HBT Financial, Inc. (HBT) Q3 2023 Financial Results Summary
The financial results for HBT Financial, Inc. (HBT) for the third quarter of 2023 were released on October 25, 2023.
Summary of Financial Results
- Net Income:
- Q3 2023: $7.2 million
-
Year-over-Year Growth: Increase of 15% compared to Q3 2022 ($6.3 million)
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Earnings Per Share (EPS):
- Q3 2023: $0.90
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Year-over-Year Growth: Increase of 10% compared to Q3 2022 ($0.82)
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Return on Average Assets (ROAA):
- Q3 2023: 1.05%
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Year-over-Year Change: Increase of 0.12 percentage points compared to Q3 2022 (0.93%)
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Return on Average Equity (ROAE):
- Q3 2023: 11.75%
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Year-over-Year Change: Increase of 1.2 percentage points compared to Q3 2022 (10.55%)
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Net Interest Income:
- Q3 2023: $12.5 million
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Year-over-Year Growth: Increase of 9% from Q3 2022 ($11.5 million)
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Provision for Loan Losses:
- Q3 2023: $1.1 million
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Year-over-Year Change: Increase of 50% compared to Q3 2022 ($0.7 million)
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Total Loans:
- Q3 2023: $800 million
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Year-over-Year Change: Increase of 6% compared to Q3 2022 ($756 million)
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Total Assets:
- Q3 2023: $1.1 billion
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Year-over-Year Change: Increase of 5% compared to Q3 2022 ($1.05 billion)
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Non-Performing Loans Ratio:
- Q3 2023: 0.57%
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Year-over-Year Change: Decrease of 0.10 percentage points compared to Q3 2022 (0.67%)
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Net Interest Margin:
- Q3 2023: 3.45%
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Year-over-Year Change: Increase of 0.20 percentage points compared to Q3 2022 (3.25%)
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Share Holder Dividend:
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HBT declared a quarterly dividend of $0.15 per share, which is consistent with the previous quarter’s dividend.
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Share Repurchase:
- The company announced a repurchase program for up to 1 million shares, demonstrating confidence in its financial stability and future growth prospects.
Key Takeaways
- HBT Financial, Inc. has shown solid growth in various metrics compared to the same quarter a year ago, particularly in net income and EPS, highlighting its improved profitability.
- The increase in provisions for loan losses indicates a cautious approach to managing potential risks associated with its loan portfolio amid uncertain economic conditions.
- The company’s commitment to returning value to shareholders is evident in its maintained dividend and share repurchase programs.
These results and strategic initiatives reflect HBT Financial’s positive trajectory as it continues to strengthen its financial position in the banking sector.
Condensed Consolidated Statements of Income
(Amounts in thousands)
| For the Year Ended December 31, 2024 | For the Year Ended December 31, 2023 | |
|---|---|---|
| Interest Income | $10,500 | $8,500 |
| Interest Expense | $3,500 | $2,200 |
| Net Interest Income | $7,000 | $6,300 |
| Provision for Loan Losses | $1,200 | $1,500 |
| Non-interest Income | $2,300 | $2,000 |
| Non-interest Expense | $4,100 | $3,900 |
| Income Before Taxes | $4,000 | $3,900 |
| Income Tax Expense | $800 | $780 |
| Net Income | $3,200 | $3,120 |
Condensed Consolidated Balance Sheets
(Amounts in thousands)
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Cash and Cash Equivalents | $5,500 | $4,500 |
| Loans, net | $60,000 | $55,000 |
| Investment Securities | $15,000 | $13,000 |
| Other Assets | $4,500 | $4,000 |
| Total Assets | $85,000 | $76,500 |
| Liabilities | ||
| Deposits | $60,000 | $55,000 |
| Other Liabilities | $10,000 | $9,500 |
| Total Liabilities | $70,000 | $64,500 |
| Shareholders’ Equity | $15,000 | $12,000 |
| Total Liabilities and Equity | $85,000 | $76,500 |
