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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-31987

Hilltop Holdings Inc.

(Exact name of registrant as specified in its charter)


Maryland		84-1477939
(State or other jurisdiction of incorporation or		(I.R.S. Employer Identification No.)
organization)

6565 Hillcrest Avenue
Dallas, TX		75205
(Address of principal executive offices)		(Zip Code)

(214) 855-2177

(Registrant’s telephone number, including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the 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 smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ⌧		Accelerated filer ◻

Non-accelerated filer ◻		Smaller reporting company ☐
		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

The number of shares of the registrant's common stock outstanding at April 23, 2026 was 58,530,197.

Table of Contents

HILLTOP HOLDINGS INC.

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2026

TABLE OF CONTENTS


PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Stockholders’ Equity	6
	Consolidated Statements of Cash Flows	7
	Notes to Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	89

Item 4.	Controls and Procedures	93


PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	94

Item 1A.	Risk Factors	94

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	94

Item 5.	Other Information	94

Item 6.	Exhibits	95

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)


		March 31,			December 31,
		2026			2025
Assets
Cash and due from banks		$	874,194		$	1,231,944
Federal funds sold			650			650
Assets segregated for regulatory purposes			17,673			20,211
Securities purchased under agreements to resell			133,088			55,977
Securities:
Trading, at fair value			698,106			617,408
Available for sale, at fair value, net (amortized cost of $1,537,980 and $1,554,096, respectively)			1,469,670			1,491,048
Held to maturity, at amortized cost, net (fair value of $702,496 and $674,890, respectively)			759,628			728,329
Equity, at fair value			238			265
			2,927,642			2,837,050

Loans held for sale			807,745			950,142
Loans held for investment, net of unearned income			8,433,673			8,311,952
Allowance for credit losses			(88,997)			(91,537)
Loans held for investment, net			8,344,676			8,220,415

Broker-dealer and clearing organization receivables			1,625,156			1,588,882
Premises and equipment, net			135,551			132,820
Operating lease right-of-use assets			89,845			83,757
Mortgage servicing rights			20,045			17,491
Other assets			452,779			432,603
Goodwill			267,447			267,447
Other intangible assets, net			5,365			5,605
Total assets		$	15,701,856		$	15,844,994

Liabilities and Stockholders' Equity
Deposits:
Noninterest-bearing		$	2,830,008		$	2,831,919
Interest-bearing			7,701,541			8,046,161
Total deposits			10,531,549			10,878,080

Broker-dealer and clearing organization payables			1,481,998			1,518,503
Short-term borrowings			990,807			676,882
Securities sold, not yet purchased, at fair value			63,346			37,955
Notes payable			148,645			148,587
Operating lease liabilities			106,166			100,155
Other liabilities			205,621			287,226
Total liabilities			13,528,132			13,647,388
Commitments and contingencies (see Notes 13 and 14)
Stockholders' equity:
Hilltop stockholders' equity:
Common stock, $0.01 par value, 125,000,000 shares authorized; 58,530,197 and 59,540,484 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively			585			595
Additional paid-in capital			953,176			973,072
Accumulated other comprehensive loss			(82,348)			(79,877)
Retained earnings			1,272,618			1,274,611
Total Hilltop stockholders' equity			2,144,031			2,168,401
Noncontrolling interests			29,693			29,205
Total stockholders' equity			2,173,724			2,197,606
Total liabilities and stockholders' equity		$	15,701,856		$	15,844,994

See accompanying notes.

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)


		Three Months Ended March 31,
		2026			2025
Interest income:
Loans, including fees		$	130,086		$	124,692
Securities borrowed			14,203			15,809
Securities:
Taxable			26,919			24,782
Tax-exempt			3,021			2,613
Other			10,061			24,903
Total interest income			184,290			192,799

Interest expense:
Deposits			48,325			60,051
Securities loaned			12,842			14,736
Short-term borrowings			7,587			8,103
Notes payable			2,355			3,653
Other			1,084			1,139
Total interest expense			72,193			87,682

Net interest income			112,097			105,117
Provision for credit losses			1,765			9,338
Net interest income after provision for credit losses			110,332			95,779

Noninterest income:
Net gains from sale of loans and other mortgage production income			50,972			45,281
Mortgage loan origination fees			21,910			22,451
Principal transactions, commissions and fees			66,534			55,313
Investment banking, advisory and administrative fees			36,920			36,628
Other			12,079			53,667
Total noninterest income			188,415			213,340

Noninterest expense:
Employees' compensation and benefits			168,962			176,240
Occupancy and equipment, net			19,829			19,782
Professional services			11,245			4,114
Other			48,267			51,337
Total noninterest expense			248,303			251,473

Income before income taxes			50,444			57,646
Income tax expense			11,425			13,114
Net income			39,019			44,532
Less: Net income attributable to noncontrolling interest			1,183			2,416
Income attributable to Hilltop		$	37,836		$	42,116

Earnings per common share:
Basic		$	0.64		$	0.65
Diluted		$	0.64		$	0.65

Weighted average share information:
Basic			59,124			64,613
Diluted			59,207			64,615

See accompanying notes.

