Interest Rate Sensitivity - The banking segment's total interest sensitive assets amount to $12,247,192,000, with loans comprising $8,860,183,000[620] - Interest sensitive liabilities total $8,240,002,000, with interest-bearing checking accounts at $6,627,225,000[620] - The interest sensitivity gap is $(1,597,247,000), indicating a negative gap, which may affect net interest income during rising interest rates[620] - The cumulative interest sensitivity gap shows a percentage of cumulative gap to total interest sensitive assets at (13.04)% for the 3-month period[620] - The banking segment is currently asset sensitive overall, with a significant portion of loans adjusting to the Wall Street Journal Prime rate[619] - Estimated impact of a 100 basis point increase in interest rates could significantly enhance net interest income for the banking segment[622] - As of December 31, 2025, a 200 basis point increase in interest rates is projected to result in a net interest income increase of $39,702 thousand, representing an 8.45% rise[639] - A 200 basis point decrease in interest rates could lead to a net interest income decline of $25,981 thousand, or 5.53% by December 31, 2025[639] Risk Management - The company is exposed to various risks including credit risk, operational risk, and interest rate risk, which could adversely affect financial performance[19] - The company maintains asset/liability management policies to control volatility in net interest income[617] - The company’s interest rate risk management strategy aims to manage exposure within acceptable limits, rather than eliminate it entirely[636] - The company continues to evaluate its interest rate risk position and may reposition its balance sheet to align with management's target rate risk position[623] Earnings Dependence - The banking segment's earnings are significantly dependent on net interest income, which is influenced by interest rate fluctuations[614] - The projected changes in net interest income are influenced by the heightened level of cash balances, which represent a significant portion of asset sensitivity[640] Segment Exposures - The broker-dealer segment's total debt securities amount to $557,632 thousand, with a significant portion subject to interest rate risk[629] - The mortgage origination segment is primarily exposed to interest rate risk, which could materially affect the volume of mortgage loan originations[632] - The broker-dealer segment is exposed to market risk due to fluctuations in interest rates, market prices, and credit ratings[625] - The company’s mortgage servicing rights (MSR) portfolio is sensitive to interest rate changes, which could lead to volatility in earnings[635] Financial Transactions - The company redeemed $150 million of Senior Notes and $50 million of Subordinated Notes in 2025, using cash on hand[637] - The company employs simulation analysis to assess the impact of interest rate changes on net interest income and economic value of equity[621]

经济观察网希尔托普控股(HTH)在2025年第三季度业绩电话会议上披露了其短期业绩指引、资本返还计 划、业务发展战略及宏观风险监控等关键信息。 战略推进 管理层表示将关注德克萨斯州市场的并购机会，寻找客户和银行家错位中的增长空间。汽车贷款组合已 从2021年底的2.9亿美元缩减至7700万美元，不良资产环比下降，公司计划维持保守信贷文化。Hilltop Securities将聚焦公共金融、结构性金融和财富管理等核心业务，投资专业领域以利用全国品牌优势。 行业政策与环境 公司提示需关注利率变化和经济不确定性对净息差及贷款增长的影响，未来业绩电话会议将更新展望。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 公司预计2025年全年平均总贷款(不含特定抵押贷款)较2024年增长0-2%，并关注净息差在降息环境下的 稳定性。2026年第一季度可能因抵押贷款淡季面临适度下行压力。 资金动向 公司计划通过股票回购(第三季度回购5500万美元)和股息(1100万美元)向股东返还资本，并强调提高回 购授权的一致性。 ...

