希尔托普控股 2025年季度报告

Washington, DC 20549 FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 For thequarterly period endedMarch 31, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 Commission File Number:1-31987 Hilltop Holdings Inc.(Exact name of registrant as specified in its charter) Securities registered pursuant to section 12(b) of the Act: Name of each exchange on which registered Common Stock, par value $0.01 per share New York Stock Exchange Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files).Yes☒No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No⌧ The number of shares of the registrant's common stock outstanding at April 25, 2025 was64,155,154. HILLTOP HOLDINGSINC.FORM10-QFOR THE QUARTER ENDED MARCH 31, 2025 TABLE OF CONTENTS PART I — FINANCIALINFORMATION Item 1.Financial Statements3Consolidated Balance Sheets3Consolidated Statements of Operations4Consolidated Statements of Comprehensive Income5Consolidated Statements of Stockholders’ Equity6Consolidated Statements of Cash Flows7Notes to Consolidated Financial Statements8 PARTII — OTHER INFORMATION Item 1.Legal Proceedings93Item1A.Risk Factors93Item 2.Unregistered Sales of Equity Securities and Use of Proceeds93Item 5.Other Information93Item 6.Exhibits94 PART I. FINANCIAL INFORMATION HILLTOP HOLDINGS INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data)(Unaudited) HILLTOP HOLDINGS INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)(Unaudited) 20252024Net income$44,532$29,522Other comprehensive income (loss):Change in fair value of cash flow and fair value hedges, net taxes of $(465) and$94, respectively(1,581)541Net unrealized gains (losses) on securities available for sale, net taxes of $3,291and $477, respectively11,140(86)Reclassification adjustment for gains included in net income, net taxes of $0and$34, respectively—114Amortization of unrealized losses on securities transferred from available-for-saleto held-to-maturity, net taxes of $386and $400, respectively1,2841,330Comprehensive income55,37531,421Less: comprehensive income attributable to noncontrolling interest2,4161,854Comprehensive income applicable to Hilltop$52,959$29,567 HILLTOP HOLDINGS INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY(in thousands)(Unaudited) HILLTOP HOLDINGS INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(Unaudited) Three Months Ended March31,20252024Operating ActivitiesNet income$44,532$29,522Adjustments to reconcile net income to net cash provided by (used in) operating activities:Provision for (reversal of) credit losses9,338(2,871)Depreciation, amortization and accretion, net4,6065,026Net change in fair value of equity securities11—Equity in earnings of merchant banking subsidiaries(42,705)(2,125)Deferred income taxes2,4001,871Other, net3,308145Net change in securities purchased under agreements to resell(10,371)(11,597)Net change in trading securities(96,826)(141,709)Net change in broker-dealer and clearing organization receivables41,784111,867Net change in other assets6,3165,401Net change in broker-dealer and clearing organization payables112,05815,861Net change in other liabilities(79,627)(97,251)Net change in securities sold, not yet purchased5,93725,690Change in valuation of mortgage servicing rights asset5864,383Net gains from sales of loans(45,281)(40,197)Loans originated for sale(2,105,473)(1,951,478)Proceeds from loans sold2,155,2442,118,309Net cash provided by operating activities5,83770,847Investing Activities Proceeds from maturities and principal reductions of securities held to maturity17,99823,513Proceeds f