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)


		Three Months Ended March 31,
		2026			2025
Net income		$	39,019		$	44,532
Other comprehensive income (loss):
Change in fair value of cash flow and fair value hedges, net taxes of $9 and $(465), respectively			31			(1,581)
Net unrealized gains (losses) on securities available for sale, net taxes of $(1,197) and $3,291, respectively			(4,084)			11,140
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, net taxes of $469 and $386, respectively			1,582			1,284
Comprehensive income			36,548			55,375
Less: comprehensive income attributable to noncontrolling interest			1,183			2,416

Comprehensive income applicable to Hilltop		$	35,365		$	52,959

See accompanying notes.

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(Unaudited)


									Accumulated						Total
						Additional			Other						Hilltop						Total
	Common Stock					Paid-in			Comprehensive			Retained			Stockholders’			Noncontrolling			Stockholders’
	Shares		Amount			Capital			Loss			Earnings			Equity			Interest			Equity
Balance, December 31, 2024	64,968		$	650		$	1,052,219		$	(111,497)		$	1,248,593		$	2,189,965		$	28,347		$	2,218,312
Net income	—			—			—			—			42,116			42,116			2,416			44,532
Other comprehensive income	—			—			—			10,843			—			10,843			—			10,843
Stock-based compensation expense	—			—			3,610			—			—			3,610			—			3,610
Common stock issued to board members	4			—			121			—			—			121			—			121
Issuance of common stock related to share-based awards, net	229			2			(2,015)			—			—			(2,013)			—			(2,013)
Repurchases of common stock	(1,047)			(10)			(16,797)			—			(16,474)			(33,281)			—			(33,281)
Dividends on common stock ($0.18 per share)	—			—			—			—			(11,649)			(11,649)			—			(11,649)
Net cash distributed to noncontrolling interest	—			—			—			—			—			—			(1,653)			(1,653)
Balance, March 31, 2025	64,154		$	642		$	1,037,138		$	(100,654)		$	1,262,586		$	2,199,712		$	29,110		$	2,228,822

Balance, December 31, 2025	59,540		$	595		$	973,072		$	(79,877)		$	1,274,611		$	2,168,401		$	29,205		$	2,197,606
Net income	—			—			—			—			37,836			37,836			1,183			39,019
Other comprehensive loss	—			—			—			(2,471)			—			(2,471)			—			(2,471)
Stock-based compensation expense	—			—			2,616			—			—			2,616			—			2,616
Common stock issued to board members	1			—			28			—			—			28			—			28
Issuance of common stock related to share-based awards, net	227			2			(2,667)			—			—			(2,665)			—			(2,665)
Repurchases of common stock	(1,238)			(12)			(19,873)			—			(28,015)			(47,900)			—			(47,900)
Dividends on common stock ($0.20 per share)	—			—			—			—			(11,814)			(11,814)			—			(11,814)
Net cash distributed to noncontrolling interest	—			—			—			—			—			—			(695)			(695)
Balance, March 31, 2026	58,530		$	585		$	953,176		$	(82,348)		$	1,272,618		$	2,144,031		$	29,693		$	2,173,724

See accompanying notes.

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)


		Three Months Ended March 31,
		2026			2025
Operating Activities
Net income		$	39,019		$	44,532
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses			1,765			9,338
Depreciation, amortization and accretion, net			1,794			4,606
Equity in earnings of merchant banking subsidiaries			(241)			(42,705)
Deferred income taxes			4,738			2,400
Other, net			3,083			3,308
Net change in securities purchased under agreements to resell			(77,111)			(10,371)
Net change in trading securities			(80,698)			(96,826)
Net change in broker-dealer and clearing organization receivables			(52,753)			41,784
Net change in other assets			(14,525)			6,327
Net change in broker-dealer and clearing organization payables			(21,336)			112,058
Net change in other liabilities			(91,028)			(79,627)
Net change in securities sold, not yet purchased			25,391			5,937
Change in valuation of mortgage servicing rights asset			(8)			586
Net gains from sales of loans			(50,972)			(45,281)
Loans originated for sale			(2,219,371)			(2,105,473)
Proceeds from loans sold			2,404,980			2,155,244
Net cash provided by (used in) operating activities			(127,273)			5,837
Investing Activities
Proceeds from maturities and principal reductions of securities held to maturity			31,837			17,998
Proceeds from sales, maturities and principal reductions of securities available for sale			73,618			51,148
Purchases of securities held to maturity			(61,376)			(41,120)
Purchases of securities available for sale			(56,585)			(38,522)
Net change in loans held for investment			(108,471)			(63,775)
Purchases of premises and equipment and other assets			(6,625)			(797)
Proceeds from sales and distributions of premises and equipment and other assets			198			48,231
Net cash paid to Federal Home Loan Bank and Federal Reserve Bank stock			(35)			(25)
Net cash used in investing activities			(127,439)			(26,862)
Financing Activities
Net change in deposits			(361,700)			(230,430)
Net change in short-term borrowings			298,932			(141,748)
Proceeds from long-term borrowings			268,530			260,157
Payments on long-term borrowings			(253,492)			(397,079)
Payments to repurchase common stock			(47,541)			(33,281)
Dividends paid on common stock			(11,814)			(11,649)
Net cash distributed to noncontrolling interest			(695)			(1,653)
Other, net			2,204			(2,158)
Net cash used in financing activities			(105,576)			(557,841)

