Market Overview

HBT Financial, Inc. Announces Fourth Quarter 2019 Financial Results

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Fourth Quarter Highlights

  • Net income of $16.1 million; Return on average assets (ROAA) of 1.97%; return on average stockholders' equity (ROAE) of 19.39%; and return on average tangible common equity (ROATCE)(1) of 21.17%

  • C Corp equivalent net income of $15.1 million; C Corp equivalent ROAA of 1.85%; C Corp equivalent ROAE of 18.19%; and C Corp equivalent ROATCE(1) of 19.86%

  • Adjusted C Corp equivalent net income(1) of $14.4 million; adjusted C Corp equivalent ROAA(1) of 1.77%; adjusted C Corp equivalent ROAE(1) of 17.38%; and adjusted C Corp equivalent ROATCE(1) of 18.97%

  • Initial public offering priced on October 10, 2019

_____________________
(1)   See "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below for a discussion of non-GAAP financial measures and reconciliations to GAAP financial measures.

BLOOMINGTON, Ill., Jan. 30, 2020 (GLOBE NEWSWIRE) -- HBT Financial, Inc. (NASDAQ:HBT) (the "Company" or "HBT Financial"), the holding company for Heartland Bank and Trust Company and State Bank of Lincoln, today reported net income of $16.1 million, or $0.61 diluted earnings per share, for the fourth quarter of 2019. This compares to net income of $17.4 million, or $0.97 diluted earnings per share, for the third quarter of 2019, and net income of $11.9 million, or $0.66 diluted earnings per share, for the fourth quarter of 2018.

Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, "Our 2019 performance is a result of strong execution on the strategies that have made HBT Financial a consistently high performing company.  HBT Financial has an attractive core deposit base, strong capital levels and solid asset quality.  We are pleased to initiate a quarterly cash dividend to enhance the total return we deliver for shareholders.  During 2019, we had continued momentum on our earnings and organic loan growth.  We are pleased to have completed our initial public offering and are well positioned for the future, and we expect to continue to enhance the value of our franchise through both organic and acquisition growth strategies."

C Corp Equivalent Net Income and Adjusted C Corp Equivalent Net Income

The Company has historically operated as an S Corporation for U.S. federal and state income tax purposes.  Following the completion of the initial public offering during the fourth quarter of 2019, the Company was treated as a C Corporation ("C Corp") for federal and state income tax purposes. For comparison, the Company reports its C Corp equivalent financial results, which does not reflect the additional shares issued in the initial public offering (the "IPO") for periods prior to the IPO.

For the fourth quarter of 2019, the Company reported C Corp equivalent net income of $15.1 million, or $0.58 diluted earnings per share. This compares to C Corp equivalent net income of $13.1 million, or $0.73 diluted earnings per share, for the third quarter of 2019, and C Corp equivalent net income of $9.2 million, or $0.51 diluted earnings per share, for the fourth quarter of 2018.

In addition to reporting C Corp equivalent results, the Company believes adjusted C Corp equivalent results, which adjust for mortgage servicing rights ("MSR") fair value adjustments, gains (losses) on sales of securities, and certain non-recurring items, provide investors with additional insight into its operational performance. The Company reported adjusted C Corp equivalent net income of $14.4 million, or $0.55 diluted earnings per share, for the fourth quarter of 2019. This compares to adjusted C Corp equivalent net income of $14.3 million, or $0.80 diluted earnings per share, for the third quarter of 2019, and adjusted C Corp equivalent net income of $10.9 million, or $0.60 diluted earnings per share, for the fourth quarter of 2018 (see "Reconciliation of Non-GAAP Financial Measures" tables).

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2019 was $32.3 million, a decrease of 2.6% from $33.1 million for the third quarter of 2019. The decrease was primarily attributable to a decline in net interest margin, partially offset by an increase in average interest-earning assets.

Relative to the fourth quarter of 2018, net interest income decreased $0.8 million, or 2.4%. The decline was primarily attributable to a lower net interest margin, partially offset by an increase in average interest-earning assets.

Net interest margin for the fourth quarter of 2019 was 4.12%, including 2 basis points attributable to acquired loan discount accretion, compared to 4.31%, including 4 basis points attributable to acquired loan discount accretion, for the third quarter of 2019. The decrease was primarily attributable to a decline in average loan yields, lower average loan balances, and an increase in lower-yielding cash balances.

Relative to the fourth quarter of 2018, net interest margin decreased from 4.29%, including 9 basis points attributable to acquired loan discount accretion, due primarily to lower loan yields and an increase in lower-yielding cash balances.

The increase in lower yielding cash balances during the fourth quarter of 2019 was primarily due to higher balances for a small number of retail deposit accounts.  These funds were mainly invested in lower yielding cash balances, resulting in a $0.2 million increase in net interest income and a 4 basis point reduction in the net interest margin for the quarter.

The Federal Open Market Committee lowered its target federal funds rate for the first time in 11 years on July 31, 2019 and then again in September 2019 and October 2019. The Company expects the cumulative decrease of 75 basis points in the target federal funds rate in 2019 to continue placing downward pressure on its net interest margin in 2020.

Noninterest Income

Noninterest income for the fourth quarter of 2019 was $10.3 million, an increase of 36.3% from $7.6 million for the third quarter of 2019. Fourth quarter 2019 results benefitted from a $0.6 million gain on the fair value adjustment of the MSR asset compared to a negative $0.9 million MSR fair value adjustment in the third quarter of 2019. Gains on foreclosed assets and fees on customer-related interest rate swaps, included in other noninterest income, also contributed to noninterest income growth.

Relative to the fourth quarter of 2018, noninterest income increased 60.8% from $6.4 million. The growth was primarily attributable to lower securities losses, gains on foreclosed assets, and higher other income.

