US Market News
3月前
Hilltop Holdings Inc. Announces Financial Results for First Quarter 2026April 23, 2026 4:45 PM
Business Wire
Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced financial results for the first quarter of 2026. Hilltop produced income attributable to common stockholders of $37.8 million, or $0.64 per diluted share, for the first quarter of 2026, compared to $42.1 million, or $0.65 per diluted share, for the first quarter of 2025.
Hilltop also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per common share payable on May 22, 2026 to all common stockholders of record as of the close of business on May 8, 2026. Additionally, during the first quarter of 2026, Hilltop paid $47.5 million to repurchase an aggregate of 1,238,216 shares of its common stock at an average price of $38.40 per share pursuant to the 2026 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 2026 will depend in part on developments outside of our control, including, among others, changes in the political environment, the impact of tariffs and reciprocal tariffs, the timing and significance of further changes in U.S. Treasury yields and mortgage interest rates, and a volatile economic forecast. These conditions, coupled with exposure to changes in funding costs, inflationary pressures, and international armed conflicts and their impact on supply chains within our business segments during the first quarter of 2026 have had, and are expected to continue to have, an adverse impact on our operating results during the remainder of 2026.
Jeremy B. Ford, Chairman, President and CEO of Hilltop, said, “Amid a volatile quarter, Hilltop delivered strong operating results with all three lines of business reporting improved year-over-year financial results. At PlainsCapital Bank, loan and deposit growth, combined with meaningful net interest margin expansion, generated a 1.2% return on average assets. PrimeLending further reduced its operating losses in the quarter by capitalizing on higher origination volumes and an expanded gain on sale margin. HilltopSecurities produced a 12.7% pre-tax margin on $116 million of net revenues driven by relative strength across its business lines. For the quarter, Hilltop produced a 1.0% return on average assets and returned $59 million to stockholders through dividends and share repurchases.”
First Quarter 2026 Highlights for Hilltop:
The provision for credit losses was $1.8 million during the first quarter of 2026, compared to a provision for credit losses of $7.8 million in the fourth quarter of 2025 and a provision for credit losses of $9.3 million in the first quarter of 2025;
The provision for credit losses during the first quarter of 2026 was primarily driven by a build in the allowance related to specific reserves and net charge-offs, partially offset by changes in the U.S. economic outlook associated with collectively evaluated loans and loan portfolio changes within the banking segment since the prior quarter.
For the first quarter of 2026, net gains from sale of loans and other mortgage production income and mortgage loan origination fees was $72.9 million, compared to $67.7 million in the first quarter of 2025, a 7.6% increase;
Mortgage loan origination production volume was $2.0 billion during the first quarter of 2026, compared to $1.7 billion during the first quarter of 2025;
Net gains from mortgage loans sold to third parties, including broker fee income, increased to 261 basis points during the first quarter of 2026, compared to 250 basis points in the fourth quarter of 2025.
Hilltop’s consolidated annualized return on average assets and return on average stockholders’ equity for the first quarter of 2026 were 1.02% and 7.12%, respectively, compared to 1.13% and 7.82%, respectively, for the first quarter of 2025;
Hilltop’s book value per common share increased to $36.63 at March 31, 2026, compared to $36.42 at December 31, 2025;
Hilltop’s total assets were $15.7 billion and $15.8 billion at March 31, 2026 and December 31, 2025, respectively;
Loans1, net of allowance for credit losses, were $8.0 billion and $7.9 billion at March 31, 2026 and December 31, 2025, respectively;
Non-accrual loans were $61.0 million, or 0.66% of total loans, at March 31, 2026, compared to $53.4 million, or 0.58% of total loans, at December 31, 2025;
Loans held for sale decreased by 15.0% from December 31, 2025 to $807.7 million at March 31, 2026;
Total deposits2 were $10.5 billion and $10.9 billion at March 31, 2026 and December 31, 2025, respectively;
Hilltop maintained strong capital levels with a Tier 1 Leverage Ratio3 of 12.82% and a Common Equity Tier 1 Capital Ratio of 19.08% at March 31, 2026;
Hilltop’s consolidated net interest margin4 increased to 3.13% for the first quarter of 2026, compared to 3.02% in the fourth quarter of 2025;
For the first quarter of 2026, noninterest income was $188.4 million, compared to $213.3 million in the first quarter of 2025, a 11.7% decrease;
For the first quarter of 2026, noninterest expense was $248.3 million, compared to $251.5 million in the first quarter of 2025, a 1.3% decrease; and
Hilltop’s effective tax rate was 22.6% during the first quarter of 2026, compared to 22.7% during the same period in 2025.
The effective tax rate for the first quarter of 2026 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 $361.0 million and $344.5 million at March 31, 2026 and December 31, 2025, respectively.
2
Total deposits at March 31, 2026 included estimated uninsured deposits of $5.9 billion, or approximately 56% of total deposits, while estimated uninsured deposits, excluding collateralized deposits of $640.8 million and internal accounts of $448.2 million, were $4.8 billion, or approximately 46% of total deposits.
3
Based on the end of period Tier 1 capital divided by total average assets during the quarter, excluding goodwill and intangible assets.