Net change in cash, cash equivalents and restricted cash			(360,288)			(578,866)
Cash, cash equivalents and restricted cash, beginning of period			1,252,805			2,370,590
Cash, cash equivalents and restricted cash, end of period		$	892,517		$	1,791,724

Reconciliation of Cash, Cash Equivalents and Restricted Cash to Consolidated Balance Sheets
Cash and due from banks		$	874,194		$	1,702,623
Federal funds sold			650			650
Assets segregated for regulatory purposes			17,673			88,451
Total cash, cash equivalents and restricted cash		$	892,517		$	1,791,724
Supplemental Disclosures of Cash Flow Information
Cash paid for interest		$	70,799		$	87,763
Cash paid (received) for income taxes, net of refunds		$	66		$	(623)
Supplemental Schedule of Non-Cash Activities
Conversion of loans to other real estate owned		$	1,158		$	4,842
Additions to mortgage servicing rights		$	2,546		$	1,766

See accompanying notes.

Table of Contents

Hilltop Holdings Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(Unaudited)

1. Summary of Significant Accounting and Reporting Policies

Nature of Operations

Hilltop Holdings Inc. (“Hilltop” and, collectively with its subsidiaries, the “Company”) is a financial holding company registered under the Bank Holding Company Act of 1956. The Company’s primary line of business is to provide business and consumer banking services from offices located throughout Texas through PlainsCapital Bank (the “Bank”). In addition, the Company provides an array of financial products and services through its broker-dealer and mortgage origination subsidiaries.

The Company, headquartered in Dallas, Texas, provides its products and services through two primary business units, PlainsCapital Corporation (“PCC”) and Hilltop Securities Holdings LLC (“Securities Holdings”). PCC is a financial holding company, that provides, through its subsidiaries, traditional banking, wealth and investment management and treasury management services primarily in Texas and residential mortgage loans throughout the United States. Securities Holdings is a holding company that provides, through its subsidiaries, investment banking and other related financial services, including municipal advisory, sales, trading and underwriting of taxable and tax-exempt fixed income securities, clearing, securities lending, structured finance and retail brokerage services throughout the United States.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements contain all adjustments necessary for a fair statement of the results of the interim periods presented. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). Results for interim periods are not necessarily indicative of results to be expected for a full year or any future period.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates regarding the allowance for credit losses, the fair values of financial instruments, and the potential impairment of goodwill and identifiable intangible assets are particularly subject to change. The Company has applied its critical accounting policies and estimation methods consistently in all periods presented in these consolidated financial statements. Actual amounts and values as of the balance sheet dates may be materially different than the amounts and values reported due to the inherent uncertainty in the estimation process. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date.

Hilltop owns 100% of the outstanding stock of PCC. PCC owns 100% of the outstanding stock of the Bank and 100% of the membership interest in Hilltop Opportunity Partners LLC, a merchant bank utilized to facilitate investments in companies engaged in non-financial activities. The Bank owns 100% of the outstanding stock of PrimeLending, a PlainsCapital Company (“PrimeLending”).

PrimeLending owns a 100% membership interest in PrimeLending Ventures Management, LLC (“Ventures Management”), which holds a controlling ownership interest in and is the managing member of certain affiliated business arrangements (“ABAs”).

Hilltop has a 100% membership interest in Securities Holdings, which operates through its wholly owned subsidiaries, Hilltop Securities Inc. (“Hilltop Securities”), Momentum Independent Network Inc. (“Momentum Independent Network” and collectively with Hilltop Securities, the “Hilltop Broker-Dealers”) and Hilltop Securities Asset Management, LLC. Hilltop Securities is a broker-dealer registered with the SEC and the Financial Industry Regulatory Authority, Inc.

Table of Contents

Hilltop Holdings Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

(Unaudited)

(“FINRA”) and a member of the New York Stock Exchange (“NYSE”). Momentum Independent Network is an introducing broker-dealer that is also registered with the SEC and FINRA. Hilltop Securities and Momentum Independent Network are both registered with the Commodity Futures Trading Commission as non-guaranteed introducing brokers and as members of the National Futures Association. Additionally, Hilltop Securities, Momentum Independent Network and Hilltop Securities Asset Management, LLC are investment advisers registered with the SEC under the Investment Advisers Act of 1940, as amended.