Noninterest Expense

Noninterest expense for the fourth quarter of 2019 was $22.0 million, compared with $22.3 million for the third quarter of 2019. The decrease was primarily attributable to lower employee benefits expense, as third quarter of 2019 results included a $0.8 million charge for the supplemental executive retirement plan (SERP) which was terminated in June 2019.  The SERP liability varies inversely with interest rates, therefore there was a $0.4 million credit in the fourth quarter of 2019.  The SERP will be liquidated in June 2020. FDIC insurance expense was lower in the fourth quarter of 2019 due to the application of small bank assessment credits. Other noninterest and occupancy expenses were also lower in the fourth quarter of 2019, but were more than offset by higher salaries, marketing, and furniture and equipment costs. 

Relative to the fourth quarter of 2018, noninterest expense decreased 6.4% from $23.4 million. The decrease was primarily due to lower other, FDIC insurance, employee benefits, and occupancy expenses.

Loan Portfolio

Total loans, before allowance for loan losses outstanding were $2.16 billion at December 31, 2019, compared with $2.17 billion at September 30, 2019 and $2.14 billion at December 31, 2018. The $7.2 million decline in loans from September 30, 2019 was primarily due to a $41.2 million reduction in loan participations resulting primarily from the payoff of five loans, offset by organic loan growth primarily in commercial real estate – non-owner occupied and construction and development. The five loan participations that paid off included $22.3 million in commercial and industrial, $4.8 million in CRE – non-owner occupied, $8.8 million in multi-family and $3.6 million in municipal, consumer and other.  Loan participations make up a small portion of the Company's loan portfolio totaling $71.7 million at December 31, 2019 compared to $112.9 million at September 30, 2019 and $131.4 million at December 31, 2018.

Based on loan trends experienced in 2019 and a healthy loan pipeline, the Company expects low-single digit loan growth in 2020.

Deposits

Total deposits were $2.78 billion at December 31, 2019, compared with $2.70 billion at September 30, 2019, and $2.80 billion at December 31, 2018. The $72.8 million increase in total deposits from September 30, 2019 was broad-based with growth in noninterest-bearing, interest-bearing demand, money market and savings balances more than offsetting a decline in time deposits.

The deposit growth in the fourth quarter of 2019 included approximately $40.2 million in increased balances in a small number of retail deposit accounts. The changes in these accounts included a $4.2 million increase in non-interest bearing, a $3.0 million decrease in interest bearing demand, a $31.1 million increase in money market, and a $8.0 million increase in savings.  The Company expects some outflow in these deposits during the first quarter of 2020.

Asset Quality

Nonperforming loans totaled $19.0 million, or 0.88% of total loans, at December 31, 2019, compared with $19.1 million, or 0.88% of total loans, at September 30, 2019, and $15.9 million, or 0.74% of total loans, at December 31, 2018.

Net charge-offs for the fourth quarter of 2019 were $0.6 million, or 0.11% of average loans on an annualized basis.

The Company recorded a provision for loan losses of $0.1 million for the fourth quarter of 2019, compared with $0.7 million for the third quarter of 2019. The reduction in provision for loan losses was primarily due to a reduction in specific reserves on two credits as a result of improved collateral positions. The Company's allowance for loan losses was 1.03% of total loans and 117.06% of nonperforming loans at December 31, 2019, compared with 1.05% of total loans and 119.34% of nonperforming loans at September 30, 2019.

Capital

At December 31, 2019, the Company exceeded all regulatory capital requirements under Basel III and was considered to be ‘‘well-capitalized'', as summarized in the following table:

       
  December 31,  Well Capitalized
  2019 Regulatory Requirements
Total capital to risk-weighted assets  14.54 10.00%
Tier 1 capital to risk-weighted assets  13.64 8.00%
Tier 1 leverage ratio  10.38 5.00%
Common equity tier 1 capital ratio  12.15 6.50%
Total stockholders' equity to total assets  10.26 % NA
Tangible common equity to tangible assets (1)  9.49 NA

_____________________
(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most comparable GAAP financial measures.

Completion of Initial Public Offering

On October 10, 2019, the Company priced its initial public offering (the "IPO"), and issued 8,300,000 shares of its common stock at a price to the public of $16.00 per share on October 11, 2019.  On October 29, 2019, the underwriters purchased an additional 1,129,794 shares pursuant to the exercise of their option to purchase additional shares from HBT Financial at the initial public offering price, less underwriting discounts and commissions. In total, HBT sold 9,429,794 shares of common stock in the initial public offering, raising total net proceeds, after deducting estimated underwriting discounts and commissions and offering expenses payable by the Company, of approximately $138 million.

On October 22, 2019, the Company paid a $170 million distribution to its pre-IPO stockholders, using the net proceeds of the initial public offering and the proceeds of dividends from Heartland Bank and Trust Company and State Bank of Lincoln.

About HBT Financial, Inc.

HBT Financial, Inc. is headquartered in Bloomington, Illinois and is the holding company for Heartland Bank and Trust Company and State Bank of Lincoln. The banks provide a comprehensive suite of business, commercial, wealth management and retail banking products and services to businesses, families and local governments throughout Central and Northeastern Illinois through 64 branches. As of December 31, 2019, HBT had total assets of $3.2 billion, total loans of $2.2 billion, and total deposits of $2.8 billion. HBT is a longstanding Central Illinois company, with banking roots that can be traced back nearly 100 years.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.  These non-GAAP financial measures include net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), originated loans and acquired loans, efficiency ratio (tax-equivalent basis), tangible common equity to tangible assets, adjusted C Corp equivalent net income, adjusted C Corp equivalent return on average assets, adjusted C Corp equivalent return on average stockholders' equity, and adjusted C Corp equivalent return on average tangible common equity. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the "Reconciliation of Non-GAAP Financial Measures" tables.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company's plans, objectives, future performance, goals, future earnings levels, and future loan growth.  These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks relating to acquisitions; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission.  Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.  Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe" or "continue," or similar terminology.  Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

