Hilltop Holdings Inc. Announces Financial Results for First Quarter 2025

4/24/25 4:45:00 PM ET

Major Banks

Finance

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Hilltop Holdings Inc. (NYSE:HTH) ("Hilltop") today announced financial results for the first quarter of 2025. Hilltop produced income to common stockholders of $42.1 million, or $0.65 per diluted share, for the first quarter of 2025, compared to $27.7 million, or $0.42 per diluted share, for the first quarter of 2024. Hilltop's financial results for the first quarter, compared with the same period in 2024, primarily included a significant preliminary gain associated with the sale of operations by a merchant bank equity investment within corporate, a significant increase in the provision for credit losses and a decrease in noninterest expenses within the banking segment, net revenues decreased and noninterest expenses increased within the broker-dealer segment, and the mortgage origination segment had a slight increase in noninterest income and declines in net interest expense and noninterest expense.

Hilltop also announced that its Board of Directors declared a quarterly cash dividend of $0.18 per common share payable on May 22, 2025, to all common stockholders of record as of the close of business on May 8, 2025. Additionally, during the first quarter of 2025, Hilltop paid $33.3 million to repurchase an aggregate of 1,046,540 shares of its common stock at an average price of $31.80 per share pursuant to the 2025 stock repurchase program. These shares were returned to the pool of authorized but unissued shares of common stock.

The extent of the impact of uncertain economic conditions on our financial performance during the remainder of 2025 will depend in part on developments outside of our control, including, among others, the timing and significance of further changes in U.S. Treasury yields and mortgage interest rates, changes in funding costs, inflationary pressures, changes in the political environment, the impact of tariffs and reciprocal tariffs, and international armed conflicts and their impact on supply chains.

Jeremy B. Ford, President and CEO of Hilltop, said, "Hilltop delivered strong consolidated financial results during the first quarter, supported by a gain from our merchant banking business, despite a challenging operating environment. At PlainsCapital Bank, net interest income and net interest margin remained resilient, however the Bank's pre-tax income was negatively impacted by a $9.4 million provision for credit losses. Further, a challenging home buying environment continued to pressure PrimeLending's operating results during the seasonally slow first quarter. HilltopSecurities faced headwinds within its Fixed Income Services line of business which contributed to a pre-tax margin of 8.5% at the broker-dealer."

First Quarter 2025 Highlights for Hilltop:

