HBT · HBT Financial, Inc.

HBT Financial, Inc. completed its acquisition of CNB Bank Shares, Inc. on March 1, 2026, pursuant to an Agreement and Plan of Merger dated October 20, 2025. The total consideration was $182.1 million, consisting of 5,498,131 shares of HBT common stock (valued at $26.96 per share based on the closing price on February 27, 2026) and $33.8 million in cash. The acquisition is accounted for under the acquisition method, with CNB's assets and liabilities adjusted to fair value. The pro forma financial information reflects the combined entity as if the merger had occurred on January 1, 2025 for the income statement and December 31, 2025 for the balance sheet. Pro forma combined total assets were $6.85 billion, and pro forma net income for 2025 was $86.7 million, with diluted EPS of $2.34. The pro forma results include $15.7 million in acquisition expenses incurred by HBT after December 31, 2025, which reduced net income by $11.5 million after tax. The acquisition is expected to expand HBT's footprint in Illinois and the St. Louis metropolitan area.