Bank of America for Central Illinois communities.

A smaller, Illinois-focused version of PNC Bank.

• Commercial Banking Services: Provides a range of financial solutions for businesses, including various types of loans, deposit accounts, and treasury management services.
• Retail Banking Services: Offers personal banking products such as checking and savings accounts, consumer loans, and residential mortgages to individual customers.
• Wealth Management & Trust Services: Delivers financial planning, investment management, and trust administration to help clients manage and grow their assets.

HBT Financial (symbol: HBT) is a financial institution, specifically the parent company of Heartland Bank and Trust Company. As such, it sells banking, lending, and wealth management services primarily to individuals and businesses rather than to other large companies as its major customers.

The company serves the following categories of customers:

1. Individuals/Consumers: This category includes retail clients who utilize services such as checking accounts, savings accounts, mortgages, home equity loans, personal loans, and credit cards.
2. Businesses: This category encompasses various types of businesses, from small to commercial enterprises, as well as agricultural clients. They are served with business checking and savings accounts, commercial loans, lines of credit, commercial real estate loans, agricultural loans, and treasury management services.
3. Wealth Management/Trust Clients: This category includes individuals, families, and institutional clients seeking services such as investment management, financial planning, and trust services to manage and grow their assets.

• Jack Henry & Associates (JKHY)
• Visa (V)
• NCR Corporation (NCR)

Fred L. Drake Executive Chairman

Fred L. Drake previously served as Chairman and Chief Executive Officer of HBT Financial and Heartland Bank, transitioning to the newly created role of Executive Chairman of the Company and Heartland Bank effective May 24, 2023. His family began the banking foundation over 100 years ago, and they continue to play an active role in the business.

J. Lance Carter President and CEO

J. Lance Carter is the President and Chief Executive Officer of HBT Financial and Heartland Bank. He joined the Company in 2001 and has held various roles, including Chief Credit Officer and Chief Operating Officer. Mr. Carter was appointed President of the Company in 2019 and President of Heartland Bank in January 2023, before assuming the role of CEO for both entities in May 2023. He led the Company's initial public offering (IPO) in 2019 and has been involved in all aspects of the Company's acquisitions since 2006. Mr. Carter holds a BS in Finance and an MBA from the University of Illinois and completed the Graduate School of Banking at the University of Wisconsin—Madison.

Peter R. Chapman Executive Vice President and Chief Financial Officer

Peter R. Chapman is the Executive Vice President and Chief Financial Officer of HBT Financial and Heartland Bank. Prior to joining HBT Financial in 2022 and assuming the CFO role on January 1, 2023, Mr. Chapman served as the Executive Vice President and Chief Financial Officer of Great Western Bancorp, Inc., a regional bank holding company with $13 billion in assets. He held this position from November 2012 until Great Western's merger with First Interstate BancSystem, Inc. in February 2022. At Great Western, he also oversaw IT, Operations, Product Management, Credit Card, and Mortgage businesses. Before Great Western, Mr. Chapman held senior operational and financial roles at National Australia Bank and was a Senior Manager in the financial services practice of Ernst & Young in Australia and New York. He is a Chartered Accountant and holds a Bachelor of Accounting degree from Royal Melbourne Institute of Technology.

Lawrence J. Horvath Executive Vice President and Chief Lending Officer

Lawrence J. Horvath serves as the Executive Vice President and Chief Lending Officer.

Diane H. Lanier Executive Vice President and Chief Retail Officer

Diane H. Lanier holds the position of Executive Vice President and Chief Retail Officer.

The key risks to HBT Financial's business include:

1. Interest Rate Risks: Fluctuations in interest rates could lead to a reduction in net interest income and impact the valuation of financial instruments. The Federal Reserve's monetary policies, particularly potential future rate decreases, are anticipated to further exert downward pressure on the company's net interest margin.
2. Credit Risks: HBT Financial faces the risk of unexpected losses if borrowers or counterparties fail to fulfill their obligations. This risk is particularly elevated for its small to mid-sized business clientele, who may possess fewer resources to withstand adverse economic developments.
3. Regulatory and Compliance Risks: The banking industry is subject to extensive and evolving regulations. Non-compliance with these laws or significant changes in regulatory policies could adversely affect HBT Financial's operations and financial condition. Additionally, the company's strategy of growth through acquisitions introduces risks related to regulatory approvals and the successful integration of acquired entities.

The growing market penetration of digital-first financial service providers, including online-only banks (neobanks) and specialized digital lending platforms, presents a clear emerging threat. These competitors offer significantly more convenient, often lower-cost, and technologically advanced services, directly challenging HBT Financial's traditional branch-based banking model for attracting deposits, consumer loans, and small business lending.

• Loan Growth Opportunities: The company is focused on deploying excess deposit funding into loan growth opportunities. Management anticipates slight loan growth and sustained strong asset quality in the fourth quarter of 2025, with loan pipelines mirroring the third quarter of 2025 and an expected low single-digit annualized growth rate for the fourth quarter of 2025.
• Strategic Acquisitions and Market Expansion: HBT Financial has a history of successful acquisitions, such as the 2023 acquisition of Town and Country Financial Corporation, which expanded its presence in Illinois. A definitive agreement to acquire CNB Bank Shares, Inc. is expected to close in the first quarter of 2026, which is projected to enhance scale, market density, and presence in critical regions.
• Growth in Non-Interest Income, Particularly Wealth Management Fees: An increase in non-interest income has been observed year-over-year, primarily attributed to higher wealth management fees. This indicates a strategic focus on expanding this revenue stream.
• Net Interest Margin (NIM) Optimization: The company has seen its net interest margin increase, primarily due to lower funding costs and improved yields on debt securities. Management anticipates stable net interest income and margin in the fourth quarter of 2025.

Share Repurchases

• HBT Financial authorized a new $15 million stock repurchase program in December 2024, effective January 1, 2025, and set to run until January 1, 2026.
• During the third quarter of 2025, the company repurchased 39,631 shares of its common stock at a weighted average price of $25.36.
• As of September 30, 2025, $11.1 million remained available under the ongoing stock repurchase program.

Share Issuance

• As part of the definitive agreement to merge with CNB Bank Shares, Inc. in October 2025, HBT Financial is expected to issue approximately 5.5 million shares of its common stock to CNBN shareholders.
• In 2020, HBT Financial issued 3.4 million shares of its common stock as part of the total consideration for the acquisition of Town and Country Financial Corporation.

Outbound Investments

• In October 2025, HBT Financial announced a definitive agreement to merge with CNB Bank Shares, Inc. in a combined common stock/cash transaction valued at approximately $170.2 million.
• In 2020, HBT Financial completed the acquisition of Town and Country Financial Corporation, which added $937.2 million in total assets. The total consideration for this acquisition included 3.4 million shares of HBT Financial's common stock and $38.0 million in cash.