HBT Financial Reports Mixed Q1 Results Amid Acquisition Costs

HBT Financial, Inc. (HBT) reported its first-quarter financial results on Monday, revealing a dip in GAAP net income despite an increase in overall sales and revenue streams. The decline was primarily attributed to the costs associated with the CNB acquisition and movements in Accumulated Other Comprehensive Income (AOCI). On a GAAP basis, net income fell to $11.20 million from $19.08 million in the previous year, with earnings per share dropping to $0.34 from $0.60. However, the company's adjusted metrics suggest a stronger underlying performance, with adjusted net income surging to $22.61 million from $19.25 million a year ago, and adjusted EPS rising to $0.68 from $0.61. The bank's balance sheet showed substantial growth. Loans increased to $4.69 billion from $3.46 billion in the prior year, while deposits grew to $5.82 billion from $4.38 billion. This expansion contributed to a rise in net interest income, which reached $56.39 million compared to $48.71 million in the same period last year. Noninterest income also saw an uptick, jumping to $10.95 million from $9.31 million. Despite the growth in assets and adjusted earnings, HBT shares traded slightly lower in pre-market activity, dipping 0.67% to $27.97 on the Nasdaq.