CONTACT:
Matthew Keating
HBTIR@hbtbank.com
(310) 622-8230

 
HBT Financial, Inc.
Consolidated Financial Summary
Consolidated Statements of Income
 
  Three Months Ended
  December 31, 2019   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018
  (dollars in thousands, except per share amounts)
INTEREST AND DIVIDEND INCOME                            
Loans, including fees:                            
Taxable $ 28,039     $ 29,308     $ 29,886     $ 30,063     $ 28,625  
Federally tax exempt   716       684       736       710       704  
Securities:                            
Taxable   3,559       3,572       3,801       3,922       3,655  
Federally tax exempt   1,269       1,395       1,512       1,552       1,670  
Interest-bearing deposits in bank   1,003       662       599       687       580  
Other interest and dividend income   14       15       16       15       14  
Total interest and dividend income   34,600       35,636       36,550       36,949       35,248  
                             
INTEREST EXPENSE                            
Deposits   1,838       2,000       2,111       1,983       1,672  
Securities sold under agreements to repurchase   24       17       17       14       16  
Borrowings   2             4       3       8  
Subordinated debentures   460       478       487       497       476  
Total interest expense   2,324       2,495       2,619       2,497       2,172  
Net interest income   32,276       33,141       33,931       34,452       33,076  
PROVISION FOR LOAN LOSSES   138       684       1,806       776       3,906  
Net interest income after provision for loan losses   32,138       32,457       32,125       33,676       29,170  
                             
NONINTEREST INCOME                            
Card income   1,952       1,985       1,996       1,832       1,954  
Service charges on deposit accounts   2,065       2,111       1,931       1,763       2,078  
Wealth management fees   1,911       1,676       1,493       2,047       2,087  
Mortgage servicing   801       795       818       729       861  
Mortgage servicing rights fair value adjustment   582       (860 )     (1,120 )     (1,002 )     355  
Gains on sale of mortgage loans   915       992       660       525       666  
Gains (losses) on securities   (47 )     (73 )     36       79       (2,813 )
Gains (losses) on foreclosed assets   808       (20 )     169       (17 )     (479 )
Gains (losses) on other assets         (29 )     368       605       580  
Title insurance activity               38       129       276  
Other noninterest income   1,349       1,005       957       797       864  
Total noninterest income   10,336       7,582       7,346       7,487       6,429  
                             
NONINTEREST EXPENSE                            
Salaries   13,006       12,335       11,597       12,407       13,091  
Employee benefits   1,250       2,224       4,731       1,359       1,522  
Occupancy of bank premises   1,607       1,785       1,638       1,837       1,776  
Furniture and equipment   763       545       716       789       693  
Data processing   1,547       1,471       1,390       1,162       1,299  
Marketing and customer relations   1,036       801       1,103       933       1,125  
Amortization of intangible assets   336       335       376       376       390  
FDIC insurance   (237 )     8       208       219       214  
Loan collection and servicing   732       547       612       742       720  
Foreclosed assets   151       196       165       164       100  
Other noninterest expense   1,759       2,056       2,025       2,224       2,510  
Total noninterest expense   21,950       22,303       24,561       22,212       23,440  
INCOME BEFORE INCOME TAX EXPENSE   20,524       17,736       14,910       18,951       12,159  
INCOME TAX EXPENSE   4,437       299       305       215       239  
NET INCOME $ 16,087     $ 17,437     $ 14,605     $ 18,736     $ 11,920  
                             
EARNINGS PER SHARE - BASIC $ 0.61     $ 0.97     $ 0.81     $ 1.04     $ 0.66  
EARNINGS PER SHARE - DILUTED $ 0.61     $ 0.97     $ 0.81     $ 1.04     $ 0.66  
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING   26,211,282       18,027,512       18,027,512       18,027,512       18,027,512  
                             
C CORP EQUIVALENT INFORMATION                            
Historical income before income tax expense $ 20,524     $ 17,736     $ 14,910     $ 18,951     $ 12,159  
C Corp equivalent income tax expense   5,436       4,614       3,784       4,915       2,965  
C Corp equivalent net income $ 15,088     $ 13,122     $ 11,126     $ 14,036     $ 9,194  
                             
C CORP EQUIVALENT EARNINGS PER SHARE - BASIC $ 0.58     $ 0.73     $ 0.62     $ 0.78     $ 0.51  
C CORP EQUIVALENT EARNINGS PER SHARE - DILUTED $ 0.58     $ 0.73     $ 0.62     $ 0.78     $ 0.51  
                                       


 
HBT Financial, Inc.
Consolidated Financial Summary
Consolidated Balance Sheets
 
  As of
  December 31, 2019   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018
  (dollars in thousands)
ASSETS                      
Cash and due from banks $ 22,112     $ 19,969     $ 17,151     $ 17,984     $ 21,343  
Interest-bearing deposits with banks   261,859       134,972       124,575       142,518       165,536  
Cash and cash equivalents   283,971       154,941       141,726       160,502       186,879  
                             
Interest-bearing time deposits with banks   248       248       248       248       248  
Securities available-for-sale, at fair value   592,404       618,120       651,967       681,233       679,526  
Securities held-to-maturity   88,477       99,861       108,829       116,745       121,715  
Equity securities   4,389       4,436       4,030       3,994       3,261  
Restricted stock, at cost   2,425       2,425       2,425       2,719       2,719  
Loans held for sale   4,531       7,608       5,303       2,496       2,800  
                             
Loans, before allowance for loan losses   2,163,826       2,171,014       2,203,096       2,183,322       2,144,257  
Allowance for loan losses   (22,299 )     (22,761 )     (22,542 )     (21,013 )     (20,509 )
Loans, net of allowance for loan losses   2,141,527       2,148,253       2,180,554       2,162,309       2,123,748  
                             
