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HBT Financial Reports Robust Q3 2023 Results, Highest Earnings Since IPO



HBT Financial (NASDAQ:) Inc. reported a surge in its net income for Q3 2023, reaching $19.7 million, or $0.62 per diluted share. This represented a significant uptick from Q3 2022’s net income of $15.6 million, or $0.54 per diluted share. The company’s adjusted net income for the quarter stood at $20.3 million, equivalent to $0.63 per diluted share.

The Illinois-based financial institution showcased strong asset quality with nonperforming assets constituting a mere 0.16% of total assets. The firm also maintained a robust balance sheet, characterized by a low cost of funds at 0.96%. The net interest margin and tax-equivalent net interest margin were reported at 4.07% and 4.13% respectively.

CEO J. Lance Carter emphasized the company’s strong profitability, pointing out a ROAA of 1.58%, a ROATCE of 20.70%, and the highest quarterly diluted earnings per share since HBT’s initial public offering in October 2019. According to InvestingPro’s real-time metrics, the company’s return on assets as of LTM2023.Q2 stands at 1.23%, indicating a slight decrease from the reported figure.

The company’s net interest income stood at $48.3 million, slightly lower than the previous quarter due to increased funding costs offset by higher loan yields and a favorable interest-earning asset mix. This aligns with InvestingPro Tips suggesting that despite its revenue growth, which has been accelerating and reached 23.53% as per LTM2023.Q2 data, HBT Financial suffers from weak gross profit margins.

Noninterest income experienced a slight dip by 4.3% to $9.5 million, while noninterest expense fell by 9.7% to $30.7 million. This is consistent with the InvestingPro Tips observation that the company yields a high return on invested capital, which is reflected in the P/E ratio of 9.6.

HBT Financial ended the quarter with total loans outstanding at $3.34 billion and total deposits amounting to $4.20 billion, indicating a well-positioned stance for future capital deployment backed by a strong capital base. The firm’s market cap, as provided by InvestingPro, is $572.91M USD, and its revenue for LTM2023.Q2 stands at $208.97M USD.

For more insightful tips and real-time metrics, consider checking out InvestingPro. The platform offers a wealth of information on companies like HBT Financial, including additional that could guide your investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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