Form 8-K - Groowe Newsroom

8-K — Hilltop Holdings Inc.

Accession: 0001104659-26-047743

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0001265131

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — hth-20260423x8k.htm (Primary)

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8-K

8-K (Primary)

Filename: hth-20260423x8k.htm · Sequence: 1

Hilltop Holdings Inc._April 23, 2026

0001265131false00012651312026-04-232026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2026

Hilltop Holdings Inc.

(Exact name of registrant as specified in its charter)

Maryland

1-31987

84-1477939

(State or other jurisdiction of

incorporation)

(Commission

File Number)

(IRS Employer Identification

No.)

6565 Hillcrest Avenue

Dallas, Texas

75205

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (214) 855-2177

(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

Common Stock, par value $0.01 per share

HTH

New York Stock Exchange

NYSE Texas

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 7 – Regulation FD

Item 7.01 Regulation FD Disclosure.

A copy of the Earnings Presentation of Hilltop Holdings Inc., or the Company, for the quarter ended March 31, 2026 is set forth in Exhibit 99.1 attached to this Current Report on Form 8-K and is incorporated herein by reference. The Company intends to use the Earnings Presentation, in whole or in part, in one or more meetings with investors or analysts, including in a webcast on April 24, 2026 at 8:00 a.m. (central time).

The information in this Item (including Exhibit 99.1) is being furnished pursuant to Item 7.01 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 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.

(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

First Quarter 2026 Earnings Presentation (furnished pursuant to Item 7.01).

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:

April 23, 2026

By:

/s/ COREY PRESTIDGE

Name:

Corey G. Prestidge

Title:

Executive Vice President,

General Counsel & Secretary

EX-99.1

Filename: hth-20260423xex99d1.htm · Sequence: 2

Exhibit 99.1

HILLTOP HOLDINGS INC.

Q1 2026 EARNINGS PRESENTATION

APRIL 2026

PREFACE

$36.1 MM

$0.57 0.98% 6.62%

Corporate Headquarters Additional Information

6565 Hillcrest Ave

Dallas, TX 75205

Phone: 214-855-2177

www.hilltop.com

Please Contact:

Matt Dunn

Phone: 214-525-4636

Email: mdunn@hilltop.com

FORWARD-LOOKING STATEMENTS

This presentation and statements made by representatives of Hilltop Holdings Inc. (“Hilltop” or the “Company”) during the course of this presentation include “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 such things as the Company’s outlook, business strategy, financial condition, efforts to make strategic acquisitions, liquidity

and sources of funding, market trends, operations and business, the impact of natural disasters or public health emergencies, information technology expenses, capital levels, mortgage

servicing rights (“MSR”) assets, stock repurchases, dividend payments, expectations concerning mortgage loan origination volume, servicer advances and interest rate compression, expected

levels of refinancing as a percentage of total loan origination volume, projected losses on mortgage loans originated, total expenses, anticipated changes in our revenue, earnings, or taxes, the

effects of government regulation applicable to our operations, the appropriateness of, and changes in, our allowance for credit losses and provision for (reversal of) credit losses, future

benchmark rates and economic growth, anticipated investment yields, the collectability of loans, cybersecurity incidents, the outcome of litigation, and the Company’s other plans, objectives,

strategies, expectations and intentions and other statements that are not statements of historical fact, and may be identified by words such as “anticipates,” “believes,” “building,” “continue,”

“could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plan,” “probable,” “projects,” “seeks,” “should,” “target,” “view” 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 from those set forth in the forward-looking statements:

(i) the credit risks of lending activities, including the Company’s ability to estimate credit losses and increases to 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 the Company’s data security controls in the face of cyberattacks 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 the Company competes, 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 the Company’s indebtedness on its ability to manage its business

successfully, including the restrictions imposed by the indenture governing such 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 the Company’s deposit insurance assessments; (viii) cost and

availability of capital; (ix) changes in state and federal laws, regulations or policies affecting one or more of the Company’s business segments, including changes in regulatory fees, capital

requirements and the Dodd-Frank Wall Street Reform and Consumer Protection Act; (x) changes in key management; (xi) competition in the Company’s 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) the Company’s 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, subsequent Quarterly Reports on Form 10-Q and other reports that we have

filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement.

