$	53,050	$	59,585	$	20,402	$	47,115	$	43,983	$	50,548	$	16,267	$	881	$	291,831
Pass-Watch	4,739		1,352		199		1,729		1,897		681		7,084		—		17,681
Special Mention	2,274		—		—		—		—		—		1,500		—		3,774
Substandard	2,267		—		158		1,842		1,146		713		457		565		7,148
Total	$	62,330	$	60,937	$	20,759	$	50,686	$	47,026	$	51,942	$	25,308	$	1,446	$	320,434

Commercial real estate - non-owner occupied
Pass	$	224,400	$	73,631	$	93,259	$	193,916	$	189,265	$	91,394	$	21,926	$	1,589	$	889,380
Pass-Watch	7,645		5,704		391		1,693		2,898		14,314		746		—		33,391
Special Mention	—		42		—		—		266		—		—		—		308
Substandard	11,307		—		194		—		—		2,514		—		—		14,015
Total	$	243,352	$	79,377	$	93,844	$	195,609	$	192,429	$	108,222	$	22,672	$	1,589	$	937,094

Construction and land development
Pass	$	162,752	$	56,846	$	24,151	$	1,460	$	12,853	$	676	$	10,970	$	224	$	269,932
Pass-Watch	18		245		—		—		—		16		—		261		540
Special Mention	—		—		274		—		—		—		—		701		975
Substandard	—		—		—		8,758		—		49		—		—		8,807
Total	$	162,770	$	57,091	$	24,425	$	10,218	$	12,853	$	741	$	10,970	$	1,186	$	280,254

Multi-family
Pass	$	175,366	$	73,457	$	45,977	$	70,197	$	81,169	$	53,452	$	2,483	$	1,032	$	503,133
Pass-Watch	—		—		11,990		29,246		572		—		—		—		41,808
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total	$	175,366	$	73,457	$	57,967	$	99,443	$	81,741	$	53,452	$	2,483	$	1,032	$	544,941

One-to-four family residential
Pass	$	75,509	$	25,965	$	65,431	$	69,197	$	56,878	$	71,763	$	61,555	$	5,255	$	431,553
Pass-Watch	151		146		632		761		1,089		2,498		233		231		5,741
Special Mention	31		—		598		902		—		—		—		115		1,646
Substandard	435		187		484		353		279		4,486		22		277		6,523
Total	$	76,126	$	26,298	$	67,145	$	71,213	$	58,246	$	78,747	$	61,810	$	5,878	$	445,463

Agricultural and farmland
Pass	$	47,469	$	28,223	$	27,972	$	15,041	$	25,152	$	20,220	$	82,342	$	401	$	246,820
Pass-Watch	2,367		513		1,047		2,066		868		805		5,878		81		13,625
Special Mention	1,253		—		8		—		5		—		1,148		80		2,494
Substandard	600		331		2,325		1,819		903		3,094		1,687		1,553		12,312
Total	$	51,689	$	29,067	$	31,352	$	18,926	$	26,928	$	24,119	$	91,055	$	2,115	$	275,251

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


(dollars in thousands)	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
	2025		2024		2023		2022		2021		Prior
Municipal, consumer, and other
Pass	$	58,427	$	25,595	$	17,346	$	17,779	$	21,868	$	43,957	$	54,349	$	1	$	239,322
Pass-Watch	17		—		—		—		—		1		2		—		20
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	7		5		3		1		9		13,643		2		—		13,670
Total	$	58,451	$	25,600	$	17,349	$	17,780	$	21,877	$	57,601	$	54,353	$	1	$	253,012

Total by risk rating
Pass	$	842,939	$	390,297	$	334,247	$	445,360	$	439,151	$	347,690	$	421,336	$	20,892	$	3,241,912
Pass-Watch	15,394		8,105		15,587		35,749		8,145		18,327		29,790		669		131,766
Special Mention	3,692		42		916		1,233		271		—		2,903		2,731		11,788
Substandard	14,814		1,037		3,907		13,895		2,447		25,204		5,989		3,450		70,743
Total	$	876,839	$	399,481	$	354,657	$	496,237	$	450,014	$	391,221	$	460,018	$	27,742	$	3,456,209

Modifications

There were no loan modifications to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2026 and 2025. As of September 30, 2026 and December 31, 2025, there were no loans modified to borrowers experiencing financial difficulty within the last 12 months.

Pledged Loans

As of September 30, 2026 and December 31, 2025, the Company pledged loans totaling $2.84 billion and $1.96 billion, respectively, to the Federal Home Loan Bank of Chicago (“FHLB”) to secure available FHLB advance borrowing capacity.

NOTE 5 – LOAN SERVICING

Mortgage loans serviced for others, which are not included in the accompanying consolidated balance sheets, amounted to $1.60 billion and $1.42 billion as of September 30, 2026 and December 31, 2025, respectively. Activity in mortgage servicing rights was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Beginning balance	$	19,339	$	17,768	$	16,944	$	18,827
Acquired	—		—		2,949		—
Capitalized servicing rights	222		163		628		442
Fair value adjustments attributable to payments and principal reductions	(613)		(558)		(1,784)		(1,579)
Fair value adjustments attributable to changes in valuation inputs and assumptions	1,851		(119)		2,062		(436)
Ending balance	$	20,799	$	17,254	$	20,799	$	17,254

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 6 – FORECLOSED ASSETS

Foreclosed assets activity was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Beginning balance	$	766	$	890	$	1,126	$	367

Transfers from loans	37		640		578		1,605

Proceeds from sales	(80)		(671)		(892)		(1,140)

Net gain on sales	8		183		60		224
Direct write-downs	(75)		(35)		(216)		(49)
Ending balance	$	656	$	1,007	$	656	$	1,007

Gains (losses) on foreclosed assets included the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Direct write-downs	$	(75)	$	(35)	$	(216)	$	(49)
Net gain on sales	8		183		60		224
Gains (losses) on foreclosed assets	$	(67)	$	148	$	(156)	$	175

As of September 30, 2026 and December 31, 2025, the carrying value of foreclosed one-to-four family residential real estate properties held was $0.6 million and $0.9 million, respectively. As of September 30, 2026, there were eight one-to-four family residential real estate loans in the process of foreclosure totaling $1.2 million. As of December 31, 2025, there were three one-to-four family residential real estate loans in the process of foreclosure totaling $0.2 million.

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 7 – DEPOSITS

The Company’s deposits are summarized below:


(dollars in thousands)	September 30, 2026		December 31, 2025

Noninterest-bearing deposits	$	1,303,942	$	1,049,043
Interest-bearing deposits:
Interest-bearing demand	1,323,535		1,144,416
Money market	1,071,278		839,097
Savings	829,297		564,220
Time	1,224,380		762,487

Total interest-bearing deposits	4,448,490		3,310,220
Total deposits	$	5,752,432	$	4,359,263

Reciprocal deposits included in interest-bearing demand deposits, money market deposits, and time deposits totaled $409.9 million and $289.9 million as of September 30, 2026 and December 31, 2025, respectively. There were no brokered deposits as of September 30, 2026 and December 31, 2025.

The aggregate amounts of time deposits in denominations of $250 thousand or more amounted to $384.5 million and $201.4 million as of September 30, 2026 and December 31, 2025, respectively. The aggregate amounts of time deposits in denominations of $100 thousand or more amounted to $766.0 million and $445.7 million as of September 30, 2026 and December 31, 2025, respectively.

The components of interest expense on deposits were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Interest-bearing demand	$	2,386	$	1,676	$	6,555	$	4,698
Money market	5,296		4,638		14,316		13,498
Savings	1,212		399		3,125		1,143
Time	9,228		6,282		25,488		19,430

Total interest expense on deposits	$	18,122	$	12,995	$	49,484	$	38,769

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 8 - SUBORDINATED NOTES

On March 11, 2026, the Company issued $85.0 million of fixed-to-floating rate subordinated notes with a maturity date of March 15, 2036. The subordinated notes, which are unsecured obligations of the Company, bear a fixed interest rate of 5.75% from and including March 11, 2026 to, but excluding March 15, 2031, or earlier redemption date. From and including March 15, 2031 to, but excluding the maturity date or earlier redemption date, the subordinated notes bear interest at a floating rate equal to the then-current three-month SOFR plus 2.33%. Interest is payable semi-annually during the fixed rate period and quarterly during the subsequent floating rate period. The subordinated notes have an optional redemption in whole or in part on any interest payment date on or after March 15, 2031. The subordinated notes may be redeemed at a price equal to 100% of the principal amount redeemed, plus any accrued but unpaid interest to, but excluding, the redemption date. As of September 30, 2026, 100% of the subordinated notes qualified as Tier 2 capital.

The face value and carrying value of the subordinated notes are summarized below:


(dollars in thousands)	September 30, 2026		December 31, 2025

Subordinated notes, at face value	$	85,000	$	—
Unamortized issuance costs	(949)		—
Subordinated notes, at carrying value	$	84,051	$	—

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 9 – DERIVATIVE FINANCIAL INSTRUMENTS

Derivative financial instruments are negotiated contracts entered into by two issuing counterparties containing specific agreement terms, including the underlying instrument, amount, exercise price, and maturities. The derivatives accounting guidance requires that the Company recognize all derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets. The Company may utilize interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position.

Interest Rate Swaps Designated as Cash Flow Hedges

For derivative instruments that are designated and qualify as a cash flow hedge, the unrealized gain or loss on interest rate swaps designated as cash flow hedging instruments, net of tax, is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings.

In April 2026, the Company entered into an $85.0 million SOFR-based receive-fix pay-floating interest rate swap to reduce the Company's asset sensitivity. This hedging relationship was considered highly effective during the period, and the Company expects it to remain highly effective during the remaining term of the swap.

The following is a summary of the interest rate swap agreement designated as a cash flow hedge:


(dollars in thousands)	September 30, 2026			December 31, 2025

Notional amount	$	85,000		$	—

Fair value recorded in other liabilities	(4,189)			—
Receive-fixed interest rate	3.51		%	—		%
Pay-variable 1-month term SOFR interest rate	3.86			—
Time to maturity (in years)	4.6			—

The effect of interest rate swap agreements designated as cash flow hedges on the consolidated statements of income was as follows:


Location of gross gain (loss) reclassified from accumulated other comprehensive income (loss) to income	Amounts of gross gain (loss) reclassified from accumulated other comprehensive income (loss)				Amounts of gross gain (loss) reclassified from accumulated other comprehensive income (loss)
	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Designated as cash flow hedges:
Taxable loan interest income	$	(41)	$	—	$	(65)	$	—
Junior subordinated debentures interest expense	—		—		—		38

Table of Contents

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Interest Rate Swaps Not Designated as Hedging Instruments

The Company may offer interest rate swap agreements to its commercial borrowers in connection with their risk management needs. The Company manages the interest rate risk associated with these contracts by entering into an equal and offsetting derivative with a third-party financial institution. While these interest rate swap agreements generally work together as an economic interest rate hedge, the Company did not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.

The interest rate swap agreements not designated as hedging instruments were as follows:


	September 30, 2026				December 31, 2025
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value

Fair value recorded in other assets:
Interest rate swaps with a commercial borrower counterparty	$	—	$	—	$	6,344	$	75
Interest rate swaps with a financial institution counterparty	68,652		3,946		73,011		2,915
Total fair value recorded in other assets	$	68,652	$	3,946	$	79,355	$	2,990

Fair value recorded in other liabilities:
Interest rate swaps with a commercial borrower counterparty	$	68,652	$	(3,946)	$	73,011	$	(2,915)
Interest rate swaps with a financial institution counterparty	—		—		6,344		(75)
Total fair value recorded in other liabilities	$	68,652	$	(3,946)	$	79,355	$	(2,990)

As of September 30, 2026, the interest rate swap agreements not designated as hedging instruments had contractual maturities between 2027 and 2040.

The effect of interest rate contracts not designated as hedging instruments recognized in other noninterest income on the consolidated statements of income was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Not designated as hedging instruments:
Gross gains	$	1,691	$	867	$	2,898	$	3,852
Gross losses	(1,691)		(867)		(2,898)		(3,852)
Net gains (losses)	$	—	$	—	$	—	$	—

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Risk Participation Agreements

We have entered into a risk participation agreement to share credit exposure with a counterparty in an interest rate swap agreement associated with a loan participation. Under the risk participation agreement, the Company sold a portion of its credit exposure, receiving an up-front fee, and will be required to make a payment to the counterparty if the loan customer defaults on its obligations. The risk participation agreement matures in 2035 and is summarized as follows:


(dollars in thousands)	September 30, 2026		December 31, 2025

Risk participation agreements sold
Number of risk participation agreements	1		1
Notional amount	$	5,229	$	5,268
Fair value recorded in other liabilities	(10)		(10)

NOTE 10 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the activity and accumulated balances for components of other comprehensive income (loss):


	Unrealized Gains (Losses) on Debt Securities
(dollars in thousands)	Available-for-Sale		Held-to-Maturity		Derivatives		Total

Three Months Ended September 30, 2026
Balance, June 30, 2026	$	(23,616)	$	(5,057)	$	(854)	$	(29,527)
Other comprehensive loss before reclassifications	(44,171)		—		(2,962)		(47,133)
Reclassifications	184		571		(41)		714
Other comprehensive income (loss), before tax	(43,987)		571		(3,003)		(46,419)
Income tax expense (benefit)	(12,316)		160		(841)		(12,997)
Other comprehensive income (loss), after tax	(31,671)		411		(2,162)		(33,422)
Balance, September 30, 2026	$	(55,287)	$	(4,646)	$	(3,016)	$	(62,949)

Three Months Ended September 30, 2025
Balance, June 30, 2025	$	(26,336)	$	(6,403)	$	—	$	(32,739)

Other comprehensive income before reclassifications	7,239		—		—		7,239
Reclassifications	49		518		—		567
Other comprehensive income, before tax	7,288		518		—		7,806
Income tax expense	2,042		144		—		2,186
Other comprehensive income, after tax	5,246		374		—		5,620
Balance, September 30, 2025	$	(21,090)	$	(6,029)	$	—	$	(27,119)

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


	Unrealized Gains (Losses) on Debt Securities
(dollars in thousands)	Available-for-Sale		Held-to-Maturity		Derivatives		Total

Nine Months Ended September 30, 2026
Balance, December 31, 2025	$	(17,320)	$	(5,698)	$	—	$	(23,018)
Other comprehensive loss before reclassifications	(52,916)		—		(4,124)		(57,040)
Reclassifications	184		1,461		(65)		1,580
Other comprehensive income (loss), before tax	(52,732)		1,461		(4,189)		(55,460)
Income tax expense (benefit)	(14,765)		409		(1,173)		(15,529)
Other comprehensive income (loss), after tax	(37,967)		1,052		(3,016)		(39,931)
Balance, September 30, 2026	$	(55,287)	$	(4,646)	$	(3,016)	$	(62,949)

Nine Months Ended September 30, 2025
Balance, December 31, 2024	$	(39,408)	$	(7,119)	$	(238)	$	(46,765)

Other comprehensive income before reclassifications	25,393		—		—		25,393
Reclassifications	49		1,514		(38)		1,525
Other comprehensive income (loss), before tax	25,442		1,514		(38)		26,918
Income tax expense (benefit)	7,124		424		(276)		7,272
Other comprehensive income, after tax	18,318		1,090		238		19,646
Balance, September 30, 2025	$	(21,090)	$	(6,029)	$	—	$	(27,119)

Reclassifications from accumulated other comprehensive income (loss) for unrealized gains (losses) on debt securities available-for-sale are included in either gains (losses) on sales of securities or provision for credit losses in the accompanying consolidated statements of income.

