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HBT Financial Inc. (HBT-4.55%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing includes financial statements for the year, showing total assets of $5.0 billion, loans held for investment of $3.5 billion, and total deposits of $4.3 billion. The company reported net income of $71.8 million, compared to $65.8 million in the previous year.
Net interest income for the year was $188.9 million, a decrease from $191.1 million in 2023. The decrease was primarily due to higher funding costs, partially offset by higher asset yields and increased interest-earning assets.
The company recorded a provision for credit losses of $3.0 million for 2024, down from $7.6 million in 2023. The decrease reflects changes in qualitative factors and improvements in economic forecasts.
Total noninterest income was $35.6 million, slightly down from $36.0 million in 2023. This decrease was primarily due to higher losses on the sale of debt securities.
Total noninterest expense decreased to $124.0 million from $131.0 million in 2023, largely due to the absence of acquisition-related expenses incurred in the prior year.
The company maintained a strong capital position, with a total capital ratio of 16.51% and a Tier 1 capital ratio of 14.50% as of December 31, 2024.
HBT Financial completed its acquisition of Town and Country Financial Corporation in 2023, which added $937.2 million in total assets and $720.4 million in total deposits.
The company continues to focus on community banking, providing a comprehensive suite of financial products and services throughout Illinois and eastern Iowa.
HBT Financial's common stock is traded on the Nasdaq Global Select Market under the symbol 'HBT'.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HBT Financial Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.