The provision for credit losses was $9.3 million during the first quarter of 2025, compared to a reversal of credit losses of $5.9 million in the fourth quarter of 2024 and a reversal of credit losses of $2.9 million in the first quarter of 2024;
- The provision for credit losses during the first quarter of 2025 was primarily driven by a build in the allowance related to loan portfolio changes and specific reserves, including changes in loan mix and risk rating grade migration, partially offset by net charge-offs and changes in the U.S. economic outlook associated with collectively evaluated loans within the banking segment since the prior quarter.
Noninterest income for the first quarter of 2025 included a preliminary pre-tax gain of $30.5 million ($23.6 net of tax) associated with the sale of operations by a merchant bank equity investment;
- The preliminary gain is subject to change given customary post-closing adjustments, changes in the market value of the stock consideration included in transaction given certain restrictions, and liquidation of the investment vehicle.
For the first quarter of 2025, net gains from sale of loans and other mortgage production income and mortgage loan origination fees was $67.7 million, compared to $66.6 million in the first quarter of 2024, a 1.6% increase;
- Mortgage loan origination production volume was $1.7 billion during both the first quarter of 2025 and the first quarter of 2024;
- Net gains from mortgage loans sold to third parties, including broker fee income, increased to 232 basis points during the first quarter of 2025, compared to 226 basis points in the fourth quarter of 2024.
Hilltop's consolidated annualized return on average assets and return on average stockholders' equity for the first quarter of 2025 were 1.13% and 7.82%, respectively, compared to 0.74% and 5.23%, respectively, for the first quarter of 2024;
Hilltop's book value per common share increased to $34.29 at March 31, 2025, compared to $33.71 at December 31, 2024;
Hilltop's total assets were $15.8 billion and $16.3 billion at March 31, 2025 and December 31, 2024, respectively;
Loans¹, net of allowance for credit losses, were $7.5 billion at both March 31, 2025 and December 31, 2024, respectively;
Non-accrual loans were $81.5 million, or 0.93% of total loans, at March 31, 2025, compared to $88.1 million, or 1.00% of total loans, at December 31, 2024;
Loans held for sale decreased by 4.7% from December 31, 2024 to $818.3 million at March 31, 2025;
Total deposits were $10.8 billion and $11.1 billion at March 31, 2025 and December 31, 2024, respectively;
- Total estimated uninsured deposits were $5.6 billion, or approximately 52% of total deposits, while estimated uninsured deposits, excluding collateralized deposits of $371.5 million and internal accounts of $485.8 million, were $4.8 billion, or approximately 44% of total deposits, at March 31, 2025.
Hilltop maintained strong capital levels with a Tier 1 Leverage Ratio² of 12.86% and a Common Equity Tier 1 Capital Ratio of 21.29% at March 31, 2025;
Hilltop's consolidated net interest margin³increased to 2.84% for the first quarter of 2025, compared to 2.72% in the fourth quarter of 2024;
For the first quarter of 2025, noninterest income was $213.3 million, compared to $181.6 million in the first quarter of 2024, a 17.5% increase;
For the first quarter of 2025, noninterest expense was $251.5 million, compared to $250.0 million in the first quarter of 2024, a 0.6% increase; and
Hilltop's effective tax rate was 22.7% during the first quarter of 2025, compared to 22.5% during the same period in 2024.
- The effective tax rate for the first quarter of 2025 was higher than the applicable statutory rate primarily due to the impact of nondeductible expenses, nondeductible compensation expense and other permanent adjustments, partially offset by investments in tax-exempt instruments.

________________________________________
¹	"Loans" reflect loans held for investment excluding broker-dealer margin loans, net of allowance for credit losses, of $324.2 million and $363.7 million at March 31, 2025 and December 31, 2024, respectively.
²	Based on the end of period Tier 1 capital divided by total average assets during the quarter, excluding goodwill and intangible assets.
³	Net interest margin is defined as net interest income divided by average interest-earning assets.

Consolidated Financial and Other Information


Consolidated Balance Sheets	March 31,			December 31,			September 30,			June 30,			March 31,
(in 000's)	2025			2024			2024			2024			2024
Cash and due from banks	$	1,702,623		$	2,298,977		$	1,961,627		$	798,300		$	1,710,066
Federal funds sold		650			650			3,650			5,650			650
Assets segregated for regulatory purposes		88,451			70,963			55,628			51,046			70,717
Securities purchased under agreements to resell		99,099			88,728			81,766			111,914			91,608
Securities:
Trading, at fair value		647,158			524,916			540,836			721,384			657,700
Available for sale, at fair value, net ⁽¹⁾		1,405,170			1,396,549			1,405,700			1,433,107			1,480,555
Held to maturity, at amortized cost, net ⁽¹⁾		762,369			737,899			754,824			777,456			790,550
Equity, at fair value		286			297			287			254			315
		2,814,983			2,659,661			2,701,647			2,932,201			2,929,120
Loans held for sale		818,328			858,665			933,724			1,264,437			842,324
Loans held for investment, net of unearned income		7,966,777			7,950,551			7,979,630			8,173,520			8,062,693
Allowance for credit losses		(106,197	)		(101,116	)		(110,918	)		(115,082	)		(104,231	)
Loans held for investment, net		7,860,580			7,849,435			7,868,712			8,058,438			7,958,462

Broker-dealer and clearing organization receivables		1,450,077			1,452,366			1,220,784			1,297,175			1,473,561
Premises and equipment, net		143,957			148,245			157,803			161,746			165,557
Operating lease right-of-use assets		93,451			90,563			92,041			93,994			95,343
Mortgage servicing assets		6,903			5,723			45,742			52,902			95,591
Other assets		459,774			470,073			528,839			517,811			501,244
Goodwill		267,447			267,447			267,447			267,447			267,447
Other intangible assets, net		6,376			6,633			6,995			7,429			7,943
Total assets	$	15,812,699		$	16,268,129		$	15,926,405		$	15,620,490		$	16,209,633

