Hilltop Holdings Inc. (NYSE: HTH) earns $36.5M, boosts dividend and buybacks
Rhea-AI Filing Summary
Hilltop Holdings Inc. reported second‑quarter 2026 income attributable to common stockholders of $36.5 million, or $0.63 per diluted share, up from $0.57 a year earlier. Consolidated return on average assets was 0.99% and return on average stockholders’ equity was 6.89%, with a net interest margin of 3.21%.
The banking segment generated $51 million of pre‑tax income and a 1.3% return on average assets, while PrimeLending recorded a $2 million pre‑tax loss on $2.4 billion of mortgage originations as the mortgage market saw a subdued start to the summer buying season. HilltopSecurities delivered $12 million of pre‑tax income on $124 million of net revenues for a 10% pre‑tax margin.
The Board raised the quarterly dividend by 10% to $0.22 per share and expanded the common‑stock repurchase authorization to $200.0 million. During the quarter, Hilltop returned approximately $59 million to stockholders, including $47.0 million used to repurchase 1,250,000 shares at an average price of $37.58. Hilltop reported a common equity Tier 1 capital ratio of 18.34%, while management indicated that macroeconomic conditions have had, and are expected to continue to have, an adverse impact on operating results during the remainder of 2026.
Positive
- Dividend increased 10% to $0.22 per share, with a quarterly dividend payout ratio of 31.68%, increasing cash returned to shareholders.
- Repurchase authorization expanded to $200.0 million, leaving approximately $106 million of remaining capacity through January 2027 after $47.0 million of Q2 2026 buybacks.
Negative
- Management expects adverse macroeconomic conditions – including funding costs, inflation, energy prices and geopolitical risks – to continue to negatively affect operating results during the remainder of 2026.
Filing Explained
The filing specifies the dividend’s lifecycle: common stockholders of record as of the close of business on
8-K Event Classification
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stock repurchase program financial
net interest margin financial
non-performing assets financial
Common equity Tier 1 capital financial
mortgage servicing rights asset financial
Earnings Snapshot
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FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to section 12(b) of the Act:
Title of each class | Trading symbol | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b–2 of the Securities Exchange Act of 1934.
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. ☐
Section 2 – Financial Information
Item 2.02 Results of Operations and Financial Condition.
On July 23, 2026, Hilltop Holdings Inc., or the Company, issued a press release announcing its results of operations and financial condition as of and for the three months ended June 30, 2026. The text of the release is set forth in Exhibit 99.1 attached to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth in such filing.
Section 8 – Other Events
Item 8.01 Other Events.
On July 23, 2026, the Board of Directors of the Company declared a quarterly cash dividend of $0.22 per common share, payable on August 21, 2026, to stockholders of record as of the close of business on August 7, 2026.
Additionally, on July 23, 2026, the Board of Directors of the Company authorized an increase to the aggregate amount of common stock the Company may repurchase under the stock repurchase program originally authorized in January 2026, to $200.0 million, an increase of $75.0 million. The stock repurchase program expires in January 2027. Under the program, the Company is authorized to repurchase its outstanding common stock in the open market or through privately negotiated transactions as permitted under Rule 10b-18 promulgated under the Securities Exchange Act of 1934. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by the Company’s management team. The purchases will be funded from available cash balances.
Forward-Looking Statements
This Current Report on Form 8-K 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 the Company’s 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, the Company does not assume any duty to update forward-looking statements. Such forward-looking statements include, but are not limited to, statements concerning the Company’s 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. For a list of factors that could cause actual results to differ materially from those set forth in the forward-looking statements, see the risk factors described in the Company’s 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.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
| (a) | Financial statements of businesses acquired. |
Not applicable.
| (b) | Pro forma financial information. |
Not applicable.
| (c) | Shell company transactions. |
Not applicable.
| (d) | Exhibits. |
The following exhibit(s) are filed or furnished, depending on the relevant item requiring such exhibit, in accordance with the provisions of Item 601 of Regulation S-K and Instruction B.2 to this form.
Exhibit Number | Description of Exhibit | |
99.1 | Press Release issued July 23, 2026 (furnished pursuant to Item 2.02). | |
104 | Cover Page Interactive File (formatted as Inline XBRL). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Hilltop Holdings Inc., | |||
a Maryland corporation | |||
Date: | July 23, 2026 | By: | /s/ COREY G. PRESTIDGE |
Name: | Corey G. Prestidge | ||
Title: | Executive Vice President, | ||
General Counsel & Secretary | |||
Exhibit 99.1
| Investor Relations Contact: |
| Matt Dunn |
| 214-525-4636 |
| mdunn@hilltop.com |
Hilltop Holdings Inc. Announces Financial Results for Second Quarter 2026
DALLAS — (BUSINESS WIRE) July 23, 2026 — Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced financial results for the second quarter of 2026. Hilltop produced income attributable to common stockholders of $36.5 million, or $0.63 per diluted share, for the second quarter of 2026, compared to $36.1 million, or $0.57 per diluted share, for the second quarter of 2025.