Certain information contained herein is preliminary and based on Company data available at the time of the earnings presentation. Information in this presentation speaks only as of the

particular date or dates included in the accompanying slides. Except as required by law, Hilltop does not undertake an obligation to, and disclaims any duty to, update any of the information

herein.

Included in this presentation are certain measures, such as Tangible Common Equity and Tangible Book Value per Share, that are not measures of financial performance recognized by GAAP.

These measures are used by management, investors and analysts to assess the use of equity. You should not view these measures as a substitute for results determined in accordance with

GAAP, and our disclosure is not necessarily comparable to that of other companies that use non-GAAP measures. Please refer to the “Non-GAAP to GAAP Reconciliation and Management’s

Explanation of Non-GAAP Financial Measures” section of the appendix of this presentation for additional detail including reconciliations of non-GAAP financial measures included in this

presentation to the most directly comparable financial measures prepared in accordance with GAAP.

INVESTOR HIGHLIGHTS – Q1 2026

• PlainsCapital Bank generated $47.1 million in pre-tax income during Q1 2026

• Bank net interest margin rose from 3.29% in Q4 2025 to 3.38% in Q1 2026. Loan yields decreased 2 basis points to 5.70% and

deposit costs decreased 18 basis points during the same period

• Average Bank loans HFI1 increased from Q4 2025 by $104 million, or 1.3%. Average Bank deposits decreased from Q4 2025 by

$65 million, or 0.6%

• PlainsCapital Bank recorded a provision for credit losses of $1.8 million during the first quarter

• PrimeLending incurred a $2.4 million pre-tax loss during Q1 2026

• Gain-on-sale of loans sold to third parties, including broker fees, of 261 basis points increased 11 basis points from Q4 2025

levels

• Origination volume of $2.0 billion increased $286 million, or 16%, from Q1 2025, with growth driven by stronger refinance

activity

• HilltopSecurities generated pre-tax income of $14.8 million during Q1 2026

• Pre-tax margin of 12.7% on total net revenue of $116.1 million

• Net revenue increased by $7.6 million from Q1 2025 to Q1 2026 primarily driven by improvements in Fixed Income Services and

Wealth Management

. $37.8

Net Income

$0.64 1.02% 7.12%

EPS - Diluted ROAA ROAE

Notes:

(1) Average Bank Loans HFI reflect consolidated loans held for investment excluding margin loans from the Broker-Dealer business

$28.35

$29.49

$31.83 $31.97 $32.58

$33.71

$36.42 $36.63

19.32%

21.23%

19.70%

19.08%

2.00%

22.00%

12/31/2023 12/31/2024 12/31/2025 3/31/2026

Tangible Book Value Per Share (Tangible Common Equity / Shares Outstanding) Book Value Per Share Common Equity Tier 1 Risk-Based Ratio

CAPITAL HIGHLIGHTS – Q1 2026

Capital Management and Tangible Book Value Growth

• During Q1 2026, Hilltop returned $59.4 million to stockholders through dividends and share repurchases

o $11.8 million in dividends

o $47.5 million in share repurchases

Notes:

(1) Tangible common equity and tangible book value per common share (TBVPS) are non-GAAP financial measures. For a reconciliation of tangible common equity and tangible book value per share to the nearest GAAP measure, see the appendix

(2) At period end

1, 2 2 2

HILLTOP HOLDINGS – Q1 FINANCIAL SUMMARY

$ in millions, except EPS

Income Statement and Key Metrics Q1 2026 Q4 2025 QoQ% Q1 2025 YoY%

Net Interest Income $112.1 $112.5 (0%) $105.1 7%

Noninterest Income 188.4 217.4 (13%) 213.3 (12%)