Deposits:
Noninterest-bearing	$	2,859,828		$	2,768,707		$	2,831,539		$	2,845,441		$	3,028,543
Interest-bearing		7,972,138			8,296,615			7,959,908			7,528,415			7,855,553
Total deposits		10,831,966			11,065,322			10,791,447			10,373,856			10,884,096
Broker-dealer and clearing organization payables		1,446,886			1,331,902			1,110,373			1,285,226			1,436,462
Short-term borrowings		705,008			834,023			914,645			897,613			892,574
Securities sold, not yet purchased, at fair value		63,171			57,234			47,773			75,546			60,562
Notes payable		198,043			347,667			347,533			347,402			347,273
Operating lease liabilities		110,815			109,103			110,799			113,096			114,518
Other liabilities		227,988			304,566			397,976			365,140			314,718
Total liabilities		13,583,877			14,049,817			13,720,546			13,457,879			14,050,203

Common stock		642			650			650			650			653
Additional paid-in capital		1,037,138			1,052,219			1,050,497			1,047,523			1,049,831
Accumulated other comprehensive loss		(100,654	)		(111,497	)		(98,168	)		(119,171	)		(119,606	)
Retained earnings		1,262,586			1,248,593			1,224,117			1,205,467			1,201,013
Deferred compensation employee stock trust, net		—			—			—			1			115
Employee stock trust		—			—			—			(1	)		(142	)
Total Hilltop stockholders' equity		2,199,712			2,189,965			2,177,096			2,134,469			2,131,864
Noncontrolling interests		29,110			28,347			28,763			28,142			27,566
Total stockholders' equity		2,228,822			2,218,312			2,205,859			2,162,611			2,159,430
Total liabilities & stockholders' equity	$	15,812,699		$	16,268,129		$	15,926,405		$	15,620,490		$	16,209,633

________________________________________
(1)	At March 31, 2025, the amortized cost of the available for sale securities portfolio was $1,492,604, while the fair value of the held to maturity securities portfolio was $687,469.


	Three Months Ended
Consolidated Income Statements	March 31,		December 31,			September 30,			June 30,		March 31,
(in 000's, except per share data)	2025		2024			2024			2024		2024
Interest income:
Loans, including fees	$	124,692	$	131,726		$	139,821		$	138,627	$	134,331
Securities borrowed		15,809		17,492			19,426			20,306		20,561
Securities:
Taxable		24,782		29,212			26,265			25,289		26,241
Tax-exempt		2,613		2,944			2,438			2,389		2,415
Other		24,903		27,216			23,092			20,532		26,066
Total interest income		192,799		208,590			211,042			207,143		209,614

Interest expense:
Deposits		60,051		67,411			70,641			68,095		69,144
Securities loaned		14,736		16,407			18,499			18,669		19,039
Short-term borrowings		8,103		10,992			10,878			10,676		11,588
Notes payable		3,653		3,910			3,555			3,604		3,590
Other		1,139		4,386			2,426			2,449		2,632
Total interest expense		87,682		103,106			105,999			103,493		105,993

Net interest income		105,117		105,484			105,043			103,650		103,621
Provision for (reversal of) credit losses		9,338		(5,852	)		(1,270	)		10,934		(2,871	)
Net interest income after provision for (reversal of) credit losses		95,779		111,336			106,313			92,716		106,492

Noninterest income:
Net gains from sale of loans and other mortgage production income		45,281		43,553			47,816			58,455		40,197
Mortgage loan origination fees		22,451		30,111			32,119			34,398		26,438
Securities commissions and fees		33,728		35,338			30,434			29,510		30,373
Investment and securities advisory fees and commissions		36,628		37,514			42,220			32,992		30,226
Other		75,252		49,074			47,854			37,950		54,384
Total noninterest income		213,340		195,590			200,443			193,305		181,618