Reclassifications from accumulated other comprehensive income (loss) for unrealized gains on debt securities held-to-maturity are included in securities interest income in the accompanying consolidated statements of income.

Reclassifications from accumulated other comprehensive income (loss) for the fair value of derivative financial instruments represent net interest payments received or made on derivatives designated as cash flow hedges. See Note 9 for additional information.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 11 – EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding. Diluted earnings per share is computed using the treasury stock method and reflects the potential dilution from the Company’s outstanding restricted stock units and performance restricted stock units.

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Numerator:
Net income	$	31,392	$	19,765	$	70,436	$	58,070



Denominator:
Weighted average common shares outstanding	36,365,612		31,481,135		35,318,125		31,525,247
Dilutive effect of outstanding restricted stock units	123,811		106,800		112,293		103,682
Weighted average common shares outstanding, including all dilutive potential shares	36,489,423		31,587,935		35,430,418		31,628,929

Earnings per share - basic	$	0.86	$	0.63	$	1.99	$	1.84
Earnings per share - diluted	$	0.86	$	0.63	$	1.99	$	1.84

NOTE 12 – STOCK-BASED COMPENSATION PLANS

The Company has adopted the HBT Financial, Inc. Omnibus Incentive Plan (the “Omnibus Incentive Plan”). The Omnibus Incentive Plan provides for grants of (i) stock options, (ii) stock appreciation rights, (iii) restricted shares, (iv) restricted stock units, (v) performance awards, (vi) other share-based awards and (vii) other cash-based awards to eligible employees, non-employee directors and consultants of the Company. The maximum number of shares of common stock available for issuance under the Omnibus Incentive Plan is 1,820,000 shares.

The following is a summary of stock-based compensation expense (benefit):


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Restricted stock units	$	340	$	310	$	993	$	888
Performance restricted stock units	187		203		486		499
Total awards classified as equity	527		513		1,479		1,387
Stock appreciation rights	226		(2)		596		136
Total stock-based compensation expense	$	753	$	511	$	2,075	$	1,523

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Restricted Stock Units

A restricted stock unit grants a participant the right to receive one share of the Company’s common stock, following the completion of the requisite service period. Restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and is recognized on a straight-line basis over the service period for the entire award. Dividend equivalents on restricted stock units, which are accrued until vested, are classified as dividends charged to retained earnings.

During the nine months ended September 30, 2026 and 2025, the total grant date fair value of the restricted stock units granted was $1.7 million and $1.1 million, respectively, based on the grant date closing prices. The total intrinsic value of restricted stock units that vested during the nine months ended September 30, 2026 and 2025 was $1.4 million and $1.4 million, respectively.

The following is a summary of restricted stock unit activity:


	Three Months Ended September 30,
	2026			2025
	Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	102,977	$	25.26	94,947	$	22.20
Granted	—	—		—	—
Vested	—	—		—	—
Forfeited	—	—		—	—
Ending balance	102,977	$	25.26	94,947	$	22.20

	Nine Months Ended September 30,
	2026			2025
	Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	94,947	$	22.20	108,603	$	19.71
Granted	61,428	27.02		43,397	25.00
Vested	(52,225)	21.74		(56,922)	19.59
Forfeited	(1,173)	26.49		(131)	19.06
Ending balance	102,977	$	25.26	94,947	$	22.20

As of September 30, 2026, unrecognized compensation cost related to the non-vested restricted stock units was $1.4 million. This cost is expected to be recognized over the weighted average remaining service period of 1.8 years.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Performance Restricted Stock Units

A performance restricted stock unit is similar to a restricted stock unit, except that the number of shares of the Company’s common stock awarded is based on a performance condition and the completion of the requisite service period. The number of shares of the Company’s common stock that may be earned ranges from 0% to 150% of the number of performance restricted stock units granted. Performance restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and an assessment of the probable outcome of the performance condition. Compensation cost is recognized on a straight-line basis over the service period of the entire award. Changes in the performance condition probability assessment result in cumulative catch-up adjustments to the compensation cost recognized. Dividend equivalents on performance restricted stock units, which are accrued until vested, are classified as dividends charged to retained earnings.

During the nine months ended September 30, 2026 and 2025, the total fair value of the performance restricted stock units granted was $0.5 million and $0.4 million, respectively, based on the grant date closing prices and an assessment of the probable outcome of the performance condition on the grant date. The total intrinsic value of performance restricted stock units that vested during the nine months ended September 30, 2026 and 2025 was $0.7 million and $1.1 million, respectively.

The following is a summary of performance restricted stock unit activity:


	Three Months Ended September 30,
	2026			2025
	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	53,480	$	23.40	53,625	$	22.07
Granted	—	—		—	—
Adjustment for performance condition	—	—		—	—
Vested	—	—		—	—
Forfeited	—	—		—	—
Ending balance	53,480	$	23.40	53,625	$	22.07

	Nine Months Ended September 30,
	2026			2025
	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	53,625	$	22.07	70,333	$	19.59
Granted	17,774	26.96		16,662	25.00
Adjustment for performance condition	8,517	22.72		11,864	18.66
Vested	(25,547)	22.72		(42,783)	18.66
Forfeited	(889)	26.96		(2,451)	16.27
Ending balance	53,480	$	23.40	53,625	$	22.07

As of September 30, 2026, unrecognized compensation cost related to non-vested performance restricted stock units was $0.5 million, based on the current assessment of the probable outcome of the performance conditions. This cost is expected to be recognized over the weighted average remaining service period of 1.4 years.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Stock Appreciation Rights

A stock appreciation right grants a participant the right to receive an amount of cash, the value of which equals the appreciation in the Company’s stock price between the grant date and the exercise date. Stock appreciation rights are classified as liabilities. The liability is based on an option-pricing model used to estimate the fair value of the stock appreciation rights. Compensation cost for non-vested stock appreciation rights is recognized on a straight-line basis over the service period of the entire award.

The following is a summary of stock appreciation rights activity:


	Three Months Ended September 30,
	2026			2025
	Stock Appreciation Rights Outstanding	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights Outstanding	Weighted Average Grant Date Assigned Value
Beginning balance	67,320	$	16.32	67,320	$	16.32
Granted	—	—		—	—
Exercised	—	—		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Ending balance	67,320	$	16.32	67,320	$	16.32

	Nine Months Ended September 30,
	2026			2025
	Stock Appreciation Rights	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights	Weighted Average Grant Date Assigned Value
Beginning balance	67,320	$	16.32	73,440	$	16.32
Granted	—	—		—	—
Exercised	—	—		(6,120)	16.32
Expired	—	—		—	—
Forfeited	—	—		—	—
Ending balance	67,320	$	16.32	67,320	$	16.32

As of September 30, 2026, all stock appreciation rights were exercisable and had a weighted average remaining term of 2.5 years. There was no unrecognized compensation cost for stock appreciation rights as of September 30, 2026.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

As of September 30, 2026 and December 31, 2025, the liability recorded for outstanding stock appreciation rights was $1.3 million and $0.7 million, respectively. The Company uses an option pricing model to value the stock appreciation rights, using the assumptions in the following table. Expected volatility is derived from the historical volatility of the Company’s stock price.


	September 30, 2026		December 31, 2025
Risk-free interest rate	4.94	%	3.61	%
Expected volatility	29.00	%	29.60	%
Expected life (in years)	2.9		3.7
Expected dividend yield	2.83	%	3.25	%

NOTE 13 – REGULATORY CAPITAL

The Company (on a consolidated basis) and the Bank are each subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by the regulators that, if undertaken, could have a direct material effect on the consolidated financial statements of the Company and the Bank. Additionally, the ability of the Company to pay dividends to its stockholders is dependent upon the ability of the Bank to pay dividends to the Company.

Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by regulators about components, risk weightings, and other factors. As allowed under the regulations, the Company and the Bank elected to exclude accumulated other comprehensive income, including unrealized gains and losses on debt securities, in the computation of regulatory capital. Prompt corrective action provisions are not applicable to bank holding companies.

Additionally, the Company and the Bank must maintain a “capital conservation buffer” to avoid becoming subject to restrictions on capital distributions and certain discretionary bonus payments to management. The capital conservation buffer is 2.5% of risk-weighted assets.

As of September 30, 2026 and December 31, 2025, the Company and the Bank each met all capital adequacy requirements to which they were subject.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The actual and required capital amounts and ratios of the Company (on a consolidated basis) and the Bank were as follows:


	September 30, 2026
	Actual				For Capital Adequacy Purposes				To Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio

Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)	$	898,051	16.48	%	$	436,069	8.00	%	N/A		N/A
Tier 1 Capital (to Risk Weighted Assets)	756,563		13.88		327,052		6.00		N/A		N/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)	705,224		12.94		245,289		4.50		N/A		N/A
Tier 1 Capital (to Average Assets)	756,563		11.33		267,003		4.00		N/A		N/A

Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)	$	869,803	15.97	%	$	435,723	8.00	%	$	544,653	10.00	%
Tier 1 Capital (to Risk Weighted Assets)	812,366		14.92		326,792		6.00		435,723		8.00
Common Equity Tier 1 Capital (to Risk Weighted Assets)	812,366		14.92		245,094		4.50		354,025		6.50
Tier 1 Capital (to Average Assets)	812,366		12.18		266,830		4.00		333,537		5.00


	December 31, 2025
	Actual				For Capital Adequacy Purposes				To Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio

Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)	$	663,872	16.82	%	$	315,844	8.00	%	N/A		N/A
Tier 1 Capital (to Risk Weighted Assets)	620,630		15.72		236,883		6.00		N/A		N/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)	569,335		14.42		177,662		4.50		N/A		N/A
Tier 1 Capital (to Average Assets)	620,630		12.26		202,443		4.00		N/A		N/A

Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)	$	651,379	16.52	%	$	315,520	8.00	%	$	394,400	10.00	%
Tier 1 Capital (to Risk Weighted Assets)	608,137		15.42		236,640		6.00		315,520		8.00
Common Equity Tier 1 Capital (to Risk Weighted Assets)	608,137		15.42		177,480		4.50		256,360		6.50
Tier 1 Capital (to Average Assets)	608,137		12.02		202,314		4.00		252,893		5.00

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 14 – SEGMENT INFORMATION

The Company’s operations consist of one reportable segment. The President and Chief Executive Officer is the designated chief operating decision maker. The chief operating decision maker uses consolidated financial information for purposes of allocating resources and assessing performance. The chief operating decision maker uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used to assess performance and in establishing compensation. Interest income from loans and investments as well as noninterest income from deposit customer activity, wealth management activities, and mortgage servicing generate the significant revenues. Interest expense, provisions for credit losses, and noninterest expenses such as compensation, occupancy, and data processing costs constitute the significant expenses. Significant revenues and expenses regularly provided to the chief operating decision maker are detailed in the consolidated statements of income.

NOTE 15 – FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date.

Level 2 - Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3 - Significant unobservable inputs that reflect a Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Company uses fair value to measure certain assets and liabilities on a recurring basis, such as investment securities, mortgage servicing rights, and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered "nonrecurring" for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for loans held for sale, collateral-dependent loans, bank premises held for sale, and foreclosed assets.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Recurring Basis

The following is a description of the methods and significant assumptions used to measure the fair value of assets and liabilities on a recurring basis.

Investment Securities

When available, the Company uses quoted market prices to determine the fair value of securities; such items are classified in Level 1 of the fair value hierarchy. For the Company’s securities where quoted prices are not available for identical securities in an active market, the Company determines fair value utilizing vendors who apply matrix pricing for similar bonds where no price is observable or may compile prices from various sources. These models are primarily industry-standard models that consider various assumptions, including time value, yield curve, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace. Fair values from these models are verified, where possible, against quoted market prices for recent trading activity of assets with similar characteristics to the security being valued. Such methods are generally classified as Level 2; however, when prices from independent sources vary, cannot be obtained or cannot be corroborated, a security is generally classified as Level 3. The change in fair value of debt securities available-for-sale is recorded through an adjustment to the consolidated statement of comprehensive income. The change in fair value of equity securities with readily determinable fair values is recorded through an adjustment to the consolidated statement of income.

Mortgage Servicing Rights

The Company has elected to record its mortgage servicing rights at fair value. Mortgage servicing rights do not trade in an active market with readily observable prices. Accordingly, the Company determines the fair value of mortgage servicing rights by estimating the fair value of the future cash flows associated with the mortgage loans being serviced as calculated by an independent third party. Key economic assumptions used in measuring the fair value of mortgage servicing rights include, but are not limited to, prepayment speeds and discount rates. Due to the nature of the valuation inputs, mortgage servicing rights are classified as Level 3. The change in fair value is recorded through an adjustment to the consolidated statement of income.

Derivative Financial Instruments

Derivative financial instruments are carried at fair value as determined by dealer valuation models. Based on the inputs used, the derivative financial instruments subjected to recurring fair value adjustments are classified as Level 2. For derivative financial instruments designated as hedging instruments, the change in fair value is recorded through an adjustment to the consolidated statement of comprehensive income. For derivative financial instruments not designated as hedging instruments, the change in fair value is recorded through an adjustment to the consolidated statement of income.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following tables summarize assets and liabilities measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025 by level within the fair value hierarchy:


	September 30, 2026
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Debt securities available-for-sale:
U.S. Treasury	$	—	$	75,065	$	—	$	75,065
U.S. government agency	—		144,313		—		144,313
Municipal	—		193,525		—		193,525
Mortgage-backed:
Agency residential	—		465,244		—		465,244
Agency commercial	—		134,591		—		134,591
Corporate	—		52,813		—		52,813
Equity securities with readily determinable fair values	3,475		—		—		3,475
Mortgage servicing rights	—		—		20,799		20,799
Derivative financial assets	—		3,946		—		3,946
Derivative financial liabilities	—		8,145		—		8,145


	December 31, 2025
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Debt securities available-for-sale:
U.S. Treasury	$	—	$	85,544	$	—	$	85,544
U.S. government agency	—		41,422		—		41,422
Municipal	—		140,270		—		140,270
Mortgage-backed:
Agency residential	—		360,795		—		360,795
Agency commercial	—		119,937		—		119,937
Corporate	—		65,133		—		65,133
Equity securities with readily determinable fair values	3,322		—		—		3,322
Mortgage servicing rights	—		—		16,944		16,944
Derivative financial assets	—		2,990		—		2,990
Derivative financial liabilities	—		3,000		—		3,000

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following tables present additional information about the unobservable inputs used in the fair value measurement of the mortgage servicing rights (dollars in thousands):

September 30, 2026

Fair Value

Valuation Technique

Unobservable Inputs

Range
(Weighted Average)

Mortgage servicing rights

20,799

Discounted cash flows

Constant pre-payment rates (CPR)

4.6% to 95.2% (7.5%)

Discount rate

9.0% to 13.4% (9.9%)

December 31, 2025

Fair Value

Valuation Technique

Unobservable Inputs

Range
(Weighted Average)

Mortgage servicing rights

16,944

Discounted cash flows

Constant pre-payment rates (CPR)

4.9% to 94.3% (8.1%)

Discount rate

9.0% to 11.0% (9.6%)

Nonrecurring Basis

The following is a description of the methods and significant assumptions used to measure the fair value of assets and liabilities on a nonrecurring basis.