Bank premises and equipment, net   53,987       54,105       53,993       54,185       54,736  
Bank premises held for sale   121       121       149       208       749  
Foreclosed assets   5,099       6,574       9,707       10,151       9,559  
Goodwill   23,620       23,620       23,620       23,620       23,620  
Core deposit intangible assets, net   4,030       4,366       4,701       5,077       5,453  
Mortgage servicing rights, at fair value   8,518       7,936       8,796       9,916       10,918  
Investments in unconsolidated subsidiaries   1,165       1,165       1,165       1,165       1,165  
Accrued interest receivable   13,951       14,816       14,609       15,256       15,300  
Other assets   16,640       18,018       12,338       7,843       7,173  
Total assets $ 3,245,103     $ 3,166,613     $ 3,224,160     $ 3,257,667     $ 3,249,569  
                             
LIABILITIES AND STOCKHOLDERS' EQUITY                            
Liabilities                            
Deposits:                            
Noninterest-bearing $ 689,116     $ 649,316     $ 662,405     $ 661,527     $ 664,876  
Interest-bearing   2,087,739       2,054,742       2,111,363       2,159,916       2,131,094  
Total deposits   2,776,855       2,704,058       2,773,768       2,821,443       2,795,970  
                             
Securities sold under agreements to repurchase   44,433       32,267       35,646       40,528       46,195  
Subordinated debentures   37,583       37,566       37,550       37,533       37,517  
Other liabilities   53,314       43,786       37,326       29,570       29,491  
Total liabilities   2,912,185       2,817,677       2,884,290       2,929,074       2,909,173  
                             
Stockholders' Equity                            
Common stock   275       181       181       181       181  
Surplus   190,524       32,288       32,288       32,288       32,288  
Retained earnings   134,287       311,055       302,984       298,131       315,234  
Accumulated other comprehensive income (loss)   7,832       8,431       7,436       1,012       (4,288 )
Less cost of treasury stock held         (3,019 )     (3,019 )     (3,019 )     (3,019 )
Total stockholders' equity   332,918       348,936       339,870       328,593       340,396  
Total liabilities and stockholders' equity $ 3,245,103     $ 3,166,613     $ 3,224,160     $ 3,257,667     $ 3,249,569  
                             
SHARE INFORMATION                            
Ending number shares of common stock outstanding   27,457,306       18,027,512       18,027,512       18,027,512       18,027,512  
                                       



 
HBT Financial, Inc.
Consolidated Financial Summary
 
  December 31, 2019   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018
  (dollars in thousands)
LOANS                            
Commercial and industrial $ 307,175   $ 340,650   $ 352,326   $ 363,918   $ 360,501
Agricultural and farmland   207,776     205,041     208,923     207,817     209,875
Commercial real estate - owner occupied   231,162     239,805     244,954     250,274     255,074
Commercial real estate - non-owner occupied   579,757     552,262     543,444     556,386     533,910
Multi-family   179,073     191,646     191,734     146,374     135,925
Construction and land development   224,887     210,939     236,902     223,489     237,275
One-to-four family residential   313,580     321,947     323,135     321,224     313,108
Municipal, consumer, and other   120,416     108,724     101,678     113,840     98,589
Total loans, before allowance for loan losses $ 2,163,826   $ 2,171,014   $ 2,203,096   $ 2,183,322   $ 2,144,257
                             


                             
  December 31, 2019   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018
  (dollars in thousands)
DEPOSITS                            
Noninterest-bearing $ 689,116   $ 649,316   $ 662,405   $ 661,527   $ 664,876
Interest-bearing demand   814,639     800,471     815,770     819,313     856,919
Money market   477,765     463,444     472,738     453,117     427,730
Savings   438,927     426,707     428,439     435,353     421,698
Time   356,408     364,120     394,416     452,133     424,747
Total deposits $ 2,776,855   $ 2,704,058   $ 2,773,768   $ 2,821,443   $ 2,795,970
                             



 
HBT Financial, Inc.
Consolidated Financial Summary
 
  Three Months Ended
  December 31, 2019   September 30, 2019   December 31, 2018
  Average       *   Average       *   Average       *
  Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
  (dollars in thousands)
ASSETS                                              
Loans $ 2,162,975     $ 28,755   5.32 %   $ 2,191,230     $ 29,992   5.47 %   $ 2,138,839     $ 29,329   5.48 %
Securities   700,441       4,828   2.76 %     745,532       4,967   2.67 %     812,469       5,325   2.62 %
Deposits with banks   265,237       1,003   1.51 %     136,635       662   1.94 %     132,614       580   1.75 %
Other   2,425       14   2.39 %     2,425       15   2.37 %     2,719       14   2.20 %
Total interest-earning assets   3,131,078     $ 34,600   4.42 %     3,075,822     $ 35,636   4.63 %     3,086,641     $ 35,248   4.57 %
Allowance for loan losses   (22,766 )               (22,326 )               (20,863 )          
Noninterest-earning assets   152,961                 149,146                 151,767            
Total assets $ 3,261,273               $ 3,202,642               $ 3,217,545            
                                               
LIABILITIES AND
STOCKHOLDERS' EQUITY
                                             
Liabilities                                              
Interest-bearing deposits:                                              
Interest-bearing demand $ 820,390     $ 299   0.15 %   $ 812,526     $ 347   0.17 %   $ 820,754     $ 414   0.20 %
Money market   486,288       481   0.40 %     468,139       497   0.42 %     426,864       194   0.18 %
Savings   434,241       71   0.07 %     428,447       70   0.07 %     424,011       70   0.07 %
Time   359,731       987   1.10 %     383,070       1,086   1.13 %     432,902       994   0.92 %
Total interest-bearing deposits   2,100,650       1,838   0.35 %     2,092,182       2,000   0.38 %     2,104,531       1,672   0.32 %
Securities sold under agreements to repurchase   46,028       24   0.21 %     35,757       17   0.19 %     49,907       16   0.13 %
Borrowings   272       2   2.60 %     33         2.42 %     1,326       8   2.40 %
Subordinated debentures   37,577       460   4.90 %     37,561       478   5.09 %     37,512       476   5.08 %
Total interest-bearing liabilities   2,184,527     $ 2,324   0.43 %     2,165,533     $ 2,495   0.46 %     2,193,276     $ 2,172   0.40 %
Noninterest-bearing deposits   699,373                 651,085                 659,009            
Noninterest-bearing liabilities   45,589                 37,274                 28,146            
Total liabilities   2,929,489                 2,853,892                 2,880,431            
Stockholders' Equity   331,784                 348,750                 337,114            
Total liabilities and
stockholders' equity
$ 3,261,273               $ 3,202,642               $ 3,217,545            
                                               