4
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)
2026
2025
2025
2025
2025
Cash and due from banks
$
874,194
$
1,231,944
$
1,277,283
$
982,488
$
1,702,623
Federal funds sold
650
650
650
650
650
Assets segregated for regulatory purposes
17,673
20,211
5,050
47,158
88,451
Securities purchased under agreements to resell
133,088
55,977
78,909
93,878
99,099
Securities:
Trading, at fair value
698,106
617,408
574,434
675,757
647,158
Available for sale, at fair value, net (1)
1,469,670
1,491,048
1,443,612
1,408,347
1,405,170
Held to maturity, at amortized cost, net (1)
759,628
728,329
755,012
771,641
762,369
Equity, at fair value
238
265
248
4,996
286
2,927,642
2,837,050
2,773,306
2,860,741
2,814,983
Loans held for sale
807,745
950,142
849,357
979,875
818,328
Loans held for investment, net of unearned income
8,433,673
8,311,952
8,227,194
8,061,204
7,966,777
Allowance for credit losses
(88,997
)
(91,537
)
(95,168
)
(97,961
)
(106,197
)
Loans held for investment, net
8,344,676
8,220,415
8,132,026
7,963,243
7,860,580
Broker-dealer and clearing organization receivables
1,625,156
1,588,882
1,519,005
1,469,628
1,450,077
Premises and equipment, net
135,551
132,820
136,830
139,179
143,957
Operating lease right-of-use assets
89,845
83,757
87,464
88,050
93,451
Mortgage servicing assets
20,045
17,491
12,273
7,887
6,903
Other assets
452,779
432,603
459,588
455,930
459,774
Goodwill
267,447
267,447
267,447
267,447
267,447
Other intangible assets, net
5,365
5,605
5,862
6,119
6,376
Total assets
$
15,701,856
$
15,844,994
$
15,605,050
$
15,362,273
$
15,812,699
Deposits:
Noninterest-bearing
$
2,830,008
$
2,831,919
$
2,766,155
$
2,790,958
$
2,859,828
Interest-bearing
7,701,541
8,046,161
7,909,316
7,600,599
7,972,138
Total deposits
10,531,549
10,878,080
10,675,471
10,391,557
10,831,966
Broker-dealer and clearing organization payables
1,481,998
1,518,503
1,445,280
1,461,683
1,446,886
Short-term borrowings
990,807
676,882
680,979
734,508
705,008
Securities sold, not yet purchased, at fair value
63,346
37,955
65,119
59,766
63,171
Notes payable
148,645
148,587
148,530
148,475
198,043
Operating lease liabilities
106,166
100,155
104,134
104,972
110,815
Other liabilities
205,621
287,226
269,297
234,467
227,988
Total liabilities
13,528,132
13,647,388
13,388,810
13,135,428
13,583,877
Common stock
585
595
613
630
642
Additional paid-in capital
953,176
973,072
998,644
1,022,474
1,037,138
Accumulated other comprehensive loss
(82,348
)
(79,877
)
(87,254
)
(94,748
)
(100,654
)
Retained earnings
1,272,618
1,274,611
1,276,539
1,270,286
1,262,586
Total Hilltop stockholders' equity
2,144,031
2,168,401
2,188,542
2,198,642
2,199,712
Noncontrolling interests
29,693
29,205
27,698
28,203
29,110
Total stockholders' equity
2,173,724
2,197,606
2,216,240
2,226,845
2,228,822
Total liabilities & stockholders' equity
$
15,701,856
$
15,844,994
$
15,605,050
$
15,362,273
$
15,812,699
______________________________
(1)
At March 31, 2026, the amortized cost of the available for sale securities portfolio was $1,537,980, while the fair value of the held to maturity securities portfolio was $702,496.
Three Months Ended
Consolidated Income Statements
March 31,
December 31,
September 30,
June 30,
March 31,
(in 000's, except per share data)
2026
2025
2025
2025
2025
Interest income:
Loans, including fees
$
130,086
$
133,546
$
135,773
$
131,793
$
124,692
Securities borrowed
14,203
17,753
21,175
20,544
15,809
Securities:
Taxable
26,919
25,088
25,452
25,811
24,782
Tax-exempt
3,021
3,509
3,512
3,087
2,613
Other
10,061
13,913
14,349
15,946
24,903
Total interest income
184,290
193,809
200,261
197,181
192,799
Interest expense:
Deposits
48,325
54,167
57,001
57,056
60,051
Securities loaned
12,842
16,020
19,430
17,662
14,736
Short-term borrowings
7,587
7,637
7,867
7,694
8,103
Notes payable
2,355
2,317
2,404
3,106
3,653
Other
1,084
1,141
1,171
989
1,139
Total interest expense
72,193
81,282
87,873
86,507
87,682
Net interest income
112,097
112,527
112,388
110,674
105,117
Provision for (reversal of) credit losses
1,765
7,824
(2,511
)
(7,340
)
9,338
Net interest income after provision for (reversal of) credit losses
110,332
104,703
114,899
118,014
95,779
Noninterest income (1):
Net gains from sale of loans and other mortgage production income
50,972
49,580
51,730
51,945
45,281
Mortgage loan origination fees
21,910
26,602
24,850
28,738
22,451
Principal transactions, commissions and fees
66,534
76,033
74,066
47,856
55,313
Investment banking, advisory and administrative fees
36,920
47,627
53,349
43,730
36,628
Other
12,079
17,518
13,812
20,365
53,667
Total noninterest income
188,415
217,360
217,807
192,634
213,340
Noninterest expense:
Employees' compensation and benefits
168,962
187,960
190,027
176,410
176,240
Occupancy and equipment, net
19,829
20,818
19,930
21,064
19,782
Professional services
11,245
12,386
12,681
10,820
4,114
Other
48,267
47,757
49,265
52,882
51,337
Total noninterest expense
248,303
268,921
271,903
261,176
251,473
Income before income taxes
50,444
53,142
60,803
49,472
57,646
Income tax expense
11,425
10,218
14,129
11,583
13,114
Net income
39,019
42,924
46,674
37,889
44,532
Less: Net income attributable to noncontrolling interest
1,183
1,340
856
1,816
2,416
Income attributable to Hilltop
$
37,836
$
41,584
$
45,818
$
36,073
$
42,116
Earnings per common share:
Basic
$
0.64
$
0.69
$
0.74
$
0.57
$
0.65
Diluted
$
0.64
$
0.69
$
0.74
$
0.57
$
0.65
Cash dividends declared per common share
$
0.20
$
0.18
$
0.18
$
0.18
$
0.18
Weighted average shares outstanding:
Basic
59,124
60,457
62,146
63,637
64,613
Diluted
59,207
60,498
62,168
63,638
64,615
______________________________
(1)
During the three months ended December 31, 2025, certain financial statement line items within the noninterest income section of the consolidated income statement were reclassified to better align disclosures to business activities. These reclassifications were applied retrospectively to all prior periods presented. Total noninterest income did not change as a result of these reclassifications.