Total Revenue 300.5 329.9 (9%) 318.5 (6%)

Noninterest Expenses 248.3 268.9 (8%) 251.5 (1%)

Pre-provision Net Revenue 1 52.2 61.0 (14%) 67.0 (22%)

Net Charge-offs (Recoveries) $4.3 $11.5 (62%) $4.3 (1%)

Net ACL Build (Release) (2.5) (3.7) (32%) 5.1 NR

Provision for (reversal of) Credit Losses 1.8 7.8 (77%) 9.3 (81%)

Income Before Income Taxes 50.4 53.1 (5%) 57.6 (12%)

Net Income 39.0 42.9 (9%) 44.5 (12%)

Minority Interest 1.2 1.3 (12%) 2.4 (51%)

Income Attributable to Hilltop $37.8 $41.6 (9%) $42.1 (10%)

EPS - Diluted $0.64 $0.69 (7%) $0.65 (2%)

Return on Average Assets 1.02% 1.09% (6%) 1.13% (10%)

Return on Average Equity 7.12% 7.60% (6%) 7.82% (9%)

Efficiency Ratio 82.6% 81.5% 1% 79.0% 5%

EOP Assets $15,702 $15,845 (1%) $15,813 (1%)

EOP Loans HFI, net 8,345 8,220 2% 7,861 6%

EOP Deposits 10,532 10,878 (3%) 10,832 (3%)

EOP Shares Outstanding (in thousands) 58,530 59,540 (2%) 64,154 (9%)

Notes:

(1) Pre-Provision Net Revenue is calculated as the sum of net interest income and noninterest income less noninterest expense (except provision for loan losses)

HILLTOP HOLDINGS – ALLOWANCE FOR CREDIT LOSSES

Allowance for Credit Losses at Period End

3/31/2026 Reserve Composition

($ in millions)

Commentary

• Applied Moody’s Analytics March 2026 baseline scenario for

economic forecast

• ACL % of Loans HFI excluding broker-dealer margin loans and

mortgage warehouse loans equated to 1.14% as of March 31, 2026

($ in millions) ACL ACL/Loans HFI

Commercial Real Estate

Non-owner Occupied 22.3 1.04%

Owner Occupied 33.9 2.20%

Commercial and Industrial 21.8 1.73%

Construction and Land Development 6.3 0.66%

1-4 Family Residential 4.2 0.22%

Consumer 1.16% 0.3

Broker-Dealer 0.01% 0.0

Mortgage Warehouse Lending 0.05% 0.1

Total 89.0 $ 1.06%

$106.2

$98.0

$95.2 $91.5

$89.0

($4.3) ($2.1) ($0.1)

$4.0

1.33%

1.22% 1.16% 1.10% 1.06%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

$55.0

$65.0

$75.0

$85.0

$95.0

$105.0

$115.0

3/31/2025 6/30/2025 9/30/2025 12/31/2025 Net Charge-Off Collective -

Portfolio Changes

Collective -

Economic Conditions

Specific Reserves 3/31/2026

Q4 2025 3.02%

Deposits 0.15%

Investment Securities 0.05%

Loans Held For Investment (0.09%)

Loans Held for Sale (0.05%)

Other 0.05%

Q1 2026 3.13%

HILLTOP HOLDINGS – NET INTEREST INCOME & MARGIN

($ in millions)