Net interest income/Net interest margin (3)       $ 32,276   4.12 %         $ 33,141   4.31 %         $ 33,076   4.29 %
Tax-equivalent adjustment (2)         534   0.07 %           559   0.07 %           641   0.08 %
Net interest income (tax-equivalent
basis)/Net interest margin (tax-equivalent
basis) (1) (2)
      $ 32,810   4.19 %         $ 33,700   4.38 %         $ 33,717   4.37 %
Net interest rate spread (4)             3.99 %               4.17 %               4.17 %
Net interest-earning assets (5) $ 946,551               $ 910,289               $ 893,365            
Ratio of interest-earning assets to interest-
bearing liabilities
  1.43                 1.42                 1.41            
Cost of deposits             0.26 %               0.29 %               0.24 %

_____________________
*    Annualized measure.
(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most comparable GAAP financial measures.
(2) On a C Corp tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3) Net interest margin represents net interest income divided by average total interest-earning assets.
(4) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
(5) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

 
HBT Financial, Inc.
Consolidated Financial Summary
 
  Year Ended
  December 31, 2019   December 31, 2018
  Average             Average          
  Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
  (dollars in thousands)
ASSETS                              
Loans $ 2,178,897     $ 120,142   5.51 %   $ 2,131,512     $ 114,034   5.35 %
Securities   759,479       20,582   2.71 %     860,804       21,613   2.51 %
Deposits with banks   164,986       2,951   1.79 %     114,202       1,717   1.50 %
Other   2,501       60   2.41 %     2,771       68   2.47 %
Total interest-earning assets   3,105,863     $ 143,735   4.63 %     3,109,289     $ 137,432   4.42 %
Allowance for loan losses   (21,704 )               (20,046 )          
Noninterest-earning assets   149,227                 158,355            
Total assets $ 3,233,386               $ 3,247,598            
                               
LIABILITIES AND STOCKHOLDERS' EQUITY                              
Liabilities                              
Interest-bearing deposits:                              
Interest-bearing demand $ 821,480     $ 1,474   0.18 %   $ 824,910     $ 1,378   0.17 %
Money market   463,233       1,837   0.40 %     442,872       685   0.15 %
Savings   430,220       278   0.06 %     433,661       283   0.07 %
Time   396,560       4,343   1.10 %     442,569       3,541   0.80 %
Total interest-bearing deposits   2,111,493       7,932   0.38 %     2,144,012       5,887   0.27 %
Securities sold under agreements to repurchase   41,177       72   0.18 %     40,725       48   0.12 %
Borrowings   351       9   2.60 %     14,946       260   1.74 %
Subordinated debentures   37,553       1,922   5.12 %     37,487       1,795   4.79 %
Total interest-bearing liabilities   2,190,574     $ 9,935   0.45 %     2,237,170     $ 7,990   0.36 %
Noninterest-bearing deposits   666,055                 653,885            
Noninterest-bearing liabilities   35,213                 26,329            
Total liabilities   2,891,842                 2,917,384            
Stockholders' Equity   341,544                 330,214            
Total liabilities and stockholders' equity $ 3,233,386               $ 3,247,598            
                               
Net interest income/Net interest margin (3)       $ 133,800   4.31 %         $ 129,442   4.16 %
Tax-equivalent adjustment (2)         2,309   0.07 %           2,661   0.09 %
Net interest income (tax-equivalent basis)/Net interest
margin (tax-equivalent basis) (1) (2)
      $ 136,109   4.38 %         $ 132,103   4.25 %
Net interest rate spread (4)             4.18 %               4.06 %
Net interest-earning assets (5) $ 915,289               $ 872,119            
Ratio of interest-earning assets to interest-bearing liabilities   1.42                 1.39            
Cost of deposits             0.29 %               0.21 %

_____________________
(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most comparable GAAP financial measures.
(2) On a C Corp tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3) Net interest margin represents net interest income divided by average total interest-earning assets.
(4) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
(5) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

 
HBT Financial, Inc.
Consolidated Financial Summary
 
  December 31, 2019   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018
  (dollars in thousands)
NONPERFORMING ASSETS                            
Nonaccrual $ 19,019     $ 18,977     $ 25,051       13,877       15,876  
Past due 90 days or more, still accruing (1)   30       95       2       53       37  
Total nonperforming loans   19,049       19,072       25,053       13,930       15,913  
Foreclosed assets   5,099       6,574       9,707       10,151       9,559  
Total nonperforming assets $ 24,148     $ 25,646     $ 34,760     $ 24,081     $ 25,472  
                             
NONPERFORMING ASSETS (Originated) (2)                            
Nonaccrual $ 10,811     $ 11,268     $ 15,985       8,619       10,329  
Past due 90 days or more, still accruing   30       95       2       53       37  
Total nonperforming loans   10,841       11,363       15,987       8,672       10,366  
Foreclosed assets   1,022       1,048       1,510       1,439       1,395  
Total nonperforming (originated) $ 11,863     $ 12,411     $ 17,497     $ 10,111     $ 11,761  
                             
NONPERFORMING ASSETS (Acquired) (2)                            
Nonaccrual $ 8,208     $ 7,709     $ 9,066     $ 5,258     $ 5,547  
Past due 90 days or more, still accruing (1)                            
Total nonperforming loans   8,208       7,709       9,066       5,258       5,547  
Foreclosed assets   4,077       5,526       8,197       8,712       8,164  
Total nonperforming assets (acquired) $ 12,285     $ 13,235     $ 17,263     $ 13,970     $ 13,711  
                             
