• A full-service regional bank, much like a smaller-scale Wells Fargo, but focused on Illinois and Iowa.
• A comprehensive community and regional bank, similar to a local U.S. Bancorp, offering everything from personal banking to wealth management and specialized agricultural services.
• Like a regional version of PNC Financial Services, providing a complete range of consumer, commercial, and wealth management solutions across its Illinois and Iowa footprint.

• Deposit Accounts: Offers various deposit accounts including checking, savings, money market, certificates of deposit, health savings accounts, and individual retirement accounts.
• Lending Services: Provides a diverse range of loans such as commercial real estate, commercial and industrial, agricultural, one-to-four family residential, municipal, and consumer loans.
• Wealth Management Services: Delivers financial planning, investment management, trustee and custodial services, corporate retirement plan consulting, and retail brokerage services.
• Agricultural Services: Offers specialized services including farmland management, farmland sales, and crop insurance.
• Treasury Management Services: Provides solutions to businesses for managing cash flow and optimizing financial operations.
• Residential Mortgage Origination and Sale: Originates and sells residential mortgage loans to individuals.
• Digital Banking Services: Provides online and mobile banking, digital payment solutions, and personal financial management tools.

HBT Financial, Inc. primarily serves a diverse range of customers rather than a few major corporate clients. Based on its operations as a bank holding company, its major customer categories are:

1. Individuals: This category includes consumers who utilize retail banking products and services such as deposit accounts (noninterest-bearing demand deposits, interest-bearing transaction accounts, money market accounts, savings accounts, certificates of deposits, health savings accounts, individual retirement accounts), one-to-four family residential loans, consumer loans, residential mortgage loans, and wealth management services (financial planning, trustee and custodial, investment management, retail brokerage).
2. Businesses: HBT Financial serves various types of businesses, including those requiring owner and non-owner occupied commercial real estate loans, construction and land development and multi-family loans, commercial and industrial loans, and agricultural and farmland loans. It also provides treasury management services and corporate retirement plan consulting and administration.
3. Municipal Entities: The company offers banking products and services, including municipal loans, to local government bodies and other municipal entities.

J. Lance Carter is the President and Chief Executive Officer of HBT Financial and Heartland Bank. He joined the company in 2001, serving as Heartland Bank's Chief Credit Officer from March 2010 to December 2018, and was named Chief Operating Officer of Heartland Bank in June 2015. His responsibilities encompass oversight of loan approval, loan operations, special assets, finance, risk management, and retail. Prior to his current role, he was President and Chief Operating Officer of Heartland BancCorp from 2019 to 2023, before the company changed its name to HBT Financial, Inc. Mr. Carter holds a BS in Finance and an MBA from the University of Illinois and completed the Graduate School of Banking at University of Wisconsin—Madison.

Peter R. Chapman serves as the Executive Vice President and Chief Financial Officer of HBT Financial and Heartland Bank, having joined in 2022. Before his tenure at HBT Financial, Mr. Chapman was the Executive Vice President and Chief Financial Officer of Great Western Bancorp, Inc., a regional bank holding company, from November 2012 until its merger with First Interstate BancSystem, Inc. in February 2022. In this role, he also oversaw IT, Operations, Product Management, Credit Card, and Mortgage businesses. Earlier in his career, he held several senior operational and financial positions at National Australia Bank and was a Senior Manager in the financial services practice of Ernst & Young in Australia and New York. Mr. Chapman is a Chartered Accountant and earned a Bachelor of Accounting degree from Royal Melbourne Institute of Technology.

Fred L. Drake is the Executive Chairman of HBT Financial. He has also served as Chairman and CEO of the company and Chairman of Heartland Bank and Lincoln Bank.

Lawrence J. Horvath is the Executive Vice President and Chief Lending Officer of HBT Financial and Heartland Bank. He joined Heartland Bank in 2010 and possesses 37 years of banking experience, including commercial lending, credit review, mergers and acquisitions, and market leadership. He has also served as President and CEO of a community bank in Bloomington, Illinois.

Diane H. Lanier holds the position of Executive Vice President and Chief Retail Officer for HBT Financial and Heartland Bank.

The key risks to HBT Financial, Inc. (HBT) are primarily concentrated in its lending activities, sensitivity to interest rate fluctuations, and the highly regulated nature of the banking industry.