Noninterest expense:
Employees' compensation and benefits		176,240		173,334			177,987			169,998		165,830
Occupancy and equipment, net		19,782		25,707			22,317			21,297		21,912
Professional services		4,114		12,791			11,645			10,270		9,731
Other		51,337		50,925			52,363			54,899		52,550
Total noninterest expense		251,473		262,757			264,312			256,464		250,023

Income before income taxes		57,646		44,169			42,444			29,557		38,087
Income tax expense		13,114		6,285			9,539			6,658		8,565
Net income		44,532		37,884			32,905			22,899		29,522
Less: Net income attributable to noncontrolling interest		2,416		2,365			3,212			2,566		1,854
Income attributable to Hilltop	$	42,116	$	35,519		$	29,693		$	20,333	$	27,668

Earnings per common share:
Basic	$	0.65	$	0.55		$	0.46		$	0.31	$	0.42
Diluted	$	0.65	$	0.55		$	0.46		$	0.31	$	0.42

Cash dividends declared per common share	$	0.18	$	0.17		$	0.17		$	0.17	$	0.17

Weighted average shares outstanding:
Basic		64,613		64,935			64,928			65,085		65,200
Diluted		64,615		64,943			64,946			65,086		65,214


	Three Months Ended March 31, 2025
Segment Results						Mortgage						All Other and			Hilltop
(in 000's)	Banking		Broker-Dealer			Origination			Corporate			Eliminations			Consolidated
Net interest income (expense)	$	90,550	$	11,568		$	(1,397	)	$	(869	)	$	5,265		$	105,117
Provision for (reversal of) credit losses		9,372		(34	)		—			—			—			9,338
Noninterest income		10,810		96,937			67,775			43,379			(5,561	)		213,340
Noninterest expense		51,930		99,323			74,660			25,891			(331	)		251,473
Income (loss) before taxes	$	40,058	$	9,216		$	(8,282	)	$	16,619		$	35		$	57,646


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Selected Financial Data	2025			2024			2024			2024			2024

Hilltop Consolidated:
Return on average stockholders' equity		7.82	%		6.50	%		5.51	%		3.84	%		5.23	%
Return on average assets		1.13	%		0.92	%		0.84	%		0.59	%		0.74	%
Net interest margin ⁽¹⁾		2.84	%		2.72	%		2.84	%		2.90	%		2.85	%
Net interest margin (taxable equivalent) ⁽²⁾:
As reported		2.86	%		2.74	%		2.85	%		2.92	%		2.87	%
Impact of purchase accounting		4 bps			3 bps			2 bps			6 bps			4 bps
Book value per common share ($)		34.29			33.71			33.51			32.86			32.66
Shares outstanding, end of period (000's)		64,154			64,968			64,960			64,953			65,267
Dividend payout ratio ⁽³⁾		27.62	%		31.08	%		37.17	%		54.42	%		40.06	%

Banking Segment:
Net interest margin ⁽¹⁾		2.97	%		2.98	%		3.05	%		3.10	%		3.00	%
Net interest margin (taxable equivalent)⁽²⁾:
As reported		2.97	%		2.99	%		3.06	%		3.10	%		3.00	%
Impact of purchase accounting		3 bps			4 bps			3 bps			7 bps			5 bps
Accretion of discount on loans ($000's)		1,045			1,076			737			1,945			1,299
Net recoveries (charge-offs) ($000's)		(4,257	)		(3,950	)		(2,894	)		(83	)		(4,311	)
Return on average assets		0.96	%		1.24	%		1.14	%		0.81	%		1.20	%
Fee income ratio		10.7	%		10.7	%		10.3	%		9.1	%		11.5	%
Efficiency ratio		51.2	%		57.8	%		55.2	%		57.0	%		54.1	%
Employees' compensation and benefits ($000's)		34,102			33,313			31,920			33,352			32,389