Hilltop also announced that its Board of Directors declared a quarterly cash dividend of $0.22 per common share, a 10% increase from the prior quarter, payable on August 21, 2026 to all common stockholders of record as of the close of business on August 7, 2026. Additionally, during the second quarter of 2026, Hilltop paid $47.0 million to repurchase an aggregate of 1,250,000 shares of its common stock at an average price of $37.58 per share pursuant to the 2026 stock repurchase program. These shares were returned to the pool of authorized but unissued shares of common stock.
Furthermore, in July 2026, the Hilltop Board of Directors authorized an increase to the aggregate amount of common stock that Hilltop may repurchase under the aforementioned stock repurchase program to $200.0 million, an increase of $75.0 million. As a result of share repurchases during 2026, Hilltop has approximately $106 million of available share repurchase capacity through the expiration of the 2026 stock repurchase program in January 2027.
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, elevated energy prices, and international armed conflicts and their impact on supply chains within our business segments during the second 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, “During the second quarter of 2026, Hilltop delivered a 1% return on average assets and returned approximately $59 million to stockholders through dividends and share repurchases. At PlainsCapital Bank, continued core loan growth and an expansion in net interest margin drove a 1.3% return on average assets and $51 million of pre-tax income. PrimeLending realized a $2 million pre-tax loss on $2.4 billion of origination volume as the mortgage market faced a subdued start to the summer buying season primarily due to the recent increase in mortgage rates. HilltopSecurities produced a 10% pre-tax margin on $124 million of net revenues to deliver $12 million of pre-tax income, which was primarily driven by strong quarters in its Wealth Management and Structured Finance business lines. As we look to the second half of 2026, we expect to continue to execute on our strategic priorities while prudently managing capital and creating long-term value for our stockholders.”
Second Quarter 2026 Highlights for Hilltop:
| ● | The reversal of credit losses was $1.0 million during the second quarter of 2026, compared to a provision for credit losses of $1.8 million in the first quarter of 2026 and a reversal of credit losses of $7.3 million in the second quarter of 2025; |
| o | The reversal of credit losses during the second quarter of 2026 was primarily driven by changes in the U.S. economic outlook associated with collectively evaluated loans and loan portfolio changes, partially offset by a build in the allowance related to specific reserves within the banking segment since the prior quarter. |
| ● | For the second quarter of 2026, net gains from sale of loans and other mortgage production income and mortgage loan origination fees was $78.9 million, compared to $80.7 million in the second quarter of 2025, a 2.2% decrease; |
| o | Mortgage loan origination production volume was $2.4 billion during the second quarter of 2026, compared to $2.4 billion during the second quarter of 2025; |
| o | Net gains from mortgage loans sold to third parties, including broker fee income, decreased to 229 basis points during the second quarter of 2026, compared to 261 basis points in the first quarter of 2026. |
| ● | Hilltop’s consolidated annualized return on average assets and return on average stockholders’ equity for the second quarter of 2026 were 0.99% and 6.89%, respectively, compared to 0.98% and 6.62%, respectively, for the second quarter of 2025; |
| ● | Hilltop’s book value per common share increased to $37.12 at June 30, 2026, compared to $36.63 at March 31, 2026; |
| ● | Hilltop’s total assets were $16.0 billion and $15.7 billion at June 30, 2026 and March 31, 2026, respectively; |
| ● | Loans1, net of allowance for credit losses, were $8.2 billion and $8.0 billion at June 30, 2026 and March 31, 2026, respectively; |
| ● | Non-accrual loans were $54.8 million, or 0.57% of total loans, at June 30, 2026, compared to $61.0 million, or 0.66% of total loans, at March 31, 2026; |
| ● | Loans held for sale increased by 24.3% from March 31, 2026 to $1.0 billion at June 30, 2026; |
| ● | Total deposits2 were $10.5 billion at each of June 30, 2026 and March 31, 2026; |
| ● | Hilltop maintained strong capital levels with a Tier 1 Leverage Ratio3 of 12.73% and a Common Equity Tier 1 Capital Ratio of 18.34% at June 30, 2026; |
| ● | Hilltop’s consolidated net interest margin4 increased to 3.21% for the second quarter of 2026, compared to 3.13% in the first quarter of 2026; |
| ● | For the second quarter of 2026, noninterest income was $200.0 million, compared to $192.6 million in the second quarter of 2025, a 3.8% increase; |
| ● | For the second quarter of 2026, noninterest expense was $266.7 million, compared to $261.2 million in the second quarter of 2025, a 2.1% increase; and |
| ● | Hilltop’s effective tax rate was 24.2% during the second quarter of 2026, compared to 23.4% during the same period in 2025. |
| o | The effective tax rate for the second 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 $406.3 million and $361.0 million at June 30, 2026 and March 31, 2026, respectively.
