DALLAS–(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 margin⁴decreased 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

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(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

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(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

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(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.

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Investor Relations Contact:

Matt Dunn

214-525-4636

[email protected]

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