#1HBT Financial, Inc. January 24, 2024 Q4 2023 Results Presentation 16 EEE == LEFFE ANAAL SANAY LLI#2Forward-Looking Statements Readers should note that in addition to the historical information contained herein, this presentation contains, and future oral and written statements of HBT Financial, Inc. (the "Company" or "HBT") and its management may contain, "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. 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," "continue," or "should," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this presentation, 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. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), acts of war or other threats thereof (including the Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB or the PCAOB (including the Company's adoption of the current expected credit losses ("CECL") methodology); (iv) changes in state and federal laws, regulations and governmental policies concerning the Company's general business and any changes in response to the recent failures of other banks; (v) changes in interest rates and prepayment rates of the Company's assets (including the impact of LIBOR phase-out and the recent and potential additional rate increases by the Federal Reserve); (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and "fintech" companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this presentation 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. Additional information concerning the Company and its business, including additional factors that could materially affect the Company's financial results, is included in the Company's filings with the Securities and Exchange Commission. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures. While the Company believes these are useful measures for investors, they are not presented in accordance with GAAP. You should not consider non-GAAP measures in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Because not all companies use identical calculations, the presentation herein of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Tax-equivalent adjustments assume a federal tax rate of 21% and state tax rate of 9.5%. For a reconciliation of the non-GAAP measures we use to the most closely comparable GAAP measures, see the Appendix to this presentation. HBT Financial 1#3Q4 2023 Highlights Strong profitability Diversified deposit base Continued loan growth and excellent asset quality HBT Financial Net income of $18.4 million, or $0.58 per diluted share; return on average assets (ROAA) of 1.46% and return on average tangible common equity (ROATCE)¹ of 18.96% Adjusted net income¹ of $19.3 million, or $0.60 per diluted share; adjusted ROAA¹ of 1.53% and adjusted ROATCE¹ of 19.81% Disciplined management of noninterest expenses, which decreased by 0.9% compared to Q3 2023 ■ Deposits increased $203.4 million, compared to September 30, 2023, primarily attributable to the addition of $144.0 million of wealth management customer money market accounts previously held by a third-party institution which were brought on balance sheet and used to pay down wholesale borrowings Maintained a strong net interest margin of 3.93% and a net interest margin (tax-equivalent basis)¹ of 3.99%, both down 14 basis points compared to Q3 2023 ■Cost of funds increased 30 basis points, to 1.26%, and total cost of deposits increased 36 basis points, to 1.05%, while yield on average earning assets increased by 16 basis points, to 5.13% Strong loan production during Q4 2023 mainly from existing loan relationships, while maintaining consistently conservative underwriting standards, with loans increasing $61.6 million, or 1.8%, compared to September 30, 2023 Maintained excellent asset quality with the ratio of nonperforming assets to total assets of 0.17% and net charge-offs to average loans of 0.06% See "Non-GAAP reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures 2#4Company Snapshot Overview ✓ Company incorporated in 1982 from base of family-owned banks and completed its IPO in October 2019 ✓ Headquartered in Bloomington, Illinois, with operations throughout Illinois and Eastern lowa Strong, granular, and low-cost deposit franchise with 1.05% cost of deposits, 93.8% core deposits¹ ✓ Conservative credit culture, with net recoveries to average loans of 8bps for the year ended December 31, 2022 and net charge- offs to average loans of 1bp for the year ended December 31, 2023 ✓ High profitability sustained through cycles Loan Composition Municipal, consumer & other: 7% Agricultural & farmland: 8% 1-4 Family residential: 14% Multi-family: 12% C&D: 11% Commercial Real Estate Commercial HBT Financial C&I: 13% CRE-Owner occupied: 9% CRE-Non- owner occupied: 26% Deposit Composition Brokered: 3% Time: 14% Savings: 14% Noninterest- bearing demand: 25% O Money market: 18% Interest-bearing demand: 26% Financial Highlights ($mm) As of or for the year ended 3 Balance Sheet Key Performance Indicators Credit Total assets Total loans Total deposits Core deposits (%) ¹ Loans-to-deposits CET1 (%) TCE / TA¹ Adjusted ROAA* Adjusted ROATCE* 1 NIM (FTE)* 1 Yield on loans* Cost of deposits* Cost of funds* Efficiency ratio (FTE)¹ 1 NCOS / loans* ACL / loans NPLs / loans NPAS/assets 1 2021 $3,667 $4,314 $4,287 2,247 3,131 99.1 % 2,500 2,620 3,738 3,587 98.3 % 99.2 % 73.0 % 13.1 % 8.1 % 71.8% 13.1 % 9.3 % 2020 1.15% 12.3 % 3.60 % 4.69 % 0.14% 0.21% 58.9 % 0.04% 1.42% 0.44 % 0.39 % 66.9% 13.4% 8.9 % 1.43% 16.1 % 3.23 % 4.68 % 0.07 % 0.16% 55.8 % (0.01) % 0.96 % 0.11 % 0.14 % 2022 1.31 % 15.8 % 3.60 % 4.91 % 0.07 % 0.19 % 56.9 % Note: Financial data as of and for the three months ended December 31, 2023 unless otherwise indicated; * Annualized measure; Non-GAAP financial measure. See "Non-GAAP Reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. (0.08) % 0.97 % 0.08 % 0.12 % 2023 $5,073 3,404 4,401 93.8 % 77.3 % 12.1 % 8.2 % 1.59% 20.9 % 4.15 % 6.04 % 0.60% 0.86 % 55.8% 0.01% 1.18 % 0.23% 0.17%#5Earnings Overview ($000) Interest and dividend income Interest expense Net interest income Provision for credit losses Net interest income after provision for credit losses Noninterest income Noninterest expense Income before income tax expense Income tax expense Net income 3Q23 $59,041 10,762 48,279 480 47,799 9,490 30,671 26,618 6,903 $19,715 Prior Quarter Non-GAAP Adjusted Adj.