HBT Financial Inc Reports Third Quarter 2024 Financial Results
Intellectia.AI2024-10-21
HBT Financial, Inc. Reports Third Quarter 2024 Financial Results
Bloomington, Ill., Oct. 21, 2024 (GLOBE NEWSWIRE) -- HBT Financial, Inc. (NASDAQ: HBT), the holding company for Heartland Bank and Trust Company, announced its financial results for the third quarter ending September 30, 2024.
Key Financial Metrics:
| Metric | Q3 2024 | Q2 2024 | Q3 2023 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Net Income | $18.2M | $18.1M | $19.7M | -7.6% | 0.6% |
| Earnings per Share (EPS) | $0.57 | $0.57 | $0.62 | -8.1% | 0% |
| Adjusted Net Income | $19.2M | $18.1M | $20.3M | -5.4% | 6.1% |
| Adjusted EPS | $0.61 | $0.57 | $0.63 | -3.2% | 7.0% |
HBT Financial met the consensus EPS estimate despite a modest year-over-year decrease in net income, demonstrating resilience in a challenging economic climate. The slight quarter-over-quarter improvement in adjusted net income underscores incremental operational efficiencies.
Revenue Performance by Segment:
| Segment | Performance |
|---|---|
| Net Interest Income | $47.7M, up 1.5% from Q2 2024 |
| Noninterest Income | $8.7M, down 9.4% from Q2 2024 |
The net interest margin expanded slightly due to improved loan yields offsetting higher funding costs. Noninterest income was impacted by a negative MSR fair value adjustment, indicative of market fluctuations.
Key Developments and Operational Highlights:
- Strong Asset Quality: Nonperforming assets constituted only 0.17% of total assets.
- Net Charge-offs: Annualized net charge-offs were low at 0.07% of average loans.
- Stable Capital Ratios: Reflecting solid increases across the board with the ratio of tangible common equity to tangible assets climbing to 9.35%.
Comments from Company Officers:
J. Lance Carter, President and CEO, stated, "In the third quarter, we continued our consistently solid financial performance. Our net interest margin increased marginally while we kept funding costs modest. We remain focused on operational efficiency, and all capital ratios have shown solid growth, supporting potential future expansions."
Dividends and Share Repurchase Program:
No new share repurchases were made during the third quarter. The company retains $10.6 million under its stock repurchase program, valid until January 1, 2025.
Forward Guidance:
Management has not announced any new forward guidance figures, emphasizing a cautious outlook amid economic uncertainties.
Stock Price Movement:
Following the earnings release, HBT Financial's stock price decreased by approximately 1.39%, reflecting market reactions to the reported results.
As HBT Financial continues to navigate through economic headwinds, it remains committed to enhancing shareholder value through disciplined financial management and strategic growth initiatives.
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