Overview
- HBT reported record Q3 net income of $19.8 million and a 1.56% return on average assets, supported by higher net interest and noninterest income.
- HBT’s adjusted net income rose to $20.5 million, its best since going public, as capital and tangible book value improved and share repurchases continued with $11.1 million remaining.
- HBT posted loans up 6.2% annualized and deposits at $4.35 billion, with net charge-offs at 0.02% and nonperforming assets at 0.17%, and it announced a merger with CNB Bank Shares to extend its Midwest footprint.
- Zions’ core metrics improved with net interest margin up 11 basis points to 3.28%, customer fees higher by $10 million, adjusted expenses lower, and the efficiency ratio at 59.6% as average loans and deposits grew modestly.
- Zions recorded a $49 million provision and $56 million in net charge-offs tied to two related C&I loans, charged off $50 million and reserved $10 million, initiated legal action to recover about $60 million, and reported EPS of $1.48 including a $0.06 negative credit valuation adjustment.