HBT Financial, Inc. has just released its first-quarter 2024 financial results, reporting net income of $15.3 million, or $0.48 per diluted share. This is a decrease from the fourth quarter of 2023, where the net income was $18.4 million, or $0.58 per diluted share. In comparison to the first quarter of 2023, net income has seen a significant increase from $9.2 million to $15.3 million.
The adjusted net income for the first quarter of 2024 was $18.1 million, or $0.57 per diluted share, down from $19.3 million in the fourth quarter of 2023, and $19.9 million in the first quarter of 2023.
The return on average assets (ROAA) for the first quarter of 2024 was 1.23%, a decrease from 1.49% in the fourth quarter of 2023. Similarly, the return on average stockholders' equity (ROAE) was 12.42%, down from 15.33% in the previous quarter. The return on average tangible common equity (ROATCE) for the first quarter of 2024 was 14.83%, showing a decrease from the previous quarter's 18.34%.
Net interest income for the first quarter of 2024 was $46.7 million, down 0.8% from the fourth quarter of 2023 and down 0.3% from the first quarter of 2023. The net interest margin (NIM) for the first quarter of 2024 was 3.94%, compared to 3.93% for the fourth quarter of 2023 and 4.20% for the first quarter of 2023.
Noninterest income for the first quarter of 2024 was $5.6 million, a decrease of 38.9% from the fourth quarter of 2023 and a decrease of 24.4% from the first quarter of 2023.
Noninterest expense for the first quarter of 2024 was $31.3 million, a 2.9% increase from the fourth quarter of 2023, but a 13.0% decrease from the first quarter of 2023.
Total loans outstanding were $3.35 billion at the end of the first quarter of 2024, compared to $3.40 billion at the end of the fourth quarter of 2023 and $3.20 billion at the end of the first quarter of 2023. Total deposits were $4.36 billion at the end of the first quarter of 2024, compared to $4.40 billion at the end of the fourth quarter of 2023 and $4.31 billion at the end of the first quarter of 2023.
Nonperforming loans totaled $9.7 million, or 0.29% of total loans, at the end of the first quarter of 2024, compared with $7.9 million, or 0.23% of total loans, at the end of the fourth quarter of 2023, and $6.5 million, or 0.20% of total loans, at the end of the first quarter of 2023.
The ratio of tangible common equity to tangible assets increased to 8.40% at the end of the first quarter of 2024, from 8.19% at the end of the fourth quarter of 2023.
HBT Financial, Inc. reported that it repurchased 179,281 shares of its common stock at a weighted average price of $18.93 during the first quarter of 2024. As of March 31, 2024, the company had $11.6 million remaining under the stock repurchase program.
HBT Financial, Inc. is the holding company for Heartland Bank and Trust Company and has total assets of $5.0 billion, total loans of $3.3 billion, and total deposits of $4.4 billion as of March 31, 2024. Today the company's shares have moved 1.7% to a price of $18.84. For the full picture, make sure to review HBT Financial's 8-K report.