2 | Total deposits at June 30, 2026 included estimated uninsured deposits of $5.7 billion, or approximately 55% of total deposits, while estimated uninsured deposits, excluding collateralized deposits of $580.0 million and internal accounts of $388.6 million, were $4.8 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 | | June 30, | | March 31, | | December 31, | | September 30, | | June 30, | |||||
(in 000's) | | 2026 | | 2026 | | 2025 | | 2025 | | 2025 | |||||
Cash and due from banks | | $ | 750,508 | | $ | 874,194 | | $ | 1,231,944 | | $ | 1,277,283 | | $ | 982,488 |
Federal funds sold | | | 650 | | | 650 | | | 650 | | | 650 | | | 650 |
Assets segregated for regulatory purposes | | | 17,827 | | | 17,673 | | | 20,211 | | | 5,050 | | | 47,158 |
Securities purchased under agreements to resell | | | 112,496 | | | 133,088 | | | 55,977 | | | 78,909 | | | 93,878 |
Securities: | |
| | | | | | | | | | | | | |
Trading, at fair value | | | 674,054 | | | 698,106 | | | 617,408 | | | 574,434 | | | 675,757 |
Available for sale, at fair value, net (1) | | | 1,450,592 | | | 1,469,670 | | | 1,491,048 | | | 1,443,612 | | | 1,408,347 |
Held to maturity, at amortized cost, net (1) | | | 745,175 | | | 759,628 | | | 728,329 | | | 755,012 | | | 771,641 |
Equity, at fair value | | | 287 | | | 238 | | | 265 | | | 248 | | | 4,996 |
| | | 2,870,108 | | | 2,927,642 | | | 2,837,050 | | | 2,773,306 | | | 2,860,741 |
Loans held for sale | |
| 1,004,118 | | | 807,745 | | | 950,142 | | | 849,357 | | | 979,875 |
Loans held for investment, net of unearned income | | | 8,672,927 | | | 8,433,673 | | | 8,311,952 | | | 8,227,194 | | | 8,061,204 |
Allowance for credit losses | |
| (84,856) | | | (88,997) | | | (91,537) | | | (95,168) | | | (97,961) |
Loans held for investment, net | | | 8,588,071 | | | 8,344,676 | | | 8,220,415 | | | 8,132,026 | | | 7,963,243 |
| | | | | | | | | | | | | | | |
Broker-dealer and clearing organization receivables | | | 1,714,179 | | | 1,625,156 | | | 1,588,882 | | | 1,519,005 | | | 1,469,628 |
Premises and equipment, net | |
| 131,099 | | | 135,551 | | | 132,820 | | | 136,830 | | | 139,179 |
Operating lease right-of-use assets | |
| 88,325 | | | 89,845 | | | 83,757 | | | 87,464 | | | 88,050 |
Mortgage servicing assets | | | 22,755 | | | 20,045 | | | 17,491 | | | 12,273 | | | 7,887 |
Other assets | | | 428,111 | | | 452,779 | | | 432,603 | | | 459,588 | | | 455,930 |
Goodwill | | | 267,447 | | | 267,447 | | | 267,447 | | | 267,447 | | | 267,447 |
Other intangible assets, net | | | 5,125 | | | 5,365 | | | 5,605 | | | 5,862 | | | 6,119 |
Total assets | | $ | 16,000,819 | | $ | 15,701,856 | | $ | 15,844,994 | | $ | 15,605,050 | | $ | 15,362,273 |
| | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | | |
Noninterest-bearing | | $ | 2,744,425 | | $ | 2,830,008 | | $ | 2,831,919 | | $ | 2,766,155 | | $ | 2,790,958 |
Interest-bearing | |
| 7,769,628 | | | 7,701,541 | | | 8,046,161 | | | 7,909,316 | | | 7,600,599 |
Total deposits | | | 10,514,053 | | | 10,531,549 | | | 10,878,080 | | | 10,675,471 | | | 10,391,557 |
Broker-dealer and clearing organization payables | |
| 1,524,115 | | | 1,481,998 | | | 1,518,503 | | | 1,445,280 | | | 1,461,683 |
Short-term borrowings | | | 1,243,214 | | | 990,807 | | | 676,882 | | | 680,979 | | | 734,508 |
Securities sold, not yet purchased, at fair value | | | 90,264 | | | 63,346 | | | 37,955 | | | 65,119 | | | 59,766 |
Notes payable | | | 148,703 | | | 148,645 | | | 148,587 | | | 148,530 | | | 148,475 |
Operating lease liabilities | | | 104,410 | | | 106,166 | | | 100,155 | | | 104,134 | | | 104,972 |
Other liabilities | | | 219,764 | | | 205,621 | | | 287,226 | | | 269,297 | | | 234,467 |
Total liabilities | | | 13,844,523 | | | 13,528,132 | | | 13,647,388 | | | 13,388,810 | | | 13,135,428 |
| | | | | | | | | | | | | | | |
Common stock | | | 573 | | | 585 | | | 595 | | | 613 | | | 630 |