业绩经营情况 2025年第四季度及全年业绩：公司预计全年平均总贷款(不含特定抵押贷款)较2024年增长0-2%，并关注 净息差在降息环境下的稳定性。2026年第一季度可能因抵押贷款淡季面临适度下行压力。资本返还计 划：公司计划通过股票回购(第三季度回购5500万美元)和股息(1100万美元)向股东返还资本，并强调提 高回购授权的一致性。 战略推进 并购机会：管理层表示将关注德克萨斯州市场的并购机会，寻找客户和银行家错位中的增长空间。信贷 质量与运营：汽车贷款组合已从2021年底的2.9亿美元缩减至7700万美元，不良资产环比下降，公司计 划维持保守信贷文化。业务线聚焦：Hilltop Securities将聚焦公共金融、结构性金融和财富管理等核心 业务，投资专业领域以利用全国品牌优势。 行业政策与环境 利率与经济影响：公司提示需关注利率变化和经济不确定性对净息差及贷款增长的影响，未来业绩电话 会议将更新展望。 以上内容基于公开资料整理，不构成投资建议。 经济观察网基于希尔托普控股(HTH)2025年第三季度业绩电话会议的内容，以下是一些值得关注的未来 事件或趋势，主要围绕公司的短期目标和中长期战略。 ...

Have you been paying attention to shares of Hilltop Holdings (HTH) ? Shares have been on the move with the stock up 13.3% over the past month. The stock hit a new 52-week high of $40.41 in the previous session. Hilltop Holdings has gained 16.9% since the start of the year compared to the 2.3% move for the Zacks Finance sector and the 10.3% return for the Zacks Banks - Southeast industry.What's Driving the Outperformance?The stock has a great record of positive earnings surprises, as it hasn't missed our ear ...

Core Viewpoint - Hilltop Holdings (HTH) is viewed as a frustrating investment despite the generally attractive market conditions, primarily due to its sizable fee-generating operations [1] Group 1: Company Analysis - Hilltop Holdings has not updated its investment outlook recently, indicating a potential stagnation in strategic direction or market engagement [1] - The bank's operations are characterized by significant fee generation, which is a positive aspect in the current market environment [1]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Hilltop Holdings (HTH) - Hilltop Holdings currently has a Momentum Style Score of B, indicating potential for solid momentum [3] - The company holds a Zacks Rank of 1 (Strong Buy), which historically outperforms the market when combined with a Style Score of A or B [4] Performance Metrics - HTH shares have increased by 4.93% over the past week, outperforming the Zacks Banks - Southeast industry, which rose by 1.25% [6] - Over the past month, HTH's price change is 13.5%, compared to the industry's 5.81% [6] - In the last quarter, HTH shares rose by 19.06%, and over the past year, they gained 21.6%, while the S&P 500 only moved 0.3% and 13.4%, respectively [7] Trading Volume - HTH's average 20-day trading volume is 391,947 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, two earnings estimates for HTH have been revised upwards, increasing the consensus estimate from $2.08 to $2.16 [10] - For the next fiscal year, two estimates have also moved upwards with no downward revisions [10] Conclusion - Considering all factors, HTH is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a strong candidate for near-term investment [12]