Broker-Dealer Segment:
Net revenue ($000's) ⁽⁴⁾		108,505			126,367			124,258			104,271			116,847
Employees' compensation and benefits ($000's)		68,064			75,150			75,912			66,181			69,457
Variable compensation expense ($000's)		33,283			42,484			42,569			32,734			35,274
Compensation as a % of net revenue		62.7	%		59.5	%		61.1	%		63.5	%		59.4	%
Pre-tax margin ⁽⁵⁾		8.5	%		16.1	%		13.7	%		6.9	%		16.2	%

Mortgage Origination Segment:
Mortgage loan originations - volume ($000's):
Home purchases		1,528,560			1,909,706			2,096,009			2,205,157			1,548,941
Refinancings		213,781			343,400			211,454			174,141			127,545
Total mortgage loan originations - volume		1,742,341			2,253,106			2,307,463			2,379,298			1,676,486
Mortgage loan sales - volume ($000's)		1,744,555			2,065,356			2,569,678			1,838,841			1,749,857
Net gains from mortgage loan sales (basis points):
Loans sold to third parties		222			217			218			223			216
Broker fee income ⁽⁶⁾		10			9			6			10			5
Impact of loans retained by banking segment		(8	)		(5	)		0			(5	)		(5	)
As reported		224			221			224			228			216
Mortgage servicing rights asset ($000's) ⁽⁷⁾		6,903			5,723			45,742			52,902			95,591
Employees' compensation and benefits ($000's)		53,339			56,402			60,573			61,624			52,694
Variable compensation expense ($000's)		24,832			30,784			33,862			34,886			22,188

________________________________________
(1)	Net interest margin is defined as net interest income divided by average interest-earning assets.
(2)	Net interest margin (taxable equivalent), a non-GAAP measure, is defined as taxable equivalent net interest income divided by average interest-earning assets. Taxable equivalent adjustments are based on the applicable 21% federal income tax rate for all periods presented. The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest margins for all earning assets, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. The taxable equivalent adjustments to interest income for Hilltop (consolidated) were $0.6 million, $0.7 million, $0.6 million, $0.6 million and $0.6 million, respectively, for the periods presented and for the banking segment were $0.2 million, $0.2 million, $0.2 million, $0.1 million and $0.1 million, respectively, for the periods presented.
(3)	Dividend payout ratio is defined as cash dividends declared per common share divided by basic earnings per common share.
(4)	Net revenue is defined as the sum of total broker-dealer net interest income and total broker-dealer noninterest income.
(5)	Pre-tax margin is defined as income before income taxes divided by net revenue.
(6)	Broker fee income is earned by the mortgage origination segment for facilitating mortgage loan transactions between PrimeLending customers and third-party mortgage lenders when the requested loan products are not offered by PrimeLending.
(7)	Reported on a consolidated basis and therefore does not include mortgage servicing rights assets related to loans serviced for the banking segment, which are eliminated in consolidation.


	March 31,			December 31,			September 30,			June 30,			March 31,
Capital Ratios	2025			2024			2024			2024			2024
Tier 1 capital (to average assets):
PlainsCapital		10.22	%		9.99	%		10.34	%		11.36	%		11.00	%
Hilltop		12.86	%		12.57	%		12.95	%		12.87	%		12.49	%
Common equity Tier 1 capital (to risk-weighted assets):
PlainsCapital		15.14	%		15.35	%		14.94	%		15.58	%		15.87	%
Hilltop		21.29	%		21.23	%		20.48	%		19.45	%		19.73	%
Tier 1 capital (to risk-weighted assets):
PlainsCapital		15.14	%		15.35	%		14.94	%		15.58	%		15.87	%
Hilltop		21.29	%		21.23	%		20.48	%		19.45	%		19.73	%
Total capital (to risk-weighted assets):
PlainsCapital		16.39	%		16.54	%		16.13	%		16.77	%		17.06	%
Hilltop		24.59	%		24.40	%		23.68	%		22.57	%		22.79	%