Loans Held for Sale

Mortgage loans originated and held for sale are carried at the lower of cost or estimated fair value. The Company obtains quotes or bids on these loans directly from purchasing financial institutions. Typically, these quotes include a premium on the sale and thus these quotes generally indicate fair value of the held for sale loans is greater than cost. Loans held for sale have been classified as Level 2.

Collateral-Dependent Loans

Periodically, a collateral-dependent loan is evaluated individually and is reported at the fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the collateral value is not sufficient, a specific reserve is recorded. Collateral values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of collateral-dependent loans have been classified as Level 3.

Bank Premises Held for Sale

Bank premises held for sale are recorded at the lower of cost or fair value, less estimated selling costs, at the date classified as held for sale. Values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of bank premises held for sale have been classified as Level 3.

Foreclosed Assets

Foreclosed assets are recorded at fair value based on property appraisals, less estimated selling costs, at the date of the transfer. Subsequent to the transfer, foreclosed assets are carried at the lower of cost or fair value, less estimated selling costs. Values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of foreclosed assets have been classified as Level 3.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following tables summarize assets measured at fair value on a nonrecurring basis as of September 30, 2026 and December 31, 2025 by level within the fair value hierarchy:


	September 30, 2026
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Loans held for sale	$	—	$	2,980	$	—	$	2,980
Collateral-dependent loans	—		—		25,515		25,515
Bank premises held for sale	—		—		276		276
Foreclosed assets	—		—		656		656


	December 31, 2025
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Loans held for sale	$	—	$	1,263	$	—	$	1,263
Collateral-dependent loans	—		—		23,196		23,196

Foreclosed assets	—		—		1,126		1,126

The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements (dollars in thousands):

September 30, 2026

Fair Value

Valuation
Technique

Unobservable Inputs

Range
(Weighted Average)

Collateral-dependent loans

25,515

Appraisal of collateral

Appraisal adjustments

Not meaningful

Bank premises held for sale

276

Appraisal

Appraisal adjustments

7% (7%)

Foreclosed assets

656

Appraisal

Appraisal adjustments

7% (7%)

December 31, 2025

Fair Value

Valuation Technique

Unobservable Inputs

Range

(Weighted Average)

Collateral-dependent loans

23,196

Appraisal of collateral

Appraisal adjustments

Not meaningful

Foreclosed assets

1,126

Appraisal

Appraisal adjustments

7% (7%)

Other Fair Value Methods

The following methods and assumptions were used by the Company in estimating fair value disclosures of its other financial instruments.

Cash and Cash Equivalents

The carrying amounts of these financial instruments approximate their fair values.

Restricted Stock

The carrying amount of FHLB stock approximates fair value based on the redemption provisions of the FHLB.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Loans

The fair value estimation process for the loan portfolio uses an exit price concept and reflects discounts the Company believes are consistent with discounts in the marketplace. Fair values are estimated for portfolios of loans with similar characteristics. Loans are segregated by type such as commercial and industrial, agricultural and farmland, commercial real estate – owner occupied, commercial real estate – non-owner occupied, multi-family, construction and land development, one-to-four family residential, and municipal, consumer, and other. The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for similar maturities. The fair value analysis also includes other assumptions to estimate fair value, intended to approximate those a market participant would use in an orderly transaction, with adjustments for discount rates, interest rates, liquidity, and credit spreads, as appropriate.

Investments in Unconsolidated Subsidiaries

The fair values of the Company’s investments in unconsolidated subsidiaries are presumed to approximate carrying amounts.

Time Deposits

Fair values of certificates of deposit with stated maturities have been estimated using the present value of estimated future cash flows discounted at rates currently offered for similar instruments. Time deposits also include public funds time deposits.

Securities Sold Under Agreements to Repurchase

The fair values of repurchase agreements with variable interest rates are presumed to approximate their recorded carrying amounts.

FHLB Advances

The fair values of FHLB advances are estimated using discounted cash flow analyses based on current rates offered for borrowings with similar remaining maturities and characteristics.

Subordinated Notes

The fair values of subordinated notes are estimated using discounted cash flow analyses based on rates observed on recent debt issuances by other financial institutions.

Junior Subordinated Debentures

The fair values of subordinated debentures are estimated using discounted cash flow analyses based on rates observed on recent debt issuances by other financial institutions.

Accrued Interest

The carrying amounts of accrued interest approximate fair value.

Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following table provides summary information on the carrying amounts and estimated fair values of the Company’s other financial instruments:


(dollars in thousands)	Fair Value Hierarchy Level	September 30, 2026				December 31, 2025
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value

Financial assets:
Cash and cash equivalents	Level 1	$	126,260	$	126,260	$	122,269	$	122,269
Debt securities held-to-maturity	Level 2	417,491		373,903		458,746		426,799
Restricted stock	Level 3	6,000		6,000		4,979		4,979
Loans, net	Level 3	4,722,268		4,652,754		3,414,519		3,379,845
Investments in unconsolidated subsidiaries	Level 3	1,614		1,614		1,614		1,614
Accrued interest receivable	Level 2	39,427		39,427		23,779		23,779

Financial liabilities:
Time deposits	Level 3	1,224,380		1,215,424		762,487		759,589


FHLB advances	Level 3	12,210		11,402		12,301		11,465
Subordinated notes	Level 3	84,051		85,334		—		—
Junior subordinated debentures	Level 3	52,953		51,903		52,909		51,696
Accrued interest payable	Level 2	6,884		6,884		3,813		3,813

The Company estimated the fair value of lending related commitments as described in Note 16 to be immaterial based on limited interest rate exposure due to their variable nature, short-term commitment periods, and termination clauses provided in the agreements.

Limitations

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair values have been estimated using data which management considered the best available and estimation methodologies deemed suitable for the pertinent category of financial instrument.

NOTE 16 – COMMITMENTS AND CONTINGENCIES

Financial Instruments

The Bank is party to credit-related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets.

The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Such commitments and conditional obligations were as follows:


	Contractual Amount
(dollars in thousands)	September 30, 2026		December 31, 2025

Commitments to extend credit	$	1,093,515	$	855,014
Standby letters of credit	34,053		29,727

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, by the Bank upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies, but may include real estate, accounts receivable, inventory, equipment, and income-producing properties.

Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those standby letters of credit are primarily issued to support extensions of credit. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. The Bank secures the standby letters of credit with the same collateral used to secure the related loan.

Allowance for Credit Losses on Unfunded Lending-related Commitments

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for credit losses on unfunded commitments is included in other liabilities on the consolidated balance sheets and is adjusted through a charge to provision for credit loss expense on the consolidated statements of income. The allowance for credit losses on unfunded commitments estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The allowance for credit losses on unfunded commitments was $6.6 million and $4.1 million as of September 30, 2026 and December 31, 2025, respectively. The following table sets forth the provision for credit losses on unfunded lending-related commitments for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Provision for credit losses on unfunded lending-related commitments	$	32	$	221	$	977	$	232

Legal Contingencies

Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company's consolidated financial statements.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Unless the context requires otherwise, references in this report to the “Company,” “we,” “us” and “our” refer to HBT Financial, Inc. and its subsidiaries.

The following is management’s discussion and analysis of the financial condition as of September 30, 2026 (unaudited), as compared with December 31, 2025, and the results of operations for the three and nine months ended September 30, 2026 and 2025 (unaudited). Management’s discussion and analysis should be read in conjunction with the Company’s unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q, as well as the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026. Results of operations for the three and nine months ended September 30, 2026 and 2025 are not necessarily indicative of results to be attained for the year ended December 31, 2026, or for any other period.

OVERVIEW

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. We provide a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois, eastern Iowa, and suburban St. Louis. As of September 30, 2026, the Company had total assets of $6.7 billion, loans held for investment of $4.8 billion, and total deposits of $5.8 billion.

Market Area

As of September 30, 2026, our branch network included 83 full-service branch locations throughout Illinois, eastern Iowa, and suburban St. Louis. We hold a leading deposit share in many of our central Illinois markets, which we define as a top three deposit share rank, providing the foundation for our strong deposit base. The stability provided by this low-cost funding is a key driver of our strong track record of financial performance. Below is a summary of our loan and deposit balances by geographic region:


	September 30, 2026				December 31, 2025
(dollars in thousands)	Loans		Deposits		Loans		Deposits

Central Illinois	$	1,838,559	$	3,781,326	$	1,428,580	$	2,898,046
Chicago MSA	2,184,378		1,682,500		1,522,963		1,244,319
Suburban St. Louis	386,997		173,513		140,863		107,088
Iowa	372,809		115,093		363,803		109,810
Total	$	4,782,743	$	5,752,432	$	3,456,209	$	4,359,263

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Pending Tri-County Acquisition

On August 10, 2026, HBT Financial and Tri-County, the holding company for FSB in Mendota, Illinois, jointly announced the signing of a merger agreement pursuant to which HBT Financial will acquire Tri-County and FSB. As of September 30, 2026, Tri-County had total assets of $1.6 billion, total loans of $1.3 billion, total deposits of $1.3 billion, and 19 branch locations throughout central and northern Illinois. The acquisition will strengthen HBT Financial's presence in the central Illinois and Chicago MSA markets. The acquisition is expected to close early in the first quarter of 2027, subject to regulatory approvals and other customary closing conditions.

CNB Acquisition

On March 1, 2026, HBT Financial completed its acquisition of CNB, the holding company for CNB Bank. The acquisition of CNB further enhanced HBT Financial's footprint in the central Illinois, Chicago MSA, and suburban St. Louis markets. Prior to the acquisition, CNB operated 18 full-service branch locations which now operate as branches of Heartland Bank. The core system conversion was successfully completed in March 2026. After considering business combination accounting adjustments, CNB added total assets of $1.81 billion, total loans held for investment of $1.30 billion, and total deposits of $1.52 billion.

Total consideration consisted of 5.5 million shares of HBT Financial’s common stock and $33.8 million in cash. Based on the closing price of HBT Financial common stock of $26.96 on February 27, 2026, the aggregate consideration was approximately $182.1 million. Goodwill of $22.1 million was recorded in the acquisition.

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RESULTS OF OPERATIONS

Overview of Recent Financial Results


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands, except per share amounts)	2026			2025			2026			2025

Total interest and dividend income	$	90,662		$	64,336		$	251,084		$	191,393
Total interest expense	20,341			14,350			55,320			43,041
Net interest income	70,321			49,986			195,764			148,352
Provision for credit losses	(561)			596			(41)			1,698
Net interest income after provision for credit losses	70,882			49,390			195,805			146,654
Total noninterest income	14,237			9,849			37,022			28,295
Total noninterest expense	42,663			32,508			137,546			96,357
Income before income tax expense	42,456			26,731			95,281			78,592
Income tax expense	11,064			6,966			24,845			20,522
Net income	$	31,392		$	19,765		$	70,436		$	58,070

Adjusted net income (1)	$	31,411		$	20,452		$	82,556		$	59,508



Pre-provision net revenue (1)	$	41,895		$	27,327		$	95,240		$	80,290
Pre-provision net revenue less net charge-offs (recoveries) (1)	42,399			27,193			95,086			78,680
Adjusted pre-provision net revenue (1)	41,685			28,288			111,666			82,301
Adjusted pre-provision net revenue less net charge-offs (recoveries) (1)	42,189			28,154			111,512			80,691

Share and Per Share Information
Earnings per share - diluted	$	0.86		$	0.63		$	1.99		$	1.84
Adjusted earnings per share - diluted (1)	0.86			0.65			2.33			1.88

Weighted average shares of common stock outstanding	36,365,612			31,481,135			35,318,125			31,525,247

Summary Ratios
Net interest margin *	4.35		%	4.13		%	4.30		%	4.13		%
Net interest margin (tax-equivalent basis) * (1) (2)	4.40			4.18			4.35			4.18
Yield on loans *	6.43			6.35			6.37			6.37
Yield on interest-earning assets *	5.60			5.32			5.51			5.33

Cost of total deposits *	1.25			1.19			1.21			1.20
Cost of funds *	1.36			1.29			1.32			1.30

Efficiency ratio	48.73		%	53.17		%	57.46		%	53.37		%
Efficiency ratio (tax-equivalent basis) (1) (2)	48.24			52.68			56.88			52.88
Adjusted efficiency ratio (tax-equivalent basis) (1) (2)	47.74			51.55			49.73			52.18

Return on average assets *	1.85		%	1.56		%	1.47		%	1.54		%
Return on average stockholders' equity *	16.17			13.31			12.84			13.57
Return on average tangible common equity * (1)	19.27			15.28			15.23			15.66

Adjusted return on average assets * (1)	1.85		%	1.61		%	1.73		%	1.58		%
Adjusted return on average stockholders' equity * (1)	16.18			13.77			15.05			13.90
Adjusted return on average tangible common equity * (1)	19.29			15.81			17.85			16.05

_________________________________________________

* Annualized measure.

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

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

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Comparison of the Three Months Ended September 30, 2026 to the Three Months Ended September 30, 2025

For the three months ended September 30, 2026, net income was $31.4 million, increasing by $11.6 million, or 58.8%, when compared to net income for the three months ended September 30, 2025. Notable changes include the following:

•A $20.3 million increase in net interest income, primarily attributable to higher average interest-earning asset balances following the CNB merger and improved yields on debt securities and loans, which were partially offset by an increase in funding costs;

•Acquisition-related expenses of $1.0 million recognized during the third quarter of 2026 were absent during the third quarter of 2025;

•Excluding acquisition-related expenses, noninterest expense increased by $9.2 million, primarily due to the addition of CNB operations, including a $5.8 million increase in salaries and employee benefits;

•A $4.4 million increase in noninterest income, with a $1.5 million positive mortgage servicing rights fair value adjustment included in the third quarter 2026 results compared to a $0.5 million negative mortgage servicing rights fair value adjustment included in the third quarter 2025 results, as well as increases in wealth management fees, service charges on deposit accounts, and card income as a result of a larger customer base following the CNB merger; and

•A $4.1 million increase in income tax expense, primarily due to an increase in pre-tax income as a result of the items noted above.

Comparison of the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025

For the nine months ended September 30, 2026, net income was $70.4 million, increasing by $12.4 million, or 21.3%, when compared to net income for the nine months ended September 30, 2025. Notable changes include the following:

•A $47.4 million increase in net interest income, primarily attributable to higher average interest-earning asset balances following the CNB merger and improved yields on debt securities;

•Acquisition-related expenses of $16.9 million recognized during the nine months ended September 30, 2026 were absent during the nine months ended September 30, 2025;

•Excluding acquisition-related expenses, noninterest expense increased by $24.3 million, primarily reflecting higher base costs following the CNB merger, including a $14.6 million increase in salaries and benefits expense;

•An $8.7 million increase in noninterest income, with a $0.9 million positive mortgage servicing rights fair value adjustment included in the 2026 results compared to a $1.6 million negative mortgage servicing rights fair value adjustment included in the 2025 results, as well as increases in wealth management fees, service charges on deposit accounts, and card income as a result of a larger customer base following the CNB merger; and

•A $4.3 million increase in income tax expense, primarily due to an increase in pre-tax income as a result of the items noted above.