In addition, Hilltop owns 100% of the membership interest in each of HTH Hillcrest Project LLC and Hilltop Investments I, LLC. Hilltop Investments I, LLC owns 50% of the membership interest in HTH Diamond Hillcrest Land LLC (“Hillcrest Land LLC”) which is consolidated under the requirements of the Variable Interest Entities (“VIE”) Subsections of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). These entities are related to the Hilltop Plaza investment discussed in detail in Note 17 to the consolidated financial statements included in the Company’s 2025 Form 10-K and are collectively referred to as the “Hilltop Plaza Entities.”

The consolidated financial statements include the accounts of the above-named entities. Intercompany transactions and balances have been eliminated. Noncontrolling interests have been recorded for minority ownership in entities that are not wholly owned and are presented in compliance with the provisions of Noncontrolling Interest in Subsidiary Subsections of the ASC.

During the fourth quarter of 2025, certain financial statement line items within the noninterest income section of the consolidated income statement were reclassified to better align disclosures to business activities. Securities commissions and fees was changed to principal transactions, commissions and fees and investment and securities advisory fees and commissions was changed to investment banking, advisory and administrative fees to better describe the underlying activities within these financial statement line items. Additionally, income from principal transactions that was historically presented in other noninterest income was reclassified to principal transactions, commissions and fees. These reclassifications were applied retrospectively to all prior periods presented. Total noninterest income did not change as a result of these reclassifications. Certain other reclassifications have been made to the prior period consolidated financial statements to conform with current period presentation. In preparing these consolidated financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all stockholders and other financial statement users, or filed with the SEC.

Significant accounting policies are detailed in Note 1 to the consolidated financial statements included in the Company’s 2025 Form 10-K.

2. Recently Issued Accounting Standards

Accounting Standards Adopted In 2026

In May 2025, the FASB issued ASU 2025-03, to improve accounting consistency for the acquisition of a variable interest entity that is a business. The amendments are effective in annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. The Company adopted the provisions of the amendments as of January 1, 2026. The adoption of this amendment did not have a material impact on the Company’s consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, to address complexities in applying current expected credit losses for current accounts receivable and contract assets. The amendments allow entities to make an accounting policy election to apply a practical expedient when estimating expected credit losses for certain assets, which allows entities to assume that economic conditions at the balance sheet date will remain unchanged for the remaining life of those assets. The Company adopted the provisions of the amendments as of January 1, 2026. The adoption of this amendment did not have a material impact on the Company’s consolidated financial statements.

Table of Contents

Hilltop Holdings Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

(Unaudited)

Accounting Standards Issued But Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06 to clarify or improve disclosure and presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the FASB accounting standard codification with the SEC's regulations. The amendments will be effective on the date the SEC removes related disclosure requirements from Regulation S-X or Regulation S-K. If by June 30, 2027, the SEC has not removed the applicable disclosure requirements, the pending amendments will not become effective. Early adoption is prohibited. The Company does not expect the future adoption of this amendment to have a material impact on its consolidated financial statements since the Company is currently subject to the SEC’s disclosure and presentation requirements under Regulation S-X and Regulation S-K.

In November 2024, the FASB issued ASU 2024-03, which was further clarified through the issuance of ASU 2025-01 in January 2025, to improve disclosure on an entity’s expenses and provide more detailed information for specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments are effective in annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements.

In September 2025, the FASB issued ASU 2025-06, to modernize current rules associated with the accounting for costs related to internally developed software. The guidance clarifies the threshold to be applied to begin capitalizing costs by eliminating references to project development stages and align with current agile implementation principles. The amendments are effective in annual periods beginning after December 15, 2027, and interim periods within those years, with early adoption permitted. The amendment may be applied on a prospective, retrospective or modified retrospective basis. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements.

In November 2025, the FASB issued ASU 2025-08, to eliminate Day 1 credit loss expense on certain purchased seasoned loans which are acquired more than 90 days post origination or acquired in a business combination. The amendments are effective in annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. The amendment may be applied on a prospective basis. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements.

In November 2025, the FASB issued ASU 2025-09, to improve hedge accounting to better align with risk management economics which removes the basis adjustments in fair value hedges from effectiveness assessments in net investment hedges, restoring the viability of dual-hedge strategies. The amendments are effective in annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. The amendment may be applied on a prospective basis. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements.

In December 2025, the FASB issued ASU 2025-11, to add clarity and consistency for disclosure in interim periods around significant events and changes in estimates. The amendments are effective in annual periods beginning after December 15, 2027, and interim periods within those years, with early adoption permitted. The amendment may be applied on a prospective or retrospective basis. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements.

In December 2025, the FASB issued ASU 2025-12, to clarify or improve disclosure and presentation requirements of a variety of topics. The amendments are effective in annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements.