Allowance for loan losses $ 22,299     $ 22,761     $ 22,542     $ 21,013     $ 20,509  
Total loans, before allowance for loan losses   2,163,826       2,171,014       2,203,096       2,183,322       2,144,257  
Total loans, before allowance for loan losses (originated) (2)   1,998,496       1,987,265       2,005,250       1,974,840       1,923,859  
Total loans, before allowance for loan losses (acquired) (2)   165,330       183,749       197,846       208,482       220,398  
                             
CREDIT QUALITY RATIOS                            
Allowance for loan losses to total loans, before allowance for loan losses   1.03 %     1.05 %     1.02 %     0.96 %     0.96 %
Allowance for loan losses to nonperforming loans   117.06 %     119.34 %     89.98 %     150.85 %     128.88 %
Nonperforming loans to total loans, before allowance for loan losses   0.88 %     0.88 %     1.14 %     0.64 %     0.74 %
Nonperforming assets to total assets   0.74 %     0.81 %     1.08 %     0.74 %     0.78 %
Nonperforming assets to total loans, before allowance for loan losses and foreclosed assets   1.11 %     1.18 %     1.57 %     1.10 %     1.18 %
                             
CREDIT QUALITY RATIOS (Originated) (2)                            
Nonperforming loans to total loans, before allowance for loan losses   0.54 %     0.57 %     0.80 %     0.44 %     0.54 %
Nonperforming assets to total loans, before allowance for loan losses and foreclosed assets   0.59 %     0.62 %     0.87 %     0.51 %     0.61 %
                             
CREDIT QUALITY RATIOS (Acquired) (2)                            
Nonperforming loans to total loans, before allowance for loan losses   4.96 %     4.20 %     4.58 %     2.52 %     2.52 %
Nonperforming assets to total loans, before allowance for loan losses and foreclosed assets   7.25 %     6.99 %     8.38 %     6.43 %     6.00 %

_____________________
(1) Excludes loans acquired with deteriorated credit quality that are past due 90 or more days, still accruing totaling $0.1 million, $0.7 million, $0.5 million, $2.5 million, and $2.7 million as of December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019, and December 31, 2018, respectively.
(2) Originated loans and acquired loans along with the related credit quality ratios such as net charge-offs to average loans (originated and acquired), nonperforming loans to total loans (originated and acquired), and nonperforming assets to total loans and foreclosed assets (originated and acquired) are non-GAAP financial measures. Originated loans represent loans initially originated by the Company and acquired loans that were refinanced using the Company's underwriting criteria. Acquired loans represent loans originated under the underwriting criteria used by a bank that was acquired by Heartland Bank and Trust Company or State Bank of Lincoln. We believe these non-GAAP financial measures provide investors with information regarding the credit quality of loans underwritten using the Company's policies and procedures.

 
HBT Financial, Inc.
Consolidated Financial Summary
 
  Three Months Ended   Year Ended
  December 31,    September 30,    June 30,    March 31,    December 31,    December 31,    December 31, 
  2019   2019   2019   2019   2018   2019   2018
  (dollars in thousands)
ALLOWANCE FOR LOAN LOSSES                                        
Beginning balance $ 22,761     $ 22,542     $ 21,013     $ 20,509     $ 21,171     $ 20,509     $ 19,765  
Provision   138       684       1,806       776       3,906       3,404       5,697  
Charge-offs   (837 )     (937 )     (966 )     (533 )     (4,953 )     (3,273 )     (6,485 )
Recoveries   237       472       689       261       385       1,659       1,532  
Ending balance $ 22,299     $ 22,761     $ 22,542     $ 21,013     $ 20,509     $ 22,299     $ 20,509  
                                         
Net charge-offs (recoveries) $ 600     $ 465     $ 277     $ 272     $ 4,568     $ 1,614     $ 4,953  
Net charge-offs (recoveries) - (originated) (1)   550       224       (238 )     196       2,778       732       3,137  
Net charge-offs (recoveries) - (acquired) (1)   50       241       515       76       1,790       882       1,816  
                                         
Net charge-offs to average total loans, before allowance for loan losses *   0.11 %     0.08 %     0.05 %     0.05 %     0.85 %     0.07 %     0.23 %
Net charge-offs to average total loans, before allowance for loan losses (originated) * (1)   0.11 %     0.04 %     -0.05 %     0.04 %     0.58 %     0.04 %     0.17 %
Net charge-offs to average total loans, before allowance for loan losses (acquired) * (1)   0.11 %     0.51 %     1.00 %     0.14 %     3.10 %     0.45 %     0.70 %
                                         
Average total loans, before allowance for loan losses $ 2,162,975     $ 2,191,230     $ 2,196,934     $ 2,164,330     $ 2,138,839     $ 2,178,897     $ 2,131,512  
Average total loans, before allowance for loan losses (originated) (1)   1,988,658       2,001,803       1,990,015       1,946,035       1,907,503       1,981,658       1,873,623  
Average total loans, before allowance for loan losses (acquired) (1)   174,317       189,427       206,919       218,295       231,336       197,240       257,889  

_____________________
*    Annualized measure.
(1) Originated loans and acquired loans along with the related credit quality ratios such as net charge-offs to average loans (originated and acquired), nonperforming loans to total loans (originated and acquired), and nonperforming assets to total loans and foreclosed assets (originated and acquired) are non-GAAP financial measures. Originated loans represent loans initially originated by the Company and acquired loans that were refinanced using the Company's underwriting criteria. Acquired loans represent loans originated under the underwriting criteria used by a bank that was acquired by Heartland Bank and Trust Company or State Bank of Lincoln. We believe these non-GAAP financial measures provide investors with information regarding the credit quality of loans underwritten using the Company's policies and procedures.

