STOCK-BASED COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense (Benefit)

The following is a summary of stock-based compensation expense (benefit):


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2025		2024		2025		2024

Restricted stock units	$	310	$	263	$	888	$	798
Performance restricted stock units	203		117		499		467
Total awards classified as equity	513		380		1,387		1,265
Stock appreciation rights	(2)		64		136		5
Total stock-based compensation expense	$	511	$	444	$	1,523	$	1,270

Schedule of the Summary of Outstanding Restricted Stock Units

The following is a summary of restricted stock unit activity:


	Three Months Ended September 30,
	2025			2024
	Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	94,947	$	22.20	108,865	$	19.71
Granted	—	—		—	—
Vested	—	—		—	—
Forfeited	—	—		(131)	19.06
Ending balance	94,947	$	22.20	108,734	$	19.71

	Nine Months Ended September 30,
	2025			2024
	Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	108,603	$	19.71	128,159	$	19.56
Granted	43,397	25.00		51,246	19.06
Vested	(56,922)	19.59		(70,540)	18.96
Forfeited	(131)	19.06		(131)	19.06
Ending balance	94,947	$	22.20	108,734	$	19.71

The following is a summary of performance restricted stock unit activity:


	Three Months Ended September 30,
	2025			2024
	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	53,625	$	22.07	70,333	$	19.59
Granted	—	—		—	—
Adjustment for performance condition	—	—		—	—
Vested	—	—		—	—
Forfeited	—	—		—	—
Ending balance	53,625	$	22.07	70,333	$	19.59

	Nine Months Ended September 30,
	2025			2024
	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	70,333	$	19.59	79,097	$	18.25
Granted	16,662	25.00		19,933	19.06
Adjustment for performance condition	11,864	18.66		14,349	15.53
Vested	(42,783)	18.66		(43,046)	15.53
Forfeited	(2,451)	16.27		—	—
Ending balance	53,625	$	22.07	70,333	$	19.59

Schedule of the Status of Stock Appreciation Rights and Changes

The following is a summary of stock appreciation rights activity:


	Three Months Ended September 30,
	2025			2024
	Stock Appreciation Rights Outstanding	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights Outstanding	Weighted Average Grant Date Assigned Value
Beginning balance	67,320	$	16.32	73,440	$	16.32
Granted	—	—		—	—
Exercised	—	—		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Ending balance	67,320	$	16.32	73,440	$	16.32

	Nine Months Ended September 30,
	2025			2024
	Stock Appreciation Rights	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights	Weighted Average Grant Date Assigned Value
Beginning balance	73,440	$	16.32	73,440	$	16.32
Granted	—	—		—	—
Exercised	(6,120)	16.32		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Ending balance	67,320	$	16.32	73,440	$	16.32

Schedule of Assumptions Used in Valuing Stock Appreciation Rights

The Company uses an option pricing model to value the stock appreciation rights, using the assumptions in the following table. Expected volatility is derived from the historical volatility of the Company’s stock price.


	September 30, 2025		December 31, 2024
Risk-free interest rate	3.69	%	4.37	%
Expected volatility	29.50	%	30.95	%
Expected life (in years)	3.9		4.7
Expected dividend yield	3.33	%	3.47	%

HBT Financial, Inc. 10-Q