Net Interest Income Quarter-over-Quarter Net Interest Margin

Key Drivers & Statistics

$105.1

$110.7 $112.4 $112.5 $112.1

$8 0.0

$85.0

$90.0

$95 .0

$1 00.0

$1 05.0

$11 0. 0

$11 5. 0

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

2.84%

3.01% 3.06% 3.02% 3.13%

1. 00%

1. 50%

2. 00 %

2.50 %

3. 00 %

3.50 %

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

($ in millions, except as noted) Q1'25 Q4'25 Q1'26

HTH Consolidated

Average Earning Assets ($B) $15.0 $14.8 $14.5

Banking

Accretion Income $1.0 $1.0 $1.3

Loans HFI (Average Balance) $7,586 $7,883 $7,987

Deposit (Average Balance) $11,061 $10,892 $10,826

Cash and Due (Average Balance) $1,959 $1,139 $873

Mortgage

Loans Held for Sale (Period End) $759 $950 $808

Net Interest Margin

HILLTOP HOLDINGS – DEPOSITS

$7.4 $7.0 $7.6 $7.9 $7.6

$2.9

$2.8

$0.6

$0.3 $0.1 $0.1

$10.8

$10.4

$10.7 $10.9 $10.5

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Interest-Bearing Deposits

Noninterest-Bearing Deposits

Broker-Dealer Sweep Deposits

Notes:

The sum of the period amounts may not equal the total amounts due to rounding

(1) Annualized

51%

31%

15%

Demand

Money Market

Time

Savings

Q1'25 Q4'25 Q1'26

Average Depos its ($B) $10.9 $10.7 $10.6

Average Broker-Dealer Sweep Deposits ($B) $0.6 $0.2 $0.1

Cost of Interest-Bearing Deposits 1 2.97% 2.69% 2.49%

Cost of Total Deposits 1 2.24% 2.00% 1.85%

($ in billions)

Deposit Mix at Period End Key Drivers & Statistics

Interest-Bearing Deposits by Type at 3/31/2026

HILLTOP HOLDINGS – NONINTEREST INCOME

$67.8

$90.2

$76.6 $76.2 $73.0

$96.9

$96.5 $131.8 $125.5

$104.2

$10.8

$11.9

$11.0

$12.4

$11.1

$37.8

($6.0)

($1.6)

$3.3

$0.2

$213.3

$192.6

$217.8 $217.4

$188.4

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

PrimeLending HilltopSecurities PlainsCapital Bank Corporate, other and eliminations

($ in millions) Q1 2025 $213.3

Net gains on sale of loans and other mortgage production income 5.7

Principal transactions, commission and fees 11.2

Other (41.8)

Q1 2026 $188.4

Q1'25 Q4'25 Q1'26

Broker-Dealer

TBA Lock Volume ($MM) $812 $1,242 $1,473

Mortgage

Origination Volume ($B) $1.7 $2.4 $2.0

Net Gains From Mortgage Loan Sales (bps):

Loans Sold to Third Parties 222 236 248

Broker Fee Income 10 14 13

Impact of Loans Retained by the Bank (8) (4) (7)

As Reported 224 246 254

Noninterest Income Year-over-Year Noninterest Income ($ in millions)

Key Drivers & Statistics

(1) Q1 2025 Other Income includes $41.8 million impact from the preliminary gain

on the sale of operations by a Merchant Banking investment

HILLTOP HOLDINGS – NONINTEREST EXPENSE

$182.0 $190.9 $188.5 $185.0 $183.1

$69.4 $70.3 $83.4 $83.9 $65.2

79.0%

86.1%

82.3%

81.5% 82.6%

$251.5

$261.2

$271.9 $268.9

$248.3

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

$0.0

$50. 0

$ 100.0

$ 15 0.0

$20. 0

$2 50 .0

$3 0. 0

$3 50 .0

$40. 0

Variable Compensation

Expenses Other Than Variable Compensation

Efficiency Ratio

Q1 2025 $251.5

Compensation and Benefits (7.3)

Occupancy and Equipment 0.0

Professional Services 7.1

Other Expenses (3.1)

Q1 2026 $248.3

($ in millions)

Noninterest Expenses Year-over-Year Noninterest Expense ($ in millions)