 
HBT Financial, Inc.
Consolidated Financial Summary
 
  Three Months Ended
  December 31, 2019   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018
  (dollars in thousands, except per share amounts)
EARNINGS AND PER SHARE INFORMATION                            
Net income $ 16,087     $ 17,437     $ 14,605     $ 18,736     $ 11,920  
Earnings per share - Basic and diluted   0.61       0.97       0.81       1.04       0.66  
                             
C Corp equivalent net income (1) $ 15,088     $ 13,122     $ 11,126     $ 14,036     $ 9,194  
C Corp equivalent earnings per share - Basic and diluted (1)   0.58       0.73       0.62       0.78       0.51  
                             
Ending number shares of common stock outstanding   27,457,306       18,027,512       18,027,512       18,027,512       18,027,512  
Weighted average shares of common stock outstanding   26,211,282       18,027,512       18,027,512       18,027,512       18,027,512  
                             
PERFORMANCE RATIOS                            
Return on average assets *   1.97 %     2.18 %     1.81 %     2.32 %     1.48 %
Return on average stockholders' equity *   19.39 %     20.00 %     17.25 %     21.59 %     14.14 %
                             
Net interest margin *   4.12 %     4.31 %     4.36 %     4.44 %     4.29 %
Efficiency ratio   50.72 %     53.94 %     58.59 %     52.07 %     58.35 %
                             
C Corp equivalent return on average assets * (1)   1.85 %     1.64 %     1.38 %     1.74 %     1.14 %
C Corp equivalent return on average stockholders' equity * (1)   18.19 %     15.05 %     13.14 %     16.17 %     10.91 %
                             
NON-GAAP FINANCIAL MEASURES                            
Adjusted C Corp equivalent net income (2) $ 14,417     $ 14,343     $ 14,308     $ 14,359     $ 10,874  
Adjusted C Corp equivalent earnings per share - Basic and diluted (2)   0.55       0.80       0.79       0.80       0.60  
                             
Net interest margin (tax equivalent basis) * (2)   4.19 %     4.38 %     4.44 %     4.52 %     4.37 %
Efficiency ratio (tax equivalent basis) (2)   50.10 %     53.21 %     57.74 %     51.32 %     57.42 %
                             
Adjusted C Corp equivalent return on average assets * (2)   1.77 %     1.79 %     1.77 %     1.78 %     1.35 %
Adjusted C Corp equivalent return on average stockholders' equity * (2)   17.38 %     16.45 %     16.90 %     16.54 %     12.90 %
                             
Return on average tangible common equity * (2)   21.17 %     21.76 %     18.84 %     23.55 %     15.49 %
C Corp equivalent return on average tangible common equity * (1) (2)   19.86 %     16.37 %     14.35 %     17.64 %     11.95 %
Adjusted C Corp equivalent return on average tangible common equity * (2)   18.97 %     17.90 %     18.46 %     18.05 %     14.13 %

_____________________
*    Annualized measure.
(1) Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent provision for income tax for such period.
(2) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most comparable GAAP financial measures.

 
Reconciliation of Non-GAAP Financial Measures –
Adjusted C Corp Equivalent Net Income and Adjusted C Corp Equivalent Return on Average Assets
 
  Three Months Ended
  December 31, 2019   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018
  (dollars in thousands, except per share amounts)
Net income $ 16,087     $ 17,437     $ 14,605     $ 18,736     $ 11,920  
                             
C Corp equivalent net income (1) $ 15,088     $ 13,122     $ 11,126     $ 14,036     $ 9,194  
Adjustments:                            
Net earnings (losses) from closed or sold operations, including gains on sale (2)   (9 )     (3 )     (14 )     550       98  
Charges related to termination of certain employee benefit plans   365       (845 )     (3,316 )            
Realized gains (losses) on sales of securities                           (2,803 )
Mortgage servicing rights fair value adjustment   582       (860 )     (1,120 )     (1,002 )     355  
Total adjustments   938       (1,708 )     (4,450 )     (452 )     (2,350 )
C Corp equivalent tax effect of adjustments   (267 )     487       1,268       129       670  
Less adjustments after C Corp equivalent tax effect   671       (1,221 )     (3,182 )     (323 )     (1,680 )
Adjusted C Corp equivalent net income $ 14,417     $ 14,343     $ 14,308     $ 14,359     $ 10,874  
                             
Average assets $ 3,261,273     $ 3,202,642     $ 3,236,353     $ 3,233,293     $ 3,217,545  
                             
Return on average assets *   1.97 %     2.18 %     1.81 %     2.32 %     1.48 %
C Corp equivalent return on average assets * (1)   1.85 %     1.64 %     1.38 %     1.74 %     1.14 %
Adjusted C Corp equivalent return on average assets *   1.77 %     1.79 %     1.77 %     1.78 %     1.35 %
                             
Weighted average shares of common stock outstanding   26,211,282       18,027,512       18,027,512       18,027,512       18,027,512  
                             
Earnings per share - Basic and Diluted $ 0.61     $ 0.97     $ 0.81     $ 1.04     $ 0.66  
C Corp equivalent Earnings per share - Basic and Diluted (1)   0.58       0.73       0.62       0.78       0.51  
Adjusted C Corp equivalent earnings per share - Basic and diluted   0.55       0.80       0.79       0.80       0.60  

_____________________
*    Annualized measure.
(1) Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent provision for income tax for such period.
(2) Closed or sold operations include HB Credit Company, HBT Insurance, and First Community Title Services, Inc.



