HBT Financial Taps Banking Veteran Michael Morton for Board Seat

BLOOMINGTON, IL – March 25, 2026 – HBT Financial, Inc. (NASDAQ: HBT), the parent company of Heartland Bank and Trust Company, today announced a significant addition to its leadership, appointing Michael J. Morton to its Board of Directors. The appointment, effective April 1, 2026, brings a nearly 40-year veteran of the Midwest banking scene into the fold as the company navigates an ambitious growth strategy amidst a complex economic environment.

Morton’s initial term will extend until the 2026 Annual Meeting of Stockholders, where he will be eligible for re-election. His extensive career includes high-level roles at major financial institutions, most recently as Vice Chair of U.S. Commercial Banking at the Bank of Montreal (BMO) from 2020 to 2023. Before that, he was the Executive Vice President and Chief Credit Officer for MB Financial, Inc. from 2014 to 2019.

Fred L. Drake, Executive Chairman of HBT Financial, lauded the appointment, highlighting its strategic importance. “We would like to welcome Mike to our Board of Directors,” Drake said in the company’s official announcement. “Mike's extensive banking background and proven leadership will be a tremendous asset, and we look forward to his guidance and contributions as we continue to grow the Heartland Bank franchise.”

A Strategic Play for Commercial Growth

Morton’s appointment is not merely a routine board shuffle; it represents a calculated move to reinforce HBT Financial's strategic priorities. The company, which has grown from its community banking roots into a regional powerhouse with $5.1 billion in assets, is actively pursuing both organic growth and expansion through acquisition. Morton's deep expertise in commercial banking and credit risk management aligns directly with these ambitions.

HBT has set clear targets for mid-single-digit annual loan growth, with a sharp focus on Commercial & Industrial (C&I) lending and owner-occupied Commercial Real Estate (CRE)—areas where Morton has spent decades building his career. His tenure as Chief Credit Officer at MB Financial is particularly relevant. In that role, he was responsible for navigating the complexities of credit risk, a skill set that is increasingly vital as regional banks face economic headwinds and heightened regulatory scrutiny.

Furthermore, HBT has its sights set on expanding its footprint in the competitive Chicago metro area. Morton, a veteran of the Chicagoland financial landscape, brings invaluable regional insights and a network of connections that could prove instrumental in developing the company’s planned de novo commercial hubs in the region. His experience at a large-scale institution like BMO also provides a high-level perspective on managing growth, integrating acquisitions, and overseeing risk across a multi-state footprint, mirroring HBT's own trajectory.

Navigating a Shifting Banking Landscape

The timing of Morton's appointment is critical. The regional banking sector is currently navigating a period of significant change, dubbed by some analysts as a "seismic shift." Increased competition from fintechs and larger national banks, coupled with a challenging interest rate environment and uncertainty in the commercial real estate market, is putting pressure on institutions like Heartland Bank.

Industry forecasts, including an S&P Global projection for a 7.5% increase in credit losses for global banks in 2026, underscore the paramount importance of prudent risk management. Bringing a seasoned credit officer onto the board is a proactive measure to fortify the bank’s defenses and ensure its underwriting standards remain robust as it pursues growth. Morton’s experience overseeing risk at BMO and MB Financial provides HBT with a strategic leader who has weathered multiple economic cycles.

Beyond traditional risks, the industry is grappling with the rapid adoption of technology. As HBT Financial continues its own digital transformation—shifting from a branch-centric model to a relationship-led digital approach—Morton’s perspective from a larger institution that has navigated these changes on a massive scale will be a valuable asset. His leadership can help guide HBT in leveraging technology like AI for underwriting while managing new, associated risks such as sophisticated digital fraud.

Enhancing Governance and Future Vision

To accommodate the appointment, HBT Financial announced it was increasing the size of the boards for both the holding company and Heartland Bank. This move signals the perceived value of Morton's specific expertise. While HBT operates as a "controlled company" under Nasdaq listing rules due to the voting control of Executive Chairman Fred L. Drake, the addition of a director with Morton's independent stature and deep industry knowledge is a strong signal to investors and the market.

This appointment enhances the board's collective expertise, particularly in the crucial areas of commercial lending and risk oversight. It demonstrates a commitment to strong governance and strategic foresight as the company, recently ranked #1 on Forbes' 2026 America's Best Banks list, continues to mature.

As HBT Financial pursues its multifaceted strategy—which includes growing its wealth management services, increasing noninterest-bearing deposits, and hitting an annual SBA origination target of $75-100 million by 2026—the guidance of a director with Morton's background will be instrumental. His appointment is a clear indicator that as Heartland Bank expands its reach and services, it is equally committed to strengthening the foundation of leadership and oversight required to sustain that growth for the long term.