Table of Contents

Hilltop Holdings Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

(Unaudited)

3. Fair Value Measurements

Fair Value Measurements and Disclosures

The Company determines fair values in compliance with The Fair Value Measurements and Disclosures Topic of the ASC (the “Fair Value Topic”). The Fair Value Topic defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. The Fair Value Topic defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Fair Value Topic assumes that transactions upon which fair value measurements are based occur in the principal market for the asset or liability being measured. Further, fair value measurements made under the Fair Value Topic exclude transaction costs and are not the result of forced transactions.

The Fair Value Topic includes a fair value hierarchy that classifies fair value measurements based upon the inputs used in valuing the assets or liabilities that are the subject of fair value measurements. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs, as indicated below.

●

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date.

●

Level 2 Inputs: Observable inputs other than Level 1 prices. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, prepayment speeds, default rates, credit risks and loss severities), and inputs that are derived from or corroborated by market data, among others.

●

Level 3 Inputs: Unobservable inputs that reflect an entity’s own estimates about the assumptions that market participants would use in pricing the assets or liabilities. Level 3 inputs include pricing models and discounted cash flow techniques, among others.

Fair Value Option

The Company has elected to measure substantially all of PrimeLending’s mortgage loans held for sale and the retained mortgage servicing rights (“MSR”) asset at fair value, under the provisions of the Fair Value Option Subsections of the ASC (the “Fair Value Option”). The Company elected to apply the provisions of the Fair Value Option to these items so that it would have the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. At March 31, 2026 and December 31, 2025, the aggregate fair value of PrimeLending’s mortgage loans held for sale accounted for under the Fair Value Option was $735.7 million and $886.2 million, respectively, and the unpaid principal balance of those loans was $729.5 million and $870.1 million, respectively. The interest component of loans held for sale is reported as interest income on loans in the accompanying consolidated statements of operations, while the fair value component for changes related to interest rate movements is reported in net gains from sale of loans and other production income within noninterest income in the accompanying consolidated statements of operations.

The Company holds a number of financial instruments that are measured at fair value on a recurring basis, either by the application of the Fair Value Option or other authoritative pronouncements. The fair values of those instruments are determined primarily using Level 2 inputs, as further described in Note 3 to the consolidated financial statements included in the Company’s 2025 Form 10-K. Those inputs include quotes from mortgage loan investors and derivatives dealers and data from independent pricing services. The fair value of loans held for sale is determined using an exit price method.

Table of Contents

Hilltop Holdings Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

(Unaudited)

The following tables present information regarding financial assets and liabilities measured at fair value on a recurring basis (in thousands).


		Level 1			Level 2			Level 3			Total
March 31, 2026		Inputs			Inputs			Inputs			Fair Value
Trading securities		$	8,870		$	689,236		$	—		$	698,106
Available for sale securities			—			1,406,657			63,013			1,469,670
Equity securities			238			—			—			238
Loans held for sale			—			694,044			41,660			735,704
Derivative assets			—			56,360			—			56,360
MSR asset			—			—			20,045			20,045
Equity investments			—			—			19,494			19,494
Securities sold, not yet purchased			51,183			12,163			—			63,346
Derivative liabilities			—			22,170			—			22,170


		Level 1			Level 2			Level 3				Total
December 31, 2025		Inputs			Inputs			Inputs				Fair Value
Trading securities		$	8,915		$	608,493		$	—		$	617,408
Available for sale securities			—			1,429,056			61,992			1,491,048
Equity securities			265			—			—			265
Loans held for sale			—			847,289			38,866			886,155
Derivative assets			—			45,403			—			45,403
MSR asset			—			—			17,491			17,491
Equity investments			—			—			18,774			18,774
Securities sold, not yet purchased			29,390			8,565			—			37,955
Derivative liabilities			—			14,005			—			14,005

The following tables include a rollforward for those material financial instruments measured at fair value using Level 3 inputs (in thousands).


														Total Gains or Losses
														(Realized or Unrealized)
		Balance,									Transfers						Included in Other
		Beginning of			Purchases/			Sales/			to (from)			Included in			Comprehensive			Balance,
		Period			Additions			Reductions			Level 3			Net Income			Income (Loss)			End of Period
Three Months Ended March 31, 2026
Available for sale securities		$	61,992		$	—		$	—		$	—		$	1,698		$	(677)		$	63,013
Loans held for sale			38,866			8,501			(3,943)			—			(1,764)			—			41,660
MSR asset			17,491			2,546			—			—			8			—			20,045
Equity investments			18,774			—			—			—			720			—			19,494
Total		$	137,123		$	11,047		$	(3,943)		$	—		$	662		$	(677)		$	144,212

Three Months Ended March 31, 2025
Trading securities		$	3,330		$	637		$	(3,442)		$	—		$	141		$	—		$	666
Available for sale securities			29,816			—			—			—			738			—			30,554
Loans held for sale			48,657			4,406			(6,734)			—			(969)			—			45,360
MSR asset			5,723			1,766			—			—			(586)			—			6,903
Equity investments			22,015			—			(7,448)			—			6,693			—			21,260
Total		$	109,541		$	6,809		$	(17,624)		$	—		$	6,017		$	—		$	104,743

All net realized and unrealized gains (losses) in the tables above are reflected in the accompanying consolidated financial statements. The unrealized gains (losses) relate to financial instruments still held at March 31, 2026.