Net Interest Income

Net interest income equals the excess of interest income on interest earning assets (including discount accretion on acquired loans plus certain loan fees) over interest expense incurred on interest-bearing liabilities. Net interest margin, which is expressed as the percentage of net interest income to average interest-earning assets, is utilized to measure and explain changes in net interest income.

The following tables set forth average balances, average yields and costs, and certain other information. Average balances are daily average balances. Nonaccrual loans are included in the computation of average balances but have been reflected in the table as loans carrying a zero yield. The yields set forth below include the effect of deferred fees and costs as well as purchase accounting adjustments that are accreted or amortized to interest income or expense.

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	Three Months Ended
	September 30, 2026						September 30, 2025
(dollars in thousands)	Average Balance		Interest		Yield/Cost *		Average Balance		Interest		Yield/Cost *

ASSETS
Loans	$	4,771,700	$	77,395	6.43	%	$	3,379,637	$	54,063	6.35	%
Debt securities	1,522,439		12,404		3.23		1,265,683		8,779		2.75
Deposits with banks	106,879		735		2.73		142,659		1,350		3.75
Other	17,807		128		2.88		12,540		144		4.51
Total interest-earning assets	6,418,825		$	90,662	5.60	%	4,800,519		$	64,336	5.32	%
Allowance for credit losses	(60,865)						(41,711)
Noninterest-earning assets	381,651						268,353
Total assets	$	6,739,611					$	5,027,161

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,358,462	$	2,386	0.70	%	$	1,113,391	$	1,676	0.60	%
Money market	1,018,285		5,296		2.06		833,812		4,638		2.21
Savings	841,588		1,212		0.57		568,001		399		0.28
Time	1,222,696		9,228		2.99		771,360		6,282		3.23

Total interest-bearing deposits	4,441,031		18,122		1.62		3,286,564		12,995		1.57
Securities sold under agreements to repurchase	—		—		—		6		—		—
Borrowings	19,701		126		2.53		7,256		31		1.68
Subordinated notes	84,038		1,233		5.82		32,714		387		4.69
Junior subordinated debentures issued to capital trusts	52,946		860		6.45		52,887		937		7.04
Total interest-bearing liabilities	4,597,716		$	20,341	1.76	%	3,379,427		$	14,350	1.68	%
Noninterest-bearing deposits	1,314,588						1,028,608
Noninterest-bearing liabilities	57,071						30,050
Total liabilities	5,969,375						4,438,085
Stockholders' Equity	770,236						589,076
Total liabilities and stockholders’ equity	$	6,739,611					$	5,027,161

Net interest income/Net interest margin (1)			$	70,321	4.35	%			$	49,986	4.13	%
Tax-equivalent adjustment (2)			869		0.05				552		0.05
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3)			$	71,190	4.40	%			$	50,538	4.18	%
Net interest rate spread (4)					3.84	%					3.64	%
Net interest-earning assets (5)	$	1,821,109					$	1,421,092
Ratio of interest-earning assets to interest-bearing liabilities	1.40						1.42
Cost of total deposits					1.25	%					1.19	%
Cost of funds					1.36						1.29

_________________________________________________

*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 "Non-GAAP Financial Information" for reconciliation of non-GAAP measures to their most closely comparable GAAP 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.

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	Nine Months Ended
	September 30, 2026						September 30, 2025
(dollars in thousands)	Average Balance		Interest		Yield/Cost *		Average Balance		Interest		Yield/Cost *

ASSETS
Loans	$	4,467,683	$	212,800	6.37	%	$	3,419,077	$	162,971	6.37	%
Debt securities	1,472,552		34,774		3.16		1,229,388		24,075		2.62
Deposits with banks	136,230		3,035		2.98		141,216		3,959		3.75
Other	16,562		475		3.84		12,579		388		4.12
Total interest-earning assets	6,093,027		$	251,084	5.51	%	4,802,260		$	191,393	5.33	%
Allowance for credit losses	(56,651)						(41,962)
Noninterest-earning assets	362,291						271,193
Total assets	$	6,398,667					$	5,031,491

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,314,320	$	6,555	0.67	%	$	1,119,902	$	4,698	0.56	%
Money market	956,682		14,316		2.00		818,453		13,498		2.20
Savings	793,296		3,125		0.53		568,891		1,143		0.27
Time	1,137,688		25,488		3.00		778,618		19,430		3.34

Total interest-bearing deposits	4,201,986		49,484		1.57		3,285,864		38,769		1.58
Securities sold under agreements to repurchase	1,787		30		2.27		3,361		22		0.89
Borrowings	24,403		505		2.77		9,103		170		2.49
Subordinated notes	62,846		2,756		5.86		37,261		1,326		4.76
Junior subordinated debentures issued to capital trusts	52,931		2,545		6.43		52,871		2,754		6.97
Total interest-bearing liabilities	4,343,953		$	55,320	1.70	%	3,388,460		$	43,041	1.70	%
Noninterest-bearing deposits	1,267,702						1,039,564
Noninterest-bearing liabilities	53,632						31,242
Total liabilities	5,665,287						4,459,266
Stockholders' Equity	733,380						572,225
Total liabilities and stockholders’ equity	$	6,398,667					$	5,031,491

Net interest income/Net interest margin (1)			$	195,764	4.30	%			$	148,352	4.13	%
Tax-equivalent adjustment (2)			2,369		0.05				1,645		0.05
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3)			$	198,133	4.35	%			$	149,997	4.18	%
Net interest rate spread (4)					3.81	%					3.63	%
Net interest-earning assets (5)	$	1,749,074					$	1,413,800
Ratio of interest-earning assets to interest-bearing liabilities	1.40						1.42
Cost of total deposits					1.21	%					1.20	%
Cost of funds					1.32						1.30

_________________________________________________

*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 "Non-GAAP Financial Information" for reconciliation of non-GAAP measures to their most closely comparable GAAP 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.

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The following table sets forth the components of loan interest income and their contributions to the total loan yield.


	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
(dollars in thousands)	Interest		Yield Contribution *		Interest		Yield Contribution *		Interest		Yield Contribution *		Interest		Yield Contribution *

Contractual interest	$	73,806	6.14	%	$	51,576	6.06	%	$	202,587	6.06	%	$	154,538	6.04	%
Loan fees	1,873		0.15		1,491		0.18		4,990		0.15		4,445		0.17
Accretion of acquired loan discounts	1,315		0.11		892		0.10		4,375		0.13		3,000		0.12
Nonaccrual interest recoveries	442		0.04		104		0.01		913		0.03		988		0.04
Net effect of cash flow hedge	(41)		(0.01)		—		—		$	(65)	—	%	$	—	—	%
Total loan interest income	$	77,395	6.43	%	$	54,063	6.35	%	$	212,800	6.37	%	$	162,971	6.37	%

_________________________________________________

* Annualized measure.

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The following table sets forth the components of net interest income and their contributions to the net interest margin.


	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
(dollars in thousands)	Interest		Net Interest Margin Contribution *		Interest		Net Interest Margin Contribution *		Interest		Net Interest Margin Contribution *		Interest		Net Interest Margin Contribution *

Interest income:
Contractual interest on loans	$	73,806	4.56	%	$	51,576	4.26	%	$	202,587	4.44	%	$	154,538	4.30	%
Loan fees	1,873		0.11		1,491		0.12		4,990		0.11		4,445		0.13
Accretion of acquired loan discounts	1,315		0.08		892		0.07		4,375		0.10		3,000		0.08
Nonaccrual interest recoveries	442		0.03		104		0.01		913		0.02		988		0.03
Net effect of cash flow hedge	(41)		—		—		—		(65)		—		—		—
Debt securities	12,404		0.77		8,779		0.73		34,774		0.76		24,075		0.67
Interest-bearing deposits in bank	735		0.04		1,350		0.12		3,035		0.07		3,959		0.11
Other	128		0.01		144		0.01		475		0.01		388		0.01
Total interest income	90,662		5.60		64,336		5.32		251,084		5.51		191,393		5.33

Interest expense:
Deposits	18,122		1.12		12,995		1.08		49,484		1.08		38,769		1.08
Other interest-bearing liabilities	2,219		0.13		1,355		0.11		5,836		0.13		4,272		0.12
Total interest expense	20,341		1.25		14,350		1.19		55,320		1.21		43,041		1.20
Net interest income	70,321		4.35		49,986		4.13		195,764		4.30		148,352		4.13
Tax-equivalent adjustment (1)	869		0.05		552		0.05		2,369		0.05		1,645		0.05
Net interest income (tax-equivalent) (1) (2)	$	71,190	4.40	%	$	50,538	4.18	%	$	198,133	4.35	%	$	149,997	4.18	%

_________________________________________________

* Annualized measure.

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

(2)See "Non-GAAP Financial Information" for reconciliation of non-GAAP measures to their most closely comparable GAAP measures.

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Rate/Volume Analysis

The following table sets forth the dollar amount of changes in interest income and interest expense for the major categories of our interest-earning assets and interest-bearing liabilities. Information is provided for each category of interest-earning assets and interest-bearing liabilities with respect to changes attributable to volume (i.e., changes in average balances multiplied by the prior-period average rate), and changes attributable to rate (i.e., changes in average rate multiplied by prior-period average balances). For purposes of this table, changes attributable to both volume and rate that cannot be segregated have been allocated proportionately to the change due to volume and the change due to rate.


	Three Months Ended September 30, 2026 vs. Three Months Ended September 30, 2025						Nine Months Ended September 30, 2026 vs. Nine Months Ended September 30, 2025
	Increase (Decrease) Due to				Total		Increase (Decrease) Due to				Total
(dollars in thousands)	Volume		Rate				Volume		Rate

Interest-earning assets:
Loans	$	22,571	$	761	$	23,332	$	49,947	$	(118)	$	49,829
Debt securities	1,947		1,678		3,625		5,242		5,457		10,699
Deposits with banks	(294)		(321)		(615)		(136)		(788)		(924)
Other	46		(62)		(16)		116		(29)		87
Total interest-earning assets	24,270		2,056		26,326		55,169		4,522		59,691

Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand	405		305		710		889		968		1,857
Money market	973		(315)		658		2,142		(1,324)		818
Savings	256		557		813		577		1,405		1,982
Time	3,437		(491)		2,946		8,211		(2,153)		6,058

Total interest-bearing deposits	5,071		56		5,127		11,819		(1,104)		10,715
Securities sold under agreements to repurchase	—		—		—		(14)		22		8
Borrowings	73		22		95		315		20		335
Subordinated notes	733		113		846		1,068		362		1,430
Junior subordinated debentures issued to capital trusts	1		(78)		(77)		3		(212)		(209)
Total interest-bearing liabilities	5,878		113		5,991		13,191		(912)		12,279
Change in net interest income	$	18,392	$	1,943	$	20,335	$	41,978	$	5,434	$	47,412

Comparison of the Three Months Ended September 30, 2026 to the Three Months Ended September 30, 2025

Net interest income for the three months ended September 30, 2026 was $70.3 million, increasing $20.3 million, or 40.7%, when compared to the three months ended September 30, 2025. The increase is primarily attributable to higher average interest-earning asset balances following the CNB merger and improved yields on debt securities and loans. Additionally, increases in acquired loan discount accretion, loan fees, and nonaccrual interest recoveries further contributed to the improvement.

Net interest margin increased to 4.35% for the three months ended September 30, 2026, compared to 4.13% for the three months ended September 30, 2025. The increase was primarily attributable to improved yields on debt securities and loans as well as a more favorable interest-earning asset mix, which were partially offset by higher funding costs. Additionally, net interest margin benefited from a 1 basis point increase in the contribution from acquired loan discount accretion and a 2 basis point increase in the contribution from nonaccrual interest recoveries, which were partially offset by a 1 basis point decrease in the contribution from loan fees.

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Comparison of the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025

Net interest income for the nine months ended September 30, 2026 was $195.8 million, increasing $47.4 million, or 32.0%, when compared to the nine months ended September 30, 2025. The increase is primarily attributable to higher average interest-earning asset balances following the CNB merger and improved yields on debt securities. Additionally, a $1.4 million increase in acquired loan discount accretion and a $0.5 million increase in loan fees further contributed to the improvement.

Net interest margin increased to 4.30% for the nine months ended September 30, 2026, compared to 4.13% for the nine months ended September 30, 2025. The increase was primarily attributable to improved yields on debt securities and a more favorable interest-earning asset mix. Additionally, a 2 basis point increase in the contribution of acquired loan discount accretion was offset by a 2 basis point decrease in the contribution of loan fees.

The quarterly net interest margins were as follows:


	2026		2025
Three months ended:
March 31	4.20	%	4.12	%
June 30	4.32		4.14
September 30	4.35		4.13
December 31	—		4.12

From September 2025 to December 2025, the Federal Open Market Committee ("FOMC") lowered the target range for the federal funds rate with three 25 basis point reductions, setting a target range of 3.50% to 3.75% by the end of 2025. These reductions contributed to a decrease in funding costs and yields on variable rate loans while maturing fixed rate loans and securities continued to reprice at higher rates, resulting in a fairly stable net interest margin throughout 2025. Our net interest margin increased during the nine months ended September 30, 2026 driven primarily by higher asset yields and the sale of the vast majority of the CNB securities portfolio, with the proceeds used to reduce higher cost sources of funding and purchase higher yield debt securities.

In September 2026, the FOMC raised the target range for the federal funds rate by 25 basis points to 3.75% to 4.00%. Increases in market interest rates may lead to increased competition for deposits and could increase our funding costs. Alternatively, decreases in market interest rates, and potential future decreases, may put downward pressure on our net interest margin, as the negative impact on floating rate loans may not be fully offset by the positive impacts of maturing fixed rate loans and securities repricing at higher rates or potential decreases in deposit costs. Generally, we expect increases in market interest rates will increase our net interest income and net interest margin in future periods, while decreases in market interest rates may decrease our net interest income and net interest margin in future periods; however, this depends upon the timing and extent of both short-term and long-term interest rate fluctuations and may not always be the case.

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Provision for Credit Losses

The following table sets forth the components of provision for credit losses for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

PROVISION FOR CREDIT LOSSES
Loans	$	(593)	$	375	$	(1,018)	$	1,466
Unfunded lending-related commitments	32		221		977		232

Total provision for credit losses	$	(561)	$	596	$	(41)	$	1,698

Comparison of the Three Months Ended September 30, 2026 to the Three Months Ended September 30, 2025

The Company recorded a negative provision for credit losses of $0.6 million during the three months ended September 30, 2026, compared to a $0.6 million provision during the three months ended September 30, 2025. The negative provision for credit losses during the third quarter of 2026 primarily reflects a $1.9 million decrease in required reserves driven by changes within the portfolio, which included net recoveries of $0.5 million; a $0.6 million decrease in required reserves driven by changes in the economic forecast; a $0.1 million decrease in specific reserves; and a $2.0 million increase in required reserves resulting from changes in qualitative factors.

