HBT Financial Reports Strong Q3 2023 Financial Results
Net Income Surges to $19.7 Million, Driven by Robust Revenue Growth
HBT Financial, Inc. (HBT), a leading financial insti tution, has reported impressive financial results for the third quarter of 2023. The company's net income for the quarter reached $19.7 million, reflecting a substantial increase compared to the same period in 2022. This remarkable performance was underpinned by robust revenue growth, with HBT Financial's total revenue demonstrating strength throughout the year.
Net Income Soars to $19.7 Million
HBT Financial's net income for the third quarter of 2023 reached $19.7 million, a significant increase from $15.6 million in the same period last year. This surge in net income reflects the company's strong financial performance, driven by various factors, including increased interest and dividend income, noninterest income, and effective expense management.
Revenue Continues to Climb
HBT Financial reported total revenue of $167.6 million for the nine months ending September 30, 2023, compared to $108.1 million during the same period in 2022. This substantial revenue growth was primarily attributable to the increase in interest and dividend income, as well as noninterest income. The company's revenue stream remained steady, demonstrating its ability to capitalize on market opportunities.
Interest and Dividend Income
HBT Financial's interest and dividend income experienced significant growth during the reporting period. Total interest and dividend income for the third quarter of 2023 stood at $59.0 million, compared to $39.0 million in the same period in 2022. The increase was driven by higher income from loans, including fees, and interest-bearing deposits in banks.
Noninterest Income
The company's noninterest income was another key driver of its robust revenue. HBT Financial reported noninterest income of $9.5 million for the third quarter, an increase from $8.2 million in the same period last year. This growth was supported by income from card operations, wealth management fees, and service charges on deposit accounts.
HBT Financial's third-quarter financial results showcase the company's ability to thrive in a dynamic financial landscape. With net income reaching $19.7 million and total revenue climbing to $167.6 million for the nine months ending September 30, 2023, HBT Financial is well-positioned for continued success. The company's strong performance reflects its dedication to delivering value to its customers and shareholders while maintaining a prudent approach to financial management.