¹ 3Q23¹ 1 $59,041 10,762 48,279 480 4.07% 3Q23 790 47,799 226 7,129 $564 $20,279 Current Quarter 4Q23 0.01% $61,411 14,327 47,084 1,113 10,280 9,205 30,671 30,387 45,971 790 27,408 24,789 6,343 $18,446 0.16% Non-GAAP Adjusted Adj. ¹ 4Q23¹ $61,411 14,327 47,084 1,113 1,155 10,360 30,387 1,155 25,944 329 6,672 $826 $19,272 4Q23 NIM Analysis* 45,971 (0.01)% Nonaccrual Loans² Other Interest Recoveries Earning Assets (0.34)% Deposit Costs Highlights Relative to Previous Quarter ■ Net interest income decreased slightly from the third quarter of 2023 with increased funding costs partially offset by higher yields on loans and a more favorable interest-earning asset mix ■ Net interest margin decreased 14 basis points to 3.93% Increased reserve requirements driven by loan growth and changes in economic forecast and qualitative factors Adjusted noninterest income increased $0.1 million with a $0.5 million increase in wealth management fees which was mostly offset by a $0.5 million decrease in gains on foreclosed assets Noninterest expense decreased by $0.3 million reflecting our continued expense management discipline with a $0.5 million decrease in marketing expense largely offset by a $0.4 million increase in other noninterest expense. 0.04% Other Funding Costs 3.93% 4Q23 * Annualized measures; Non-GAAP financial measure. See "Non-GAAP Reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely 2 HBT comparable GAAP financial measures; ² Reflects contribution of loan interest income to net interest margin, excluding loan discount accretion and nonaccrual interest recoveries. Financial 4#6Deposit Overview Deposit Base Highlights Highly granular deposit base with cost increases in line with expectations during the fourth quarter of 2023 Top 100 depositors, by balance, make up 13% of our deposit base, and the top 200 depositors make up 16% Excluding brokered deposits, account balances consist of 71% retail, 21% business, and 8% public funds as of December 31, 2023 Uninsured and uncollateralized deposits estimated to be $601 million, or 14% of total deposits, as of December 31, 2023 During the fourth quarter of 2023, $144 million of wealth management customer deposits were brought on balance sheet HBT Financial 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% -% 4Q21 1Q22 2Q22 3Q22 Deposit Beta (4Q21 to 4Q23): 18.7% 1 -O-Fed Funds Rate Interest-bearing demand Money market Savings Time Brokered Total interest-bearing deposits Total deposits 4Q22 1Q23 2Q23 3Q23 -O-Cost of Deposits* 5 5.50% 1.05% 4Q23 Interest Costs* 4Q23 0.43 % 1.67 % 0.27 % 3.16% 5.42 % 1.40 % 1.05 % Spot Interest Rates² As of 12/31/23 0.44 % 2.36% 0.30 % 3.43 % 5.42 % 1.65 % 1.25 % Source: St. Louis FRED * Annualized measure; ¹ Represents quarterly average of federal funds target rate upper limit; 2 Weighted average spot interest rates do not include impact of purchase accounting adjustment amortization#7Net Interest Margin ■ Fourth quarter 2023 net interest margin decreased 14 basis points from the prior quarter, primarily attributable to higher funding costs which outpaced an increase in asset yields 38% of the loan portfolio matures or reprices within the next 12 months Loan mix is 64% fixed rate and 36% variable rate, and 71% of variable rate loans have floors FTE NIM¹ GAAP NIM Accretion of acquired loan discounts contribution to NIM PPP loan fees contribution to NIM 4.38% 4.31% 2019 7bps N/A 3.60% HBT Financial Annual 3.54% 3.23% 3.18% 3.60% 3.54% 4.15% 2022 2bps 4bps 4.09% 2023 9bps Obps 31.5% 6 <3m Percentage of Loans Maturing or Repricing FTE NIM*1 GAAP NIM* 4.17% 4.10% 6.2% 3m-12m 4Q22 2bps Obps 4.26% 21.5% 4.20% 12m-3y Fixed Accretion of acquired loan discounts contribution to NIM* PPP loan fees contribution to NIM* Quarterly Variable 4.22% 4.16% 24.4% 3y-5y 4.13% 2020 2021 1Q23 2Q23 4Q23 2bps 3bps 7bps 9bps 10bps 9bps 24bps Obps Obps Obps * Annualized measure; ¹ Tax-equivalent basis metric; see "Non-GAAP reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures 4.07% 16.5% 3Q23 10bps Obps 5y+ 3.99% 3.93%#8Loan Portfolio Overview: Commercial and Commercial Real Estate Commercial Loan Portfolio $428 million C&I loans outstanding as of December 31, 2023 ➤ For working capital, asset acquisition, and other business purposes > Underwritten primarily based on borrower's cash flow and majority further supported by collateral and personal guarantees; loans based primarily in-market¹ $296 million owner-occupied CRE outstanding as of December 31, 2023 ➤ Primarily underwritten based on cash flow of the business occupying the property and supported by personal guarantees; loans based primarily in-market Other: 22% Arts, Entertainment, and Recreation: 3% Grain Elevators: 3%- Professional, Scientific, and Technical Services: 4% Finance and Insurance: 5% Restaurants and Bars: 5% HBT Financial 1 