Additional paid-in capital | | | 936,525 | | | 953,176 | | | 973,072 | | | 998,644 | | | 1,022,474 |
Accumulated other comprehensive loss | | | (81,006) | | | (82,348) | | | (79,877) | | | (87,254) | | | (94,748) |
Retained earnings | | | 1,270,141 | | | 1,272,618 | | | 1,274,611 | | | 1,276,539 | | | 1,270,286 |
Total Hilltop stockholders' equity | | | 2,126,233 | | | 2,144,031 | | | 2,168,401 | | | 2,188,542 | | | 2,198,642 |
Noncontrolling interests | | | 30,063 | | | 29,693 | | | 29,205 | | | 27,698 | | | 28,203 |
Total stockholders' equity | | | 2,156,296 | | | 2,173,724 | | | 2,197,606 | | | 2,216,240 | | | 2,226,845 |
Total liabilities & stockholders' equity | | $ | 16,000,819 | | $ | 15,701,856 | | $ | 15,844,994 | | $ | 15,605,050 | | $ | 15,362,273 |
| (1) | At June 30, 2026, the amortized cost of the available for sale securities portfolio was $1,519,183, while the fair value of the held to maturity securities portfolio was $686,724. |
| | Three Months Ended | | |||||||||||||
Consolidated Income Statements | | June 30, | | March 31, | | December 31, | | September 30, | | June 30, | | |||||
(in 000's, except per share data) | | 2026 | | 2026 | | 2025 | | 2025 | | 2025 | | |||||
Interest income: | | | | | | | | | | | | | | | | |
Loans, including fees | | $ | 134,532 | | $ | 130,086 | | $ | 133,546 | | $ | 135,773 | | $ | 131,793 | |
Securities borrowed | | | 15,340 | | | 14,203 | | | 17,753 | | | 21,175 | | | 20,544 | |
Securities: | | | | | | | | | | | | | | | | |
Taxable | | | 28,359 | | | 26,919 | | | 25,088 | | | 25,452 | | | 25,811 | |
Tax-exempt | | | 3,358 | | | 3,021 | | | 3,509 | | | 3,512 | | | 3,087 | |
Other | | | 7,457 | | | 10,061 | | | 13,913 | | | 14,349 | | | 15,946 | |
Total interest income | | | 189,046 | | | 184,290 | | | 193,809 | | | 200,261 | | | 197,181 | |
| | | | | | | | | | | | | | | | |
Interest expense: | |
| | | | | | | | | | | | | | |
Deposits | | | 45,285 | | | 48,325 | | | 54,167 | | | 57,001 | | | 57,056 | |
Securities loaned | | | 13,774 | | | 12,842 | | | 16,020 | | | 19,430 | | | 17,662 | |
Short-term borrowings | | | 10,441 | | | 7,587 | | | 7,637 | | | 7,867 | | | 7,694 | |
Notes payable | | | 2,361 | | | 2,355 | | | 2,317 | | | 2,404 | | | 3,106 | |
Other | | | 1,334 | | | 1,084 | | | 1,141 | | | 1,171 | | | 989 | |
Total interest expense | | | 73,195 | | | 72,193 | | | 81,282 | | | 87,873 | | | 86,507 | |
| | | | | | | | | | | | | | | | |
Net interest income | | | 115,851 | | | 112,097 | | | 112,527 | | | 112,388 | | | 110,674 | |
Provision for (reversal of) credit losses | | | (974) | | | 1,765 | | | 7,824 | | | (2,511) | | | (7,340) | |
Net interest income after provision for (reversal of) credit losses | | | 116,825 | | | 110,332 | | | 104,703 | | | 114,899 | | | 118,014 | |
| | | | | | | | | | | | | | | | |
Noninterest income (1): | |
| | | | | | | | | | | | | | |
Net gains from sale of loans and other mortgage production income | | | 48,583 | | | 50,972 | | | 49,580 | | | 51,730 | | | 51,945 | |
Mortgage loan origination fees | | | 30,294 | | | 21,910 | | | 26,602 | | | 24,850 | | | 28,738 | |
Principal transactions, commissions and fees | | | 64,197 | | | 66,534 | | | 76,033 | | | 74,066 | | | 47,856 | |
Investment banking, advisory and administrative fees | | | 44,200 | | | 36,920 | | | 47,627 | | | 53,349 | | | 43,730 | |
Other | | | 12,684 | | | 12,079 | | | 17,518 | | | 13,812 | | | 20,365 | |
Total noninterest income | | | 199,958 | | | 188,415 | | | 217,360 | | | 217,807 | | | 192,634 | |
| | | | | | | | | | | | | | | | |
Noninterest expense: | |
| | | | | | | | | | | | | | |
Employees' compensation and benefits | | | 179,896 | | | 168,962 | | | 187,960 | | | 190,027 | | | 176,410 | |
Occupancy and equipment, net | | | 19,427 | | | 19,829 | | | 20,818 | | | 19,930 | | | 21,064 | |
Professional services | | | 12,647 | | | 11,245 | | | 12,386 | | | 12,681 | | | 10,820 | |
