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DALLAS--(BUSINESS WIRE)--Hilltop Holdings Inc. (NYSE: HTH) (Hilltop) today announced financial results for the first quarter 2021. Hilltop produced income from continuing operations to common stockholders of $120.3 million, or $1.46 per diluted share, for the first quarter of 2021, compared to $46.5 million, or $0.51 per diluted share, for the first quarter of 2020. Hilltops financial results from continuing operations for the first quarter of 2021 reflected a significant increase in mortgage origination segment net gains from sale of loans and other mortgage production income, while the first quarter of 2020 results included a build in the allowance for credit losses associated with the impact of macroeconomic forecast assumptions attributable to the market disruption and economic uncertainties caused by COVID-19. Including income from discontinued operations related to the former insurance business, income applicable to common stockholders was $120.3 million, or $1.46 per diluted share, for the first quarter of 2021, compared to $49.6 million, or $0.55 per diluted share, for the first quarter of 2020. Hilltop also announced that its Board of Directors declared a quarterly cash dividend of $0.12 per common share, payable on May 28, 2021, to all common stockholders of record as of the close of business on May 14, 2021. Additionally, during the first quarter of 2021, Hilltop paid $5.0 million to repurchase an aggregate of 149,878 shares of its common stock at an average price of $33.01 per share pursuant to the 2021 stock repurchase program. These shares were returned to the pool of authorized but unissued shares of common stock. The COVID-19 pandemic has negatively impacted financial markets and overall economic conditions, and is expected to continue to have implications on our business and operations. The extent of the impact of COVID-19 on our operational and financial performance for the remainder of 2021 is dependent on certain developments, including, among others, the ongoing distribution and effectiveness of vaccines, government stimulus, the ultimate impact of COVID-19 on our customers and clients, potential further disruption and deterioration in the financial services industry, including the mortgage servicing and commercial paper markets, and additional, or extended, federal, state and local government orders and regulations that might be imposed in response to the pandemic, all of which are uncertain. Jeremy B. Ford, President and CEO of Hilltop, said, Hilltops results in the first quarter reflect the focus of our teammates across Hilltop on serving our clients and executing on our strategic initiatives. The mortgage origination segment had another exceptional quarter, generating $6.2 billion of production volume, a year-over-year increase of 71%, and $93 million of pre-tax income. The banking segment generated $65 million of pre-tax income, including a $5 million reduction in credit reserves, and delivered an efficiency ratio below 50%. The banking team also continued to support its clients through the origination of approximately $200 million of additional PPP loans, bringing the total PPP originations since the inception of the program to approximately $900 million. Additionally, the broker-dealer segment generated $18 million of pre-tax income, as its structured finance and public finance services businesses produced revenue growth versus the prior year in a very volatile interest rate market. Overall, we are very pleased with the strong start to 2021, as our diversified, yet integrated, business model continues to generate solid results for our shareholders. At Hilltop, we are focused on value creation over the long-term and will continue to make investments in people and technology for prudent future growth. First Quarter 2021 Highlights for Hilltop: Discontinued Operations On June 30, 2020, Hilltop completed the sale of National Lloyds Corporation, or NLC, which comprised the operations of its former insurance segment, for cash proceeds of $154.1 million. During 2020, Hilltop recognized an aggregate gain associated with this transaction of $36.8 million, net of transaction costs. Accordingly, insurance segment results and its assets and liabilities have been presented as discontinued operations. The resulting book gain from this sale transaction was not recognized for tax purposes pursuant to the rules promulgated under the Internal Revenue Code. _________________________________ Note: Consolidated refers to our consolidated financial position and consolidated results of operations, including discontinued operations and assets and liabilities of discontinued operations. 