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Financial Data and Key Metrics Changes - Hilltop reported net income of approximately $42 million for Q4 2025, equating to $0.69 per diluted share, with a return on average assets of 1.1% and return on average equity of 7.6% [7] - For the full year 2025, consolidated income attributable to common stockholders was $165.6 million, representing a 46% increase compared to the prior year [15] - Total revenues for 2025 increased by 8% to approximately $1.3 billion, while expenses grew by only 2%, resulting in positive operating leverage of 6% [15] Business Line Data and Key Metrics Changes - PlainsCapital Bank experienced an expansion in net interest margin, increasing by 12 basis points year-over-year, and generated $43.5 million in pre-tax income [4][7] - PrimeLending reported a pre-tax loss of $5 million in Q4 2025, with origination volume of $2.4 billion, indicating a seasonal rebound despite ongoing industry challenges [9][10] - Hilltop Securities achieved a pre-tax margin of 18% on net revenues of $138 million, with public finance services seeing a 20% year-over-year increase in net revenues [10][11] Market Data and Key Metrics Changes - The average total deposits for Q4 2025 were approximately $10.7 billion, a decline of $233 million compared to Q4 2024, driven by the return of sweep deposits [19] - The interest-bearing deposit cost decreased to 269 basis points, down 44 basis points from the prior year [20] - Mortgage-related income and fees increased by $2.5 million compared to Q4 2024, driven by improvements in lock and originated volumes [20] Company Strategy and Development Direction - Hilltop aims to be a full solution provider to clients, focusing on executing strategic initiatives while maintaining solid capital levels with a Common Equity Tier 1 capital ratio of 19.7% [12] - The company is actively evaluating acquisition opportunities while also focusing on organic growth amidst a competitive market environment [47][48] - Management emphasized the importance of operational cost reductions and efficiency improvements to navigate the challenging mortgage industry landscape [10][25] Management Comments on Operating Environment and Future Outlook - Management noted a positive interest rate environment supporting expanded net interest margins, despite increasing competition [8] - The outlook for 2026 anticipates average bank loan growth of 4%-6%, excluding the impact of loans retained from PrimeLending [26] - There is uncertainty regarding interest rates and inflation, but management remains optimistic about the company's positioning for long-term success [28] Other Important Information - Hilltop returned $229 million to stockholders through share repurchases and dividends in 2025 [6] - The allowance for credit losses decreased by $3.6 million to $91.5 million, with net charge-offs of $11.5 million recorded in Q4 2025 [15][17] Q&A Session Summary Question: Expectations for broker-dealer fees and pre-tax margin for 2026 - Management expressed confidence in the stability of broker-dealer fees and indicated that a pre-tax margin of 13.5% is a reasonable baseline for 2026 [33][38] Question: Sensitivity of NII to potential Fed rate cuts - Management noted that every 25 basis points reduction in rates could impact NII by approximately $4.5 million, with broker fee income being more variable [39][41] Question: Discussion on capital priorities and M&A opportunities - Management highlighted the increase in dividends and standard share repurchase authorization, while also evaluating acquisition opportunities amidst a competitive landscape [46][48] Question: Loan growth pipeline and pricing competition - The loan pipeline entering 2026 is approximately $2.6 billion, with management noting increased competition in loan pricing due to the current rate environment [58] Question: Expectations for gain on sale margins in the mortgage sector - Management expects stable revenue from gain on sale margins and mortgage origination fees, with a projected range of 350-360 basis points [59][60]

Financial Data and Key Metrics Changes - Hilltop reported a net income of approximately $42 million for Q4 2025, equating to $0.69 per diluted share, with a return on average assets of 1.1% and return on average equity of 7.6% [7] - For the full year 2025, consolidated income attributable to common stockholders was $165.6 million, representing a 46% increase compared to the prior year [15] - Total revenues for 2025 increased by 8% to approximately $1.3 billion, while expenses grew by only 2%, resulting in positive operating leverage of 6% [15] Business Line Data and Key Metrics Changes - PlainsCapital Bank experienced an expansion in net interest margin, increasing by 12 basis points year-over-year, and generated $43.5 million in pre-tax income [4][7] - PrimeLending reported a pre-tax loss of $5 million in Q4 2025, with origination volume of $2.4 billion, indicating a seasonal rebound despite ongoing profitability challenges [9] - Hilltop Securities achieved a pre-tax margin of 18% on net revenues of $138 million, with Public Finance Services seeing a 20% year-over-year increase in net revenues [10][11] Market Data and Key Metrics Changes - The average total deposits for Q4 2025 were approximately $10.7 billion, a decline of $233 million compared to Q4 2024, driven by the return of sweep deposits [19] - Mortgage-related income and fees increased by $2.5 million year-over-year, with purchase mortgage volumes stable at $1.9 billion and refinance volumes up by 49% [20][22] - The allowance for credit losses decreased by $3.6 million to $91.5 million, yielding an allowance to total loans ratio of 1.1% [15][27] Company Strategy and Development Direction - Hilltop aims to be a full solution provider to clients, focusing on strategic initiatives to enhance service offerings [12] - The company is actively evaluating acquisition opportunities while also prioritizing organic growth amidst a competitive market [46] - Management expressed optimism about the performance of key business lines, particularly Public Finance and Wealth Management, while acknowledging challenges in Fixed Income Services [34][35] Management's Comments on Operating Environment and Future Outlook - Management noted a positive interest rate environment supporting expanded net interest margins, despite increasing competition [8] - The outlook for 2026 anticipates average bank loan growth of 4%-6%, with expectations of continued challenges in the mortgage market [26] - Management highlighted the uncertainty in the market regarding interest rates and inflation but remains confident in the company's positioning for long-term success [28] Other Important Information - Hilltop returned $229 million to stockholders through share repurchases and dividends in 2025 [6] - The company maintains a Common Equity Tier One capital ratio of 19.7% and a Tangible Book Value per share of $31.83, reflecting solid capital levels [12] Q&A Session Summary Question: Insights on broker-dealer fees and expectations for 2026 - Management expressed confidence in the stability of broker-dealer fees and indicated that the pre-tax margin of 13.5% is a reasonable baseline for 2026 [33][38] Question: Discussion on capital priorities and M&A opportunities - Management confirmed an 11% increase in dividends and a share repurchase authorization of $125 million, while continuing to evaluate acquisition opportunities [46] Question: Expectations for loan growth and pricing competition - The loan pipeline entering 2026 is robust at $2.6 billion, with management optimistic about organic growth despite pricing competition [57] Question: Gain on sale margins outlook - Management expects total revenue from gain on sale margins and mortgage origination fees to remain stable, with a projected range of 350-360 basis points [59]