 
Reconciliation of Non-GAAP Financial Measures - Net Interest Margin (Tax Equivalent Basis)
 
  Three Months Ended
  December 31, 2019   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018
  (dollars in thousands)
Net interest income (tax equivalent basis)                            
Net interest income $ 32,276     $ 33,141     $ 33,931     $ 34,452     $ 33,076  
Tax-equivalent adjustment (1)   534       559       606       610       641  
Net interest income (tax equivalent basis) (1) $ 32,810     $ 33,700     $ 34,537     $ 35,062     $ 33,717  
                             
Net interest margin (tax equivalent basis)                            
Net interest margin *   4.12 %     4.31 %     4.36 %     4.44 %     4.29 %
Tax-equivalent adjustment * (1)   0.07 %     0.07 %     0.08 %     0.08 %     0.08 %
Net interest margin (tax equivalent basis) * (1)   4.19 %     4.38 %     4.44 %     4.52 %     4.37 %
                             
Average interest-earning assets $ 3,131,078     $ 3,075,822     $ 3,111,395     $ 3,105,216     $ 3,086,641  
                             
  Year Ended                  
  December 31, 2019   December 31, 2018                  
    (dollars in thousands)                  
Net interest income (tax equivalent basis)                            
Net interest income $ 133,800     $ 129,442                    
Tax-equivalent adjustment (1)   2,309       2,661                    
Net interest income (tax equivalent basis) (1) $ 136,109     $ 132,103                    
                             
Net interest margin (tax equivalent basis)                            
Net interest margin *   4.31 %     4.16 %                  
Tax-equivalent adjustment * (1)   0.07 %     0.09 %                  
Net interest margin (tax equivalent basis) * (1)   4.38 %     4.25 %                  
                             
Average interest-earning assets $ 3,105,863     $ 3,109,289                    

_____________________
*    Annualized measure.
(1) On a C Corp tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

 
Reconciliation of Non-GAAP Financial Measures - Efficiency Ratio (Tax Equivalent Basis)
 
  Three Months Ended
  December 31, 2019   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018
  (dollars in thousands)
Efficiency ratio (tax equivalent basis)                            
Total noninterest expense $ 21,950     $ 22,303     $ 24,561     $ 22,212     $ 23,440  
Less: amortization of intangible assets   336       335       376       376       390  
Adjusted noninterest expense $ 21,614     $ 21,968     $ 24,185     $ 21,836     $ 23,050  
                             
Net interest income $ 32,276     $ 33,141     $ 33,931     $ 34,452     $ 33,076  
Total noninterest income   10,336       7,582       7,346       7,487       6,429  
Operating revenue   42,612       40,723       41,277       41,939       39,505  
Tax-equivalent adjustment (1)   534       559       606       610       641  
Operating revenue (tax-equivalent basis) (1) $ 43,146     $ 41,282     $ 41,883     $ 42,549     $ 40,146  
                             
Efficiency ratio   50.72 %     53.94 %     58.59 %     52.07 %     58.35 %
Efficiency ratio (tax equivalent basis) (1)   50.10 %     53.21 %     57.74 %     51.32 %     57.42 %

_____________________
(1) On a C Corp tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.


 
Reconciliation of Non-GAAP Financial Measures - Tangible Common Equity to Tangible Assets
 
  As of
  December 31, 2019   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018
  (dollars in thousands)
Tangible Common Equity                            
Total stockholders' equity $ 332,918     $ 348,936     $ 339,870     $ 328,593     $ 340,396  
Less: Goodwill   23,620       23,620       23,620       23,620       23,620  
Less: Core deposit intangible assets, net   4,030       4,366       4,701       5,077       5,453  
Tangible common equity $ 305,268     $ 320,950     $ 311,549     $ 299,896     $ 311,323  
                             
Tangible Assets                            
Total assets $ 3,245,103     $ 3,166,613     $ 3,224,160     $ 3,257,667     $ 3,249,569  
Less: Goodwill   23,620       23,620       23,620       23,620       23,620  
Less: Core deposit intangible assets, net   4,030       4,366       4,701       5,077       5,453  
Tangible assets $ 3,217,453     $ 3,138,627     $ 3,195,839     $ 3,228,970     $ 3,220,496  
                             
Total stockholders' equity to total assets   10.26 %     11.02 %     10.54 %     10.09 %     10.48 %
Tangible common equity to tangible assets   9.49 %     10.23 %     9.75 %     9.29 %     9.67 %
                                       


 
Reconciliation of Non-GAAP Financial Measures - Adjusted C Corp Equivalent Return on Average Stockholders' Equity and Adjusted
C Corp Equivalent Return on Tangible Common Equity
 
  Three Months Ended
  December 31, 2019   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018
  (dollars in thousands)
Average Tangible Common Equity                            
Total stockholders' equity $ 331,784     $ 348,750     $ 338,613     $ 347,157     $ 337,114  
Less: Goodwill   23,620       23,620       23,620       23,620       23,620  
Less: Core deposit intangible assets, net   4,224       4,561       4,919       5,301       5,663  
Average tangible common equity $ 303,940     $ 320,569     $ 310,074     $ 318,236     $ 307,831  
                             
Net income $ 16,087     $ 17,437     $ 14,605     $ 18,736     $ 11,920  
C Corp equivalent net income (1)   15,088       13,122       11,126       14,036       9,194  
Adjusted C Corp equivalent net income   14,417       14,343       14,308       14,359       10,874  
                             
Return on average stockholders' equity *   19.39 %     20.00 %     17.25 %     21.59 %     14.14 %
C Corp equivalent return on average stockholders' equity * (1)   18.19 %     15.05 %     13.14 %     16.17 %     10.91 %
Adjusted C Corp equivalent return on average stockholders' equity (1)   17.38 %     16.45 %     16.90 %     16.54 %     12.90 %
                             
Return on average tangible common equity *   21.17 %     21.76 %     18.84 %     23.55 %     15.49 %
C Corp equivalent return on average tangible common equity * (1)   19.86 %     16.37 %     14.35 %     17.64 %     11.95 %
Adjusted C Corp equivalent return on average tangible common equity *   18.97 %     17.90 %     18.46 %     18.05 %     14.13 %

_____________________
*    Annualized measure.
(1) Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent provision for income tax for such period.

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