Manufacturing: 6% Health Care and Social Assistance: 10% Auto Repair & Dealers: 10% Construction: 9% Market area defined as within 60 miles of a branch Real Estate, Rental, and Leasing: 9% Retail Trade-Other: 7% Wholesale Trade: 7% 7 Commercial Real Estate Portfolio $1.66 billion portfolio as of December 31, 2023 $881 million in non-owner occupied CRE primarily supported by rental cash flow of the underlying properties ➤ $364 million in construction and land development loans primarily to developers to sell upon completion or for long-term investment > $418 million in multi-family loans secured by 5+ unit apartment buildings Office CRE exposure characterized by solid credit metrics as of December 31, 2023 with only 2.0% rated pass-watch, less than 0.1% rated substandard, and less than 0.1% past due 30 days or more Auto Repair & Dealers: 1% Medical: 2%- 1-4 Family Construction: 3% Land and Lots: 5% Hotels: 6% Senior Living Facilities: 6% Office: 10%- Other: 8% Retail: 12% -Multi-Family: 34% Warehouse/ Manufacturing: 13%#9Loan Portfolio Overview: Selected Portfolios Agriculture and Farmland $287 million portfolio as of December 31, 2023 ■ Borrower operations focus primarily on corn and soybean production ■ Federal crop insurance programs mitigate production risks No customer accounts for more than 3% of the agriculture portfolio ■ Weighted average LTV on Farmland loans is 57.2% 1.2% is rated substandard as of December 31, 2023 Over 70% of agricultural borrowers have been with the Company for at least 10 years, and over half for more than 20 years HBT Financial Equipment: 8% Crops: 31% Livestock: 2% Farmland: 59% 8 Municipal, Consumer and Other $239 million portfolio as of December 31, 2023 > Loans to municipalities are primarily federally tax-exempt Consumer loans include loans to individuals for consumer purposes and typically consist of small balance loans Other loans primarily include loans to nondepository financial institutions ■ Commercial Tax-Exempt - Senior Living ➤ $44.8 million portfolio with $4.5 million average loan size ➤ Weighted average LTV of 76.7% ➤ 33.4% is rated substandard ■ Commercial Tax-Exempt - Medical ► $23.8 million portfolio with $2.2 million average loan size ► Weighted average LTV of 34.9% ➤ No loans are rated substandard Other: 47% Consumer: 5% Municipalities: 19% Commercial Tax- Exempt (Senior Living): 19% Commercial Tax- Exempt (Medical): 10%#10Loan Portfolio Overview: ACL and Asset Quality 4Q23 ACL on Loans Activity ($000) 38,863 3Q23 (476) HBT Financial Net Charge-offs (373) Changes in Specific Reserves CECL Methodology and Oversight ■ Discounted cash flow method utilized for majority of loan segments, except weighted average remaining maturity method used for consumer loans Credit loss drivers determined by regression analysis includes Company and peer loss data and macroeconomic variables, including unemployment and GDP ■ACL / Loans of 1.18% as of December 31, 2023 ■ACL Committee provides model governance and oversight ACL on Unfunded Commitments ■ACL on unfunded lending-related commitments decreased by $0.5 million to $3.8 million during the fourth quarter of 2023 9 1,128 Changes in Economic Forecast and Qualitative Factors Watch List and Nonaccrual Loans ($000) Pass-Watch Substandard Nonaccrual¹ 906 Changes in Portfolio and Other Changes As of 9/30/23 $ 90,359 $ 68,262 6,678 Change 40,048 7,847 $ (3,940) 1,142 4Q23 As of 12/31/23 98,206 64,322 7,820 1 Includes $2.6 million of loans that are wholly or partially guaranteed by the U.S. Government as of December 31, 2023.#11Wealth Management Overview Comprehensive Wealth Management Services ■ Proprietary investment management solutions ■ Financial planning ■ Trust and estate administration Wealth Management Revenue Trends ($mm) $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 HBT Financial $6.8 Over $2.3 billion of assets under management or administration as of December 31, 2023 $9.2 0.4 1.6 4.5 2019 $7.2 0.4 1.7 4.8 2020 Asset Management and Trust Services Agricultural Services - Real Estate Brokerage Total Agricultural Services ■ Farm management services: Over 76,000 acres managed as of December 31, 2023 $8.4 10 0.2 1.9 ■ Real estate brokerage including auction services ■ Farmland appraisals 5.9 2021 0.8 2.4 5.7 2022 Agricultural Services - Farm Management Investment Brokerage $9.9 0.6 2.0 6.9 2023#12Securities Portfolio Overview Securities Overview ■ Company's debt securities consist primarily of the following types of fixed income instruments: Agency guaranteed MBS: MBS pass-throughs, CMOS, and CMBS Municipal Bonds: weighted average NRSRO credit rating of Aa2/AA Treasury, Government Agency Debentures, and SBA- backed Full Faith and Credit Debt ■ Corporate Bonds: Investment Grade Corporate and Bank Subordinated Debt Investment strategy focused on maximizing returns and managing the Company's asset sensitivity with high credit quality intermediate duration investments ■ Company emphasizes predictable cash flows that limit faster prepayments when rates decline or extended durations when rates rise Net loss of $3.4 million on sale of $66.8 million of municipal securities in January 2024 with proceeds used to reduce wholesale funding. The book yield of the securities sold was 1.87% and the average life was 6.7 years. HBT Financial Financial data as of December 31, 2023, unless otherwise indicated Key Investment Portfolio Metrics ($000) Amortized Cost 11 Unrealized Gain/(Loss) Allowance for Credit Losses Fair Value Book Yield Effective Duration (Years) Agency CMBS: 32% Book Yield: 1.98% AFS HTM $ 831,624 $ 521,439 (72,163) (54,943) Agency RMBS: 21% Book Yield: 2.88% 759,461 2.16% 3.26 Portfolio Composition Corporate: 4% Book Yield: 4.47% 466,496 Amortized Cost: $1,353mm Book Yield: 2.26% 2.43 % 4.93 Total $1,353,063 (127,106) 1,225,957 U.S. Treasury: 12% Book Yield: 1.37% 2.26% 3.90 U.S. Gov't Agency: 11% Book Yield: 2.50% Municipal: 20% Book Yield: 2.02%#13Capital and Liquidity Overview CET 1 Risk-Based Capital Ratio (%) 13.06 9.27 13.37 YE20 YE21 YE22 1Q23 2Q23 3Q23 4Q23 Tangible Common Equity to Tangible Assets (%) 1 HBT Financial 13.07 8.89 1 11.79 11.78 11.88 12.12 8.06 7.45 7.54 7.64 ||||||| 8.19 Capital and Liquidity Highlights ■ Overall capital levels remain strong, all capital measures increased during 4Q23, and remain well above regulatory requirements Decreases in capital measures from YE22 to 1Q23 were primarily a result of the Town and Country acquisition If all unrealized losses on debt securities, regardless of accounting classification, were included in tangible equity, tangible common equity to tangible assets would be 7.46% Recent drop in interest rates drove a $21.3 million increase in our accumulated other comprehensive income (loss), which when coupled with strong earnings retention, resulted in tangible common equity to tangible assets increasing to 8.19% as of December 31, 2023 With the loan to deposit ratio at 77%, there is more than sufficient on-balance sheet liquidity that is also supplemented by multiple untapped liquidity sources Liquidity Sources ($000) Balance of Cash and Cash Equivalents Fair Value of Unpledged Securities Available FHLB Advance Capacity² Available Fed Fund Lines of Credit Total Estimated Sources of Liquidity YE20 YE21 YE22 1Q23 2Q23 3Q23 4Q23 Non-GAAP financial measure. See "Non-GAAP Reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.; 2 Represents FHLB advance capacity based on loans currently pledged. Additional capacity of approximately $381 million would be available by pledging additional eligible loans. 12 As of 12/31/23 $141,252 827,760 687,235 80,000 $1,736,247#14Near-Term Outlook Total loans are expected to be flat to down slightly in 1Q24, but we expect loans to grow by low to mid-single digits year-over-year during 2024 ■ Deposit outflows have largely subsided, but movement into higher cost products is expected to continue Investment portfolio is expected to average approximately $33 million of principal cash flows a quarter during 2024 with proceeds used to fund loan growth, decrease wholesale funding, or be reinvested into the securities portfolio I NIM is expected to continue to decline modestly during 1Q24, and flatten in 2Q24 to 3Q24 based on the current interest rate outlook and liquidity position ■Noninterest income during 2024 is expected to grow in low single digits from 4Q23 Noninterest expense should remain between $31 million and $32 million per quarter for 2024 Asset quality expected to remain solid, although increasing unemployment and a declining economy, if any were to occur, could cause increased provisions I Stock repurchase program will continue to be used opportunistically with $15 million available under the current plan through January 1, 2025 Current capital levels and stock valuation compared to peers support M&A if an opportunity arises HBT Financial 13#15Our History - Long track record of organic and acquisitive growth 1 1920 M.B. Drake starts bank in Central IL 1982 HBT Financial, Inc. incorporates as a multi- bank holding company owning three banks HBT Financial 1964 - 1982 George Drake purchases El Paso National Bank and assembles group of banks in rural communities in Central IL 1992 Fred Drake named President and CEO of Heartland Bank and Trust Company and leads its entry into Bloomington- Normal 1997 All five banks owned by HBT Financial, Inc. merge into Heartland Bank and Trust Company 1999 - 2008 Entry into several new markets in Central IL through de novo branches and acquisitions 14 2007 Company crosses $1bn in assets 2010-2015 Wave of FDIC- assisted and strategic acquisitions, including expansion into the Chicago MSA 2018 Acquisition¹ of Lincoln S.B. Corp (State Bank of Lincoln) 2019 Completion of IPO in October 2020 Merger of State Bank of Lincoln into Heartland Bank and Trust Company 2021 Entry into lowa with NXT Bank acquisition 2023 Completed acquisition of Town and Although the Lincoln S.B. Corp transaction is identified as an acquisition above, the transaction was accounted for as a change of reporting entity due to its common control with the Company Country Financial Corporation#16Our Markets Full-Service Branch Locations (WA nes othe Sedalla Marshall Connell dari HBT Financial Olluma COMMBEY Jefferson City Central Illinois branches Chicago MSA branches lowa branches Ca Radis Musorte Burlington Dubuque Macomb St Pate calesburg P Sedois Freeport Sterling Spri eld Source: S&P Capital IQ; Financial data as of December 31, 2023 Rockford TLLINOIS Crystal Late Hoffman THE Avale Effingham Waukegan Ejameton Kanka Chicago Tinley Park 15 Lafayette leami South Bend Kökar INGLINK Chicago MSA: 27% Chicago MSA: 41% Deposits lowa: 9% lowa: 3% Chicago MSA: 18 $4.4bn Loans $3.4bn Full-Service Branches lowa: 4 Central Illinois: 70% 67 Locations Central Illinois: 50% Central Illinois: 45#17Business Strategy Small enough to know you, big enough to serve you Preserve strong ties to our communities Drake family involved in Central IL banking since 1920 Management lives and works in our communities Community banking and relationship-based approach stems from adherence to our Midwestern values Committed to providing products and services to support