Three Months Ended March 31, 2026
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
98,724
$
11,892
$
(927
)
$
1,429
$
979
$
112,097
Provision for (reversal of) credit losses
1,759
6
—
—
—
1,765
Noninterest income
11,081
104,175
72,969
1,429
(1,239
)
188,415
Noninterest expense
60,984
101,285
74,401
11,893
(260
)
248,303
Income (loss) before taxes
$
47,062
$
14,776
$
(2,359
)
$
(9,035
)
$
—
$
50,444
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
March 31,
December 31,
September 30,
June 30,
March 31,
Capital Ratios
2026
2025
2025
2025
2025
Tier 1 capital (to average assets):
PlainsCapital
9.54
%
10.60
%
10.74
%
10.71
%
10.22
%
Hilltop
12.82
%
12.78
%
13.13
%
13.11
%
12.86
%
Common equity Tier 1 capital (to risk-weighted assets):
PlainsCapital
12.71
%
14.49
%
14.81
%
15.08
%
15.06
%
Hilltop
19.08
%
19.70
%
20.33
%
20.74
%
21.17
%
Tier 1 capital (to risk-weighted assets):
PlainsCapital
12.71
%
14.49
%
14.81
%
15.08
%
15.06
%
Hilltop
19.08
%
19.70
%
20.33
%
20.74
%
21.17
%
Total capital (to risk-weighted assets):
PlainsCapital
13.77
%
15.60
%
15.96
%
16.29
%
16.31
%
Hilltop
21.50
%
22.20
%
22.90
%
23.38
%
24.45
%
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
Selected Financial Data
2026
2025
2025
2025
2025
Hilltop Consolidated:
Return on average stockholders' equity
7.12
%
7.60
%
8.35
%
6.62
%
7.82
%
Return on average assets
1.02
%
1.09
%
1.20
%
0.98
%
1.13
%
Net interest margin (1)
3.13
%
3.02
%
3.06
%
3.01
%
2.84
%
Net interest margin (taxable equivalent) (2):
As reported
3.15
%
3.04
%
3.09
%
3.04
%
2.86
%
Impact of purchase accounting
4 bps
3 bps
2 bps
2 bps
4 bps
Book value per common share ($)
36.63
36.42
35.69
34.90
34.29
Shares outstanding, end of period (000's)
58,530
59,540
61,326
63,001
64,154
Dividend payout ratio (3)
31.25
%
26.17
%
24.41
%
31.75
%
27.62
%
Banking Segment:
Net interest margin (1)
3.38
%
3.29
%
3.23
%
3.16
%
2.97
%
Net interest margin (taxable equivalent) (2):
As reported
3.39
%
3.29
%
3.23
%
3.17
%
2.97
%
Impact of purchase accounting
5 bps
4 bps
2 bps
3 bps
3 bps
Accretion of discount on loans ($000's)
1,260
961
572
588
1,045
Net recoveries (charge-offs) ($000's)
(4,305
)
(11,455
)
(282
)
(896
)
(4,257
)
Return on average assets
1.17
%
1.05
%
1.34
%
1.35
%
0.96
%
Fee income ratio
10.1
%
11.0
%
10.2
%
11.1
%
10.7
%
Efficiency ratio
55.5
%
54.1
%
51.7
%
55.4
%
51.2
%
Employees' compensation and benefits ($000's)
35,744
33,241
31,925
32,146
34,102
Broker-Dealer Segment:
Net revenue ($000's) (4)
116,067
138,374
144,494
109,653
108,505
Employees' compensation and benefits ($000's)
71,272
83,361
86,997
73,493
68,064
Variable compensation expense ($000's)
36,469
49,635
50,756
36,172
33,283
Compensation as a % of net revenue
61.4
%
60.2
%
60.2
%
67.0
%
62.7
%
Pre-tax margin (5)
12.7
%
18.4
%
18.3
%
5.8
%
8.5
%
Mortgage Origination Segment:
Mortgage loan originations - volume ($000's):
Home purchases
1,428,157
1,918,395
2,027,568
2,168,690
1,528,560
Refinancings
600,569
511,960
269,136
263,829
213,781
Total mortgage loan originations - volume
2,028,726
2,430,355
2,296,704
2,432,519
1,742,341
Mortgage loan sales - volume ($000's)
2,021,018
2,180,088
2,220,126
2,135,291
1,744,555
Net gains from mortgage loan sales (basis points):
Loans sold to third parties (6)
248
236
226
223
222
Broker fee income (7)
13
14
13
10
10
Impact of loans retained by banking segment
(7
)
(4
)
(5
)
(5
)
(8
)
As reported
254
246
234
228
224
Mortgage servicing rights asset ($000's) (8)
20,045
17,491
12,273
7,887
6,903
Employees' compensation and benefits ($000's)
55,087
59,657
60,036
62,214
53,339
Variable compensation expense ($000's)
28,723
34,275
32,665
34,975
24,832
______________________________
(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 $0.8 million, $0.8 million, $1.0 million, $0.8 million and $0.6 million, respectively, for the periods presented and for the banking segment were $0.2 million, $0.1 million, $0.3 million, $0.1 million and $0.2 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)
Net gains from mortgage loans sold to third parties reflects provisions for anticipated indemnification claims and penalties for early payoff of loans which had the effect of lowering such net gains from mortgage loans sold to third parties by 7, 8, 9, 7 and 17 basis points, respectively, for the periods presented.
(7)
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.
(8)
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,
Non-Performing Assets Portfolio Data
2026
2025
2025
2025
2025
Loans accounted for on a non-accrual basis ($000's):
Commercial real estate:
Non-owner occupied
$
15,288
$
3,873
$
3,969
$
4,107
$
4,241
Owner occupied
10,218
5,617
7,119
6,429
6,535
Commercial and industrial
22,237
28,581
41,457
40,990
51,987
Construction and land development
844
1,010
1,007
3,667
3,256
1-4 family residential
12,419
14,367
14,701
17,550
15,458
Consumer
—
—
—
—
—
Broker-dealer
—
—
—
—
—
Non-accrual loans ($000's)
$
61,006
$
53,448
$
68,253
$
72,743
$
81,477
Non-accrual loans as a % of total loans
0.66
%
0.58
%
0.75
%
0.80
%
0.93
%
Other real estate owned ($000's)
8,473
8,020
8,289
9,144
7,682
Other repossessed assets ($000's)
—
—
—
—
—
Non-performing assets ($000's)
69,479
61,468
76,542
81,887
89,159
Non-performing assets as a % of total assets
0.44
%
0.39
%
0.49
%
0.53
%
0.56
%
Loans past due 90 days or more and still accruing ($000's) (1)
40,155
33,811
28,388
28,378
24,145
______________________________
(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,
2026
2025
Average
Interest
Annualized
Average
Interest
Annualized
Net Interest Margin
Outstanding
Earned
Yield or
Outstanding
Earned
Yield or
(Taxable Equivalent) Details (1)
Balance
or Paid
Rate
Balance
or Paid
Rate
Assets
Interest-earning assets
Loans held for sale
$
845,782
$
12,353
5.84
%
$
709,094
$
11,438
6.45
%
Loans held for investment, gross (2)
8,297,552
117,733
5.75
%
7,890,745
113,254
5.82
%
Investment securities - taxable
2,529,893
26,919
4.26
%
2,455,590
24,782
4.04
%
Investment securities - non-taxable (3)
356,410
3,797
4.26
%
321,128
3,253
4.05
%
Federal funds sold and securities purchased under agreements to resell
87,371
963
4.47
%
100,691
1,820
7.33
%
Interest-bearing deposits in other financial institutions
857,761
7,541
3.57
%
2,037,462
21,192
4.22
%
Securities borrowed
1,435,543
14,203
3.96
%
1,390,797
15,809
4.55
%
Other
119,239
1,557
5.30
%
117,155
1,891
6.55
%
Interest-earning assets, gross (3)
14,529,551
185,066
5.17
%
15,022,662
193,439
5.22
%
Allowance for credit losses
(91,822
)
(100,704
)
Interest-earning assets, net
14,437,729
14,921,958
Noninterest-earning assets
1,003,519
1,012,700
Total assets
$
15,441,248
$
15,934,658
Liabilities and Stockholders' Equity
Interest-bearing liabilities
Interest-bearing deposits
$
7,881,301
$
48,325
2.49
%
$
8,186,423
$
60,051
2.97
%
Securities loaned
1,420,058
12,842
3.67
%
1,381,819
14,736
4.33
%
Notes payable and other borrowings
959,120
11,026
4.66
%
1,065,835
12,895
4.91
%
Total interest-bearing liabilities
10,260,479
72,193
2.85
%
10,634,077
87,682
3.34
%
Noninterest-bearing liabilities
Noninterest-bearing deposits
2,728,216
2,696,247
Other liabilities
267,998
391,617
Total liabilities
13,256,693
13,721,941
Stockholders’ equity
2,155,173
2,184,937
Noncontrolling interest
29,382
27,780
Total liabilities and stockholders' equity
$
15,441,248
$
15,934,658
Net interest income (3)
$
112,873
$
105,757
Net interest spread (3)
2.32
%
1.88
%
Net interest margin (3)
3.15
%
2.86
%
______________________________
(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 $0.8 million and $0.6 million for the three months ended March 31, 2026 and 2025, 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 24, 2026. Hilltop Chairman, President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr will review first quarter 2026 financial results. Interested parties can access the conference call by dialing 800-715-9871 (Toll Free North America) or (+1) 646-307-1963 (International Toll) and then using the conference ID 4151629. 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, 2026, Hilltop employed approximately 3,520 people and operated 303 locations in 47 states. Hilltop Holdings’ common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol “HTH.” Find more information at Hilltop.com, PlainsCapital.com, PrimeLending.com and Hilltopsecurities.com.
FORWARD-LOOKING STATEMENTS
This press release includes “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 or implied 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 outlook, 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,” “working” 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; and (xiii) 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/20260423497270/en/
Investor Relations Contact:
Matt Dunn
214-525-4636
mdunn@hilltop.com
Original: Hilltop Holdings Inc. Announces Financial Results for First Quarter 2026
US Market News
5月前
Hilltop Holdings Inc. Announces Financial Results for Fourth Quarter and Full Year 2025January 29, 2026 4:45 PM
Business Wire
Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced financial results for the fourth quarter and full year 2025. Hilltop produced income attributable to common stockholders of $41.6 million, or $0.69 per diluted share, for the fourth quarter of 2025, compared to $35.5 million, or $0.55 per diluted share, for the fourth quarter of 2024. Income attributable to common stockholders for the full year 2025 was $165.6 million, or $2.64 per diluted share, compared to $113.2 million, or $1.74 per diluted share, for the full year 2024.
Hilltop also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per common share, an 11% increase from the prior quarter, payable on February 27, 2026 to all common stockholders of record as of the close of business on February 13, 2026. Additionally, the Hilltop Board of Directors authorized a new stock repurchase program through January 2027, under which Hilltop may repurchase, in the aggregate, up to $125.0 million of its outstanding common stock. During the fourth quarter of 2025, Hilltop paid $60.8 million to repurchase an aggregate of 1,799,995 shares of its common stock at an average price of $33.77 per share. During 2025, Hilltop paid $184.0 million to repurchase an aggregate of 5,705,205 shares of its common stock at an average price of $32.26 per share pursuant to the 2025 stock repurchase program. These repurchased 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 2026 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, Chairman, President and CEO of Hilltop, said, “2025 was a strong year for Hilltop from a financial, operational and capital management perspective. Within each line of business, and on a consolidated basis, pre-tax results improved versus the prior year. Further, Hilltop was able to execute successfully on a number of key initiatives across the company, while returning $231 million to stockholders via dividends and share repurchases.
“During 2025, PlainsCapital Bank produced healthy core loan and deposit growth while delivering a 1.17% return on average assets. PrimeLending, in the face of a continued challenging home-buying market, reduced pre-tax losses by 48% as the company made further operational efficiency improvements. HilltopSecurities capitalized on a strong year from its Structured Finance, Wealth Management and Public Finance business lines to deliver $501 million in net revenue with a pre-tax margin of 13.5%. As we move into 2026, we remain focused on delivering sound results while prudently managing capital.”
Fourth Quarter 2025 Highlights for Hilltop:
The provision for credit losses was $7.8 million during the fourth quarter of 2025, compared to a reversal of credit losses of $2.5 million in the third quarter of 2025 and a reversal of credit losses of $5.9 million in the fourth quarter of 2024;
The provision for credit losses during the fourth quarter of 2025 was primarily driven by a build in the allowance related to specific reserves and higher net charge-offs, changes in the U.S. economic outlook associated with collectively evaluated loans within the banking segment since the prior quarter.
For the fourth quarter of 2025, net gains from sale of loans and other mortgage production income and mortgage loan origination fees was $76.2 million, compared to $73.7 million in the fourth quarter of 2024, a 3.4% increase;
Mortgage loan origination production volume was $2.4 billion during the fourth quarter of 2025, compared to $2.3 billion during the fourth quarter of 2024;
Net gains from mortgage loans sold to third parties, including broker fee income, increased to 250 basis points during the fourth quarter of 2025, compared to 239 basis points in the third quarter of 2025.
Hilltop’s consolidated annualized return on average assets and return on average stockholders’ equity for the fourth quarter of 2025 were 1.09% and 7.60%, respectively, compared to 0.92% and 6.50%, respectively, for the fourth quarter of 2024;
Hilltop’s book value per common share increased to $36.42 at December 31, 2025, compared to $35.69 at September 30, 2025;
Hilltop’s total assets were $15.8 billion and $15.6 billion at December 31, 2025 and September 30, 2025, respectively;
Loans1, net of allowance for credit losses, were $7.9 billion and $7.8 billion at December 31, 2025 and September 30, 2025, respectively;
Non-accrual loans were $53.4 million, or 0.58% of total loans, at December 31, 2025, compared to $68.3 million, or 0.75% of total loans, at September 30, 2025;
Loans held for sale increased by 11.9% from September 30, 2025 to $950.1 million at December 31, 2025;
Total deposits2 were $10.9 billion and $10.7 billion at December 31, 2025 and September 30, 2025, respectively;
Hilltop maintained strong capital levels with a Tier 1 Leverage Ratio3 of 12.78% and a Common Equity Tier 1 Capital Ratio of 19.70% at December 31, 2025;
Hilltop’s consolidated net interest margin4 decreased to 3.02% for the fourth quarter of 2025, compared to 3.06% in the third quarter of 2025;
For the fourth quarter of 2025, noninterest income was $217.4 million, compared to $195.6 million in the fourth quarter of 2024, an 11.1% increase;
For the fourth quarter of 2025, noninterest expense was $268.9 million, compared to $262.8 million in the fourth quarter of 2024, a 2.3% increase; and
Hilltop’s effective tax rate was 19.2% during the fourth quarter of 2025, compared to 14.2% during the same period in 2024.
The effective tax rate for the fourth quarter of 2025 was lower than the applicable statutory rate primarily due to the impact of investments in tax-exempt instruments, state refund claims and return to provision activity, partially offset by nondeductible expenses, nondeductible compensation expense and other permanent adjustments.
________________________________________
1
“Loans” reflect loans held for investment excluding broker-dealer margin loans, net of allowance for credit losses, of $344.5 million and $325.3 million at December 31, 2025 and September 30, 2025, respectively.
2
Total deposits at December 31, 2025 included estimated uninsured deposits of $5.9 billion, or approximately 54% of total deposits, while estimated uninsured deposits, excluding collateralized deposits of $693.9 million and internal accounts of $302.8 million, were $4.9 billion, or approximately 45% of total deposits.
3
Based on the end of period Tier 1 capital divided by total average assets during the quarter, excluding goodwill and intangible assets.
4
Net interest margin is defined as net interest income divided by average interest-earning assets.
Consolidated Financial and Other Information
Consolidated Balance Sheets
December 31,
September 30,
June 30,
March 31,
December 31,
(in 000's)
2025
2025
2025
2025
2024
Cash and due from banks
$
1,231,944
$
1,277,283
$
982,488
$
1,702,623
$
2,298,977
Federal funds sold
650
650
650
650
650
Assets segregated for regulatory purposes
20,211
5,050
47,158
88,451
70,963
Securities purchased under agreements to resell
55,977
78,909
93,878
99,099
88,728
Securities:
Trading, at fair value
617,408
574,434
675,757
647,158
524,916
Available for sale, at fair value, net (1)
1,491,048
1,443,612
1,408,347
1,405,170
1,396,549
Held to maturity, at amortized cost, net (1)
728,329
755,012
771,641
762,369
737,899
Equity, at fair value
265
248
4,996
286
297
2,837,050
2,773,306
2,860,741
2,814,983
2,659,661
Loans held for sale
950,142
849,357
979,875
818,328
858,665
Loans held for investment, net of unearned income
8,311,952
8,227,194
8,061,204
7,966,777
7,950,551
Allowance for credit losses
(91,537
)
(95,168
)
(97,961
)
(106,197
)
(101,116
)
Loans held for investment, net
8,220,415
8,132,026
7,963,243
7,860,580
7,849,435
Broker-dealer and clearing organization receivables
1,588,882
1,519,005
1,469,628
1,450,077
1,452,366
Premises and equipment, net
132,820
136,830
139,179
143,957
148,245
Operating lease right-of-use assets
83,757
87,464
88,050
93,451
90,563
Mortgage servicing assets
17,491
12,273
7,887
6,903
5,723
Other assets
432,603
459,588
455,930
459,774
470,073
Goodwill
267,447
267,447
267,447
267,447
267,447
Other intangible assets, net
5,605
5,862
6,119
6,376
6,633
Total assets
$
15,844,994
$
15,605,050
$
15,362,273
$
15,812,699
$
16,268,129
Deposits:
Noninterest-bearing
$
2,831,919
$
2,766,155
$
2,790,958
$
2,859,828
$
2,768,707
Interest-bearing
8,046,161
7,909,316
7,600,599
7,972,138
8,296,615
Total deposits
10,878,080
10,675,471
10,391,557
10,831,966
11,065,322
Broker-dealer and clearing organization payables
1,518,503
1,445,280
1,461,683
1,446,886
1,331,902
Short-term borrowings
676,882
680,979
734,508
705,008
834,023
Securities sold, not yet purchased, at fair value
37,955
65,119
59,766
63,171
57,234
Notes payable
148,587
148,530
148,475
198,043
347,667
Operating lease liabilities
100,155
104,134
104,972
110,815
109,103
Other liabilities
287,226
269,297
234,467
227,988
304,566
Total liabilities
13,647,388
13,388,810
13,135,428
13,583,877
14,049,817
Common stock
595
613
630
642
650
Additional paid-in capital
973,072
998,644
1,022,474
1,037,138
1,052,219
Accumulated other comprehensive loss
(79,877
)
(87,254
)
(94,748
)
(100,654
)
(111,497
)
Retained earnings
1,274,611
1,276,539
1,270,286
1,262,586
1,248,593
Total Hilltop stockholders' equity
2,168,401
2,188,542
2,198,642
2,199,712
2,189,965
Noncontrolling interests
29,205
27,698
28,203
29,110
28,347
Total stockholders' equity
2,197,606
2,216,240
2,226,845
2,228,822
2,218,312
Total liabilities & stockholders' equity
$
15,844,994
$
15,605,050
$
15,362,273
$
15,812,699
$
16,268,129
________________________________________
(1)
At December 31, 2025, the amortized cost of the available for sale securities portfolio was $1,554,096, while the fair value of the held to maturity securities portfolio was $674,890.
Three Months Ended
Year Ended
Consolidated Income Statements
December 31,
September 30,
December 31,
December 31,
December 31,
(in 000's, except per share data)
2025
2025
2024
2025
2024
Interest income:
Loans, including fees
$
133,546
$
135,773
$
131,726
$
525,804
$
544,505
Securities borrowed
17,753
21,175
17,492
75,281
77,785
Securities:
Taxable
25,088
25,452
29,212
101,133
107,007
Tax-exempt
3,509
3,512
2,944
12,721
10,186
Other
13,913
14,349
27,216
69,111
96,906
Total interest income
193,809
200,261
208,590
784,050
836,389
Interest expense:
Deposits
54,167
57,001
67,411
228,275
275,291
Securities loaned
16,020
19,430
16,407
67,848
72,614
Short-term borrowings
7,637
7,867
10,992
31,301
44,134
Notes payable
2,317
2,404
3,910
11,480
14,659
Other
1,141
1,171
4,386
4,440
11,893
Total interest expense
81,282
87,873
103,106
343,344
418,591
Net interest income
112,527
112,388
105,484
440,706
417,798
Provision for (reversal of) credit losses
7,824
(2,511
)
(5,852
)
7,311
941
Net interest income after provision for (reversal of) credit losses
104,703
114,899
111,336
433,395
416,857
Noninterest income (1):
Net gains from sale of loans and other mortgage production income
49,580
51,730
43,553
198,536
190,021
Mortgage loan origination fees
26,602
24,850
30,111
102,641
123,066
Principal transactions, commissions and fees
76,033
74,066
71,441
253,269
250,579
Investment banking, advisory and administrative fees
47,627
53,349
37,514
181,334
142,952
Other
17,518
13,812
12,971
105,361
64,338
Total noninterest income
217,360
217,807
195,590
841,141
770,956
Noninterest expense:
Employees' compensation and benefits
187,960
190,027
173,334
730,637
687,149
Occupancy and equipment, net
20,818
19,930
25,707
81,594
91,233
Professional services
12,386
12,681
12,791
40,001
44,437
Other
47,757
49,265
50,925
201,241
210,737
Total noninterest expense
268,921
271,903
262,757
1,053,473
1,033,556
Income before income taxes
53,142
60,803
44,169
221,063
154,257
Income tax expense
10,218
14,129
6,285
49,044
31,047
Net income
42,924
46,674
37,884
172,019
123,210
Less: Net income attributable to noncontrolling interest
1,340
856
2,365
6,428
9,997
Income attributable to Hilltop
$
41,584
$
45,818
$
35,519
$
165,591
$
113,213
Earnings per common share:
Basic
$
0.69
$
0.74
$
0.55
$
2.64
$
1.74
Diluted
$
0.69
$
0.74
$
0.55
$
2.64
$
1.74
Cash dividends declared per common share
$
0.18
$
0.18
$
0.17
$
0.72
$
0.68
Weighted average shares outstanding:
Basic
60,457
62,146
64,935
62,700
65,036
Diluted
60,498
62,168
64,943
62,709
65,046
________________________________________
(1)
During 2025, certain financial statement line items within the noninterest income section of the consolidated income statement were reclassified to better align disclosures to business activities. These reclassifications were applied retrospectively to all prior periods presented. Total noninterest income did not change as a result of these reclassifications.
Three Months Ended December 31, 2025
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
99,737
$
12,892
$
(2,184
)
$
309
$
1,773
$
112,527
Provision for (reversal of) credit losses
7,927
(103
)
—
—
—
7,824
Noninterest income
12,355
125,482
76,245
5,305
(2,027
)
217,360
Noninterest expense
60,668
112,974
79,276
16,239
(236
)
268,921
Income (loss) before taxes
$
43,497
$
25,503
$
(5,215
)
$
(10,625
)
$
(18
)
$
53,142
Year Ended December 31, 2025
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
382,052
$
50,272
$
(7,934
)
$
(283
)
$
16,599
$
440,706
Provision for (reversal of) credit losses
7,335
(24
)
—
—
—
7,311
Noninterest income
46,058
450,754
310,876
51,137
(17,684
)
841,141
Noninterest expense
227,601
433,463
320,463
73,089
(1,143
)
1,053,473
Income (loss) before taxes
$
193,174
$
67,587
$
(17,521
)
$
(22,235
)
$
58
$
221,063
Three Months Ended December 31, 2024
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
94,946
$
12,046
$
(3,627
)
$
(3,277
)
$
5,396
$
105,484
Provision for (reversal of) credit losses
(5,665
)
(187
)
—
—
—
(5,852
)
Noninterest income
11,411
114,321
73,740
1,767
(5,649
)
195,590
Noninterest expense
61,426
106,181
80,022
15,379
(251
)
262,757
Income (loss) before taxes
$
50,596
$
20,373
$
(9,909
)
$
(16,889
)
$
(2
)
$
44,169
Year Ended December 31, 2024
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
372,546
$
48,942
$
(16,867
)
$
(12,838
)
$
26,015
$
417,798
Provision for (reversal of) credit losses
992
(51
)
—
—
—
941
Noninterest income
43,295
422,801
313,229
18,515
(26,884
)
770,956
Noninterest expense
232,954
408,283
330,088
63,110
(879
)
1,033,556
Income (loss) before taxes
$
181,895
$
63,511
$
(33,726
)
$
(57,433
)
$
10
$
154,257
December 31,
September 30,
June 30,
March 31,
December 31,
Capital Ratios
2025
2025
2025
2025
2024
Tier 1 capital (to average assets):
PlainsCapital
10.60%
10.74%
10.71%
10.22%
9.99%
Hilltop
12.78%
13.13%
13.11%
12.86%
12.57%
Common equity Tier 1 capital (to risk-weighted assets):
PlainsCapital
14.49%
14.81%
15.08%
15.06%
15.35%
Hilltop
19.70%
20.33%
20.74%
21.17%
21.23%
Tier 1 capital (to risk-weighted assets):
PlainsCapital
14.49%
14.81%
15.08%
15.06%
15.35%
Hilltop
19.70%
20.33%
20.74%
21.17%
21.23%
Total capital (to risk-weighted assets):
PlainsCapital
15.60%
15.96%
16.29%
16.31%
16.54%
Hilltop
22.20%
22.90%
23.38%
24.45%
24.40%
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
Selected Financial Data
2025
2025
2024
2025
2024
Hilltop Consolidated:
Return on average stockholders' equity
7.60
%
8.35
%
6.50
%
7.60
%
5.29
%
Return on average assets
1.09
%
1.20
%
0.92
%
1.10
%
0.78
%
Net interest margin (1)
3.02
%
3.06
%
2.72
%
2.98
%
2.81
%
Net interest margin (taxable equivalent) (2):
As reported
3.04
%
3.09
%
2.74
%
3.00
%
2.83
%
Impact of purchase accounting
3 bps
2 bps
3 bps
2 bps
4 bps
Book value per common share ($)
36.42
35.69
33.71
36.42
33.71
Shares outstanding, end of period (000's)
59,540
61,326
64,968
59,540
64,968
Dividend payout ratio (3)
26.17
%
24.41
%
31.08
%
27.26
%
39.06
%
Banking Segment:
Net interest margin (1)
3.29
%
3.23
%
2.98
%
3.16
%
3.04
%
Net interest margin (taxable equivalent) (2):
As reported
3.29
%
3.23
%
2.99
%
3.17
%
3.04
%
Impact of purchase accounting
4 bps
2 bps
4 bps
3 bps
4 bps
Accretion of discount on loans ($000's)
961
572
1,076
3,166
5,057
Net recoveries (charge-offs) ($000's)
(11,455
)
(282
)
(3,950
)
(16,890
)
(11,238
)
Return on average assets
1.05
%
1.34
%
1.24
%
1.17
%
1.10
%
Fee income ratio
11.0
%
10.2
%
10.7
%
10.8
%
10.4
%
Efficiency ratio
54.1
%
51.7
%
57.8
%
53.2
%
56.0
%
Employees' compensation and benefits ($000's)
33,241
31,925
33,313
131,414
130,974
Broker-Dealer Segment:
Net revenue ($000's) (4)
138,374
144,494
126,367
501,026
471,743
Employees' compensation and benefits ($000's)
83,361
86,997
75,150
311,915
286,700
Variable compensation expense ($000's)
49,635
50,756
42,484
169,845
153,062
Compensation as a % of net revenue
60.2
%
60.2
%
59.5
%
62.3
%
60.8
%
Pre-tax margin (5)
18.4
%
18.3
%
16.1
%
13.5
%
13.5
%
Mortgage Origination Segment:
Mortgage loan originations - volume ($000's):
Home purchases
1,918,395
2,027,568
1,909,706
7,643,212
7,759,812
Refinancings
511,960
269,136
343,400
1,258,707
856,541
Total mortgage loan originations - volume
2,430,355
2,296,704
2,253,106
8,901,919
8,616,353
Mortgage loan sales - volume ($000's)
2,180,088
2,220,126
2,065,356
8,280,059
8,223,734
Net gains from mortgage loan sales (basis points):
Loans sold to third parties (6)
236
226
217
227
218
Broker fee income (7)
14
13
9
12
8
Impact of loans retained by banking segment
(4
)
(5
)
(5
)
(6
)
(4
)
As reported
246
234
221
233
222
Mortgage servicing rights asset ($000's) (8)
17,491
12,273
5,723
17,491
5,723
Employees' compensation and benefits ($000's)
59,657
60,036
56,402
235,246
231,293
Variable compensation expense ($000's)
34,275
32,665
30,784
126,747
121,720
________________________________________
(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 $0.8 million, $1.0 million, $0.7 million, $3.2 million and $2.5 million, respectively, for the periods presented and for the banking segment were $0.1 million, $0.3 million, $0.2 million, $0.7 million and $0.6 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)
Net gains from mortgage loans sold to third parties reflects provisions for anticipated indemnification claims and penalties for early payoff of loans which had the effect of lowering such net gains from mortgage loans sold to third parties by 8, 9, 13, 10 and 8 basis points, respectively, for the periods presented.
(7)
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.
(8)
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.