Key Drivers & Statistics

Q1'25 Q4'25 Q1'26

Banking

Full-Service Branches 55 55 54

Efficiency Ratio (Bank Only) 51.2% 54.1% 55.5%

Mortgage

Fixed Expenses ($MM) $43.2 $35.7 $36.1

Variable Compensation ($MM) $24.8 $34.3 $28.7

Variable Comp / Originated Volume 1.4% 1.4% 1.4%

Broker-Dealer

Variable Compensation ($MM) $33.3 $49.6 $36.5

Compensation / Net Revenue 62.7% 60.2% 61.4%

(1) Q1 2025 Professional Services included a $6.5mm insurance recovery at

PlainsCapital Bank

HILLTOP HOLDINGS – LOANS

$6.0 $6.1 $6.2 $6.3 $6.4

$0.3 $0.3 $0.3 $0.3 $0.4

$1.4 $1.4 $1.4 $1.4 $1.4

$0.2 $0.3 $0.3 $0.3 $8.0 $8.1 $0.3 $8.2 $8.3 $8.4

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Mortgage Warehouse Lending

1 - 4 Family PrimeLending Retained Mortgages

Broker-Dealer Loans

All Other Loans

Notes:

(1) 1-4 Family PrimeLending Retained Mortgages are loans purchased at par by PlainsCapital Bank from PrimeLending. These are exclusive of the 1-4 family residential mortgages originated through PlainsCapital Bank

The sum of the period amounts may not equal the total amounts due to rounding

Q1'25 Q4'25 Q1'26

Average Loans HFI Balance ($B) $7.9 $8.2 $8.3

Annualized HTH Loan HFI Yield % 5.82% 5.79% 5.75%

Annualized Bank Loan HFI Yield % 5.76% 5.72% 5.70%

25%

18%

11%

22%

CRE - Non-Owner Occupied

CRE - Owner Occupied

Commercial and Industrial

Construction and Land Development

1-4 Family Residential & Consumer

Margin Loans at Broker-Dealer

($ in billions)

Loan Mix at Period End Key Drivers & Statistics

Gross Loans HFI by Type at 3/31/2026

$4,257

$896 $282

$11,455

$4,305

0.23%

0.05% 0.01%

0.58%

0.22%

-0.20%

-0.10%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

$1,500

$3,000

$4,500

$6,000

$7,500

$9,000

$10,500

$12,000

$13,500

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

NCOs NCOs/Avg. Total Bank Loans

CONSOLIDATED PLAINSCAPITAL BANK – ASSET QUALITY

$89,159 $81,887 $76,542 $61,468 $69,479

1.17%

1.06% 0.97%

0.77% 0.86%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Total NPAs Total NPAs/(Total Bank Loans + OREO)

1.3x 1.3x 1.4x 1.7x 1.5x

1.39%

1.27% 1.20% 1.15% 1.10%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

ACL/Bank NPLs ACL/Bank Loans HFI

Notes:

The sum of the period amounts may not equal the total amounts due to rounding. Figures represent Bank asset quality metrics only (excludes Loans HFS and Broker Dealer Margin Loans)

(1) Total NPAs included non-accrual loans, OREO and other repossessed assets

($ in thousands)

2.75% 2.35% 2.30% 2.18% 2.36%

3.72%

3.01%

2.30% 2.18% 2.52%

0.97%

0.66%

0.16%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Classified Special Mention

Criticized Loans as a % of Bank Loans Non-Performing Assets

Net Charge-Offs (Recoveries) Allowance for Credit Losses

HILLTOP HOLDINGS – 2026 OUTLOOK

Outlook

• Full year average Bank loans (excluding retained mortgages and mortgage warehouse lending)

expected to increase 4% – 6%

• Expect to retain $10 – $30 million per month of originated mortgages

Loan Growth

(Full Year Average HFI Loan Growth)

• Full year average Bank deposits (excluding HTS Sweep deposits) expected to increase 2% – 4% Deposit Growth (Full Year Average Deposit Growth)