Table of Contents

Hilltop Holdings Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

(Unaudited)

For material Level 3 financial instruments measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, the significant unobservable inputs used in the fair value measurements were as follows.


			March 31, 2026
Financial Instrument	Valuation Technique	Unobservable Inputs	Fair Value		Range (Weighted-Average)
Available for sale securities	Discounted cash flow	Discount rate	$	34,113	14.88	-	16.91	%
	Recent transaction	Recent transaction		28,900

Loans held for sale	Market comparable	Projected price		41,660	78	-	94	%	(	92	%)

MSR asset	Discounted cash flow	Constant prepayment rate		20,045				13.59		%
		Discount rate						11.49		%

Equity investments	Market comparable	Market multiple		3,741				14.25x
	Discounted cash flow	Discount rate						11.50		%
	Discounted cash flow	Discount rate		1,965				14.50		%
	Market calibration	Market adjustment						25.00		%
	Recent transaction	Recent transaction		13,788


			December 31, 2025
Financial Instrument	Valuation Technique	Unobservable Inputs	Fair Value		Range (Weighted-Average)
Available for sale securities	Discounted cash flow	Discount rate	$	33,092	13.25	-	15.50	%
	Recent transaction	Recent transaction		28,900

Loans held for sale	Market comparable	Projected price		38,866	78	-	94	%	(	90	%)

MSR asset	Discounted cash flow	Constant prepayment rate		17,491				14.68	%
		Discount rate						11.45	%

Equity investments	Market comparable	Market multiple		3,802				14.5x
	Discounted cash flow	Discount rate						12.50	%
	Discounted cash flow	Discount rate		1,372				14.50	%
	Recent transaction	Recent transaction		13,600

The fair value of certain available for sale securities held by the Company’s merchant bank subsidiary, including those measured at fair value under the provision of the Fair Value Option, are primarily measured using the income approach with Level 3 inputs. The fair value of such financial instruments are based upon estimates of expected cash flows using unobservable inputs, including credit spreads derived from comparable securities and benchmark credit curves, management’s knowledge of underlying collateral and recent transaction pricing.

The fair value of certain loans held for sale that cannot be sold through normal sale channels or are non-performing are measured using Level 3 inputs. The fair value of such loans is generally based upon estimates of expected cash flows using unobservable inputs, including listing prices of comparable assets, uncorroborated expert opinions, and/or management’s knowledge of underlying collateral.

The MSR asset is reported at fair value, under the provisions of the Fair Value Option, using Level 3 inputs. The MSR asset is valued by projecting net servicing cash flows, which are then discounted to estimate the fair value. The fair value of the MSR asset is impacted by a variety of factors. Prepayment and discount rates, the most significant unobservable inputs, are discussed further in Note 7 to the consolidated financial statements.

The Company has elected to measure certain equity investments held by the Company’s merchant bank subsidiary under the provisions of the Fair Value Option using Level 3 inputs to mitigate volatility in reported earnings caused by changes in fair value and better align with merchant bank investment strategy. Equity investments are reported as a component of other assets within the consolidated balance sheets and changes in fair value are reported within other noninterest income in the accompanying consolidated statements of operations.

The Company had no transfers between Levels 1 and 2 during the periods presented. Any transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.

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Hilltop Holdings Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

(Unaudited)

The following table presents those changes in fair value of material instruments recognized in the consolidated statements of operations that are accounted for under the Fair Value Option (in thousands).


		Three Months Ended March 31, 2026									Three Months Ended March 31, 2025
		Net			Other			Total			Net			Other			Total
		Gains			Noninterest			Changes in			Gains			Noninterest			Changes in
		(Losses) ⁽¹⁾			Income			Fair Value			(Losses) ⁽¹⁾			Income			Fair Value
Available for sale securities		$	—		$	18		$	18		$	—		$	—		$	—
Loans held for sale			(9,817)			—			(9,817)			7,142			—			7,142
MSR asset			8			—			8			(586)			—			(586)
Equity investments			—			720			720			—			245			245

(1)

Net gains (losses) related to changes in fair value of material instruments that are accounted for under the Fair Value Option are reported in the following line items of the consolidated statement of operations: Loans held for sale - Net gains from sale of loans and other production income, Loans held for investment - Loans, including fees and MSR asset – Net gains from sale of loans and other mortgage production income.