1. Credit Risk and Regional Economic Downturn: HBT Financial is significantly exposed to credit risk due to its extensive loan portfolio, which includes substantial commercial real estate (CRE), agricultural, and residential loans. Given its geographic concentration in Central and Northeastern Illinois and Eastern Iowa, the company's profitability and asset quality are highly susceptible to adverse economic conditions in these specific regions. A downturn in local economies, declines in agricultural commodity prices, or a weakening regional real estate market could lead to increased loan defaults, higher loan loss provisions, and reduced profitability. The recent acquisition of CNB Bank Shares, Inc., for example, is expected to increase the concentration of farm loans in HBT's portfolio, further tying its performance to the agricultural sector.

2. Interest Rate Risk: As a bank, HBT Financial's financial performance is highly sensitive to changes in interest rates. Fluctuations in interest rates can significantly impact the company's net interest income, which is the difference between interest earned on assets (like loans) and interest paid on liabilities (like deposits). Rapid or unexpected shifts in monetary policy by the Federal Reserve, or changes in market rates, can cause the cost of funding (deposits) to reprice faster or to a greater extent than the yields on its interest-earning assets, thereby compressing net interest margins and affecting the value of its financial instruments.

3. Regulatory and Compliance Risk: The banking industry is subject to extensive and evolving federal and state regulations, which inherently expose HBT Financial to significant regulatory and compliance risk. Changes in banking laws, regulations, or supervisory policies could increase the company's operating and compliance costs, restrict its business activities, or necessitate higher capital requirements. Failure to comply with these complex regulations could result in penalties, reputational damage, and limitations on its operations.

HBT Financial, Inc. (HBT) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions and Integration: The recent completion of the merger with CNB Bank Shares, Inc. on March 2, 2026, is a significant driver. CNB Bank Shares, Inc. held $1.8 billion in assets, $1.3 billion in loans, and $1.5 billion in deposits as of December 31, 2025, which is anticipated to materially expand HBT Financial's balance sheet and revenue base.
2. Organic Loan Growth: HBT Financial has demonstrated consistent loan growth, with total loans increasing by $56.2 million (6.6% annualized) in the fourth quarter of 2025 and reaching $3.40 billion in the third quarter of 2025. This focus on expanding its loan portfolio across various segments, including commercial real estate, commercial and industrial, and residential, is a fundamental driver of net interest income.
3. Expansion of Branch Network and Market Reach: The company has expanded its operational footprint beyond its traditional Central and Northeastern Illinois and Eastern Iowa markets to include suburban St. Louis, now operating through 83 full-service branches. This geographical expansion, partly fueled by acquisitions, allows HBT Financial to reach new customers and grow its deposit and loan base, thereby increasing revenue.
4. Growth in Wealth Management Services: HBT Financial offers a comprehensive suite of wealth management services, including financial planning, investment management, and corporate retirement plan consulting. The increase in wealth management customer reciprocal deposits, as noted in the fourth quarter of 2024, indicates a growing contribution from this segment to the company's funding and non-interest income.

Share Repurchases

• HBT Financial's Board of Directors authorized a new stock repurchase program on December 18, 2025, allowing for the repurchase of up to $30 million of its common stock, effective January 1, 2026, until January 1, 2027.
• In 2024, HBT Financial repurchased 232,803 shares of its common stock at a weighted average price of $18.89.
• During the third quarter of 2025, the company repurchased 39,631 shares of its common stock at a weighted average price of $25.36.

Share Issuance

• As part of the acquisition of CNB Bank Shares, Inc., which closed on March 1, 2026, HBT Financial issued 5.5 million shares of its common stock.
• On March 11, 2026, HBT Financial issued $85 million in aggregate principal amount of 5.75% Fixed-to-Floating Rate Subordinated Notes due 2036 in a private placement, intended to qualify as Tier 2 regulatory capital.

Outbound Investments

• HBT Financial completed the acquisition of Town and Country Financial Corporation in 2023, which added $937.2 million of assets.
• The company closed the acquisition of CNB Bank Shares, Inc. on March 1, 2026, for a total consideration of 5.5 million HBT shares plus $34 million in cash, valued at approximately $182 million, adding $1.8 billion in assets.
• HBT Financial is focused on disciplined growth through strategic acquisitions to enhance market presence and improve operational efficiencies.

Capital Expenditures

• Over the last 12 months (as of March 13, 2026), HBT Financial reported capital expenditures of -$10.31 million.
• The company is committed to investing in technological improvements.