Other | | | 54,766 | | | 48,267 | | | 47,757 | | | 49,265 | | | 52,882 | |
Total noninterest expense | | | 266,736 | | | 248,303 | | | 268,921 | | | 271,903 | | | 261,176 | |
| | | | | | | | | | | | | | | | |
Income before income taxes | | | 50,047 | | | 50,444 | | | 53,142 | | | 60,803 | | | 49,472 | |
Income tax expense | |
| 12,092 | | | 11,425 | | | 10,218 | | | 14,129 | | | 11,583 | |
Net income | | | 37,955 | | | 39,019 | | | 42,924 | | | 46,674 | | | 37,889 | |
Less: Net income attributable to noncontrolling interest | |
| 1,433 | | | 1,183 | | | 1,340 | | | 856 | | | 1,816 | |
Income attributable to Hilltop | | $ | 36,522 | | $ | 37,836 | | $ | 41,584 | | $ | 45,818 | | $ | 36,073 | |
| | | | | | | | | | | | | | | | |
Earnings per common share: | | | | | | | | | | | | | | | | |
Basic | | $ | 0.63 | | $ | 0.64 | | $ | 0.69 | | $ | 0.74 | | $ | 0.57 | |
Diluted | | $ | 0.63 | | $ | 0.64 | | $ | 0.69 | | $ | 0.74 | | $ | 0.57 | |
| | | | | | | | | | | | | | | | |
Cash dividends declared per common share | | $ | 0.20 | | $ | 0.20 | | $ | 0.18 | | $ | 0.18 | | $ | 0.18 | |
| | | | | | | | | | | | | | | | |
Weighted average shares outstanding: | | | | | | | | | | | | | | | | |
Basic | | | 57,856 | | | 59,124 | | | 60,457 | | | 62,146 | | | 63,637 | |
Diluted | | | 57,950 | | | 59,207 | | | 60,498 | | | 62,168 | | | 63,638 | |
| (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 June 30, 2026 | ||||||||||||||||
Segment Results | | | | | | | | Mortgage | | | | | All Other and | | Hilltop | |||
(in 000's) | | Banking | | Broker-Dealer | | Origination | | Corporate | | Eliminations | | Consolidated | ||||||
Net interest income (expense) | | $ | 99,470 | | $ | 12,981 | | $ | (866) | | $ | 1,456 | | $ | 2,810 | | $ | 115,851 |
Provision for (reversal of) credit losses | |
| (1,027) | |
| 53 | |
| — | |
| — | |
| — | |
| (974) |
Noninterest income | |
| 12,212 | |
| 110,993 | |
| 78,969 | |
| 894 | |
| (3,110) | |
| 199,958 |
Noninterest expense | |
| 61,464 | |
| 111,542 | |
| 80,118 | |
| 13,906 | |
| (294) | |
| 266,736 |
Income (loss) before taxes | | $ | 51,245 | | $ | 12,379 | | $ | (2,015) | | $ | (11,556) | | $ | (6) | | $ | 50,047 |
| | Six Months Ended June 30, 2026 | ||||||||||||||||
Segment Results | | | | | | | | Mortgage | | | | | All Other and | | Hilltop | |||
(in 000's) | | Banking | | Broker-Dealer | | Origination | | Corporate | | Eliminations | | Consolidated | ||||||
Net interest income (expense) | | $ | 198,194 | | $ | 24,874 | | $ | (1,794) | | $ | 2,885 | | $ | 3,789 | | $ | 227,948 |
Provision for (reversal of) credit losses | |
| 732 | |
| 59 | | | — | | | — | | | — | |
| 791 |
Noninterest income | |
| 23,292 | |
| 215,167 | | | 151,938 | | | 2,323 | | | (4,347) | |
| 388,373 |
Noninterest expense | |
| 122,447 | |
| 212,827 | | | 154,519 | | | 25,798 | | | (552) | |
| 515,039 |
Income (loss) before taxes | | $ | 98,307 | | $ | 27,155 | | $ | (4,375) | | $ | (20,590) | | $ | (6) | | $ | 100,491 |
| | Three Months Ended June 30, 2025 | ||||||||||||||||
Segment Results | | | | | | | | Mortgage | | | | | All Other and | | Hilltop | |||
(in 000's) | | Banking | | Broker-Dealer | | Origination | | Corporate | | Eliminations | | Consolidated | ||||||
Net interest income (expense) | | $ | 94,919 | | $ | 13,151 | | $ | (2,302) | | $ | (166) | | $ | 5,072 | | $ | 110,674 |
Provision for (reversal of) credit losses | |
| (7,343) | |
| 3 | |
| — | |
| — | |
| — | |
| (7,340) |
Noninterest income | |
| 11,892 | |
| 96,502 | |
| 90,248 | |
| (628) | |
| (5,380) | |
| 192,634 |
Noninterest expense | |
| 59,226 | |
| 103,253 | |
| 84,736 | |
| 14,285 | |
| (324) | |
| 261,176 |
Income (loss) before taxes | | $ | 54,928 | | $ | 6,397 | | $ | 3,210 | | $ | (15,079) | | $ | 16 | | $ | 49,472 |
| | Six Months Ended June 30, 2025 | ||||||||||||||||
Segment Results | | | | | | | | Mortgage | | | | | All Other and | | Hilltop | |||