1 Loans reflect loans held for investment excluding broker-dealer margin loans, net of allowance for credit losses, of $519.9 million and $436.8 million at March 31, 2021 and December 31, 2020, respectively. 2 Capital ratios reflect Hilltops decision to elect the transition option as issued by the federal banking regulatory agencies in March 2020 that permits banking institutions to mitigate the estimated cumulative regulatory capital effects from CECL over a five-year transitionary period. 3 Based on the end of period Tier 1 capital divided by total average assets during the quarter, excluding goodwill and intangible assets. 4 Net interest margin is defined as net interest income divided by average interest-earning assets. Consolidated Financial and Other Information Consolidated Balance Sheets March 31, December 31, September 30, June 30, March 31, (in 000's) 2021 2020 2020 2020 2020 Cash and due from banks $ 1,564,489 $ 1,062,560 $ 1,277,865 $ 1,655,492 $ 524,370 Federal funds sold 396 386 420 385 401 Assets segregated for regulatory purposes 273,393 290,357 221,621 194,626 178,805 Securities purchased under agreements to resell 106,342 80,319 90,103 161,457 23,356 Securities: Trading, at fair value 528,712 694,255 667,751 648,037 393,581 Available for sale, at fair value, net 1,715,406 1,462,205 1,310,240 1,091,348 972,318 Held to maturity, at amortized cost, net 300,088 311,944 323,299 343,198 355,110 Equity, at fair value 189 140 117 122 107 2,544,395 2,468,544 2,301,407 2,082,705 1,721,116 Loans held for sale 2,538,986 2,788,386 2,547,975 2,592,307 2,433,407 Loans held for investment, net of unearned income 7,810,657 7,693,141 7,945,560 7,849,904 7,345,250 Allowance for credit losses (144,499) (149,044) (155,214) (156,383) (106,739) Loans held for investment, net 7,666,158 7,544,097 7,790,346 7,693,521 7,238,511 Broker-dealer and clearing organization receivables 1,596,817 1,404,727 1,363,478 1,222,627 1,838,789 Premises and equipment, net 213,304 211,595 208,078 210,975 215,261 Operating lease right-of-use assets 101,055 105,757 109,354 119,954 113,395 Mortgage servicing assets 142,125 143,742 127,712 81,264 30,299 Other assets 648,895 555,983 607,932 627,982 846,316 Goodwill 267,447 267,447 267,447 267,447 267,447 Other intangible assets, net 19,035 20,364 21,814 23,374 25,019 Assets of discontinued operations 249,758 Total assets $ 17,682,837 $ 16,944,264 $ 16,935,552 $ 16,934,116 $ 15,706,250 Deposits: Noninterest-bearing $ 4,031,181 $ 3,612,384 $ 3,557,603 $ 3,467,500 $ 2,865,192 Interest-bearing 7,701,598 7,629,935 7,704,312 8,182,098 7,082,297 Total deposits 11,732,779 11,242,319 11,261,915 11,649,598 9,947,489 Broker-dealer and clearing organization payables 1,546,227 1,368,373 1,310,835 1,158,628 1,259,181 Short-term borrowings 676,652 695,798 780,109 720,164 1,329,948 Securities sold, not yet purchased, at fair value 97,055 79,789 56,023 55,340 22,768 Notes payable 401,713 381,987 396,006 450,158 244,042 Operating lease liabilities 120,339 125,450 122,402 131,411 124,123 Junior subordinated debentures 67,012 67,012 67,012 67,012 67,012 Other liabilities 595,045 632,889 502,517 409,672 408,224 Liabilities of discontinued operations 139,730 Total liabilities 15,236,822 14,593,617 14,496,819 14,641,983 13,542,517 Common stock 823 822 902 902 901 Additional paid-in capital 1,319,518 1,317,929 1,443,588 1,439,686 1,437,301 Accumulated other comprehensive income 3,486 17,763 23,790 23,813 20,939 Retained earnings 1,094,727 986,792 942,461 797,331 676,946 Deferred compensation employee stock trust, net 752 771 774 778 774 Employee stock trust (121) (138) (143) (150) (150) Total Hilltop stockholders' equity 2,419,185 2,323,939 2,411,372 2,262,360 2,136,711 Noncontrolling interests 26,830 26,708 27,361 29,773 27,022 Total stockholders' equity 2,446,015 2,350,647 2,438,733 2,292,133 2,163,733 Total liabilities & stockholders' equity $ 17,682,837 $ 16,944,264 $ 16,935,552 $ 16,934,116 $ 15,706,250 Three Months Ended Consolidated Income Statements March 31, December 31, September 30, June 30, March 31, (in 000's, except per share data) 2021 2020 2020 2020 2020 Interest income: Loans, including fees $ 104,277 $ 109,328 $ 104,955 $ 107,860 $ 111,168 Securities borrowed 28,972 14,445 10,705 12,883 13,327 Securities: Taxable 10,251 9,845 11,035 11,698 15,695 Tax-exempt 2,102 1,862 1,687 1,539 1,610 Other 1,321 1,381 1,446 951 3,075 Total interest income 146,923 136,861 129,828 134,931 144,875 Interest expense: Deposits 7,741 9,269 10,700 11,947 15,124 Securities loaned 25,486 12,014 8,729 10,796 11,277 Short-term