Financial Assets Measured at Fair Value on a Non-Recurring Basis

Real estate acquired through foreclosure (“OREO”) is recorded at the time of each property’s respective acquisition date using management’s estimate of fair value. The Company determines fair value primarily using independent appraisals of OREO properties, less estimated cost to sell. In addition, facts and circumstances may dictate a fair value measurement when there is evidence of impairment. The resulting fair value measurements are classified as Level 2 inputs. At March 31, 2026 and December 31, 2025, the estimated fair value of OREO was $8.5 million and $8.0 million, respectively, and the underlying fair value measurements utilized Level 2 inputs. The amounts are included in other assets within the consolidated balance sheets. During the reported periods, all fair value measurements for OREO subsequent to initial recognition utilized Level 2 inputs. The Company recorded losses of $0.5 million during the three months ended March 31, 2026 and no gains or losses during the three months ended March 31, 2025, which represented a change in fair value subsequent to initial recognition of the asset.

Financial Assets and Liabilities Not Measured at Fair Value on Recurring or Non-Recurring Basis

The Fair Value of Financial Instruments Subsection of the ASC requires disclosure of the fair value of financial assets and liabilities, including the financial assets and liabilities previously discussed. There have been no changes to the methods for determining estimated fair value for financial assets and liabilities as described in detail in Note 3 to the consolidated financial statements included in the Company’s 2025 Form 10-K.

The following tables present the carrying values and estimated fair values of financial instruments not measured at fair value on either a recurring or non-recurring basis (in thousands).


					Estimated Fair Value
		Carrying			Level 1			Level 2			Level 3
March 31, 2026		Amount			Inputs			Inputs			Inputs			Total
Financial assets:
Cash and cash equivalents		$	874,844		$	874,844		$	—		$	—		$	874,844
Assets segregated for regulatory purposes			17,673			17,673			—			—			17,673
Securities purchased under agreements to resell			133,088			—			133,088			—			133,088
Held to maturity securities			759,628			—			702,496			—			702,496
Loans held for sale			72,041			—			23,823			48,218			72,041
Loans held for investment, net			8,344,676			—			361,012			8,848,653			9,209,665
Broker-dealer and clearing organization receivables			1,625,156			—			1,625,156			—			1,625,156
Other assets			71,137			—			71,137			—			71,137

Financial liabilities:
Deposits			10,531,549			—			10,526,130			—			10,526,130
Broker-dealer and clearing organization payables			1,481,998			—			1,481,998			—			1,481,998
Short-term borrowings			990,807			—			990,807			—			990,807
Notes payable			148,645			—			147,075			—			147,075
Other liabilities			8,927			—			8,927			—			8,927

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Hilltop Holdings Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

(Unaudited)


					Estimated Fair Value
		Carrying			Level 1			Level 2			Level 3
December 31, 2025		Amount			Inputs			Inputs			Inputs			Total
Financial assets:
Cash and cash equivalents		$	1,232,594		$	1,232,594		$	—		$	—		$	1,232,594
Assets segregated for regulatory purposes			20,211			20,211			—			—			20,211
Securities purchased under agreements to resell			55,977			—			55,977			—			55,977
Held to maturity securities			728,329			—			674,890			—			674,890
Loans held for sale			63,987			—			19,251			46,298			65,549
Loans held for investment, net			8,220,415			—			344,533			8,048,167			8,392,700
Broker-dealer and clearing organization receivables			1,588,882			—			1,588,882			—			1,588,882
Other assets			70,079			—			70,079			—			70,079

Financial liabilities:
Deposits			10,878,080			—			10,871,788			—			10,871,788
Broker-dealer and clearing organization payables			1,518,503			—			1,518,503			—			1,518,503
Short-term borrowings			676,882			—			676,882			—			676,882
Notes payable			148,587			—			144,323			—			144,323
Other liabilities			7,489			—			7,489			—			7,489

The Company held equity investments other than securities of $18.1 million and $18.9 million at March 31, 2026 and December 31, 2025, respectively, which are included within other assets in the consolidated balance sheets. Of the $18.1 million of such equity investments held at March 31, 2026, $1.4 million do not have readily determinable fair values and each is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The following table presents the adjustments to the carrying value of these investments during the periods presented (in thousands).


		Three Months Ended March 31,
		2026			2025
Balance, beginning of period		$	1,563		$	1,979
Impairments and downward adjustments			(175)			(21)
Balance, end of period		$	1,388		$	1,958

Merchant Bank Transaction

In January 2025, the Company’s merchant bank subsidiary entered into a definitive agreement to sell all of the capital stock of Moser Acquisition, Inc. to Atlas Energy Solutions Inc. (“Atlas”) for consideration including cash and Atlas common stock. On February 24, 2025, the sale of the operations associated with the Company’s approximate 30% aggregate interest in Moser Holdings, LLC, which owns Moser Acquisition, Inc., was consummated. The Company’s aggregate interest in Moser Holdings, LLC included equity investments that were included, and will continue to be included, within other assets in the consolidated balance sheets until liquidation of Moser Holdings, LLC. An initial pre-tax gain of $30.5 million ($23.6 million net of tax) was recorded during the first quarter of 2025 based on the Company’s aggregate interest in Moser Holdings, LLC and reported primarily as a component of other noninterest income within the consolidated statements of operations. Subsequently, during 2025, the Company recorded additional net adjustments associated with its aggregate interest in Moser Holdings, LLC and the liquidation of Atlas common stock that resulted in an aggregate pre-tax gain during 2025 of $27.8 million ($21.6 million net of tax). The gain is subject to change given customary post-closing adjustments and liquidation of Moser Holdings, LLC.