(in 000's) | | Banking | | Broker-Dealer | | Origination | | Corporate | | Eliminations | | Consolidated | ||||||
Net interest income (expense) | | $ | 185,469 | | $ | 24,719 | | $ | (3,699) | | $ | (1,035) | | $ | 10,337 | | $ | 215,791 |
Provision for (reversal of) credit losses | |
| 2,029 | |
| (31) | |
| — | |
| — | |
| — | |
| 1,998 |
Noninterest income | |
| 22,702 | |
| 193,439 | |
| 158,023 | |
| 42,751 | |
| (10,941) | |
| 405,974 |
Noninterest expense | |
| 111,156 | |
| 202,576 | |
| 159,396 | |
| 40,176 | |
| (655) | |
| 512,649 |
Income (loss) before taxes | | $ | 94,986 | | $ | 15,613 | | $ | (5,072) | | $ | 1,540 | | $ | 51 | | $ | 107,118 |
| | June 30, | | March 31, | | December 31, | | September 30, | | June 30, | |||||
Capital Ratios | | 2026 | | 2026 | | 2025 | | 2025 | | 2025 | |||||
Tier 1 capital (to average assets): | | | | | | | | | | | | | | | |
PlainsCapital | |
| 9.73% | |
| 9.54% | | | 10.60% | | | 10.74% | | | 10.71% |
Hilltop | | | 12.73% | |
| 12.82% | | | 12.78% | | | 13.13% | | | 13.11% |
Common equity Tier 1 capital (to risk-weighted assets): | | | | | | | | | | | | | | | |
PlainsCapital | | | 12.50% | |
| 12.71% | | | 14.49% | | | 14.81% | | | 15.08% |
Hilltop | |
| 18.34% | |
| 19.08% | | | 19.70% | | | 20.33% | | | 20.74% |
Tier 1 capital (to risk-weighted assets): | |
| | |
| | | | | | | | | | |
PlainsCapital | | | 12.50% | |
| 12.71% | | | 14.49% | | | 14.81% | | | 15.08% |
Hilltop | |
| 18.34% | |
| 19.08% | | | 19.70% | | | 20.33% | | | 20.74% |
Total capital (to risk-weighted assets): | | | | | | | | | | | | | | | |
PlainsCapital | |
| 13.47% | |
| 13.77% | | | 15.60% | | | 15.96% | | | 16.29% |
Hilltop | | | 20.63% | |
| 21.50% | | | 22.20% | | | 22.90% | | | 23.38% |
| | Three Months Ended | |||||||||||||
| | June 30, | | March 31, | | December 31, | | September 30, | | June 30, | |||||
Selected Financial Data | | 2026 | | 2026 | | 2025 | | 2025 | | 2025 | |||||
| | | | | | | | | | | | | | | |
Hilltop Consolidated: | |
| | | | | | | | | | | | | |
Return on average stockholders' equity | | | 6.89% | | | 7.12% | | | 7.60% | | | 8.35% | | | 6.62% |
Return on average assets | | | 0.99% | | | 1.02% | | | 1.09% | | | 1.20% | | | 0.98% |
Net interest margin (1) | | | 3.21% | | | 3.13% | | | 3.02% | | | 3.06% | | | 3.01% |
Net interest margin (taxable equivalent) (2): | | | | | | | | | | | | | | | |
As reported | | | 3.23% | |
| 3.15% | | | 3.04% | | | 3.09% | | | 3.04% |
Impact of purchase accounting | |
| 2 bps | | | 4 bps | | | 3 bps | | | 2 bps | | | 2 bps |
Book value per common share ($) | | | 37.12 | | | 36.63 | | | 36.42 | | | 35.69 | | | 34.90 |
Shares outstanding, end of period (000's) | | | 57,284 | | | 58,530 | | | 59,540 | | | 61,326 | | | 63,001 |
Dividend payout ratio (3) | | | 31.68% | |
| 31.25% | | | 26.17% | | | 24.41% | | | 31.75% |
| | | | | | | | | | | | | | | |
Banking Segment: | | | | | | | | | | | | | | | |
Net interest margin (1) | | | 3.42% | | | 3.38% | | | 3.29% | | | 3.23% | | | 3.16% |
Net interest margin (taxable equivalent) (2): | | | | | | | | | | | | | | | |
As reported | | | 3.42% | | | 3.39% | | | 3.29% | | | 3.23% | | | 3.17% |
Impact of purchase accounting | | | 3 bps | | | 5 bps | | | 4 bps | | | 2 bps | | | 3 bps |
Accretion of discount on loans ($000's) | | | 813 | | | 1,260 | | | 961 | | | 572 | | | 588 |
Net recoveries (charge-offs) ($000's) | | | (3,167) | | | (4,305) | | | (11,455) | | | (282) | | | (896) |
Return on average assets | | | 1.28% | | | 1.17% | | | 1.05% | | | 1.34% | | | 1.35% |
Fee income ratio | | | 10.9% | | | 10.1% | | | 11.0% | | | 10.2% | | | 11.1% |
Efficiency ratio | | | 55.0% | | | 55.5% | | | 54.1% | | | 51.7% | | | 55.4% |
Employees' compensation and benefits ($000's) | | | 33,523 | | | 35,744 | | | 33,241 | | | 31,925 | | | 32,146 |
| | | | | | | | | | | | | | | |
Broker-Dealer Segment: | | | | | | | | | | | | | | | |