the unique needs of our customer base Vast majority of loans originated to borrowers domiciled within 60 miles of a branch Deploy excess deposit funding into loan growth opportunities HBT Financial Highly defensible market position (Top 2 deposit share rank in 6 of 7 largest Central Illinois markets in which the Company operates¹) that contributes to our strong core deposit base and funding advantage Continue to deploy our excess deposit funding (77% loan-to-deposit ratio as of 4Q23) into attractive loan opportunities in larger, more diversified markets Efficient decision-making process provides a competitive advantage over the larger and more bureaucratic money center and super regional financial institutions that compete in our markets Maintain a prudent approach to credit underwriting 16 Robust underwriting standards will continue to be a hallmark of the Company Maintained sound credit quality and minimal originated problem asset levels during the Great Recession Diversified loan portfolio primarily within footprint Underwriting continues to be a strength as evidenced by NCOS / loans of (0.01)% during 2021, (0.08)% during 2022, and 0.01% during 2023; NPLs/loans of 0.11% at 2021; 0.08% at 2022, and 0.23% at 2023 Pursue strategic acquisitions and sustain strong profitability Positioned to be the acquirer of choice for many potential partners in and adjacent to our existing markets Successful integration of 10 community bank acquisitions² since 2007 Chicago MSA, in particular, has -80 banking institutions with less than $2bn in assets 1.43% ROAA³ and 3.23% NIM4 during 2021; 1.31% ROAA³ and 3.60% NIM during 2022; 1.59% ROAA³ and 4.15% NIM4 during 2023 Source: S&P Capital IQ, data as of June 30, 2023; 2 Includes merger with Lincoln S.B. Corp in 2018, although the transaction was accounted for as a change of reporting entity due to its common control with Company; ³ Metrics based on adjusted net income, which is a non-GAAP metric; for reconciliation with GAAP metrics, see "Non-GAAP reconciliations" in Appendix; 4 Metrics presented on tax- equivalent basis; for reconciliation with GAAP metric, see "Non-GAAP reconciliations" in Appendix. Highly profitable through the Great Recession#18Experienced executive management team with deep community ties Fred L. Drake Executive Chairman 40 years with Company 43 years in industry Lawrence J. Horvath Chief Lending Officer 13 years with Company 38 years in industry HBT Financial J. Lance Carter President and Chief Executive Officer 22 years with Company 30 years in industry Diane H. Lanier Chief Retail Officer 26 years with Company 38 years in industry 17 Peter Chapman Chief Financial Officer Joined HBT in Oct. 2022 30 years in industry Mark W. Scheirer Chief Credit Officer 12 years with Company 31 years in industry Andrea E. Zurkamer Chief Risk Officer 10 years with Company 23 years in industry#19● ● ● ● ● Talented Board of Directors with deep financial services industry experience Fred L. Drake Executive Chairman Director since 1984 40 years with Company 43 years in industry Dr. C. Alvin Bowman Director Director since 2019 Former President of Illinois State University 36 years in higher education HBT Financial ● ● ● J. Lance Carter Director Director since 2011 President and CEO of HBT Financial and Heartland Bank 22 years with Company 30 years in industry ● Eric E. Burwell Director Director since 2005 Owner, Burwell Management Company Invests in a variety of real estate, private equity, venture capital and liquid investments ● ● ● ● Patrick F. Busch Director Director since 1998 Vice Chairman of Heartland Bank 28 years with Company 45 years in industry Allen C. Drake Director Director since 1981 Retired EVP with 27 years of experience at Company Formerly responsible for Company's lending, administration, technology, personnel, accounting, trust and strategic planning 18 ● ● ● ● Roger A. Baker Director Director since 2022 Former Chairman and President of NXT Bancorporation Owner, Sinclair Elevator, Inc. 15 years in industry Linda J. Koch Director Director since 2020 Former President and CEO of the Illinois Bankers Association 36 years in industry ● Gerald E. Pfeiffer Director Director since 2019 Former Partner at CliftonLarsonAllen LLP with 46 years of industry experience Former CFO of Bridgeview Bancorp#20Investment Highlights HBT Financial HBT Financial 1 2 3 4 Te 19 Consistent performance through cycles drives long-term tangible book value growth Strong, granular, low-cost deposit base provides funding for loan growth opportunities Track record of successfully integrating acquisitions Prudent risk management#211) Consistent performance through cycles. . . Drivers of Profitability 1 2 3 4 Strong, granular, low-cost deposits supported by our leading market share in our Central Illinois markets HBT Financial Relationship-based business model that has allowed us to cultivate and underwrite attractively priced loans A robust credit risk management framework to prudently manage credit quality Diversified sources of fee income, including in wealth management 3.00% 2.75% 2.50% 2.25% 2.00% 1.75% 1.50% 1.25% 1.00% 0.75% 0.50% 0.25% 0.00% Pre-Tax Return on Average Assets (%) -- Company ▪O. Company Adjusted¹ - High-Performing Peer Median² han 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q23 YTD Consistent outperformance, even during periods of broad economic stress Source: S&P Capital IQ as available on January 11, 2024; For 2006 through June 30, 2012, the Company's pre-tax ROAA does not include Lincoln S.B. Corp. and its subsidiaries; Non-GAAP financial measure; HBT pre-tax