	March 31,			December 31,			September 30,			June 30,			March 31,
Non-Performing Assets Portfolio Data	2025			2024			2024			2024			2024
Loans accounted for on a non-accrual basis ($000's):
Commercial real estate:
Non-owner occupied	$	4,241		$	7,166		$	8,042		$	6,894		$	34,661
Owner occupied		6,535			6,092			2,410			6,437			4,846
Commercial and industrial		51,987			59,025			66,929			80,755			12,165
Construction and land development		3,256			3,003			2,682			485			698
1-4 family residential		15,458			12,863			11,123			11,092			12,363
Consumer		—			—			—			1			3
Broker-dealer		—			—			—			—			—
Non-accrual loans ($000's)	$	81,477		$	88,149		$	91,186		$	105,664		$	64,736

Non-accrual loans as a % of total loans		0.93	%		1.00	%		1.02	%		1.12	%		0.73	%

Other real estate owned ($000's)		7,682			2,848			2,744			2,973			5,254

Other repossessed assets ($000's)		—			98			413			464			472

Non-performing assets ($000's)		89,159			91,095			94,343			109,101			70,462

Non-performing assets as a % of total assets		0.56	%		0.56	%		0.59	%		0.70	%		0.43	%

Loans past due 90 days or more and still accruing ($000's) ⁽¹⁾		24,145			22,090			140,763			122,451			112,799

________________________________________
(1)	Loans past due 90 days or more and still accruing were primarily comprised of loans held for sale and guaranteed by U.S. government agencies, including loans that are subject to repurchase, or have been repurchased, by PrimeLending.


	Three Months Ended March 31,
	2025							2024
	Average			Interest		Annualized		Average			Interest		Annualized
	Outstanding			Earned		Yield or		Outstanding			Earned		Yield or
Net Interest Margin (Taxable Equivalent) Details ⁽¹⁾	Balance			or Paid		Rate		Balance			or Paid		Rate
Assets
Interest-earning assets
Loans held for sale	$	709,094		$	11,438	6.45	%	$	802,098		$	11,655	5.81	%
Loans held for investment, gross ⁽²⁾		7,890,745			113,254	5.82	%		7,835,647			122,676	6.28	%
Investment securities - taxable		2,455,590			24,782	4.04	%		2,619,081			26,241	4.01	%
Investment securities - non-taxable ⁽³⁾		321,128			3,253	4.05	%		293,420			2,992	4.08	%
Federal funds sold and securities purchased under agreements to resell		100,691			1,820	7.33	%		94,108			1,631	6.95	%
Interest-bearing deposits in other financial institutions		2,037,462			21,192	4.22	%		1,458,784			19,245	5.29	%
Securities borrowed		1,390,797			15,809	4.55	%		1,442,870			20,561	5.64	%
Other		117,155			1,891	6.55	%		39,885			5,190	52.19	%
Interest-earning assets, gross ⁽³⁾		15,022,662			193,439	5.22	%		14,585,893			210,191	5.78	%
Allowance for credit losses		(100,704	)						(110,583	)
Interest-earning assets, net		14,921,958							14,475,310
Noninterest-earning assets		1,012,700							1,522,337
Total assets	$	15,934,658						$	15,997,647

Liabilities and Stockholders' Equity
Interest-bearing liabilities
Interest-bearing deposits	$	8,186,423		$	60,051	2.97	%	$	7,748,633		$	69,144	3.58	%
Securities loaned		1,381,819			14,736	4.33	%		1,401,975			19,039	5.45	%
Notes payable and other borrowings		1,065,835			12,895	4.91	%		1,327,889			17,810	5.38	%
Total interest-bearing liabilities		10,634,077			87,682	3.34	%		10,478,497			105,993	4.06	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		2,696,247							2,951,357
Other liabilities		391,617							420,355
Total liabilities		13,721,941							13,850,209
Stockholders' equity		2,184,937							2,120,494
Noncontrolling interest		27,780							26,944
Total liabilities and stockholders' equity	$	15,934,658						$	15,997,647

Net interest income ⁽³⁾				$	105,757						$	104,198
Net interest spread ⁽³⁾						1.88	%						1.72	%
Net interest margin ⁽³⁾						2.86	%						2.87	%

________________________________________
(1)	Information presented on a consolidated basis (dollars in thousands).
(2)	Average balance includes non-accrual loans.
(3)	Presented on a taxable-equivalent basis with annualized taxable equivalent adjustments based on the applicable 21% federal income tax rate for the periods presented. The adjustment to interest income was $0.6 million and $0.6 million for the three months ended March 31, 2025 and 2024, respectively.