Net revenue ($000's) (4) | | | 123,974 | | | 116,067 | | | 138,374 | | | 144,494 | | | 109,653 |
Employees' compensation and benefits ($000's) | | | 76,861 | | | 71,272 | | | 83,361 | | | 86,997 | | | 73,493 |
Variable compensation expense ($000's) | | | 43,003 | | | 36,469 | | | 49,635 | | | 50,756 | | | 36,172 |
Compensation as a % of net revenue | | | 62.0% | | | 61.4% | | | 60.2% | | | 60.2% | | | 67.0% |
Pre-tax margin (5) | | | 10.0% | | | 12.7% | | | 18.4% | | | 18.3% | | | 5.8% |
| | | | | | | | | | | | | | | |
Mortgage Origination Segment: | | | | | | | | | | | | | | | |
Mortgage loan originations - volume ($000's): | | | | | | | | | | | | | | | |
Home purchases | | | 2,075,078 | | | 1,428,157 | | | 1,918,395 | | | 2,027,568 | | | 2,168,690 |
Refinancings | | | 318,464 | | | 600,569 | | | 511,960 | | | 269,136 | | | 263,829 |
Total mortgage loan originations - volume | | | 2,393,542 | | | 2,028,726 | | | 2,430,355 | | | 2,296,704 | | | 2,432,519 |
Mortgage loan sales - volume ($000's) | | | 2,041,387 | | | 2,021,018 | | | 2,180,088 | | | 2,220,126 | | | 2,135,291 |
Net gains from mortgage loan sales (basis points): | | | | | | | | | | | | | | | |
Loans sold to third parties (6) | | | 217 | | | 248 | | | 236 | | | 226 | | | 223 |
Broker fee income (7) | | | 12 | | | 13 | | | 14 | | | 13 | | | 10 |
Impact of loans retained by banking segment | | | (6) | | | (7) | | | (4) | | | (5) | | | (5) |
As reported | | | 223 | | | 254 | | | 246 | | | 234 | | | 228 |
Mortgage servicing rights asset ($000's) (8) | | | 22,755 | | | 20,045 | | | 17,491 | | | 12,273 | | | 7,887 |
Employees' compensation and benefits ($000's) | | | 60,738 | | | 55,087 | | | 59,657 | | | 60,036 | | | 62,214 |
Variable compensation expense ($000's) | | | 34,514 | | | 28,723 | | | 34,275 | | | 32,665 | | | 34,975 |
| (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, $0.8 million, $1.0 million and $0.8 million, respectively, for the periods presented and for the banking segment were $0.1 million, $0.2 million, $0.1 million, $0.3 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) | 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, 7, 8, 9 and 7 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. |
| | June 30, | | March 31, | | December 31, | | September 30, | | June 30, | |||||
Non-Performing Assets Portfolio Data | | 2026 | | 2026 | | 2025 | | 2025 | | 2025 | |||||
Loans accounted for on a non-accrual basis ($000's): | |
| | | | | | | | | | | | | |
Commercial real estate: | | | | | | | | | | | | | | | |
Non-owner occupied | | $ | 13,785 | | $ | 15,288 | | $ | 3,873 | | $ | 3,969 | | $ | 4,107 |
Owner occupied | | | 10,769 | | | 10,218 | | | 5,617 | | | 7,119 | | | 6,429 |
Commercial and industrial | | | 17,567 | | | 22,237 | | | 28,581 | | | 41,457 | | | 40,990 |
Construction and land development | | | 690 | | | 844 | | | 1,010 | | | 1,007 | | | 3,667 |
1-4 family residential | | | 11,991 | | | 12,419 | | | 14,367 | | | 14,701 | | | 17,550 |
Consumer | | | — | | | — | | | — | | | — | | | — |
Broker-dealer | | | — | | | — | | | — | | | — | | | — |
Non-accrual loans ($000's) | | $ | 54,802 | | $ | 61,006 | | $ | 53,448 | | $ | 68,253 | | $ | 72,743 |
| | | | | | | | | | | | | | | |
Non-accrual loans as a % of total loans | |
| 0.57% | |
| 0.66% | | | 0.58% | | | 0.75% | | | 0.80% |
| | | | | | | | | | | | | | | |
Other real estate owned ($000's) | | | 7,466 | | | 8,473 | | | 8,020 | | | 8,289 | | | 9,144 |
| | | | | | | | | | | | | | | |
Other repossessed assets ($000's) | | | — | | | — | | | — | | | — | | | — |
| | | | | | | | | | | | | | | |
Non-performing assets ($000's) | | | 62,268 | | | 69,479 | | | 61,468 | | | 76,542 | | | 81,887 |
| | | | | | | | | | | | | | | |
Non-performing assets as a % of total assets | | | 0.39% | |
| 0.44% | | | 0.39% | | | 0.49% | | | 0.53% |
| | | | | | | | | | | | | | | |
Loans past due 90 days or more and still accruing ($000's) (1) | | | 40,226 | | | 40,155 | | | 33,811 | | | 28,388 | | | 28,378 |