Comparison of the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025

The Company recorded a negative provision for credit losses of $41 thousand for the nine months ended September 30, 2026, compared to a $1.7 million provision during the nine months ended September 30, 2025. The 2026 negative provision for credit losses primarily reflects a $2.8 million decrease in required reserves driven by changes within the portfolio; a $1.7 million decrease in specific reserves; a $1.5 million decrease in required reserves resulting from changes in economic forecasts; and a $6.0 million increase in required reserves resulting from changes in qualitative factors.

The provision for credit losses is highly dependent on current and forecast economic conditions. Potential deterioration of economic conditions may lead to higher credit losses and adversely impact our financial condition and results of operations. The economic forecasts utilized in estimating the allowance for credit losses on loans and unfunded lending-related commitments include the unemployment rate and changes in GDP as macroeconomic variables, although other economic metrics and trends are considered on a qualitative basis.

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Noninterest Income

The following table sets forth the major categories of noninterest income for the periods indicated:


	Three Months Ended September 30,								Nine Months Ended September 30,
(dollars in thousands)	2026		2025		$ Change		% Change		2026		2025		$ Change		% Change

Card income	$	3,247	$	2,732	$	515	18.9	%	$	9,426	$	8,077	$	1,349	16.7	%
Wealth management fees	3,943		3,122		821		26.3		11,624		8,789		2,835		32.3
Service charges on deposit accounts	2,680		2,093		587		28.0		7,329		5,952		1,377		23.1
Mortgage servicing	1,111		1,019		92		9.0		3,237		3,051		186		6.1
Mortgage servicing rights fair value adjustment	1,460		(514)		1,974		NM		906		(1,573)		2,479		NM
Gains on sale of mortgage loans	550		390		160		41.0		1,293		1,101		192		17.4
Realized gains (losses) on sales of securities	(184)		(49)		(135)		NM		(184)		(49)		(135)		NM
Unrealized gains (losses) on equity securities	(71)		(67)		(4)		NM		8		(36)		44		NM
Gains (losses) on foreclosed assets	(67)		148		(215)		NM		(156)		175		(331)		NM
Gains (losses) on other assets	(62)		(14)		(48)		NM		(274)		(88)		(186)		NM
Income on bank owned life insurance	229		169		60		35.5		623		500		123		24.6
Other noninterest income	1,401		820		581		70.9		3,190		2,396		794		33.1
Total	$	14,237	$	9,849	$	4,388	44.6	%	$	37,022	$	28,295	$	8,727	30.8	%

_________________________________________________

NM Not meaningful.

Comparison of the Three Months Ended September 30, 2026 to the Three Months Ended September 30, 2025

Total noninterest income for the three months ended September 30, 2026, was $14.2 million, an increase of $4.4 million, or 44.6%, from the three months ended September 30, 2025. Notable changes in noninterest income include the following:

•A $1.5 million positive mortgage servicing rights fair value adjustment included in the third quarter of 2026 results, primarily due to changes in future interest rate assumptions utilized in the valuations, compared to a $0.5 million negative mortgage servicing rights fair value adjustment included in the third quarter of 2025 results;

•A $0.8 million increase in wealth management fees, primarily driven by an increase in assets under management following the CNB merger and higher values of assets under management;

•A $0.6 million increase in service charges on deposit accounts, primarily attributable to the increase in deposit base following the CNB merger;

•A $0.5 million increase in card income, primarily attributable to debit card activity on deposit accounts acquired through the CNB merger; and

•A $0.6 million increase in other noninterest income, primarily attributable to a $0.4 million nonrecurring refund of stock repurchase excise tax as a result of a change in tax regulation.

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Comparison of the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025

Total noninterest income for the nine months ended September 30, 2026, was $37.0 million, an increase of $8.7 million, or 30.8%, from the nine months ended September 30, 2025. Notable changes in noninterest income include the following:

•A $2.8 million increase in wealth management fees, primarily driven by an increase in assets under management following the CNB merger and higher values of assets under management;

•A $0.9 million positive MSR fair value adjustment included in the 2026 results, primarily due to changes in future interest rate assumptions utilized in the valuations, compared to a $1.6 million negative MSR fair value adjustment included in the 2025 results;

•A $1.4 million increase in service charges on deposit accounts, primarily attributable to the increase in deposit base following the CNB merger;

•A $1.3 million increase in card income, primarily attributable to debit card activity on deposit accounts acquired through the CNB merger, and

•A $0.8 million increase in other noninterest income, primarily attributable to a $0.4 million nonrecurring refund of stock repurchase excise tax as a result of a change in tax regulation and the addition of CNB's operations.

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Noninterest Expense

The following table sets forth the major categories of noninterest expense for the periods indicated:


	Three Months Ended September 30,								Nine Months Ended September 30,
(dollars in thousands)	2026		2025		$ Change		% Change		2026		2025		$ Change		% Change

Salaries	$	20,988	$	16,351	$	4,637	28.4	%	$	66,030	$	49,856	$	16,174	32.4	%
Employee benefits	4,493		3,314		1,179		35.6		12,598		10,179		2,419		23.8
Occupancy of bank premises	3,933		2,826		1,107		39.2		10,566		7,922		2,644		33.4
Furniture and equipment	861		737		124		16.8		2,400		1,757		643		36.6
Data processing	4,130		2,791		1,339		48.0		19,687		8,195		11,492		140.2
Marketing and customer relations	1,222		1,035		187		18.1		3,752		3,199		553		17.3
Amortization of intangible assets	1,455		694		761		109.7		3,797		2,083		1,714		82.3
Loss on extinguishment of debt	—		391		(391)		NM		—		391		(391)		NM
FDIC insurance	723		561		162		28.9		1,988		1,674		314		18.8
Loan collection and servicing	640		264		376		142.4		1,891		1,007		884		87.8
Foreclosed assets	43		62		(19)		(30.6)		143		134		9		6.7
Other noninterest expense	4,175		3,482		693		19.9		14,694		9,960		4,734		47.5
Total	$	42,663	$	32,508	$	10,155	31.2	%	$	137,546	$	96,357	$	41,189	42.7	%

Comparison of the Three Months Ended September 30, 2026 to the Three Months Ended September 30, 2025

Total noninterest expense for the three months ended September 30, 2026, was $42.7 million, an increase of $10.2 million, or 31.2%, from the three months ended September 30, 2025. Notable changes in noninterest expense include the following:

•Acquisition-related expenses of $1.0 million recognized during the third quarter of 2026 were absent during the third quarter of 2025; and

•Excluding acquisition-related expenses, the $9.2 million increase in noninterest expense was primarily attributable to the addition of CNB’s operations, including a $5.8 million increase in salaries and employee benefits, which were also driven higher by annual merit increases and higher medical benefits costs.

Comparison of the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025

Total noninterest expense for the nine months ended September 30, 2026, was $137.5 million, an increase of $41.2 million, or 42.7%, from the nine months ended September 30, 2025. Notable changes in noninterest expense include the following:

•Acquisition-related expenses of $16.9 million recognized during the nine months ended September 30, 2026 were absent from the nine months ended September 30, 2025; and

•Excluding acquisition-related expenses, the $24.3 million increase in noninterest expenses was primarily attributable to the addition of CNB’s operations, driven by a $14.6 million increase in salaries and employee benefits, as well as increases in occupancy, data processing, and marketing expenses.

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Income Taxes

During the three months ended September 30, 2026 and 2025, we recorded income tax expense of $11.1 million, or an effective tax rate of 26.1%, and $7.0 million, or an effective tax rate of 26.1%, respectively. During the nine months ended September 30, 2026 and 2025, we recorded income tax expense of $24.8 million, or an effective tax rate of 26.1%, and $20.5 million, or an effective tax rate of 26.1%, respectively.

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FINANCIAL CONDITION


(dollars in thousands, except per share data)	September 30, 2026			December 31, 2025			$ Change		% Change

Cash and cash equivalents	$	126,260		$	122,269		$	3,991	3.3	%
Debt securities available-for-sale, at fair value	1,065,551			813,101			252,450		31.0
Debt securities held-to-maturity	417,491			458,746			(41,255)		(9.0)
Loans held for sale	2,980			1,263			1,717		135.9

Loans, before allowance for credit losses	4,782,743			3,456,209			1,326,534		38.4
Less: allowance for credit losses	60,475			41,690			18,785		45.1
Loans, net of allowance for credit losses	4,722,268			3,414,519			1,307,749		38.3

Goodwill	81,949			59,820			22,129		37.0
Intangible assets	41,403			15,117			26,286		173.9
Other assets	261,425			186,555			74,870		40.1
Total assets	$	6,719,327		$	5,071,390		$	1,647,937	32.5	%

Total deposits	$	5,752,432		$	4,359,263		$	1,393,169	32.0	%

Borrowings	12,210			12,301			(91)		(0.7)
Subordinated notes	84,051			—			84,051		NM
Junior subordinated debentures	52,953			52,909			44		0.1
Other liabilities	63,590			31,419			32,171		102.4
Total liabilities	5,965,236			4,455,892			1,509,344		33.9
Total stockholders' equity	754,091			615,498			138,593		22.5
Total liabilities and stockholders' equity	$	6,719,327		$	5,071,390		$	1,647,937	32.5	%

Tangible assets (1)	$	6,595,975		$	4,996,453		$	1,599,522	32.0	%
Tangible common equity (1)	630,739			540,561			90,178		16.7

Core deposits (1)	$	5,367,916		$	4,157,898		$	1,210,018	29.1	%

Share and Per Share Information
Book value per share	$	20.74		$	19.58		$	1.16	5.9	%
Tangible book value per share (1)	17.34			17.20			0.14		0.8

Shares of common stock outstanding	36,365,612			31,431,924

Balance Sheet Ratios
Loan to deposit ratio	83.14		%	79.28		%
Core deposits to total deposits (1)	93.32			95.38
Stockholders' equity to total assets	11.22			12.14
Tangible common equity to tangible assets (1)	9.56			10.82

_________________________________________________

NM Not meaningful.

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

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Notable changes in our consolidated balance sheet include the following:

•The CNB merger added $1.81 billion in total assets, $1.30 billion in loans held for investment, and $1.52 billion in total deposits;

•Following the CNB merger, $313.1 million of the debt securities acquired from CNB were sold with the sales proceeds used to reduce higher cost sources of funding and purchase higher yield debt securities;

•Excluding the impact of the CNB merger, a $123.7 million decrease in total deposits was primarily attributable to the expected run-off of higher cost time deposit balances as well as a decrease in noninterest-bearing deposits;

•Wealth management customer reciprocal money market deposits increased $55.1 million, with $50.0 million held off-balance sheet at December 31, 2025 moved on-balance sheet during 2026; and

•A private placement of $85.0 million of 5.75% fixed-to-floating rate subordinated notes due in 2036 was completed in March 2026.

Loan Portfolio

The following table sets forth the composition of the loan portfolio, excluding loans held-for-sale, by type of loan.


	September 30, 2026				December 31, 2025
(dollars in thousands)	Balance		Percent		Balance		Percent

Commercial and industrial	$	509,973	10.7	%	$	399,760	11.6	%
Commercial real estate - owner occupied	515,800		10.8		320,434		9.3
Commercial real estate - non-owner occupied	1,136,065		23.7		937,094		27.0
Construction and land development	476,352		10.0		280,254		8.1
Multi-family	648,969		13.6		544,941		15.8
One-to-four family residential	583,266		12.2		445,463		12.9
Agricultural and farmland	595,485		12.4		275,251		8.0
Municipal, consumer, and other	316,833		6.6		253,012		7.3
Loans, before allowance for credit losses	4,782,743		100.0	%	3,456,209		100.0	%
Allowance for credit losses	(60,475)				(41,690)
Loans, net of allowance for credit losses	$	4,722,268			$	3,414,519

Loans, before allowance for credit losses were $4.78 billion at September 30, 2026, an increase of $1.33 billion, or 38.4%, from December 31, 2025. Excluding the impact of the CNB merger, loans increased by $30.2 million with the following notable changes:

•An $8.0 million reduction on two commercial and industrial lines of credit that funded shortly before and paid off after December 31, 2025;

•Increase in the municipal, consumer, and other category was primarily attributable to a $39.0 million increase in loans to nondepository institutions;

•Several larger payoffs due to refinances across multiple loan categories; and

•Completed construction projects were transferred from construction and land development to other categories, primarily in the commercial real estate – non-owner occupied category.

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Commercial Real Estate Portfolios

Commercial real estate – owner occupied loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The commercial real estate – owner occupied portfolio composition, segmented by the owner’s business classification, as of September 30, 2026 was as follows:


	September 30, 2026
(dollars in thousands)	Balance		Substandard Risk Rating

Accommodation and food services	$	93,351	$	2,275
Manufacturing	58,354		2,662
Real estate, rental, and leasing	55,671		5,337
Health care and social assistance	41,747		1,730
Auto repair and dealers	35,342		66
Retail trade	30,300		84
Grain elevators	24,458		—
Construction	22,865		677
Arts, entertainment, and recreation	21,186		1,359
Other services (except public administration)	20,557		—
Wholesale trade	17,977		553
Professional, scientific, and technical services	10,709		—
Administrative and support services	10,632		—
Education services	9,104		1,127
Agriculture, forestry, fishing, and hunting	5,939		—
Finance and insurance	2,693		—
Other	54,915		1,727
Total	$	515,800	$	17,597

Commercial real estate – non-owner occupied loans are primarily made based on projected cash flows from the rental or sale of the underlying collateral. The commercial real estate – non-owner occupied portfolio composition, segmented by the property type, as of September 30, 2026 was as follows:


	September 30, 2026
(dollars in thousands)	Balance		Substandard Risk Rating		Weighted Average LTV(1)

Retail	$	228,964	$	7,001	52	%
Warehouse and manufacturing	213,400		171		59
Office	180,431		2,981		57
Hotel	161,173		4,970		56
Senior Living	135,080		4,010		57
Mixed use (commercial and residential)	82,652		150		61
Medical office	38,446		—		58
Gas station	24,219		—		58
Restaurant and bar	23,342		38		58
Auto repair and dealers	22,690		38		55
Other	25,668		—		58
Total	$	1,136,065	$	19,359	57	%

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(1) Weighted average LTV is based on the most recent appraisals available, which are generally obtained at the time of origination.

Multi-family loans totaled $649.0 million as of September 30, 2026, and are primarily made based on projected cash flows from the rental of the underlying collateral. As of September 30, 2026, multi-family loans had a weighted average LTV of 60%, based on the most recent appraisals available, which are generally obtained at the time of origination.

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Construction and land development loans totaled $476.4 million as of September 30, 2026. The majority of these loans consist of multi-family and one-to-four family residential construction projects either to be sold upon completion or held for long-term investment, but also include other property types that may be rented, sold, or owner occupied upon completion. Construction and land development loans are primarily based on projected cash flows from the rental or sale of the underlying collateral, or based on the identified cash flows of the borrower.