Conference Call Information

Hilltop will host a live webcast and conference call at 8:00 AM Central (9:00 AM Eastern) on Friday, April 25, 2025. Hilltop President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr will review first quarter 2025 financial results. Interested parties can access the conference call by dialing 800-549-8228 (Toll Free North America) or (+1) 289-819-1520 (International Toll) and then using the conference ID 06045. The conference call also will be webcast simultaneously on Hilltop's Investor Relations website (http://ir.hilltop.com).

About Hilltop

Hilltop Holdings is a Dallas-based financial holding company. Its primary line of business is to provide business and consumer banking services from offices located throughout Texas through PlainsCapital Bank. PlainsCapital Bank's wholly owned subsidiary, PrimeLending, provides residential mortgage lending throughout the United States. Hilltop Holdings' broker-dealer subsidiaries, Hilltop Securities Inc. and Momentum Independent Network Inc., provide a full complement of securities brokerage, institutional and investment banking services in addition to clearing services and retail financial advisory. At March 31, 2025, Hilltop employed approximately 3,640 people and operated 316 locations in 47 states. Hilltop Holdings' common stock is listed on the New York Stock Exchange under the symbol "HTH." Find more information at Hilltop.com, PlainsCapital.com, PrimeLending.com and Hilltopsecurities.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements anticipated in such statements. Forward-looking statements speak only as of the date they are made and, except as required by law, we do not assume any duty to update forward-looking statements. Such forward-looking statements include, but are not limited to, statements concerning such things as our plans, objectives, strategies, expectations, intentions and other statements that are not statements of historical fact, and may be identified by words such as "aim," "anticipates," "believes," "building," "continue," "could," "drive," "estimates," "expects," "extent," "focus," "forecasts," "goal," "guidance," "intends," "may," "might," "outlook," "plan," "position," "probable," "progressing," "projects," "prudent," "seeks," "should," "steady," "target," "view," "will" or "would" or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: (i) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (ii) effectiveness of our data security controls in the face of cyber attacks and any legal, reputational and financial risks following a cybersecurity incident; (iii) changes in general economic, market and business conditions in areas or markets where we compete, including changes in the price of crude oil; (iv) changes in the interest rate environment; (v) risks associated with concentration in real estate related loans; (vi) the effects of indebtedness on our ability to manage our business successfully, including the restrictions imposed by the indenture governing our indebtedness; (vii) disruptions to the economy and financial services industry, risks associated with uninsured deposits and responsive measures by federal or state governments or banking regulators, including increases in the cost of our deposit insurance assessments; (viii) cost and availability of capital; (ix) changes in state and federal laws, regulations or policies affecting one or more of our business segments, including changes in policies under the new Presidential administration, changes in regulatory fees, deposit insurance premiums, capital requirements and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"); (x) changes in key management; (xi) competition in our banking, broker-dealer, and mortgage origination segments from other banks and financial institutions as well as investment banking and financial advisory firms, mortgage bankers, asset-based non-bank lenders and government agencies; (xii) legal and regulatory proceedings; (xiii) risks associated with merger and acquisition integration; and (xiv) our ability to use excess capital in an effective manner. For further discussion of such factors, see the risk factors described in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other reports that are filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250424489099/en/

Investor Relations Contact:

Matt Dunn

214-525-4636

[email protected]

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Date	Price Target	Rating	Analyst
4/2/2025		Underperform → Mkt Perform	Raymond James
12/19/2024		Mkt Perform → Underperform	Raymond James
1/5/2024		Underperform → Mkt Perform	Raymond James
7/7/2022		Mkt Perform → Underperform	Raymond James
7/26/2021	$35.00 → $34.00	Equal-Weight	Stephens & Co.
7/26/2021		Outperform → Market Perform	Raymond James

Hilltop Holdings Inc. Announces Financial Results for First Quarter 2025

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