ROAA adjusted to exclude the following significant non-recurring items in the following years: 2011: $25.4 million bargain purchase gains; 2012: $11.4 million bargain purchase gains, $9.7 million net realized gain on securities, and $6.7 million net positive adjustments on FDIC indemnification asset and true-up liability; 2013: $9.1 million net realized loss on securities and $6.9 million net loss related to the sale of branches; 2 Represents 35 high performing major exchange-traded banks headquartered in the Midwest with $2-10bn in assets and a 2022 core return on average assets above 1.0% 1 20#221... drives long-term tangible book value growth Tangible Book Value Per Share Over Time ($ per share)¹ 4.69 5.38 TBVPS CAGR¹: 12.0% 2007 2008 2009 2010 2007 6.10 6.91 HBT Financial 0.20 0.40 16.23 Cumulative Effect of Dividends Paid ($ per share)³ 0.60 17.27 17.80 5.01 (7.26) 5.88 7.83 10.54 Town and Country acquisition dilution in 1Q23 estimated to be $0.68 when including acquisition expenses TBVPS CAGR¹: 4.9% 11.12 2017 2018 3Q19 IPO 3Q19 2019 2020 2021 2022 2023 Dilution IPO Adjusted² 12.29 13.13 0.60 11.94 12.90 Negative AOCI reduces TBVPS by $1.81 as of 2023 1.20 1.84 2.52 ■ From 2007 to IPO, HBT generated 12.0% annual compound growth of TBVPS Since our IPO in October 2019, TBVPS growth has been more muted, primarily due to unrealized losses on AFS securities and the Town and Country acquisition in 1Q23 ■ TBVPS increased by $1.10, or 9.3%, in the fourth quarter of 2023 to $12.90 as of December 31, 2023 as a result of the recent drop in interest rates which drove a $21.3 million increase in our accumulated other comprehensive income (loss) which was coupled with strong earnings retention Through calendar year 2024, assuming published 2024 EPS consensus estimates, current dividend levels, and the estimated reversal of unrealized losses on AFS securities based on interest rates as of December 31, 2023, our goal is to grow TBVPS at a rate in- line with, or more than, its growth from 2007 to our IPO НН 2008 2009 2010 2017 2018 3Q19 2019 2020 2021 2022 2023 ¹ For reconciliation with GAAP metric, see "Non-GAAP reconciliations" in Appendix; 2 In 2019, HBT Financial issued and sold 9,429,794 shares of common stock at a price of $16 per share. Total proceeds received by the Company, net of offering costs, were $138.5 million and were used to substantially fund a $170 million special dividend to stockholders of record prior to the initial public offering. Amount reflects dilution per share attributable to newly issued shares in initial public offering and special dividend payment. For reconciliation with GAAP metric, see "Non-GAAP reconciliations"; 3 Excludes dividends paid to S Corp shareholders for estimated tax liability prior to conversion to C Corp status on October 11, 2019. Excludes $170 million special dividend funded primarily from IPO proceeds. For reconciliation with GAAP metric, see "Non-GAAP reconciliations" in Appendix. 21#232 Strong, granular, low-cost deposit base. .. Cost of Deposits (%) Remains Consistently Below Peers 4.00 3.00 2.00 0.17 1.00 0.00 0.34 2017 HBT Financial 0.21 0.60 4Q21 2018 HBT Cost of Deposits % (left axis) 0.29 1Q22 0.86 2019 HBT 2Q22 High Performing Peers¹ With a Lower Deposit Beta than Peers Since Beginning of Current Interest Rate Tightening Cycle Deposit Beta (4Q21 - 3Q23): HBT = 12.0%; High Performing Peers¹ = 31.9% 0.14 3Q22 0.48 2020 0.07 High Performing Peers Median Cost of Deposits % (left axis)¹ 22 0.20 4Q22 2021 0.07 1Q23 0.36 2022 0.45 2Q23 1.55 3Q23 YTD* Fed Funds Rate % (right axis) 3Q23 Source: S&P Capital IQ as available on January 11, 2024; ¹ Represents median of 35 high performing major exchange-traded banks headquartered in the Midwest with $2-10bn in assets and a 2022 core return on average assets above 1.0%; * Annualized Measure 6.00 4.50 3.00 1.50 0.00#242... provides funding for loan growth opportunities Leading Deposit Market Position Top 2 deposit share rank in 6 of 7 largest Central Illinois markets in which the Company operates¹ Deposit base is long tenured and granular across a variety of product types dispersed across our geography Proactive campaign to reach out to top 250 largest deposit customers has been run to solidify these relationships ■ Detailed deposit pricing guidance is available to all consumer and commercial staff to assist in pricing discussions with customers As of 12/31/23 Noninterest- bearing Interest-bearing demand Money market Savings Time Total deposits HBT Financial Deposit Base Characteristics² Average Balance ($000) Number of Accounts (000) 72 60 6 46 17 200 $15 19 140 13 38 $22 Weighted Average Age (Years) 15.6 18.8 10.6 16.8 3.4 13.7 Loan Growth Opportunities Chicago MSA Entered market in 2011 with acquisition of Western Springs National Bank In-market disruption from recent bank M&A in Chicago MSA has provided attractive source of local talent ■ Scale and diversity of Chicago MSA provides continued growth opportunities, both in lending and deposits Loan growth in Chicago MSA spread across a variety of commercial asset classes, including multifamily, mixed use, industrial, retail, and office Central Illinois Deep-rooted market presence expanded through several acquisitions since 2007 ■ Central Illinois markets have been resilient during previous economic downturns ■ Town and Country merger should enhance loan growth through access to new markets and opportunities to expand customer relationships with HBT's greater ability to meet larger borrowing needs lowa ■ Entered market in 2021 with acquisition of NXT Bancorporation, Inc. Continued