Management’s disciplined approach to credit risk management is exercised through portfolio diversification, robust underwriting policies, and routine loan monitoring practices in order to identify and mitigate any credit weakness as early as possible. Management continually monitors and evaluates commercial real estate concentrations by property class, industry, and relative to the Bank’s regulatory capital to remain in line with board-established limits and adapt to changing industry conditions. A centralized credit underwriting group, independent of the originating lender, evaluates a vast majority of the commercial exposures over $750 thousand annually, if not more frequently, through a standardized credit review process to ensure uniform application of policies and procedures as well as analyze credit performance. All loans require appropriate internal approval, with a centralized credit approval group reviewing the vast majority of exposures over $1 million. Additionally, more than 45% of loan commitments are reviewed on a rolling 24 month basis between a robust internal review process and an annual third-party review of a sample of the portfolio.

For commercial real estate – non-owner occupied and multi-family loans over $1 million, we evaluate, on a quarterly basis, the impact of current interest rates on the underlying cash flows of the properties securing these loans, based on the most recent cash flow data available. Individual credits with a maturity scheduled within the next five quarters that are presenting stress under current renewal terms are identified, so that ample time is available to develop solutions to manage credit risk. This testing is completed in addition to the various sensitivity testing completed at the initial extension of credit.

Loans to non-depository financial institutions are included within the municipal, consumer, and other category, and totaled $121.9 million as of September 30, 2026. Loans to non-depository financial institutions are typically collateralized by assignments of promissory notes financing commercial real estate - non-owner occupied properties.

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Loan Portfolio Maturities

The following table summarizes the scheduled maturities of the loan portfolio as of September 30, 2026. Demand loans (loans having no stated repayment schedule or maturity) and overdraft loans are reported as being due in one year or less.


(dollars in thousands)	1 Year or Less		After 1 Year Through 5 Years		After 5 Years Through 15 Years		After 15 Years		Total

Commercial and industrial	$	264,517	$	177,166	$	68,290	$	—	$	509,973
Commercial real estate - owner occupied	72,014		196,777		153,219		93,790		515,800
Commercial real estate - non-owner occupied	292,769		632,267		147,785		63,244		1,136,065
Construction and land development	238,575		206,901		24,962		5,914		476,352
Multi-family	131,165		399,073		75,512		43,219		648,969
One-to-four family residential	83,052		177,263		87,380		235,571		583,266
Agricultural and farmland	235,691		166,829		98,889		94,076		595,485
Municipal, consumer, and other	128,743		81,425		72,387		34,278		316,833
Total	$	1,446,526	$	2,037,701	$	728,424	$	570,092	$	4,782,743

The following table summarizes loans maturing after one year, segregated into variable and fixed interest rates.


	Variable Interest Rates
(dollars in thousands)	Repricing 1 Year or Less		Repricing After 1 Year		Total Variable Interest Rates		Predetermined (Fixed) Interest Rates		Total

Commercial and industrial	$	62,016	$	27,769	$	89,785	$	155,671	$	245,456
Commercial real estate - owner occupied	103,633		159,583		263,216		180,570		443,786
Commercial real estate - non-owner occupied	148,612		141,801		290,413		552,883		843,296
Construction and land development	114,131		17,734		131,865		105,912		237,777
Multi-family	73,833		62,526		136,359		381,445		517,804
One-to-four family residential	125,886		150,143		276,029		224,185		500,214
Agricultural and farmland	68,593		118,680		187,273		172,521		359,794
Municipal, consumer, and other	21,201		33,497		54,698		133,392		188,090
Total	$	717,905	$	711,733	$	1,429,638	$	1,906,579	$	3,336,217

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Nonperforming Assets

Our nonperforming loans and nonperforming assets were as follows:


(dollars in thousands)	September 30, 2026			December 31, 2025

NONPERFORMING ASSETS
Nonaccrual	$	10,098		$	7,556
Past due 90 days or more, still accruing	—			—
Total nonperforming loans	10,098			7,556
Foreclosed assets	656			1,126
Total nonperforming assets	$	10,754		$	8,682

Nonperforming loans that are wholly or partially guaranteed by the U.S. Government	$	2,350		$	2,170

Allowance for credit losses	$	60,475		$	41,690
Loans, before allowance for credit losses	4,782,743			3,456,209

CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses	1.26		%	1.21		%
Allowance for credit losses to nonaccrual loans	598.88			551.75
Allowance for credit losses to nonperforming loans	598.88			551.75
Nonaccrual loans to loans, before allowance for credit losses	0.21			0.22
Nonperforming loans to loans, before allowance for credit losses	0.21			0.22
Nonperforming assets to total assets	0.16			0.17
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets	0.22			0.25

Total nonperforming assets were $10.8 million at September 30, 2026, an increase of 23.9% when compared to $8.7 million at December 31, 2025. The $2.1 million increase in nonperforming assets from December 31, 2025 was primarily attributable to the CNB merger, which added $6.1 million in nonaccrual loans and was mostly offset by paydowns and payoffs in the construction and land development and agricultural and farmland categories. Additionally, of the $10.1 million of nonperforming loans held as of September 30, 2026, $2.4 million are either wholly or partially guaranteed by the U.S. Government.

Risk Classification of Loans

Our risk classifications of loans were as follows:


(dollars in thousands)	September 30, 2026		December 31, 2025

Pass	$	4,421,968	$	3,241,912
Pass-watch	221,696		131,766
Special mention	30,873		11,788
Substandard	108,206		70,743
Total	$	4,782,743	$	3,456,209

Loans rated pass-watch or worse increased $146.5 million, or 68.4%, from December 31, 2025 to September 30, 2026, primarily attributable to loans acquired in the CNB merger, including $113.0 million of pass-watch loans, $18.0 million of special mention loans, and $20.7 million of substandard loans.

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Net Charge-offs (Recoveries)

The following table summarizes net charge-offs (recoveries) to average loans by loan category.


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2026			2025			2026			2025

Net charge-offs (recoveries)
Commercial and industrial	$	(567)		$	(61)		$	(87)		$	878
Commercial real estate - owner occupied	(8)			111			241			79
Commercial real estate - non-owner occupied	—			—			(102)			—
Construction and land development	—			—			(69)			4
Multi-family	(9)			—			(16)			43
One-to-four family residential	(46)			(26)			(129)			404
Agricultural and farmland	(14)			4			(42)			(43)
Municipal, consumer, and other	140			106			358			245
Total	$	(504)		$	134		$	154		$	1,610

Average loans
Commercial and industrial	$	515,303		$	412,004		$	503,018		$	425,942
Commercial real estate - owner occupied	505,706			315,285			467,535			320,283
Commercial real estate - non-owner occupied	1,135,583			915,168			1,081,442			902,389
Construction and land development	449,653			295,144			410,517			343,970
Multi-family	665,275			485,452			628,690			446,911
One-to-four family residential	588,308			444,420			562,671			453,116
Agricultural and farmland	592,159			275,064			521,745			278,044
Municipal, consumer, and other	319,713			237,100			292,065			248,422
Total	$	4,771,700		$	3,379,637		$	4,467,683		$	3,419,077

Charge-offs (recoveries) to average loans *
Commercial and industrial	(0.44)		%	(0.06)		%	(0.02)		%	0.28		%
Commercial real estate - owner occupied	(0.01)			0.14			0.07			0.03
Commercial real estate - non-owner occupied	—			—			(0.01)			—
Construction and land development	—			—			(0.02)			—
Multi-family	(0.01)			—			—			0.01
One-to-four family residential	(0.03)			(0.02)			(0.03)			0.12
Agricultural and farmland	(0.01)			0.01			(0.01)			(0.02)
Municipal, consumer, and other	0.17			0.18			0.16			0.13
Total	(0.04)		%	0.02		%	—		%	0.06		%

_________________________________________________

* Annualized measure.

The net charge-offs (recoveries) to average total loans ratio has remained low for several years. While we believe our continuous credit monitoring and collection efforts have resulted in lower levels of credit losses, we also recognize that the relatively stable economic conditions after the COVID-19 pandemic have also contributed to reduced credit losses.

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Securities

The Company’s investment policy emphasizes safety of the principal, liquidity needs, expected returns, cash flow targets, and consistency with our interest rate risk management strategy. The composition and maturities of the debt securities portfolio as of September 30, 2026, are summarized in the following table. Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or early redemptions that may occur. Security yields have not been adjusted to a tax-equivalent basis.


	September 30, 2026
	Available-for-Sale				Held-to-Maturity				Total
(dollars in thousands)	Amortized Cost		Weighted Average Yield		Amortized Cost		Weighted Average Yield		Amortized Cost		Weighted Average Yield

Due in 1 year or less
U.S. Treasury	$	29,881	1.21	%	$	—	—	%	$	29,881	1.21	%
U.S. government agency	16,178		2.45		5,000		3.25		21,178		2.64
Municipal	11,022		2.57		3,285		2.98		14,307		2.66
Mortgage-backed:
Agency residential	315		2.87		3,791		1.57		4,106		1.67
Agency commercial	12,948		1.86		4,859		3.40		17,807		2.28

Total	$	70,344	1.83	%	$	16,935	2.86	%	$	87,279	2.03	%
Due after 1 year through 5 years
U.S. Treasury	$	49,997	1.49	%	$	—	—	%	$	49,997	1.49	%
U.S. government agency	8,213		1.48		52,949		2.43		61,162		2.30
Municipal	86,901		1.72		15,682		3.25		102,583		1.95
Mortgage-backed:
Agency residential	24,212		1.97		2,359		3.50		26,571		2.10
Agency commercial	62,062		1.77		171,258		1.84		233,320		1.82
Corporate	9,589		3.97		—		—		9,589		3.97
Total	$	240,974	1.79	%	$	242,248	2.08	%	$	483,222	1.93	%
Due after 5 years through 10 years

U.S. government agency	$	127,911	4.47	%	$	25,564	2.70	%	$	153,475	4.17	%
Municipal	52,530		2.48		4,869		3.68		57,399		2.58
Mortgage-backed:
Agency residential	31,151		3.22		2,398		3.14		33,549		3.21
Agency commercial	7,780		4.20		36,544		2.35		44,324		2.67
Corporate	40,000		6.55		—		—		40,000		6.55
Total	$	259,372	4.23	%	$	69,375	2.60	%	$	328,747	3.88	%
Due after 10 years


Municipal	$	67,886	3.72	%	$	1,927	3.47	%	$	69,813	3.71	%
Mortgage-backed:
Agency residential	441,547		4.64		55,488		3.66		497,035		4.53
Agency commercial	62,496		3.90		31,518		2.06		94,014		3.28
Corporate	4,430		6.06		—		—		4,430		6.06
Total	$	576,359	4.46	%	$	88,933	3.08	%	$	665,292	4.28	%
Total
U.S. Treasury	$	79,878	1.39	%	$	—	—	%	$	79,878	1.39	%
U.S. government agency	152,302		4.09		83,513		2.56		235,815		3.55
Municipal	218,339		2.56		25,763		3.31		244,102		2.64
Mortgage-backed:
Agency residential	497,225		4.42		64,036		3.51		561,261		4.32
Agency commercial	145,286		2.82		244,179		1.98		389,465		2.29
Corporate	54,019		6.05		—		—		54,019		6.05
Total	$	1,147,049	3.69	%	$	417,491	2.41	%	$	1,564,540	3.35	%

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SOURCES OF FUNDS

Deposits

Management continues to focus on growing deposits through the Company’s relationship-driven banking philosophy and community-focused marketing programs.

The following table sets forth the distribution of average deposits, by account type:


	Three Months Ended September 30,												Percent Change in Average Balance
	2026						2025
(dollars in thousands)	Average Balance		Percent of Total Deposits		Weighted Average Cost *		Average Balance		Percent of Total Deposits		Weighted Average Cost *

Noninterest-bearing	$	1,314,588	22.8	%	—	%	$	1,028,608	23.8	%	—	%	27.8	%
Interest-bearing demand	1,358,462		23.7		0.70		1,113,391		25.8		0.60		22.0
Money market	1,018,285		17.7		2.06		833,812		19.3		2.21		22.1
Savings	841,588		14.6		0.57		568,001		13.2		0.28		48.2
Time	1,222,696		21.2		2.99		771,360		17.9		3.23		58.5

Total deposits	$	5,755,619	100.0	%	1.25	%	$	4,315,172	100.0	%	1.19	%	33.4	%

	Nine Months Ended September 30,												Percent Change in Average Balance
	2026						2025
(dollars in thousands)	Average Balance		Percent of Total Deposits		Weighted Average Cost *		Average Balance		Percent of Total Deposits		Weighted Average Cost *

Noninterest-bearing	$	1,267,702	23.2	%	—	%	$	1,039,564	24.0	%	—	%	21.9	%
Interest-bearing demand	1,314,320		24.0		0.67		1,119,902		25.9		0.56		17.4
Money market	956,682		17.5		2.00		818,453		18.9		2.20		16.9
Savings	793,296		14.5		0.53		568,891		13.2		0.27		39.4
Time	1,137,688		20.8		3.00		778,618		18.0		3.34		46.1

Total deposits	$	5,469,688	100.0	%	1.21	%	$	4,325,428	100.0	%	1.20	%	26.5	%

_________________________________________________

*Annualized measure.

The average balance of deposits increased 26.5% from the nine months ended September 30, 2025 to the nine months ended September 30, 2026 primarily due to the CNB acquisition, which added $996.5 million of non-maturity deposits and $520.4 million of time deposits on March 1, 2026.

The following table sets forth time deposits by remaining maturity as of September 30, 2026:


(dollars in thousands)	3 Months or Less		Over 3 through 6 Months		Over 6 through 12 Months		Over 12 Months		Total

Time deposits:
Amounts less than $100,000	$	165,249	$	129,728	$	120,098	$	43,313	$	458,388
Amounts of $100,000 or more but less than $250,000	142,417		109,694		103,201		26,164		381,476
Amounts of $250,000 or more	91,365		141,979		140,871		10,301		384,516
Total time deposits	$	399,031	$	381,401	$	364,170	$	79,778	$	1,224,380

As of September 30, 2026 and December 31, 2025, the Bank’s uninsured deposits were estimated to be $1.37 billion and $928.7 million, respectively.

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LIQUIDITY

Bank Liquidity

The overall objective of bank liquidity management is to ensure the availability of sufficient cash funds to meet all financial commitments and to take advantage of investment opportunities. The Bank manages liquidity in order to meet deposit withdrawals on demand or at contractual maturity, to repay borrowings as they mature, and to fund new loans and investments as opportunities arise.

The Bank continuously monitors its liquidity positions to ensure that assets and liabilities are managed in a manner that will meet all of our short-term and long-term cash requirements. The Bank manages its liquidity position to meet our daily cash flow needs, while maintaining an appropriate balance between assets and liabilities to meet the return on investment objectives. The Bank also monitors liquidity requirements in light of interest rate trends, changes in the economy, the scheduled maturity and interest rate sensitivity of the investment and loan portfolios and deposits, and regulatory capital requirements.

As part of the Bank’s liquidity management strategy, the Bank is also focused on minimizing costs of liquidity and attempts to decrease these costs by promoting noninterest-bearing and low-cost deposits. While the Bank does not control the types of deposit instruments our clients choose, those choices can be influenced with the rates and the deposit specials offered.

