Hilltop Holdings Inc. Reports $16.3 Billion in Total Assets and $113.2 Million Net Income for 2024

Hilltop Holdings Inc. reported total assets of $16.3 billion at December 31, 2024, with total deposits of $11.1 billion and total loans of $8.7 billion. Stockholders' equity reached $2.2 billion. Net income attributable to Hilltop was $113.2 million, or $1.74 per diluted share, compared to $109.6 million, or $1.69 per diluted share, in 2023, and $113.1 million, or $1.60 per diluted share, in 2022. The company's common stock is listed on the New York Stock Exchange under the symbol "HTH."

Significant changes compared to the previous fiscal year included a decrease in net interest income from $466.8 million in 2023 to $417.8 million in 2024, primarily due to changes within the banking segment. The provision for credit losses decreased substantially from $18.4 million in 2023 to $0.9 million in 2024. Total noninterest income increased from $729.0 million to $771.0 million, primarily due to increases in the broker-dealer segment, partially offset by declines in the mortgage origination segment. Total noninterest expense increased slightly from $1.03 billion to $1.03 billion.

During 2024, Hilltop repurchased $19.9 million of its common stock and declared and paid $44.3 million in common dividends. The company's board of directors authorized a new stock repurchase program of up to $100 million through January 2026, following the expiration of a previous $75 million program. A quarterly cash dividend of $0.18 per common share was declared in January 2025, representing a 6% increase from the previous quarter. The company also completed the redemption of its outstanding 5% senior notes due 2025.

Hilltop's three reportable segments—banking, broker-dealer, and mortgage origination—employed approximately 3,616 full-time employees at year-end 2024. The banking segment employed approximately 1,000 people and operated from 59 locations in Texas. The broker-dealer segment employed approximately 790 people and maintained 39 locations across 15 states. PrimeLending, the mortgage origination subsidiary, employed approximately 1,409 people, operating from over 182 locations in 46 states and generating $8.6 billion in closed mortgage loan volume during 2024, with 90.1% related to home purchases. The company's operations are concentrated geographically, with a significant portion of its revenue generated in Texas, New York, and California.

Hilltop's outlook for 2025 anticipates continued uncertainty related to economic headwinds, interest rate movements, and competition for deposits. The company expects that the cost of deposits will trend modestly downward due to recent decreases in the federal funds rate target, but acknowledges that unexpected deposit withdrawals could impact its ability to fund operations. The company also notes ongoing macroeconomic challenges in the mortgage industry, inflationary pressures, and potential impacts on operating results. The company's financial performance and future prospects are subject to various risks and uncertainties detailed in the filing, including credit risk, interest rate risk, cybersecurity risks, and regulatory changes.