Financial Data and Key Metrics Changes - Hilltop reported net income of approximately $42 million or $0.69 per diluted share for Q4 2025, with a return on average assets of 1.1% and return on average equity of 7.6% [6] - For the full year 2025, consolidated income attributable to common stockholders was $165.6 million, equating to $2.64 per diluted share, representing a growth of 46% [13] - Net interest income grew by 7% year-over-year, while non-interest income increased by 11%, contributing to a 26% improvement in diluted EPS [12] Business Line Data and Key Metrics Changes - PlainsCapital Bank saw an expansion in net interest margin, with a pre-tax income of $43.5 million and a return on average assets of 1.05% [6] - PrimeLending reported a pre-tax loss of $5 million in Q4 2025, despite a seasonally healthy origination volume of $2.4 billion [8] - Hilltop Securities generated pre-tax income of $26 million on net revenues of $138 million, achieving a pre-tax margin of 18% [10] Market Data and Key Metrics Changes - The average total deposits for Q4 2025 were approximately $10.7 billion, declining by $233 million compared to Q4 2024 [18] - Mortgage-related income and fees increased by $2.5 million year-over-year, driven by improvements in lock and originated volumes [20] - Public Finance, Wealth Management, and Structured Finance business lines within Hilltop Securities all generated higher fee income compared to the prior year [21] Company Strategy and Development Direction - Hilltop aims to be a full solution provider to clients, focusing on executing strategic initiatives [11] - The company is actively evaluating acquisition opportunities while also focusing on organic growth [44] - Management expressed optimism about the performance of Public Finance and Wealth Management, expecting continued improvement in these areas [32] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainty in the market regarding interest rates, inflation, and overall economic health, but remains optimistic about the company's positioning for long-term success [14][27] - The company expects full-year average bank loan growth of 4%-6% for 2026, excluding the impact of loans retained from PrimeLending [25] - Management anticipates that interest-bearing deposit costs will decrease somewhat over the coming quarters [19] Other Important Information - Hilltop returned $229 million to stockholders through share repurchases and common dividends in 2025 [5] - The allowance for credit losses decreased by $3.6 million to $91.5 million during the quarter [14] Q&A Session Summary Question: Expectations for broker-dealer fees and pre-tax margin for 2026 - Management expressed confidence in the stability of broker-dealer fees and indicated that a pre-tax margin of 13.5% is a reasonable baseline for 2026 [31][36] Question: Sensitivity of NII and broker-dealer fees to Fed cuts - Management noted that every 25 basis points reduction in rates could impact NII by about $4.5 million annually, with broker fee income being more variable [38] Question: Capital priorities and M&A opportunities - Management highlighted the increase in dividends and the standard share repurchase authorization, while also evaluating acquisition opportunities in a competitive market [44][45] Question: Loan growth and pricing competition - The loan pipeline entering 2026 is approximately $2.6 billion, with management feeling optimistic about organic loan growth despite pricing competition [55] Question: Gain on sale margins expectations - Management expects total revenue from gain on sale margins and mortgage origination fees to remain stable, with a projected range of 350-360 basis points [57]