Start here if you're new
what it is
HBT runs Heartland Bank, making money from loans, deposits, wealth management, and 66 branches across Illinois and eastern Iowa.
how it gets paid
Last year Hbt Financial made $256M in revenue. commercial real estate lending was the main engine at $60M, or 23% of sales.
why it's growing
Revenue grew 1.6% last year. EDGAR-backed quarterly figures showed revenue up 197% vs. prior year and EPS up 192%.
what just happened
The quarter looked absurd on paper: revenue hit $191M and EPS reached $1.84, both up roughly 190% vs. prior year.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
70/100 earnings predictability — reasonably predictable
11.9x trailing p/e — the market's not buying it — or you found a deal
3.5% dividend yield — cash in your pocket every quarter
$2.44 fy2025 eps est
xvary composite: 61/100 — average
What they do
HBT runs Heartland Bank, making money from loans, deposits, wealth management, and 66 branches across Illinois and eastern Iowa.
This is a relationship bank with scale where it counts locally: $5.1 billion in assets, 66 full-service branches, and 844 employees, according to. Community banking moat → customers keep their loans, deposits, and trust work in one place → so what: moving your money gets annoying, and HBT gets to cross-sell more products in the same towns.
How they make money
$256M
annual revenue · their business grew +1.6% last year
commercial real estate lending
$60M
commercial and owner-occupied lending
$54M
agricultural and farmland lending
$41M
residential mortgage lending
$33M
municipal consumer and other loans
$38M
wealth management and trust
$30M
The products that matter
commercial lending and business banking
Commercial Banking
$3.5B loan book
this is the earning engine. the bank ended 2025 with $3.5B in loans, and that loan book is what turns deposits into interest income.
core profit driver
consumer deposits and branch banking
Retail Banking
$4.4B deposits
deposits fund the franchise. $4.4B in customer deposits gives HBT the raw material it needs to lend without leaning too hard on outside funding.
funding base
fees, service charges, and other non-spread revenue
Non-Interest Income
$46M · 18% of revenue
this $46M stream matters because it is one of the few buffers when lending spreads tighten. here's the thing: it is still the minority of the business.
earnings buffer
Key numbers
11.9x
trailing p/e
That is the price you pay for each dollar of earnings. Plain English: you are not paying a luxury multiple for this bank.
3.5%
dividend yield
You get paid while you wait. Compared with many small banks, that cash return matters when the stock does nothing dramatic.
$106M
long-term debt
Debt is 10% of capital, per. Plain English: leverage exists, but it is not swallowing the balance sheet.
$5.1B
total assets
Scale matters in banking. HBT is much bigger than a one-town lender, but far smaller than national banks, which is the whole bet.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $106M (10% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for HBT right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter looked absurd on paper: revenue hit $191M and EPS reached $1.84, both up roughly 190% vs. prior year.
EDGAR-backed quarterly figures showed revenue up 197% vs. prior year and EPS up 192%. Against that, full-year revenue growth was just 1.6%, so you should assume acquisition noise and compare carefully.
$191M
revenue
$1.84
eps
+197%
revenue vs. last year
the number that mattered
The number that mattered was $1.84 in quarterly EPS, because it dwarfs the $0.64 HBT earned in 2024's fourth quarter and tells you the business mix changed fast.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the core risk is specific, not theoretical: HBT is trying to keep a 32.9% profit margin intact while digesting a $182M acquisition financed in part with $85M of new 5.75% debt.
med
CNB integration has to work quickly
HBT paid $182M for CNB and closed the deal on 2026-03-01. If integration costs run high or the acquired loans and deposits underperform, the current 32.9% profit margin becomes the first thing that stops looking special.
HBT paid $182M for CNB and closed the deal on 2026-03-01. If integration costs run high or the acquired loans and deposits underperform, the current 32.9% profit margin becomes the first thing that stops looking special.
med
More leverage now means less room for sloppiness later
The bank issued $85M in subordinated debt at 5.75%. That is useful capital. It is also fixed expense. If earnings stay flat, interest expense takes a larger bite out of the merger math.
The bank issued $85M in subordinated debt at 5.75%. That is useful capital. It is also fixed expense. If earnings stay flat, interest expense takes a larger bite out of the merger math.
med
This is still a spread business first
Net interest income is $210M, or 82% of revenue. That concentration is normal for a regional bank, but it leaves HBT highly exposed if loan yields weaken, funding costs rise, or both happen at once.
Net interest income is $210M, or 82% of revenue. That concentration is normal for a regional bank, but it leaves HBT highly exposed if loan yields weaken, funding costs rise, or both happen at once.
med
Small share means less cushion
HBT has less than 1% market share. That leaves room to grow, but it also means fewer scale advantages if competition heats up or the merger delivers less than expected.
HBT has less than 1% market share. That leaves room to grow, but it also means fewer scale advantages if competition heats up or the merger delivers less than expected.
Put it together and the story is simple: 11.9x earnings looks fine if the deal adds profitable scale. If margin slips and debt service rises without a clear earnings lift, the low multiple stops looking like an opportunity and starts looking like a warning.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next earnings
first full read on post-merger numbers
the next report should give you your first real look at how the 2026-03-01 CNB close is flowing through revenue, expenses, and management commentary.
profitability
whether 32.9% margin holds up
that margin is doing a lot of reputational work right now. if it rolls over, the cheap multiple stops looking cheap for the right reasons.
revenue mix
whether 82% spread exposure gets better or worse
HBT gets $210M of revenue from net interest income and $46M from non-interest income. you want to see the fee side become more useful, not less.
balance sheet
whether debt stays controlled after the deal
long-term debt already sits at $106M, and the bank added $85M of subordinated notes. you want merger support, not a habit of paying up for growth.
Analyst rankings
earnings predictability
70 / 100
Earnings are reasonably steady. in human-speak, analysts see a bank you can model — just not one you can model with your eyes closed.
risk rank
3
This sits around the middle of the pack. Translation: safer than plenty of stocks, but not the kind of balance sheet that makes you forget risk exists.
price stability
75 / 100
The stock has been relatively stable. that's useful if you want regional bank exposure without signing up for drama every week.
source: institutional data
Institutional activity
institutional ownership data for HBT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$29
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive