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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-31987

Hilltop Holdings Inc.

(Exact name of registrant as specified in its charter)

Maryland

84-1477939

(State or other jurisdiction of incorporation or

(I.R.S. Employer Identification No.)

organization)

6565 Hillcrest Avenue

Dallas, TX

75205

(Address of principal executive offices)

(Zip Code)

(214) 855-2177

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

HTH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes   No 

The number of shares of the registrant's common stock outstanding at April 19, 2024 was 65,266,915.

HILLTOP HOLDINGS INC.

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2024

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements

3

Consolidated Balance Sheets

3

Consolidated Statements of Operations

4

Consolidated Statements of Comprehensive Income (Loss)

5

Consolidated Statements of Stockholders’ Equity

6

Consolidated Statements of Cash Flows

7

Notes to Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

42

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

82

Item 4.

Controls and Procedures

87

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

88

Item 1A.

Risk Factors

88

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

88

Item 5.

Other Information

88

Item 6.

Exhibits

89

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)

March 31,

December 31,

 

2024

    

2023

 

Assets

Cash and due from banks

$

1,710,066

$

1,858,700

Federal funds sold

 

650

 

650

Assets segregated for regulatory purposes

70,717

57,395

Securities purchased under agreements to resell

91,608

80,011

Securities:

Trading, at fair value

 

657,700

 

515,991

Available for sale, at fair value, net (amortized cost of $1,594,167 and $1,621,747, respectively)

 

1,480,555

 

1,507,595

Held to maturity, at amortized cost, net (fair value of $702,843 and $731,858, respectively)

790,550

812,677

Equity, at fair value

315

321

 

2,929,120

 

2,836,584

Loans held for sale

 

842,324

 

943,846

Loans held for investment, net of unearned income

 

8,062,693

 

8,079,745

Allowance for credit losses

 

(104,231)

 

(111,413)

Loans held for investment, net

 

7,958,462

 

7,968,332

Broker-dealer and clearing organization receivables

 

1,473,561

 

1,573,931

Premises and equipment, net

 

165,557

 

168,856

Operating lease right-of-use assets

95,343

88,580

Mortgage servicing rights

95,591

96,662

Other assets

 

501,244

 

517,545

Goodwill

 

267,447

 

267,447

Other intangible assets, net

 

7,943

 

8,457

Total assets

$

16,209,633

$

16,466,996

Liabilities and Stockholders' Equity

Deposits:

Noninterest-bearing

$

3,028,543

$

3,007,101

Interest-bearing

 

7,855,553

 

8,056,091

Total deposits

 

10,884,096

 

11,063,192

Broker-dealer and clearing organization payables

 

1,436,462

 

1,430,734

Short-term borrowings

 

892,574

 

900,038

Securities sold, not yet purchased, at fair value

60,562

34,872

Notes payable

 

347,273

 

347,145

Operating lease liabilities

114,518

109,002

Other liabilities

 

314,718

 

431,684

Total liabilities

 

14,050,203

 

14,316,667

Commitments and contingencies (see Notes 13 and 14)

Stockholders' equity:

Hilltop stockholders' equity:

Common stock, $0.01 par value, 125,000,000 shares authorized; 65,266,915 and 65,153,092 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively

 

653

 

652

Additional paid-in capital

 

1,049,831

 

1,054,662

Accumulated other comprehensive loss

 

(119,606)

 

(121,505)

Retained earnings

1,201,013

1,189,222

Deferred compensation employee stock trust, net

115

228

Employee stock trust (5,018 and 10,290 shares, at cost, at March 31, 2024 and December 31, 2023, respectively)

(142)

(292)

Total Hilltop stockholders' equity

 

2,131,864

 

2,122,967

Noncontrolling interests

 

27,566

 

27,362

Total stockholders' equity

 

2,159,430

 

2,150,329

Total liabilities and stockholders' equity

$

16,209,633

$

16,466,996

See accompanying notes.

3

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

Three Months Ended March 31,

    

2024

    

2023

 

Interest income:

Loans, including fees

$

134,331

$

123,379

Securities borrowed

20,561

17,068

Securities:

Taxable

 

26,241

 

25,602

Tax-exempt

 

2,415

 

3,188

Other

 

26,066

 

22,190

Total interest income

 

209,614

 

191,427

Interest expense:

Deposits

 

69,144

 

35,824

Securities loaned

19,039

15,346

Short-term borrowings

 

11,588

 

12,444

Notes payable

 

3,590

 

3,853

Other

 

2,632

 

2,255

Total interest expense

 

105,993

 

69,722

Net interest income

 

103,621

 

121,705

Provision for (reversal of) credit losses

 

(2,871)

 

2,331

Net interest income after provision for (reversal of) credit losses

 

106,492

 

119,374

Noninterest income:

Net gains from sale of loans and other mortgage production income

 

40,197

 

39,966

Mortgage loan origination fees

 

26,438

 

28,777

Securities commissions and fees

 

35,557

 

31,223

Investment and securities advisory fees and commissions

30,226

 

26,848

Other

 

49,200

 

