HBT Financial, Inc.(HBT) and its subsidiaries have released their unaudited consolidated financial statements for the first quarter of 2023, showcasing robust financial performance. The financial data highlights the company's net income and revenue figures, providing a glimpse into its overall financial health and operational efficiency.
HBT Financial, Inc. reported a commendable net income of $9.2 million for the first quarter of 2023. This figure reflects the company's earnings after accounting for all expenses and taxes. Comparing this to the same period in the previous year, where the net income stood at $13.6 million, there is a slight decrease in profitability. However, the company remains optimistic about its future prospects, given the challenging economic environment.
During the first quarter of 2023, HBT Financial, Inc. witnessed a significant surge in revenue, showcasing promising growth. The total interest and dividend income for the period amounted to $51.8 million, a remarkable increase compared to the same period last year, which stood at $33.3 million. The rise in revenue can be attributed to increased interest income from loans and securities, coupled with higher interest-bearing deposits in banks.
Financial Highlights
Assets
As of March 31, 2023, HBT Financial, Inc. reported total assets of $5.01 billion, showing substantial growth compared to $4.29 billion at the end of December 2022. This increase can be attributed to a rise in cash and cash equivalents, debt securities available-for-sale, and loans held for sale.
Liabilities and Stockholders' Equity
The company's total liabilities as of March 31, 2023, amounted to $4.56 billion, indicating an increase from $3.91 billion at the end of December 2022. The rise in liabilities can be attributed to an increase in deposits and federal home loan bank advances.
HBT Financial, Inc.'s stockholders' equity witnessed significant growth during the same period, reaching $450.1 million compared to $373.6 million at the end of December 2022. This increase in equity can be attributed to stock issuances and retained earnings.
Comprehensive Income
HBT Financial, Inc. recorded a total comprehensive income of $18.8 million for the first quarter of 2023. This figure includes the net income and other comprehensive income, which comprises unrealized gains on debt securities available-for-sale and net settlements on derivative instruments, among other factors.
The company's performance in the first quarter of 2023 indicates steady growth and resilience amid the dynamic economic conditions. With a strong net income and surging revenue, HBT Financial, Inc. looks poised to continue its growth trajectory, catering to the financial needs of its customers and stakeholders.