opportunity to accelerate loan growth in lowa thanks to HBT's larger lending limit and ability to add to talented banking team ¹Source: S&P Capital IQ, data as of June 30, 2023; leading deposit share defined as top 3 deposit share rank; 2 Excludes overdrawn deposit accounts 23#253) Track record of successfully integrating acquisitions 2007 BankPlus Morton, IL $231mm deposits HBT Financial 2010 Bank of Illinois Normal, IL FDIC-assisted $176mm deposits 1 2012 Farmer City State Bank Farmer City, IL $70mm deposits Citizens First National Bank Princeton, IL FDIC-assisted $808mm deposits 2011 Western Springs National Bank Western Springs, IL FDIC-assisted $184mm deposits Bank of Shorewood Shorewood, IL FDIC-assisted $105mm deposits 2015 National Bancorp, Inc. (American Midwest Bank) Schaumburg, IL $447mm deposits 24 2018 Lincoln S.B. Corp (State Bank of Lincoln)¹ Lincoln, IL $357mm deposits 2023 Town and Country Financial Corporation (Town and Country Bank) Springfield, IL $720mm deposits 2021 NXT Bancorporation, Inc. (NXT Bank) Although the Lincoln Acquisition is identified as an acquisition in the above table, the transaction was accounted for as a change of reporting entity due to its common control with Company Central City, IA $182mm deposits#264) Prudent risk management Comprehensive Enterprise Risk Management Strategy and Risk Management Majority of directors are independent, with varied experiences and backgrounds Board of directors has an established Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee, and an Enterprise Risk Management (ERM) Committee ERM program embodies the "three lines of defense" model and promotes business line risk ownership Independent and robust internal audit structure, reporting directly to our Audit Committee ■ Strong compliance culture and compliance management system ■ Code of Ethics and other governance documents are available at ir.hbtfinancial.com Data Security & Privacy Robust data security program, and under our privacy policy, we do not sell or share customer information with non-affiliated entities ■ Formal company-wide business continuity plan covering all departments, as well as a cybersecurity program that includes internal and outsourced, independent testing of our systems and employees HBT Financial 25 Disciplined Credit Risk Management ■ Risk management culture instilled by management Well-diversified loan portfolio across commercial, regulatory CRE, and residential ■ Primarily originated across in-footprint borrowers ■ Centralized credit underwriting group that evaluates all exposures over $750,000 to ensure uniform application of policies and procedures Conservative credit culture, strong underwriting criteria, and regular loan portfolio monitoring Robust internal loan review process annually reviews more than 40% of loan commitments. Historical Net Charge-Offs (%) 0.07% 2019 0.04% 2020 NCOS / Loans % (0.01)% 2021 (0.08)% 2022 0.01% 2023#27Appendix HBT Financial 26#28Non-GAAP Reconciliations Adjusted Net Income and Adjusted ROAA ($000) Net income Adjustments: Acquisition expenses¹ Branch closure expenses Charges related to termination of certain employee benefit plans Gains (losses) on sale of closed branch premises Realized losses on sale of securities Mortgage servicing rights fair value adjustment Total adjustments Tax effect of adjustments Total adjustments after tax effect Adjusted net income Average assets Return on average assets Adjusted return on average assets 2020 36,845 HBT Financial (1,457) $ 1.07% 1.15 % 2021 56,271 (2,584) (4,041) 1,152 (2,889) 39,734 $ 56,840 (1,416) (748) 1,690 27 $ 3,447,500 $ 3,980,538 (474) (95) (569) 1.41 % 1.43% 2022 56,456 (1,092) 141 - 2,153 1,202 (551) 651 $ 55,805 $ 2023 1.32% 1.31 % 65,842 (13,691) 75 (1,820) (1,615) (17,051) 4,711 (12,340) 78,182 $ 4,269,873 $ 4,927,904 1.34 % 1.59% 3Q23 19,715 T (813) 23 (790) 226 (564) $ 20,279 $ 1.58 %* 1.62 %* 4Q23 18,446 (1,155) (1,155) 329 (826) 19,272 $4,964,832 $ 5,002,449 * Annualized measure; Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million subsequent to the Town and Country merger during first quarter of 2023. 1.46 %* 1.53 %*#29Non-GAAP Reconciliations (cont'd) ROATCE, Adjusted ROAE, and Adjusted ROATCE ($000) Total stockholders' equity Less: goodwill Less: core deposit intangible assets Average tangible common equity Net income Adjusted net income Return on average stockholders' equity Return on average tangible common equity Adjusted return on average stockholders' equity Adjusted return on average tangible common equity * Annualized measure HBT Financial 28 2020 $ 350,703 (23,620) (25,057) (3,436) (2,333) 323,647 $ 352,690 $ $ 36,845 39,734 10.51 % 11.38 % 2021 2022 2023 $ 380,080 $ 383,306 $ 450,928 (29,322) (1,480) $ 352,504 (57,266) (20,272) $ 373,390 11.33 % 12.28 % $ 56,271 $ 56,840 14.81 % 15.95 % 14.95 % 16.12% 56,456 $ 55,805 14.73 % 16.02 % 14.56 % 15.83 % 65,842 78,182 14.60 % 17.63 % 17.34 % 20.94 %#30Non-GAAP Reconciliations (cont'd) Net Interest Income (tax-equivalent basis) ($000) Net interest income Tax-equivalent adjustment Net interest income (tax-equivalent basis) Average interest-earnings assets Net Interest Margin (tax-equivalent basis) (%) Net interest margin Tax-equivalent adjustment Net interest margin (tax-equivalent basis) Net Interest Income (tax-equivalent basis) ($000) Net interest income Tax-equivalent adjustment Net interest income (tax-equivalent basis) Average interest-earnings assets Net Interest Margin (tax-equivalent basis) (%) Net interest margin Tax-equivalent adjustment Net interest margin (tax-equivalent