35,680

Total noninterest income

 

181,618

 

162,494

Noninterest expense:

Employees' compensation and benefits

 

165,830

 

167,817

Occupancy and equipment, net

 

21,912

 

22,865

Professional services

 

9,731

 

10,697

Other

 

52,550

 

49,091

Total noninterest expense

 

250,023

 

250,470

Income before income taxes

 

38,087

 

31,398

Income tax expense

 

8,565

 

3,630

Net income

 

29,522

 

27,768

Less: Net income attributable to noncontrolling interest

 

1,854

 

1,968

Income attributable to Hilltop

$

27,668

$

25,800

Earnings per common share:

Basic

$

0.42

$

0.40

Diluted

$

0.42

$

0.40

Weighted average share information:

Basic

 

65,200

 

64,901

Diluted

 

65,214

 

64,954

See accompanying notes.

4

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)

Three Months Ended March 31,

    

2024

    

2023

 

Net income

$

29,522

$

27,768

Other comprehensive income (loss):

Change in fair value of cash flow hedges, net taxes of $94 and $(1,006), respectively

541

(3,249)

Net unrealized gains on securities available-for-sale, net taxes of $477 and $3,160, respectively

 

(86)

 

9,863

Reclassification adjustment for gains (losses) included in net income, net taxes of $34 and $0, respectively

 

114

 

Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, net taxes of $400 and $438, respectively

1,330

1,457

Comprehensive income

 

31,421

 

35,839

Less: comprehensive income attributable to noncontrolling interest

 

1,854

 

1,968

Comprehensive income applicable to Hilltop

$

29,567

$

33,871

See accompanying notes.

5

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(Unaudited)

    

    

    

Accumulated

    

    

Deferred

    

    

    

    

Total

    

    

Additional

Other

Compensation

Employee

Hilltop

Total

Common Stock

Paid-in

Comprehensive

Retained

Employee Stock

Stock Trust

Stockholders’

Noncontrolling

Stockholders’

Shares

Amount

Capital

Loss

Earnings

Trust, Net

Shares

Amount

Equity

Interest

Equity

Balance, December 31, 2022

64,685

$

647

$

1,046,331

$

(133,531)

$

1,123,636

$

481

23

$

(640)

$

2,036,924

$

26,605

$

2,063,529

Net income

25,800

25,800

1,968

27,768

Other comprehensive income

8,070

8,070

8,070

Stock-based compensation expense

4,047

4,047

4,047

Common stock issued to board members

5

150

150

150

Issuance of common stock related to share-based awards, net

478

5

(3,437)

(3,432)

(3,432)

Repurchases of common stock

(145)

(2)

(2,317)

(2,184)

(4,503)

(4,503)

Dividends on common stock ($0.16 per share)

(10,351)

(10,351)

(10,351)

Deferred compensation plan

(35)

(2)

41

6

6

Net cash distributed to noncontrolling interest

(1,486)

(1,486)

Balance, March 31, 2023

65,023

$

650

$

1,044,774

$

(125,461)

$

1,136,901

$

446

21

$

(599)

$

2,056,711

$

27,087

$

2,083,798

Balance, December 31, 2023

65,153

$

652

$

1,054,662

$

(121,505)

$

1,189,222

$

228

10

$

(292)

$

2,122,967

$

27,362

$

2,150,329

Net income

27,668

27,668

1,854

29,522

Other comprehensive income

1,899

1,899

1,899

Stock-based compensation expense

2,940

2,940

2,940

Common stock issued to board members

4

121

121

121

Issuance of common stock related to share-based awards, net

430

4

(2,755)

(2,751)

(2,751)

Repurchases of common stock

(320)

(3)

(5,137)

(4,801)

(9,941)

(9,941)

Dividends on common stock ($0.17 per share)

(11,076)

(11,076)

(11,076)

Deferred compensation plan

(113)

(5)

150

37

37

Net cash distributed to noncontrolling interest

(1,650)

(1,650)

Balance, March 31, 2024

65,267

$

653

$

1,049,831

$

(119,606)

$

1,201,013

$

115

5

$

(142)

$

2,131,864

$

27,566

$

2,159,430

See accompanying notes.

6

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

Three Months Ended March 31,

    

2024

    

2023

    

Operating Activities

Net income

$

29,522

$

27,768

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Provision for (reversal of) credit losses

 

(2,871)

 

2,331

Depreciation, amortization and accretion, net

 

5,026

 

5,843

Equity in undistributed earnings of merchant banking subsidiaries

(2,125)

1,792

Deferred income taxes

 

1,871

 

2,923

Other, net

 

145

 

4,150

Net change in securities purchased under agreements to resell

 

(11,597)

 

(26,131)

Net change in trading securities

 

(141,709)

 

62,124

Net change in broker-dealer and clearing organization receivables

 

111,867

 

(452,555)

Net change in other assets

 

5,401

 

28,858

Net change in broker-dealer and clearing organization payables

 

15,861

 

406,392

Net change in other liabilities

 

(97,251)

 

(98,945)

Net change in securities sold, not yet purchased

25,690