HBT Financial, Inc. has released its financial results for the second quarter of 2024, reporting a net income of $18.1 million, or $0.57 per diluted share. This is an increase from the first quarter of 2024, where net income was $15.3 million, or $0.48 per diluted share. In the second quarter of 2023, the company reported net income of $18.5 million, or $0.58 per diluted share.
The return on average assets (“ROAA”) for the second quarter of 2024 was 1.45%, and the return on average tangible common equity (“ROATCE”) was 17.21%. The tangible book value per share was reported to be $13.64, representing a growth of 17.8% over the past year.
Total loans outstanding at the end of the second quarter of 2024 were $3.39 billion, compared to $3.35 billion at the end of the first quarter of 2024, and $3.24 billion at the end of the second quarter of 2023. Total deposits were reported to be $4.32 billion at the end of the second quarter of 2024, a decrease from $4.36 billion at the end of the first quarter of 2024.
Nonperforming loans totaled $8.4 million, or 0.25% of total loans, at the end of the second quarter of 2024, compared to $9.7 million, or 0.29% of total loans, at the end of the first quarter of 2024.
The net interest margin for the second quarter of 2024 was 3.95%, a slight increase from 3.94% for the first quarter of 2024. However, compared to the second quarter of 2023, the net interest margin decreased by 21 basis points.
The company's total assets were reported to be $5.0 billion as of June 30, 2024. The company also announced that it exceeded all regulatory capital requirements under Basel III, with a total capital to risk-weighted assets ratio of 16.01%.
HBT Financial, Inc. also reported adjusted net income of $18.1 million for the second quarter of 2024, which was consistent with the first quarter of 2024 and a decrease from the second quarter of 2023, where adjusted net income was $18.8 million.
In addition, the company's noninterest expense for the second quarter of 2024 was $30.5 million, a decrease from $31.3 million for the first quarter of 2024 and $34.0 million for the second quarter of 2023.
The company's effective tax rate increased to 27.6% during the second quarter of 2024 from 25.6% during the first quarter of 2024 due to an additional $0.5 million of tax expense for a deferred tax asset write-down.
Following these announcements, the company's shares moved -0.2%, and are now trading at a price of $23.06. Check out the company's full 8-K submission here.
