On this page of StockholderLetter.com we present the latest annual shareholder letter from Hilltop Holdings Inc. — ticker symbol HTH. Reading current and past HTH letters to shareholders can bring important insights into the investment thesis.

 •  5/28/2025 Letter Continued (Full PDF)
 •  5/23/2023 HTH Stockholder Letter
 •  5/31/2024 HTH Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  HTH Benford's Law Stock Score = 100

HTH Shareholder/Stockholder Letter Transcript:

2024
ANNUAL
REPORT
NOTICE OF 2025
ANNUAL MEETING &
PROXY STATEMENT

2024 ANNUAL REPORT
2024 NET INCOME
12/31/2024 TOTAL ASSETS
2024 ROAA
2024 ROAE
$113.2 MILLION
$16.3 BILLION
0.78%
5.29%
primelending
TOP
TOP 10
10 NATIONAL
NATIONAL RETAIL
RETAIL
MORTGAGE
MORTGAGE LENDER
LENDER
96%
96% CUSTOMER
CUSTOMER
SATISFACTION
SATISFACTION RATING
RATING
4,142
4,142 EMPLOYEES
EMPLOYEES
plainscapital bank
#8
#8 TEXAS-BASED
TEXAS-BASED
BANK
BANK BY
BY TEXAS
TEXAS
DEPOSITS
DEPOSITS
355
355 OFFICES
OFFICES
hilltopsecurities
#2
#2 MUNICIPAL
MUNICIPAL ADVISOR
ADVISOR
IN
IN THE
THE NATION
NATION BASED
BASED ON
ON
TOTAL
TOTAL NUMBER
NUMBER OF
OF ISSUES
ISSUES
OVER
OVER 200,000
200,000 CUSTOMERS
CUSTOMERS SERVED
SERVED

LETTER FROM OUR CHAIRMAN, PRESIDENT & CEO
To Our Stockholders, Customers, and Employees:
In the face of numerous economic headwinds   
including elevated inflation, macro uncertainty, and
slowing growth   and despite an increasingly volatile
interest rate environment, Hilltop delivered a yearover-year increase in operating results in 2024.
Over the course of the year, the Federal Reserve
dramatically shifted its posture regarding inflation
and cut interest rates three times. These cuts, the first
since 2020, totaled 100 basis points. Alongside this
sea change in short-term interest rates, there was a
material shift in the shape of the yield curve with the
10-year Treasury fluctuating 100 basis points, from
peak to trough, during the year. Even with these
challenges, Hilltop adapted to the new operating
environment and delivered a year-over-year increase
in pre-tax profitability, while maintaining over $7.7
billion of available liquidity at year end. Hilltop
reported net income of $113.2 million for the full year
2024.
Throughout the year, Hilltop continued to focus
on prudent risk management, sound balance sheet
positioning, and our commitment to serving our
customers and communities. As a result of our
financial performance and underlying strength,
Hilltop was ranked among the Top 50 U.S. Public
Banks by S&P Global Market Intelligence for 2024.
This ranking is based on growth, profitability,
and safety & soundness. Additionally, Hilltop is
rated    Investment Grade    by three national credit
rating agencies. Further, our board of directors
and management team own approximately 30% of
the company. This level of insider ownership far
exceeds our peer median level of 4% and serves to
significantly align the interests of our management,
directors, customers, and stockholders.
Jeremy B. Ford
Chairman, President and CEO
Hilltop Holdings
Hilltop and its operating segments, PlainsCapital
Bank, PrimeLending, and HilltopSecurities, were
recognized as Top Workplaces in the Financial
Services Industry in 2024. This recognition is the
result of the annual anonymous survey of our
employees conducted by Energage, an outside third
party, and it indicates the strength of our culture and
the high level of engagement among our workforce.
I am extremely proud of our employees    dedication
and the confidence they place in our organization as
among the best places to work in the United States.
1

FINANCIAL PERFORMANCE
REVENUE1
($ IN MILLIONS)
$2,237
Several unique challenges were present
during 2024, including a turbulent interest
rate environment and persistent industrywide challenges in the mortgage market.
Nevertheless, on the strength of our
durable and diversified business model,
Hilltop delivered a year-over-year increase
in pre-tax profitability, while maintaining
our strong balance sheet and ample access
to liquidity. In addition, Hilltop returned
significant capital to stockholders
through dividends and share repurchases
throughout the year.
$1,940
$1,674
$1,424
2019
During the year, Hilltop realized growth
in core deposits at PlainsCapital Bank,
streamlined our liquidity position by
returning non-core excess funding,
increased
efficiency
and
financial
performance at PrimeLending, and
invested further in the foundational
business lines at HilltopSecurities.
2020
2021
2022
$1,567
2023
$1,607
2024
NET INCOME1
($ IN MILLIONS)
$409
$374
$211
2019
2020
2021
$113
$110
$113
2022
2023
2024
1. All metrics are based on income from continuing operations.
2

CAPITAL MANAGEMENT
stock repurchase program through January of 2026,
under which Hilltop may purchase up to $100 million
of common stock. Hilltop also declared cash dividends
totaling $0.68 per common share over the course of 2024
and ended the year with a book value per share of $33.71,
as compared to $32.58 at the end of 2023. Hilltop   s tangible
book value per share ended 2024 at $29.49.
Hilltop   s continued focus on maintaining a strong balance
sheet is evidenced by our year-end Common Equity Tier
1 Capital Ratio of 21.23% and a Tier 1 Leverage Ratio of
12.57%. Both ratios increased from year-end 2023 and
continue to lead our peers. In addition, Hilltop repurchased
more than 640,000 shares of our common stock for $19.9
million, and our Board of Directors has authorized a new
CAPITAL MANAGEMENT AND TANGIBLE BOOK VALUE GROWTH
$0.68
$0.64
$0.60
$0.48
$0.36
18.97%
21.23%
21.22%
19.32%
18.23%
$33.71
$32.58
$31.95
$31.49
$29.49
$28.28
$28.35
$28.37
$27.18
$24.77
2020
2021
2022
2023
2024
dividends
tangible book value Per Share (Tangible common equity/shares outstanding)
book value Per Share
common equity tier 1 risk based ratio
1. Tangible book value per share (TBVPS) is a non-GAAP financial measure. For a reconciliation of TBVPS to the nearest GAAP measure, see    Annex A    to the Proxy Statement
included herein.
3

5/28/2025 Letter Continued (Full PDF)

 

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