• NII expected to be relatively stable with 2025 levels of (2%) – 2%

• Outlook assumes two Fed Funds rate cuts during 2026 Net Interest Income

• Mortgage origination volume of $9 – $10 billion, market dependent

• Broker Dealer fees expected to be relatively stable with 2025 levels of (3%) – 1% Noninterest Income

• Non-variable expenses expected to increase 0% – 2%

• Variable expenses expected to follow revenue contribution from fee businesses Noninterest Expense

Provision Expense / (Reversal) • Full year provision / average loans HFI: 15 – 30 basis points, market dependent

Effective Tax Rate (GAAP) • 22% – 24% full year basis

Appendix

NON-GAAP TO GAAP RECONCILIATION AND MANAGEMENT’S EXPLANATION OF NON-GAAP FINANCIAL MEASURES

Hilltop Consolidated

Tangible Common Equity is a non-GAAP financial measure. Tangible common equity is defined as our total stockholders’ equity, excluding

preferred stock, reduced by goodwill and other intangible assets. This is a measure used by management, investors and analysts to assess use of

equity.

Tangible book value per share, or TBVPS, is a non-GAAP financial measure. TBVPS represents Hilltop’s tangible common equity at period-end

divided by common shares outstanding at period-end. This is a measure used by management, investors and analysts to assess use of equity.

Reconciliation of Tangible Common Equity and Tangible Book Value Per Share

($ in thousands, except per share amounts) 12/31/2023 12/31/2024 12/31/2025 3/31/2026

Total Hilltop Stockholders' Equity $2,122,967 $2,189,965 $2,168,401 $2,144,031

Less:

Goodwill 267,447 267,447 267,447 267,447

Other intangible assets, net 8,457 6,633 5,605 5,365

Tangible Common Equity $1,847,063 $1,915,885 $1,895,349 $1,871,219

Shares outstanding as of period end 65,153 64,968 59,540 58,530

Book Value Per Share

(Common Stockholders' Equity / Shares Outstanding) $32.58 $33.71 $36.42 $36.63

Tangible Book Value Per Share

(Tangible Common Equity / Shares Outstanding) $28.35 $29.49 $31.83 $31.97

PLAINSCAPITAL BANK – Q1 2026 HIGHLIGHTS

51.2%

55.4%

51.7%

54.1% 55.5%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

2.97%

3.16%

3.23%

3.29%

3.38%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Notes:

(1) Q1 2025 Noninterest expenses included a $6.5mm insurance recovery

(2) Efficiency Ratio is calculated as noninterest expense divided by the sum of net interest income and noninterest income

Net Interest Margin Efficiency Ratio

Key Highlights Q1 2025 Q1 2026

ROAA 0.96% 1.17%

Full Service Branches (period end) 55 54

Net Interest Margin 2.97% 3.38%

Assets ($B) (period end) $12.9 $12.5

Summary Results

($ in millions) Q1 2025 Q1 2026

Net Interest Income $90.6 $98.7

Provision for (Reversal of) Credit Losses 9.4 1.8

Noninterest Income 10.8 11.1

Noninterest Expense 51.9 61.0

Income Before Taxes $40.1 $47.1

PRIMELENDING – Q1 2026 HIGHLIGHTS

Notes:

(1) Gain on Sale calculated as net gains from sale of loans divided by sales volume. Reported Gain on Sale reflects impact of loans retained by PlainsCapital Bank

$1.7

$2.4

$2.3

$2.4

$2.0

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Key Highlights

($ in millions) Q1 2025 Q1 2026

Origination Volume $1,742 $2,029

% Purchase 88% 70%

Sales Volume $1,745 $2,021

MSR Asset

(period end) $7 $20

($ in billions) (In basis points)

Mortgage Origination Volume Gain on Sale¹ and Origination Fee Trends

Summary Results

($ in millions) Q1 2025 Q1 2026

Net Interest Income (Expense) ($1.4) ($0.9)