December 31,
September 30,
June 30,
March 31,
December 31,
Non-Performing Assets Portfolio Data
2025
2025
2025
2025
2024
Loans accounted for on a non-accrual basis ($000's):
Commercial real estate:
Non-owner occupied
$
3,873
$
3,969
$
4,107
$
4,241
$
7,166
Owner occupied
5,617
7,119
6,429
6,535
6,092
Commercial and industrial
28,581
41,457
40,990
51,987
59,025
Construction and land development
1,010
1,007
3,667
3,256
3,003
1-4 family residential
14,367
14,701
17,550
15,458
12,863
Consumer
—
—
—
—
—
Broker-dealer
—
—
—
—
—
Non-accrual loans ($000's)
$
53,448
$
68,253
$
72,743
$
81,477
$
88,149
Non-accrual loans as a % of total loans
0.58%
0.75%
0.80%
0.93%
1.00%
Other real estate owned ($000's)
8,020
8,289
9,144
7,682
2,848
Other repossessed assets ($000's)
—
—
—
—
98
Non-performing assets ($000's)
61,468
76,542
81,887
89,159
91,095
Non-performing assets as a % of total assets
0.39%
0.49%
0.53%
0.56%
0.56%
Loans past due 90 days or more and still accruing ($000's) (1)
33,811
28,388
28,378
24,145
22,090
________________________________________
(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 December 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
$
929,989
$
13,285
5.59
%
$
1,011,036
$
13,278
5.25
%
Loans held for investment, gross (2)
8,246,440
120,261
5.79
%
7,931,572
118,448
5.93
%
Investment securities - taxable
2,470,045
25,089
4.06
%
2,443,886
29,213
4.78
%
Investment securities - non-taxable (3)
395,171
4,363
4.42
%
360,622
3,666
4.07
%
Federal funds sold and securities purchased under agreements to resell
78,979
1,091
5.48
%
96,066
1,797
7.42
%
Interest-bearing deposits in other financial institutions
1,094,206
10,669
3.87
%
2,033,482
23,052
4.50
%
Securities borrowed
1,461,504
17,753
4.75
%
1,361,481
17,492
5.03
%
Other
122,893
2,152
6.95
%
130,624
2,367
7.19
%
Interest-earning assets, gross (3)
14,799,227
194,663
5.22
%
15,368,769
209,313
5.40
%
Allowance for credit losses
(95,047
)
(110,191
)
Interest-earning assets, net
14,704,180
15,258,578
Noninterest-earning assets
943,833
1,065,783
Total assets
$
15,648,013
$
16,324,361
Liabilities and Stockholders' Equity
Interest-bearing liabilities
Interest-bearing deposits
$
7,984,644
$
54,167
2.69
%
$
8,176,034
$
67,411
3.27
%
Securities loaned
1,465,474
16,020
4.34
%
1,353,195
16,407
4.81
%
Notes payable and other borrowings
904,537
11,095
4.87
%
1,399,178
19,288
5.47
%
Total interest-bearing liabilities
10,354,655
81,282
3.11
%
10,928,407
103,106
3.74
%
Noninterest-bearing liabilities
Noninterest-bearing deposits
2,753,654
2,795,588
Other liabilities
341,328
399,964
Total liabilities
13,449,637
14,123,959
Stockholders’ equity
2,170,947
2,172,640
Noncontrolling interest
27,429
27,762
Total liabilities and stockholders' equity
$
15,648,013
$
16,324,361
Net interest income (3)
$
113,381
$
106,207
Net interest spread (3)
2.11
%
1.66
%
Net interest margin (3)
3.04
%
2.74
%
Year Ended December 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
$
867,819
$
53,173
6.04
%
$
934,983
$
53,073
5.60
%
Loans held for investment, gross (2)
8,079,525
472,631
5.85
%
7,921,528
491,432
6.20
%
Investment securities - taxable
2,473,448
101,133
4.09
%
2,537,856
107,007
4.16
%
Investment securities - non-taxable (3)
367,405
15,965
4.35
%
324,684
12,638
3.84
%
Federal funds sold and securities purchased under agreements to resell
83,809
5,220
6.23
%
98,337
7,232
7.35
%
Interest-bearing deposits in other financial institutions
1,347,736
56,014
4.16
%
1,526,748
75,633
4.95
%
Securities borrowed
1,432,071
75,281
5.18
%
1,355,554
77,785
5.66
%
Other
125,634
7,876
6.27
%
159,141
14,041
8.82
%
Interest-earning assets, gross (3)
14,777,447
787,293
5.33
%
14,858,831
838,841
5.65
%
Allowance for credit losses
(99,869
)
(110,123
)
Interest-earning assets, net
14,677,578
14,748,708
Noninterest-earning assets
970,075
1,130,198
Total assets
$
15,647,653
$
15,878,906
Liabilities and Stockholders' Equity
Interest-bearing liabilities
Interest-bearing deposits
$
7,960,778
$
228,275
2.87
%
$
7,822,536
$
275,291
3.52
%
Securities loaned
1,424,189
67,848
4.76
%
1,335,155
72,614
5.44
%
Notes payable and other borrowings
964,521
47,221
4.90
%
1,397,313
70,686
5.06
%
Total interest-bearing liabilities
10,349,488
343,344
3.32
%
10,555,004
418,591
3.97
%
Noninterest-bearing liabilities
Noninterest-bearing deposits
2,730,336
2,824,450
Other liabilities
360,196
332,340
Total liabilities
13,440,020
13,711,794
Stockholders’ equity
2,180,098
2,139,732
Noncontrolling interest
27,535
27,380
Total liabilities and stockholders' equity
$
15,647,653
$
15,878,906
Net interest income (3)
$
443,949
$
420,250
Net interest spread (3)
2.01
%
1.68
%
Net interest margin (3)
3.00
%
2.83
%
________________________________________
(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 $0.8 million and $0.7 million for the three months ended December 31, 2025 and 2024, respectively, and $3.2 million and $2.5 million for the year ended December 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, January 30, 2026. Hilltop Chairman, President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr will review fourth quarter and full year 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 55871. 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 December 31, 2025, Hilltop employed approximately 3,570 people and operated 306 locations in 47 states. Hilltop Holdings’ common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol “HTH.” Find more information at Hilltop.com, PlainsCapital.com, PrimeLending.com and Hilltopsecurities.com.
FORWARD-LOOKING STATEMENTS
This press release includes “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 or implied 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 outlook, 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,” “working” 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; and (xiii) 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.
Source: Hilltop Holdings Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260129440856/en/
Investor Relations Contact:
Matt Dunn
214-525-4636
mdunn@hilltop.com
Original: Hilltop Holdings Inc. Announces Financial Results for Fourth Quarter and Full Year 2025
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