Overview
- HBT reported Q3 net income of $19.8 million ($0.63) and adjusted net income of $20.5 million ($0.65), its best quarter since going public, with return on average assets of 1.56%.
- HBT’s balance sheet and credit metrics stayed strong as loans grew 6.2% annualized, deposits reached $4.35 billion, net charge-offs were 0.02%, and nonperforming assets were 0.17% of assets.
- HBT strengthened tangible capital, lifted tangible book value per share to $16.64, repurchased nearly 40,000 shares with $11.1 million remaining under its buyback, and announced a merger with CNB Bank Shares to broaden its Midwest footprint.
- Zions posted core improvements with net interest margin up 11 basis points to 3.28%, customer fees up $10 million excluding NCVA, adjusted expenses down, an efficiency ratio of 59.6%, and modest increases in average loans and deposits.
- Zions recorded a $49 million credit-loss provision and $56 million in net charge-offs, including a $50 million charge-off tied to two related C&I loans with a full reserve on $10 million remaining and legal action seeking about $60 million, resulting in EPS of $1.48 including a $0.06 NCVA drag.