HBT Financial, Inc. reported a net income of $71.8 million for the fiscal year ending December 31, 2024, reflecting a 9% increase from the previous year's net income of $65.8 million. The company's total interest and dividend income rose to $251.7 million, up from $229.0 million in 2023, while total interest expense also increased significantly to $62.9 million from $37.9 million. This resulted in a slight decrease in net interest income, which fell to $188.9 million from $191.1 million in the prior year. The net interest margin decreased to 3.96% from 4.09%, primarily due to rising funding costs that outpaced increases in asset yields.
In terms of operational developments, HBT Financial completed the acquisition of Town and Country Financial Corporation on February 1, 2023, which added approximately $937.2 million in total assets and expanded the company's footprint into metro-east St. Louis. The acquisition was accounted for with total consideration of approximately $109.4 million, including 3.4 million shares of common stock and $38 million in cash. The integration of Town and Country has been successful, with no acquisition-related expenses reported in 2024, compared to $13.7 million in 2023.
As of December 31, 2024, HBT Financial's total assets stood at $5.0 billion, with loans held for investment at $3.5 billion and total deposits at $4.3 billion. The company maintained a strong deposit market share in central Illinois, with 66 full-service branch locations across Illinois and eastern Iowa. The total number of employees was reported at 844, with an average tenure of 7.2 years. The company also emphasized its commitment to enhancing its digital banking suite, aiming to improve customer engagement and service delivery.
Looking ahead, HBT Financial expressed optimism about its growth prospects, particularly in the Chicago metropolitan area, where it aims to leverage its local decision-making capabilities against larger competitors. The company anticipates continued loan growth and a focus on maintaining strong asset quality, despite potential economic challenges. The management highlighted the importance of effective risk management and credit underwriting practices as key components of its strategy to navigate the evolving financial landscape.
About HBT Financial, Inc.
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