Noninterest Income 67.8 73.0

Noninterest Expense 74.7 74.4

Income (Loss) Before Taxes ($8.3) ($2.4)

224 228 234 246 254

129 118 108 109 108

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Reported Gain on Sale Mortgage loan origination fees

HILLTOPSECURITIES – Q1 2026 HIGHLIGHTS

Notes:

The sum of the period amounts may not equal the total amounts due to rounding. Presented net revenue by business line may differ slightly from 10-Q due to grouping of certain business lines into ‘Other’

Summary Results

($ in millions) Q1 2025 Q1 2026

Net Interes t Income $11.6 $11.9

Provision for (Reversal of) Credit Losses (0.0) 0.0

Noninteres t Income 96.9 104.2

Noninteres t Expense 99.3 101.3

Income Before Taxes $9.2 $14.8

Key Highlights

($ in millions) Q1 2025 Q1 2026

Compensation/Net Revenue (%) 62.7% 61.4%

Pre-tax Margin (%) 8.5% 12.7%

FDIC Insured Balances at PCB (Period End) $572 $100

Other FDIC Insured Balances (Period End) $1,271 $1,696

Public Finance Offerings $13,928 $16,361

TBA Lock Volume $812 $1,473

Net Revenues By Business Lines

($ in millions) Q1 2025 Q1 2026

Public Finance Services $25.4 $23.6

Fixed Income Services 8.9 14.0

Wealth Management

Retail 33.0 37.1

Clearing Services 12.1 11.9

Securities Lending 1.1 1.4

Structured Finance 22.2 23.6

Other 5.9 4.6

Net Revenues $108.5 $116.1

HILLTOP HOLDINGS – COMMERCIAL REAL ESTATE PORTFOLIO

Commercial Real Estate Portfolio

(Ending Balance, $ in millions, on March 31, 2026)

CRE Allowance for Credit Losses (ACL)

Commercial Real Estate – Non-Owner Occupied

(Ending Balance on March 31, 2026)

$1,541

42%

$2,150

58%

CRE Owner

Occupied

CRE Non-Owner

Occupied

25%

18%

7% 16%

15%

Office 12%

Retail

Hotel/Motel

Multifamily

Industrial

Mini-Storage

Other

3/31/2026 12/31/2025

CRE Non-Owner Occupied Office $537.7 $7.8 1.5% 1.9%

CRE Non-Owner Occupied Retail $382.9 $2.8 0.7% 0.8%

CRE Non-Owner Occupied Office and Retail $920.5 $10.6 1.2% 1.4%

All other CRE Non-Owner Occupied $1,229.5 $11.7 0.9% 0.9%

Total CRE Non-Owner Occupied $2,150.0 $22.3 1.0% 1.1%

$ in millions Ending Balance

Allowance for Credit

Losses

ACL % Loans

HILLTOP HOLDINGS – AUTO LENDING PORTFOLIO

Allowance for Credit Losses (ACL)

• Auto Note Financing committed portfolio balance has been in decline

since 2021

o The impacts of higher interest rates and declining values of

used vehicles continue to put downward pressure on the

portfolio

• Current portfolio comprises 0.61% of Total Bank Loans HFI

• Charge-offs equated to $3.6 million during the first quarter

• Nonaccrual loans in the auto lending portfolio equated to $10.9

million on March 31, 2026

Notes:

1) Total exposure net of any SBA guarantee

($ in millions)

(Ending Balance on March 31, 2026)

Auto Note Financing Commitments ¹ Commentary

$281

$196

$115

$60 $52

12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026

3/31/2026 12/31/2025

Auto Floor Plan Financing $3.7 $0.0 0.1% 0.2%

Auto Note Financing $45.7 $0.9 2.0% 2.7%

Total Auto Lending $49.4 $0.9 1.9% 2.6%

$ in millions Ending Balance

Allowance for

Credit Losses

ACL % Loans

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