basis) * Annualized measure. HBT Financial $ $ 2019 133,800 $ 2,309 136,109 $ 3,105,863 $ 2019 4.31 % 0.07 % 4.38 % 4Q22 42,183 $ 698 42,881 $ 4,079,261 $ 4Q22 4.10 %* 0.07 %* 4.17 %* 29 2020 117,605 $ 1,943 119,548 $ 3,318,764 $ 2020 3.54 % 0.06 % 3.60 % 1Q23 46,837 $ 702 47,539 $ 4,523,721 $ 1Q23 4.20 %* 0.06 %* 4.26 %* 2021 122,403 $ 2,028 124,431 $ 3,846,473 $ 2021 2Q23 3.18 % 0.05 % 3.23% 48,872 $ 715 49,587 $ 4,715,897 $ 2Q23 4.16 %* 0.06 %* 4.22 %* 2022 145,874 $ 2,499 148,373 $ 4,118,124 $ 2022 3Q23 3.54% 0.06 % 3.60 % 48,279 $ 675 48,954 $ 4,708,331 $ 3Q23 4.07 %* 0.06 %* 4.13 %* 2023 191,072 2,758 193,830 4,675,025 2023 4Q23 4.09 % 0.06 % 4.15 % 47,084 666 47,750 4,748,750 4Q23 3.93 %* 0.06 %* 3.99 %*#31Non-GAAP Reconciliations (cont'd) Efficiency Ratio (tax-equivalent basis) ($000) Total noninterest expense Less: amortization of intangible assets Noninterest expense excluding amortization of intangible assets Net interest income Total noninterest income Operating revenue Tax-equivalent adjustment Operating revenue (tax-equivalent basis) Efficiency ratio Efficiency ratio (tax-equivalent basis) HBT Financial 30 $ 2020 91,956 (1,232) 90,724 117,605 $ 122,403 34,456 152,061 1,943 154,004 $ 37,328 159,731 2,028 161,759 59.66 % 58.91 % 2021 $ 91,246 (1,054) 90,192 56.46 % 55.76 % $ $ 2022 105,107 $ (873) 104,234 145,874 34,717 180,591 2,499 183,090 $ 57.72 % 56.93 % $ 2023 130,964 (2,670) 128,294 191,072 36,046 227,118 2,758 229,876 56.49 % 55.81 %#32Non-GAAP Reconciliations (cont'd) Tangible Book Value Per Share and Cumulative Effect of Dividends (2007 to 3Q19) ($mm) 2007 2008 2009 2010 2011 2012 2013 Tangible book value per share Total equity Less: goodwill Less: core deposit intangible Tangible common equity Shares outstanding (mm) Book value per share Tangible book value per share TBVPS CAGR (%) Shares outstanding (mm) Cumulative effect of dividends per share $109 (23) (9) $77 Cumulative effect of dividends per share Cumulative regular dividends Cumulative special dividends Cumulative effect of dividends HBT Financial $-- $120 $130 $143 (23) (23) (23) (9) (7) (7) $88 $99 $113 16.47 16.47 16.28 16.30 16.33 $6.65 $7.36 $7.95 $8.73 $12.00 $14.68 $14.23 $15.92 $17.26 $18.05 $17.92 $18.88 $4.69 $5.38 $6.10 $6.91 $10.15 $12.56 $12.93 $14.72 $15.33 $16.25 $16.23 $17.27 $3 $7 $10 $197 $262 $257 $287 $311 $326 $324 (23) (23) (12) (12) (24) (24) (24) (7) (15) (11) (9) (11) (9) (7) $167 $224 $233 $265 $276 $294 $293 16.45 17.84 18.03 18.03 18.02 18.07 18.07 18.03 $13 2014 2015 2016 2017 2018 3Q19 -= $13 16.45 31 $17 $22 $26 10 10 10 $27 $32 $36 18.03 18.03 17.84 $340 $349 (24) (24) (5) (4) $321 $311 18.03 $38 $46 $33 10 20 45 $58 $91 $43 18.02 18.07 18.07 $54 52 $106 18.03 $3 $7 $10 16.28 16.30 16.33 $0.20 $0.40 $0.60 $0.79 $1.53 $1.77 $2.02 $2.36 $3.21 $5.01 $5.88 $19.36 $17.80 12.0% $62 79 $141 18.03 $7.83#33Non-GAAP Reconciliations (cont'd) IPO Adjusted Tangible Book Value Per Share ($000) Tangible common equity Total equity Less: goodwill Less: core deposit intangible Tangible common equity Net proceeds from initial public offering Use of proceeds from initial public offering (special dividend) IPO adjusted tangible common equity Shares outstanding New shares issued during initial public offering Shares outstanding, following the initial public offering Tangible book value per share Dilution per share attributable to new investors and special dividend payment IPO adjusted tangible book value per share Tangible Book Value Per Share (IPO adjusted 3Q19 to 4Q23) ($mm) Tangible book value per share Total equity Less: goodwill Less: core deposit intangible Tangible common equity Shares outstanding (mm) Book value per share Tangible book value per share Tangible book value per share CAGR (%) HBT Financial 32 IPO Adjusted 3Q19 2019 3Q19 2020 2021 2022 $348,936 (23,620) (4,366) 320,950 138,493 (169,999) $289,444 18,027,512 9,429,794 27,457,306 $17.80 (7.26) $10.54 2023 $333 $364 $412 $374 (24) (4) (24) (3) $337 (29) (29) (2) (1) $381 $343 $305 27.46 27.46 28.99 28.75 $12.12 $13.25 $14.21 $12.99 $15.44 $10.54 $11.12 $12.29 $13.13 $11.94 $12.90 4.9 % $489 (60) (21) $409 31.70#34Non-GAAP Reconciliations (cont'd) Tangible Common Equity to Tangible Assets ($000) Tangible common equity Total equity Less: goodwill Less: core deposit intangible Tangible common equity Tangible assets Total assets Less: goodwill Less: core deposit intangible Tangible assets Total stockholders' equity to total assets Tangible common equity to tangible assets HBT Financial $ 2020 2021 363,917 $ 411,881 $ $ 450,098 $ (23,620) (29,322) (1,943) 373,632 (29,322) (1,070) (59,876) (22,842) (2,798) $ 337,499 $ 380,616 $ 343,240 $ 367,380 9.93 % 9.27 % 2022 9.55 % 8.89 % 33 1Q23 $ 3,666,567 $ 4,314,254 $ 4,286,734 $ 5,013,821 $ 4,975,810 $ 4,991,768 (23,620) (2,798) (29,322) (29,322) (1,943) (1,070) $ 4,282,989 $ 4,256,342 (59,876) (59,876) (22,842) (22,122) $ 4,931,103 $ 4,893,812 (59,820) (21,402) $ 3,640,149 $ 4,910,546 8.72% 8.06 % 2Q23 8.98 % 7.45 % 3Q23 450,852 $ 456,251 (59,876) (59,820) (22,122) (21,402) $ 368,854 $ 375,029 9.06 % 7.54% 9.14% 7.64 % 4Q23 $ 489,496 (59,820) (20,682) $ 408,994 $ 5,073,170 (59,820) (20,682) $ 4,992,668 9.65 % 8.19 %#35Non-GAAP Reconciliations (cont'd) Core Deposits ($000) Total deposits Less: time deposits of $250,000 or more Less: brokered deposits Core deposits Core deposits to total deposits HBT Financial 34 2020 2021 2022 2023 $3,130,534 $3,738,185 $3,587,024 $4,401,437 (27,158) (130,183) (26,687) (144,880) $4,126,374 (59,512) (4,238) $3,103,847 $3,674,435 $3,559,866 99.15% 98.29 % 99.24 % 93.75 %#36HBT Financial, Inc.