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Hilltop Holdings Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

(Unaudited)

4. Securities

The fair value of trading securities is summarized as follows (in thousands).


		March 31,			December 31,
		2026			2025
U.S. Treasury securities		$	—		$	123
U.S. government agencies:
Bonds			42,055			37,222
Residential mortgage-backed securities			76,355			152,343
Collateralized mortgage obligations			144,065			58,611
Corporate debt securities			70,904			41,136
States and political subdivisions			332,750			295,615
Private-label securitized product			6,304			9,547
Other			25,673			22,811
Totals		$	698,106		$	617,408

In addition to the securities shown above, the Hilltop Broker-Dealers enter into transactions that represent commitments to deliver and purchase securities at prevailing future market prices to facilitate customer transactions and satisfy such commitments. Accordingly, the Hilltop Broker-Dealers’ ultimate obligations may exceed the amount recognized in the financial statements. These securities, which are carried at fair value and reported as securities sold, not yet purchased in the consolidated balance sheets, had a value of $63.3 million and $38.0 million at March 31, 2026 and December 31, 2025, respectively.

The amortized cost and fair value of available for sale and held to maturity securities are summarized as follows (in thousands).


	Available for Sale
	Amortized		Unrealized		Unrealized
March 31, 2026	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	4,999	$	—	$	(24)	$	4,975
U.S. government agencies:
Bonds		83,590		82		(364)		83,308
Residential mortgage-backed securities		390,021		723		(22,839)		367,905
Commercial mortgage-backed securities		259,081		635		(4,065)		255,651
Collateralized mortgage obligations		703,255		317		(38,727)		664,845
Corporate debt securities ⁽¹⁾		64,363		—		(1,350)		63,013
States and political subdivisions		32,671		29		(2,727)		29,973
Totals	$	1,537,980	$	1,786	$	(70,096)	$	1,469,670

(1)

Certain corporate debt securities associated with merchant bank investments are required to be accounted for under the provisions of the Fair Value Option. As a result, unrealized gains included a nominal fair value adjustment that was reported as a component of other noninterest income within the consolidated statements of operations for the three months ended March 31, 2026. All other unrealized gains and losses are included as a component of accumulated other comprehensive income or loss on the Company’s consolidated balance sheets.

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Hilltop Holdings Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

(Unaudited)


	Available for Sale
	Amortized		Unrealized		Unrealized
December 31, 2025	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	4,998	$	—	$	(55)	$	4,943
U.S. government agencies:
Bonds		81,418		138		(349)		81,207
Residential mortgage-backed securities		411,571		1,553		(22,064)		391,060
Commercial mortgage-backed securities		243,888		830		(4,382)		240,336
Collateralized mortgage obligations		716,201		917		(36,593)		680,525
Corporate debt securities		62,683		613		(1,304)		61,992
States and political subdivisions		33,337		39		(2,391)		30,985
Totals	$	1,554,096	$	4,090	$	(67,138)	$	1,491,048


		Held to Maturity
		Amortized			Unrealized			Unrealized
March 31, 2026		Cost			Gains			Losses			Fair Value
U.S. government agencies:
Residential mortgage-backed securities		$	297,284		$	290		$	(19,023)		$	278,551
Commercial mortgage-backed securities			116,228			219			(5,749)			110,698
Collateralized mortgage obligations			265,162			46			(27,133)			238,075
States and political subdivisions			80,954			51			(5,833)			75,172
Totals		$	759,628		$	606		$	(57,738)		$	702,496


		Held to Maturity
		Amortized			Unrealized			Unrealized
December 31, 2025		Cost			Gains			Losses			Fair Value
U.S. government agencies:
Residential mortgage-backed securities		$	265,349		$	515		$	(18,308)		$	247,556
Commercial mortgage-backed securities			122,636			327			(6,088)			116,875
Collateralized mortgage obligations			262,203			223			(25,577)			236,849
States and political subdivisions			78,141			134			(4,665)			73,610
Totals		$	728,329		$	1,199		$	(54,638)		$	674,890

Additionally, the Company had unrealized net gains of $0.2 million and $0.2 million at March 31, 2026 and December 31, 2025, respectively, from equity securities with fair values of $0.2 million and $0.3 million held at March 31, 2026 and December 31, 2025, respectively. The Company recognized nominal net losses during the three months ended March 31, 2026 and 2025, respectively, due to changes in the fair value of equity securities still held at the balance sheet date. During the three months ended March 31, 2026 and 2025, the Company recorded no sales of equity securities.

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Hilltop Holdings Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

(Unaudited)

Information regarding available for sale and held to maturity securities that were in an unrealized loss position is shown in the following tables (dollars in thousands).

Hilltop Holdings Inc. 10-Q