Our on-balance sheet sources of liquidity included cash and cash equivalents as well as unpledged securities which may be sold or pledged as collateral to meet liquidity needs. As of September 30, 2026 and December 31, 2025, our on-balance sheet sources of liquidity included the following:


(dollars in thousands)	September 30, 2026		December 31, 2025

Cash and cash equivalents	$	126,260	$	122,269
Fair value of unpledged securities	933,903		845,524
Total cash and unpledged securities	$	1,060,163	$	967,793

Additional sources of liquidity include borrowings from the FHLB, the Federal Reserve discount window, and federal fund lines of credit. Interest is charged on outstanding borrowings at the prevailing market rate. As of September 30, 2026, our current borrowings and additional available borrowing capacity were as follows:


	September 30, 2026
(dollars in thousands)	Current Balance		Additional Available Capacity

FHLB	$	12,210	$	1,482,782
Federal Reserve	—		105,056
Federal funds lines of credit	—		80,000
Total	$	12,210	$	1,667,838

Furthermore, the Bank has the option to utilize brokered deposits as an additional source of liquidity, as needed.

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Holding Company Liquidity

The Holding Company, or HBT Financial, Inc. on an unconsolidated basis, is a corporation separate and apart from the Bank and, therefore, it must provide for its own liquidity. As of September 30, 2026, the Holding Company had cash and cash equivalents of $29.4 million.

The Holding Company’s main source of funding is dividends declared and paid to it by the Bank. Dividends paid by the Bank to the Holding Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. Management believes that such limitations will not impact the Holding Company’s ability to meet its ongoing short-term or intermediate-term cash obligations. During the three months ended September 30, 2026 and 2025, the Bank paid $17.0 million and $25.0 million in dividends to the Holding Company, respectively. During the nine months ended September 30, 2026 and 2025, the Bank paid $76.0 million and $62.5 million in dividends to the Holding Company, respectively.

The liquidity needs of the Holding Company on an unconsolidated basis consist primarily of operating expenses, interest payments on debt, and shareholder distributions in the form of dividends and stock repurchases. During the three months ended September 30, 2026 and 2025, holding company operating expenses consisted of interest expense of $2.1 million and $1.3 million, respectively, and other operating expenses of $1.8 million and $1.5 million, respectively. During the nine months ended September 30, 2026 and 2025, holding company operating expenses consisted of interest expense of $5.3 million and $4.1 million, respectively, and other operating expenses of $6.4 million and $3.7 million, respectively. Additionally, the Holding Company paid $9.1 million and $6.7 million of dividends to stockholders during the three months ended September 30, 2026 and 2025, respectively, and paid $24.8 million and $20.0 million of dividends to stockholders during the nine months ended September 30, 2026 and 2025, respectively.

As of September 30, 2026, management was not aware of any known trends, events or uncertainties that had or were reasonably likely to have a material impact on the Holding Company’s liquidity.

As of September 30, 2026, management believed the current liquidity and available sources of liquidity are adequate to meet all of the reasonably foreseeable short-term and intermediate-term demands of the Holding Company, including the cash consideration of the pending Tri-County acquisition anticipated to be paid early in the first quarter of 2027. As of September 30, 2026, the Holding Company had no material commitments for capital expenditures.

CAPITAL RESOURCES

The overall objectives of capital management are to ensure the availability of sufficient capital to support loan, deposit and other asset and liability growth opportunities and to maintain capital to absorb unforeseen losses or write-downs that are inherent in the business risks associated with the banking industry. The Company seeks to balance the need for higher capital levels to address such unforeseen risks and the goal to achieve an adequate return on the capital invested by our stockholders.

Regulatory Capital Requirements

The Company and Bank are each subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the financial statements of the Company and the Bank.

In addition to meeting minimum capital requirements, the Company and the Bank must also maintain a “capital conservation buffer” to avoid becoming subject to restrictions on capital distributions and certain discretionary bonus payments to management. The capital conservation buffer requirement is 2.5% of risk-weighted assets.

As of September 30, 2026 and December 31, 2025, the Company and the Bank met all capital adequacy requirements to which they were subject. As of those dates, the Bank was “well capitalized” under the regulatory prompt corrective action provisions.

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The following table sets forth actual capital ratios of the Company and the Bank as of the dates indicated, as well as the minimum ratios for capital adequacy purposes with the capital conservation buffer, and the minimum ratios to be well capitalized under regulatory prompt corrective action provisions.


	September 30, 2026		December 31, 2025		For Capital Adequacy Purposes With Capital Conservation Buffer (1)		To Be Well Capitalized Under Prompt Corrective Action Provisions (2)
Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)	16.48	%	16.82	%	10.50	%	N/A
Tier 1 Capital (to Risk Weighted Assets)	13.88		15.72		8.50		N/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)	12.94		14.42		7.00		N/A
Tier 1 Capital (to Average Assets)	11.33		12.26		4.00		N/A

Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)	15.97	%	16.52	%	10.50	%	10.00	%
Tier 1 Capital (to Risk Weighted Assets)	14.92		15.42		8.50		8.00
Common Equity Tier 1 Capital (to Risk Weighted Assets)	14.92		15.42		7.00		6.50
Tier 1 Capital (to Average Assets)	12.18		12.02		4.00		5.00

_________________________________________________

(1)The Tier 1 capital to average assets ratio (known as the “leverage ratio”) is not impacted by the capital conservation buffer.

(2)The prompt corrective action provisions are not applicable to bank holding companies.

N/A Not applicable.

As of September 30, 2026, management was not aware of any known trends, events or uncertainties that had or were reasonably likely to have a material impact on the Company’s capital resources.

Cash Dividends

During 2025, the Company paid quarterly cash dividends of $0.21 per share. In January 2026, the Company announced an increase of $0.02 and paid a $0.23 per share dividend during the first and second quarters of 2026. In July 2026, the Company announced an increase of $0.02 and paid a $0.25 per share dividend during the third quarter of 2026.

Stock Repurchase Program

The Company did not repurchase any shares of its common stock during the three months ended September 30, 2026. The Company’s Board of Directors has authorized the repurchase of up to $30.0 million of its common stock under its stock repurchase program in effect until January 1, 2027. As of September 30, 2026, the Company had $14.0 million remaining under the current stock repurchase authorization.

OFF-BALANCE SHEET ARRANGEMENTS

As a financial services provider, the Bank routinely is a party to various financial instruments with off-balance sheet risks, such as commitments to extend credit, standby letters of credit, unused lines of credit, commitments to sell loans, and interest rate swaps. While these contractual obligations represent our future cash requirements, a significant portion of commitments to extend credit may expire without being drawn upon. Such commitments are subject to the same credit policies and approval process afforded to loans originated by the Bank. For additional information, see “Note 16 – Commitments and Contingencies” to the consolidated financial statements.

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CRITICAL ACCOUNTING ESTIMATES

Critical accounting estimates are those that are critical to the portrayal and understanding of the Company’s financial condition and results of operations and require management to make assumptions that are difficult, subjective, or complex. These estimates involve judgments, assumptions, and uncertainties that are susceptible to change. In the event that different assumptions or conditions were to prevail, and depending on the severity of such changes, the possibility of a materially different financial condition or materially different results of operations is a reasonable likelihood. Further, changes in accounting standards could impact the Company’s critical accounting estimates. The following accounting estimates could be deemed critical:

Allowance for Credit Losses

The allowance for credit losses reflects an estimate of lifetime expected credit losses. Measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is established through a provision for credit losses which is charged to expense. Additions to the allowance for credit losses are expected to maintain the adequacy of the total allowance for credit losses. Loan losses are charged off against the allowance for credit losses when the Company determines the loan balance to be uncollectible. Cash received on previously charged off amounts is recorded as a recovery to the allowance for credit losses.

Management uses the discounted cash flow method to estimate expected credit losses for all loan categories, except for consumer loans where the weighted average remaining maturity method is utilized. The Company uses regression analysis of historical internal and peer data to determine which macroeconomic variables are most closely correlated with credit losses, such as the unemployment rate and changes in GDP. Management leverages economic projections from a reputable third party to form its economic forecasts with a reversion to historical averages for periods beyond a reasonable and supportable forecast period.

Nonaccrual loans and loans which do not share risk characteristics with other loans in the pool are individually evaluated to determine expected credit losses.

The allowance for credit losses on unfunded commitments is estimated in the same manner as the associated loans, adjusted for anticipated funding rate.

Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations

Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method of accounting, assets acquired and liabilities assumed are recorded at their estimated fair value on the acquisition date. Estimating such fair values may require highly subjective assumptions or the use of a valuation specialist. In the CNB acquisition, the fair value for loans was the most significant estimate and relatively small changes in assumptions used in this estimate could result in a materially different conclusion.

The fair value for loans was based on a discounted cash flow methodology that considered credit loss and prepayment expectations, market interest rates and other market factors, such as liquidity, from the perspective of a market participant. Loan cash flows were generated on an individual loan basis. The probability of default, loss given default, exposure at default, and prepayment assumptions are key factors in this analysis.

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NON-GAAP FINANCIAL INFORMATION

This Quarterly Report on Form 10-Q contains certain financial information determined by methods other than those in accordance with GAAP. 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 closely comparable GAAP financial measures below.


Non-GAAP Financial Measure	Definition	How the Measure Provides Useful Information to Investors
Adjusted Net Income	•Net income, with the following adjustments: -excludes acquisition expenses, -excludes branch closure expenses, -excludes net earnings (losses) from closed or sold operations, -losses on extinguishment of debt, -excludes gains (losses) on closed branch premises, -excludes realized gains (losses) on sales of securities, -excludes mortgage servicing rights fair value adjustment, and -the income tax effect of these pre-tax adjustments.	•Enhances comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects. •We also sometimes refer to ratios that include Adjusted Net Income, such as: -Adjusted Return on Average Assets, which is Adjusted Net Income divided by average assets. -Adjusted Return on Average Equity, which is Adjusted Net Income divided by average equity. -Adjusted Earnings Per Share – Basic, which is Adjusted Net Income divided by weighted average common shares outstanding. -Adjusted Earnings Per Share – Diluted, which is Adjusted Net Income divided by weighted average common shares outstanding, including all dilutive potential shares. •Adjusted Return on Average Assets is a performance measure utilized in determining executive compensation.
Pre-Provision Net Revenue	•Net interest income, plus noninterest income, less noninterest expense.	•Provides investors with information regarding profitability excluding provision for credit losses and income tax expense, which may fluctuate from period to period. •We also sometimes refer to measures that include Pre-Provision Net Revenue, such as: -Adjusted Pre-Provision Net Revenue which reflects the adjustments considered in Adjusted Net Income, as necessary. -Pre-Provision Net Revenue Less Charge-offs (Recoveries). -Adjusted Pre-Provision Net Revenue Less Charge-offs (Recoveries) which reflects the adjustments considered in Adjusted Net Income, as necessary. •Adjusted Pre-Provision Net Revenue Less Net Charge-Offs (Recoveries) is a performance measure utilized in determining executive compensation.

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Non-GAAP Financial Measure	Definition	How the Measure Provides Useful Information to Investors
Net Interest Income (Tax-Equivalent Basis)	•Net interest income adjusted for the tax-favored status of tax-exempt loans and securities. (1)	•We believe the tax-equivalent basis is the preferred industry measurement of net interest income. •Enhances comparability of net interest income arising from taxable and tax-exempt sources. •We also sometimes refer to Net Interest Margin (Tax-Equivalent Basis), which is Net Interest Income (Tax-Equivalent Basis) divided by average interest-earning assets.
Efficiency Ratio (Tax-Equivalent Basis)	•Noninterest expense less amortization of intangible assets divided by the sum of net interest income (tax-equivalent basis) and noninterest income. (1)	•Provides a measure of productivity in the banking industry. •Calculated to measure the cost of generating one dollar of revenue. That is, the ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. •We also sometimes refer to Adjusted Efficiency Ratio (Tax-Equivalent Basis) which reflects the adjustments considered in Adjusted Net Income, as necessary. •Adjusted Efficiency Ratio (Tax-Equivalent Basis) is a performance measure utilized in determining executive compensation.
Ratio of Tangible Common Equity to Tangible Assets	•Tangible Common Equity is total stockholders’ equity less goodwill and other intangible assets. •Tangible Assets is total assets less goodwill and other intangible assets.	•Generally used by investors, our management, and banking regulators to evaluate capital adequacy. •Facilitates comparison of our earnings with the earnings of other banking organizations with varying amounts of goodwill or intangible assets. •We also sometimes refer to ratios that include Tangible Common Equity, such as: -Tangible Book Value Per Share, which is Tangible Common Equity divided by shares of common stock outstanding. -Return on Average Tangible Common Equity, which is net income divided by average Tangible Common Equity. -Adjusted Return on Average Tangible Common Equity, which is Adjusted Net Income divided by average Tangible Common Equity.
Core Deposits	•Total deposits, excluding: -Time deposits of $250,000 or more, and -Brokered deposits	•Provides investors with information regarding the stability of the Company’s sources of funds. •We also sometimes refer to the ratio of Core Deposits to total deposits.

_________________________________________________

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

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Reconciliation of Non-GAAP Financial Measure —

Adjusted Net Income and Adjusted Return on Average Assets


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2026			2025			2026			2025

Net income	$	31,392		$	19,765		$	70,436		$	58,070
Less: adjustments
Acquisition expenses	(1,005)			—			(16,928)			—

Net earnings (losses) on closed or sold operations	—			—			51			—
Loss on extinguishment of debt	—			(391)			—			(391)
Gains (losses) on closed branch premises	(61)			(7)			(271)			2
Realized gains (losses) on sales of securities	(184)			(49)			(184)			(49)
Mortgage servicing rights fair value adjustment	1,460			(514)			906			(1,573)
Total adjustments	210			(961)			(16,426)			(2,011)
Tax effect of adjustments (1)	(229)			274			4,306			573
Total adjustments after tax effect	(19)			(687)			(12,120)			(1,438)
Adjusted net income	$	31,411		$	20,452		$	82,556		$	59,508

Average assets	$	6,739,611		$	5,027,161		$	6,398,667		$	5,031,491

Return on average assets *	1.85		%	1.56		%	1.47		%	1.54		%
Adjusted return on average assets *	1.85			1.61			1.73			1.58

_________________________________________________

* Annualized measure.

(1)Assumes a federal income tax rate of 21% and a state income tax rate of 9.5%, and excludes non-deductible acquisition expenses.