| (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 June 30, | | ||||||||||||||
| | 2026 | | 2025 | | ||||||||||||
| | 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 | | $ | 909,079 | | $ | 13,303 |
| 5.79 | % | $ | 923,726 | | $ | 14,119 |
| 6.05 | % |
Loans held for investment, gross (2) | | | 8,493,343 | | | 121,229 |
| 5.73 | % | | 8,073,187 | | | 117,674 |
| 5.84 | % |
Investment securities - taxable | |
| 2,518,187 | | | 28,359 |
| 4.50 | % | | 2,490,931 | | | 25,811 |
| 4.10 | % |
Investment securities - non-taxable (3) | |
| 408,648 | | | 4,205 |
| 4.12 | % | | 360,557 | | | 3,891 |
| 4.27 | % |
Federal funds sold and securities purchased under agreements to resell | |
| 100,327 | |
| 1,043 |
| 4.17 | % |
| 84,583 | |
| 1,352 |
| 6.41 | % |
Interest-bearing deposits in other financial institutions | |
| 469,051 | |
| 4,269 |
| 3.65 | % |
| 1,210,977 | |
| 12,724 |
| 4.21 | % |
Securities borrowed | | | 1,444,723 | | | 15,340 |
| 4.20 | % | | 1,451,826 | |
| 20,544 |
| 5.60 | % |
Other | |
| 130,037 | |
| 2,145 |
| 6.62 | % |
| 127,638 | |
| 1,871 |
| 5.88 | % |
Interest-earning assets, gross (3) | |
| 14,473,395 | |
| 189,893 |
| 5.26 | % |
| 14,723,425 | |
| 197,986 |
| 5.39 | % |
Allowance for credit losses | |
| (88,746) | | | | | | |
| (105,816) | | | | | | |
Interest-earning assets, net | |
| 14,384,649 | | | | | | |
| 14,617,609 | | | | | | |
Noninterest-earning assets | |
| 1,012,012 | | | | | | |
| 968,459 | | | | | | |
Total assets | | $ | 15,396,661 | | | | | | | $ | 15,586,068 | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | |
Interest-bearing liabilities | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | $ | 7,677,083 | | $ | 45,285 |
| 2.37 | % | $ | 7,868,600 | | $ | 57,056 |
| 2.91 | % |
Securities loaned | | | 1,437,483 | | | 13,774 | | 3.84 | % | | 1,440,958 | | | 17,662 | | 4.92 | % |
Notes payable and other borrowings | |
| 1,231,998 | |
| 14,136 |
| 4.60 | % |
| 955,618 | |
| 11,789 |
| 4.95 | % |
Total interest-bearing liabilities | |
| 10,346,564 | |
| 73,195 |
| 2.84 | % |
| 10,265,176 | |
| 86,507 |
| 3.38 | % |
Noninterest-bearing liabilities | | | | | | | | | | | | | | | | | |
Noninterest-bearing deposits | |
| 2,703,479 | | | | | | |
| 2,775,448 | | | | | | |
Other liabilities | |
| 191,985 | | | | | | |
| 330,616 | | | | | | |
Total liabilities | |
| 13,242,028 | | | | | | |
| 13,371,240 | | | | | | |
Stockholders’ equity | |
| 2,125,000 | | | | | | |
| 2,187,108 | | | | | | |
Noncontrolling interest | |
| 29,633 | | | | | | |
| 27,720 | | | | | | |
Total liabilities and stockholders' equity | | $ | 15,396,661 | | | | | | | $ | 15,586,068 | | | | | | |
| | | | | | | | | | | | | | | | | |
Net interest income (3) | | | | | $ | 116,698 | | | | | | | $ | 111,479 | | | |
Net interest spread (3) | | | | | | |
| 2.42 | % | | | | | |
| 2.01 | % |
Net interest margin (3) | | | | | | |
| 3.23 | % | | | | | |
| 3.04 | % |
| (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 $0.8 million for the three months ended June 30, 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, July 24, 2026. Hilltop Chairman, President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr will review second quarter 2026 financial results. Interested parties can access the conference call by dialing 833-461-5787 (Toll Free North America) or (+1) 585-542-9983 (International Toll) and then using the conference ID 366946783. 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 June 30, 2026, Hilltop employed approximately 3,600 people and operated 304 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 including potential impact of a prolonged elevated interest rate environment; (v) risks associated with concentration in real estate related loans; (vi) the effects of our 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.
Source: Hilltop Holdings Inc.