Reconciliation of Non-GAAP Financial Measure —

Adjusted Earnings Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands, except per share amounts)	2026		2025		2026		2025

Numerator:
Net income	$	31,392	$	19,765	$	70,436	$	58,070



Adjusted net income	$	31,411	$	20,452	$	82,556	$	59,508



Denominator:
Weighted average common shares outstanding	36,365,612		31,481,135		35,318,125		31,525,247
Dilutive effect of outstanding restricted stock units	123,811		106,800		112,293		103,682
Weighted average common shares outstanding, including all dilutive potential shares	36,489,423		31,587,935		35,430,418		31,628,929

Earnings per share - basic	$	0.86	$	0.63	$	1.99	$	1.84
Earnings per share - diluted	$	0.86	$	0.63	$	1.99	$	1.84

Adjusted earnings per share - basic	$	0.86	$	0.65	$	2.34	$	1.89
Adjusted earnings per share - diluted	$	0.86	$	0.65	$	2.33	$	1.88

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Reconciliation of Non-GAAP Financial Measure —

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

Adjusted Pre-Provision Net Revenue, and

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2026		2025		2026		2025

Net interest income	$	70,321	$	49,986	$	195,764	$	148,352
Noninterest income	14,237		9,849		37,022		28,295
Noninterest expense	(42,663)		(32,508)		(137,546)		(96,357)
Pre-provision net revenue	41,895		27,327		95,240		80,290
Less: adjustments
Acquisition expenses	(1,005)		—		(16,928)		—

Net earnings (losses) on closed or sold operations	—		—		51		—
Loss on extinguishment of debt	—		(391)		—		(391)
Gains (losses) on closed branch premises	(61)		(7)		(271)		2
Realized gains (losses) on sales of securities	(184)		(49)		(184)		(49)
Mortgage servicing rights fair value adjustment	1,460		(514)		906		(1,573)
Total adjustments	210		(961)		(16,426)		(2,011)
Adjusted pre-provision net revenue	$	41,685	$	28,288	$	111,666	$	82,301

Pre-provision net revenue	$	41,895	$	27,327	$	95,240	$	80,290
Less: net charge-offs (recoveries)	(504)		134		154		1,610
Pre-provision net revenue less net charge-offs (recoveries)	$	42,399	$	27,193	$	95,086	$	78,680

Adjusted pre-provision net revenue	$	41,685	$	28,288	$	111,666	$	82,301
Less: net charge-offs (recoveries)	(504)		134		154		1,610
Adjusted pre-provision net revenue less net charge-offs (recoveries)	$	42,189	$	28,154	$	111,512	$	80,691

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Reconciliation of Non-GAAP Financial Measure —

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


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2026			2025			2026			2025

Net interest income (tax-equivalent basis)
Net interest income	$	70,321		$	49,986		$	195,764		$	148,352
Tax-equivalent adjustment (1)	869			552			2,369			1,645
Net interest income (tax-equivalent basis) (1)	$	71,190		$	50,538		$	198,133		$	149,997

Net interest margin (tax-equivalent basis)
Net interest margin *	4.35		%	4.13		%	4.30		%	4.13		%
Tax-equivalent adjustment * (1)	0.05			0.05			0.05			0.05
Net interest margin (tax-equivalent basis) * (1)	4.40		%	4.18		%	4.35		%	4.18		%

Average interest-earning assets	$	6,418,825		$	4,800,519		$	6,093,027		$	4,802,260

_________________________________________________

* Annualized measure.

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

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Reconciliation of Non-GAAP Financial Measure —

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


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2026			2025			2026			2025

Total noninterest expense	$	42,663		$	32,508		$	137,546		$	96,357
Less: amortization of intangible assets	1,455			694			3,797			2,083
Noninterest expense excluding amortization of intangible assets	41,208			31,814			133,749			94,274
Less: adjustments to noninterest expense
Acquisition expenses	1,005			—			16,928			—

Expenses from closed or sold operations	—			—			273			—
Loss on extinguishment of debt	—			391			—			391
Total adjustments to noninterest expense	1,005			391			17,201			391
Adjusted noninterest expense	$	40,203		$	31,423		$	116,548		$	93,883

Net interest income	$	70,321		$	49,986		$	195,764		$	148,352
Total noninterest income	14,237			9,849			37,022			28,295
Operating revenue	84,558			59,835			232,786			176,647
Tax-equivalent adjustment (1)	869			552			2,369			1,645
Operating revenue (tax-equivalent basis) (1)	85,427			60,387			235,155			178,292
Less: adjustments to noninterest income
Revenue from closed or sold operations	—			—			324			—
Gains (losses) on closed branch premises	(61)			(7)			(271)			2
Realized gains (losses) on sales of securities	(184)			(49)			(184)			(49)
Mortgage servicing rights fair value adjustment	1,460			(514)			906			(1,573)
Total adjustments to noninterest income	1,215			(570)			775			(1,620)
Adjusted operating revenue (tax-equivalent basis) (1)	$	84,212		$	60,957		$	234,380		$	179,912

Efficiency ratio	48.73		%	53.17		%	57.46		%	53.37		%
Efficiency ratio (tax-equivalent basis) (1)	48.24			52.68			56.88			52.88
Adjusted efficiency ratio (tax-equivalent basis) (1)	47.74			51.55			49.73			52.18

_________________________________________________

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

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Reconciliation of Non-GAAP Financial Measure —

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


(dollars in thousands, except per share data)	September 30, 2026			December 31, 2025

Tangible Common Equity
Total stockholders' equity	$	754,091		$	615,498
Less: Goodwill	81,949			59,820
Less: Intangible assets	41,403			15,117
Tangible common equity	$	630,739		$	540,561

Tangible Assets
Total assets	$	6,719,327		$	5,071,390
Less: Goodwill	81,949			59,820
Less: Intangible assets	41,403			15,117
Tangible assets	$	6,595,975		$	4,996,453

Total stockholders' equity to total assets	11.22		%	12.14		%
Tangible common equity to tangible assets	9.56			10.82

Shares of common stock outstanding	36,365,612			31,431,924

Book value per share	$	20.74		$	19.58
Tangible book value per share	17.34			17.20

Reconciliation of Non-GAAP Financial Measure —

Return on Average Tangible Common Equity, Adjusted Return on Average Stockholders’ Equity, and Adjusted Return on Average Tangible Common Equity


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2026			2025			2026			2025

Average Tangible Common Equity
Total stockholders' equity	$	770,236		$	589,076		$	733,380		$	572,225
Less: Goodwill	81,949			59,820			77,855			59,820
Less: Intangible assets	42,109			16,095			37,094			16,781
Average tangible common equity	$	646,178		$	513,161		$	618,431		$	495,624

Net income	$	31,392		$	19,765		$	70,436		$	58,070
Adjusted net income	31,411			20,452			82,556			59,508

Return on average stockholders' equity *	16.17		%	13.31		%	12.84		%	13.57		%
Return on average tangible common equity *	19.27			15.28			15.23			15.66

Adjusted return on average stockholders' equity *	16.18		%	13.77		%	15.05		%	13.90		%
Adjusted return on average tangible common equity *	19.29			15.81			17.85			16.05

_________________________________________________

* Annualized measure.

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Reconciliation of Non-GAAP Financial Measure —

Core Deposits


(dollars in thousands)	September 30, 2026			December 31, 2025

Core Deposits
Total deposits	$	5,752,432		$	4,359,263
Less: time deposits of $250,000 or more	384,516			201,365
Less: brokered deposits	—			—
Core deposits	$	5,367,916		$	4,157,898

Core deposits to total deposits	93.32		%	95.38		%

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Managing risk is an essential part of successfully managing a financial institution. Our most prominent risk exposures are interest rate risk and credit risk.

Interest Rate Risk

Our most significant form of market risk is interest rate risk inherent in the normal course of lending and deposit-taking activities. Interest rate risk is the potential reduction of net interest income as a result of changes in interest rates. Management believes that our ability to successfully respond to changes in interest rates will have a significant impact on our financial results. To that end, management actively monitors and manages our interest rate exposure.

The Company’s Asset/Liability Management Committee (“ALCO”), which is authorized by the Company’s board of directors, monitors our interest rate sensitivity and makes decisions relating to that process. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk so as to minimize the adverse impact of changes in interest rates on net interest income and capital in either a rising or declining interest rate environment. Profitability is affected by fluctuations in interest rates. A sudden and substantial change in interest rates may adversely impact our earnings because the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis.

We monitor the impact of changes in interest rates on our net interest income and economic value of equity (“EVE”) using rate shock analysis. Net interest income simulations measure the short-term earnings exposure from changes in market rates of interest in a rigorous and explicit fashion. Our current financial position is combined with assumptions regarding future business to calculate net interest income under varying hypothetical rate scenarios. EVE measures our long-term earnings exposure from changes in market rates of interest. EVE is defined as the present value of assets minus the present value of liabilities at a point in time. A decrease in EVE due to a specified rate change indicates a decline in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet.

The base and shock scenarios in the rate shock analysis assume a static balance sheet, static interest rates, no changes to product mix shift, and cash flow reinvestment at current market interest rates. We also make assumptions for our deposit betas and asset prepayments, based on historical experience.

Deposit Betas

Deposit pricing changes are primarily driven by changes in the federal funds rate, with the relationship between deposit rates and federal funds rate defined as deposit beta. We define cumulative deposit beta as the change in our quarterly cost of deposits divided by the change in the upper level of the stated federal funds rate range over a specified period. During the previous rising rate cycle, which was from the fourth quarter of 2021 through the second quarter of 2024, our cumulative deposit beta was 23.6%.

Asset Prepayments

We include prepayment assumptions for both our loan and securities portfolios, based on historical experience. Generally, mortgage portfolio prepayments increase in lower rate environments, while commercial and consumer portfolios have historically remained more consistent throughout rate cycles.

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The following table sets forth the estimated impact on our EVE and net interest income of immediate and parallel changes in interest rates at the specified levels.


Change in Interest Rates (basis points)	Estimated Increase (Decrease) in EVE		Increase (Decrease) in Estimated Net Interest Income
			Year 1		Year 2
September 30, 2026
+400	20.1	%	3.5	%	12.4	%
+300	17.0		3.1		10.1
+200	12.7		2.8		7.8
+100	7.1		2.1		4.7
-100	(8.7)		(1.3)		(4.2)
-200	(19.2)		(1.9)		(8.3)
-300	(29.4)		(2.6)		(13.8)
-400	(26.1)		(3.4)		(19.9)

December 31, 2025
+400	25.3	%	4.9	%	14.7	%
+300	20.7		4.2		11.8
+200	14.8		3.7		9.0
+100	8.0		2.2		5.0
-100	(9.1)		(4.0)		(7.3)
-200	(16.6)		(4.1)		(11.3)
-300	(9.2)		(5.3)		(16.9)
-400	0.6		(5.5)		(18.0)

Certain shortcomings are inherent in the methodology used in the above interest rate risk measurements. Modeling changes in EVE and net interest income requires that we make certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. The EVE and net interest income table presented above assumes that the composition of our interest-rate-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and, accordingly, the data does not reflect any actions that we may undertake in response to changes in interest rates, such as changes in rates paid on certain deposit accounts based on local competitive factors, which could change the actual impact on EVE and net interest income. The table also assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration to maturity or the repricing characteristics of specific assets and liabilities. Accordingly, although the EVE and net interest income table provides an indication of our sensitivity to interest rate changes at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our net interest income and will differ from actual results.

Credit Risk

Credit risk is the risk that borrowers or counterparties will be unable or unwilling to repay their obligations in accordance with the underlying contractual terms. We manage credit risk in the loan portfolio by adhering to well-defined underwriting criteria and account administration standards established by management. Our loan policy documents underwriting standards, approval levels, exposure limits and other limits or standards deemed necessary and prudent. Portfolio diversification at the borrower, industry, and product levels is actively managed to mitigate concentration risk. In addition, credit risk management also includes an independent loan review process that assesses compliance with loan policy, compliance with loan documentation standards, accuracy of the risk rating and overall credit quality of the loan portfolio.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

An evaluation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this report was carried out under the supervision and with the participation of the Company’s Chief Executive Officer, Chief Financial Officer and other members of the Company’s senior management. The Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2026, the end of the period covered by this report, the Company’s disclosure controls and procedures were effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is: (i) accumulated and communicated to the Company’s management (including the Chief Executive Officer and Chief Financial Officer) to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) or Rule 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are sometimes party to legal actions that are routine and incidental to our business. Management, in consultation with legal counsel, does not expect the ultimate disposition of any or a combination of these matters to have a material adverse effect on our assets, business, cash flow, financial condition, liquidity, prospects and results of operations; however, given the nature, scope and complexity of the extensive legal and regulatory landscape applicable to our business, including laws and regulations governing consumer protection, fair lending, fair labor, privacy, information security, and anti-money laundering and anti-terrorism laws, we, like all banking organizations, are subject to heightened legal and regulatory compliance and litigation risk.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

On December 16, 2025, the Company’s board of directors approved a stock repurchase program that authorizes the Company to repurchase up to $30.0 million of its common stock. The stock repurchase program will be in effect until January 1, 2027, with the timing of purchases and number of shares repurchased dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements, and market conditions. The Company is not obligated to purchase any shares under the stock repurchase program, and the stock repurchase program may be suspended or discontinued at any time without notice.

The following table sets forth information about the Company’s purchases of its common stock during the third quarter of 2026:


Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (in thousands)
July 1 - 31, 2026	—	$	—	—	$	13,997
August 1 - 31, 2026	—	—		—	13,997
September 1 - 30, 2026	—	—		—	13,997
Total	—	$	—	—	$	13,997

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

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ITEM 5. OTHER INFORMATION

During the fiscal quarter ended September 30, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement.

ITEM 6. EXHIBITS


Exhibit No.						Description



















2.1 *						Agreement and Plan of Merger between HBT Financial, Inc., HB-TYFG Merger, Inc. and Tri-County Financial Group, Inc., dated August 10, 2026 (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K, filed with the Commission on August 10, 2026).

31.1						Certification of the Chief Executive Officer pursuant to Rule 13a-14(a).

31.2						Certification of the Chief Financial Officer pursuant to Rule 13a-14(a).

32.1 **						Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350.

32.2 **						Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350.

101.INS						Inline XBRL Instance Document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document.

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.

104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibits 101).

_________________________________________________

*The Company has omitted schedules and similar attachments to the subject agreement pursuant to Item 601(b) of Regulation S-K. The Company will furnish a copy of any omitted schedule or similar attachment to the SEC upon request.

**This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent the Company specifically incorporates it by reference.

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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 thereunto duly authorized.


	HBT FINANCIAL, INC.

November 6, 2026	By:	/s/ Peter R. Chapman
		Peter R. Chapman
		Chief Financial Officer
		(on behalf of the registrant and as principal financial officer)

Document

EXHIBIT 31.1

Certification of Chief Executive Officer

Pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934

and Section 302 of the Sarbanes-Oxley Act of 2002

I, J. Lance Carter, certify that:

1.I have reviewed this quarterly report on Form 10-Q of HBT Financial, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 6, 2026			/s/ J. Lance Carter
			J. Lance Carter
			President and Chief Executive Officer
			(Principal Executive Officer)

Document

EXHIBIT 31.2

Certification of Chief Financial Officer

Pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934

and Section 302 of the Sarbanes-Oxley Act of 2002

I, Peter R. Chapman, certify that:

1.I have reviewed this quarterly report on Form 10-Q of HBT Financial, Inc.;

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 6, 2026			/s/ Peter R. Chapman
			Peter R. Chapman
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

Document

EXHIBIT 32.1

Certification Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of HBT Financial, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

1.The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ J. Lance Carter
J. Lance Carter
President and Chief Executive Officer
(Principal Executive Officer)
November 6, 2026

Document

EXHIBIT 32.2

Certification Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

1.The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Peter R. Chapman
Peter R. Chapman
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
November 6, 2026