borrowings 2,013 2,154 2,346 2,367 4,744 Notes payable 4,797 4,807 4,904 3,768 2,418 Junior subordinated debentures 562 609 608 705 850 Other 642 636 641 790 126 Total interest expense 41,241 29,489 27,928 30,373 34,539 Net interest income 105,682 107,372 101,900 104,558 110,336 Provision for (reversal of) credit losses (5,109) (3,482) (602) 66,026 34,549 Net interest income after provision for (reversal of) credit losses 110,791 110,854 102,502 38,532 75,787 Noninterest income: Net gains from sale of loans and other mortgage production income 267,080 247,360 307,896 295,317 150,486 Mortgage loan origination fees 43,155 50,193 47,681 45,341 28,554 Securities commissions and fees 38,314 35,921 32,496 34,234 40,069 Investment and securities advisory fees and commissions 27,695 42,161 36,866 29,120 23,180 Other 41,341 72,296 77,772 64,113 29,424 Total noninterest income 417,585 447,931 502,711 468,125 271,713 Noninterest expense: Employees' compensation and benefits 270,353 291,489 294,907 276,893 196,356 Occupancy and equipment, net 24,429 27,596 26,124 26,174 19,522 Professional services 13,585 21,927 17,522 15,737 14,798 Other 58,295 61,336 60,792 51,405 51,225 Total noninterest expense 366,662 402,348 399,345 370,209 281,901 Income from continuing operations before income taxes 161,714 156,437 205,868 136,448 65,599 Income tax expense 37,770 39,295 46,820 31,808 15,148 Income from continuing operations 123,944 117,142 159,048 104,640 50,451 Income from discontinued operations, net of income taxes 3,734 736 30,775 3,151 Net income 123,944 120,876 159,784 135,415 53,602 Less: Net income attributable to noncontrolling interest 3,599 4,431 6,505 6,939 3,966 Income attributable to Hilltop $ 120,345 $ 116,445 $ 153,279 $ 128,476 $ 49,636 Earnings per common share: Basic: Earnings from continuing operations $ 1.46 $ 1.31 $ 1.69 $ 1.08 $ 0.51 Earnings from discontinued operations 0.04 0.01 0.34 0.04 $ 1.46 $ 1.35 $ 1.70 $ 1.42 $ 0.55 Diluted: Earnings from continuing operations $ 1.46 $ 1.30 $ 1.69 $ 1.08 $ 0.51 Earnings from discontinued operations 0.05 0.01 0.34 0.04 $ 1.46 $ 1.35 $ 1.70 $ 1.42 $ 0.55 Cash dividends declared per common share $ 0.12 $ 0.09 $ 0.09 $ 0.09 $ 0.09 Weighted average shares outstanding: Basic 82,169 86,269 90,200 90,164 90,509 Diluted 82,657 86,420 90,200 90,164 90,550 Three Months Ended March 31, 2021 Segment Results Mortgage All Other and Continuing (in 000's) Banking Broker-Dealer Origination Corporate Eliminations Operations Net interest income (expense) $ 103,884 $ 10,514 $ (7,098) $ (4,692) $ 3,074 $ 105,682 Provision for (reversal of) credit losses (5,175) 66 (5,109) Noninterest income 11,324 98,623 310,444 506 (3,312) 417,585 Noninterest expense 55,788 91,404 210,334 9,588 (452) 366,662 Income (loss) from continuing operations before taxes $ 64,595 $ 17,667 $ 93,012 $ (13,774) $ 214 $ 161,714 Three Months Ended March 31, December 31, September 30, June 30, March 31, Selected Financial Data 2021 2020 2020 2020 2020 Hilltop Consolidated (1): Return on average stockholders' equity 20.58% 20.56% 25.94% 23.32% 9.38% Return on average assets 2.90% 2.83% 3.71% 3.30% 1.47% Net interest margin (2) 2.69% 2.71% 2.56% 2.80% 3.41% Net interest margin (taxable equivalent) (3): As reported 2.69% 2.72% 2.57% 2.81% 3.42% Impact of purchase accounting 13 bps 15 bps 10 bps 10 bps 22 bps Book value per common share ($) 29.41 28.28 26.72 25.08 23.71 Shares outstanding, end of period (000's) 82,261 82,185 90,238 90,222 90,108 Dividend payout ratio (4) 8.19% 6.67% 5.30% 6.32% 16.41% Banking Segment: Net interest margin (2) 3.30% 3.37% 3.03% 3.11% 3.81% Net interest margin (taxable equivalent) (3): As reported 3.31% 3.38% 3.03% 3.12% 3.82% Impact of purchase accounting 17 bps 20 bps 13 bps 12 bps 30 bps Accretion of discount on loans ($000's) 4,851 5,629 3,346 3,217 6,639 Net recoveries (charge-offs) ($000's) 564 (2,688) (567) (16,382) (1,508) Return on average assets 1.48% 1.37% 1.14% -0.42% 0.33% Fee income ratio 9.8% 10.2% 9.2% 10.2% 8.5% Efficiency ratio 48.4% 53.0% 52.7% 54.1% 55.5% Employees' compensation and benefits ($000's) 30,992 34,007 29,808 31,583 32,347 Broker-Dealer Segment: Net revenue ($000's) (5) 109,137 150,070 149,190 132,624 99,382 Employees' compensation and benefits ($000's) 66,027 87,469 88,063 79,697 56,550 Variable compensation expense ($000's) 37,412 60,295 60,774 52,372 32,024 Compensation as a % of net revenue 60.5% 58.3% 59.0% 60.1% 56.9% Pre-tax margin (6) 16.2% 22.8% 23.7% 21.0% 18.3% Mortgage Origination Segment: Mortgage loan originations - volume ($000's): Home purchases 2,902,710 3,683,564 4,183,560 3,204,573 2,341,847 Refinancings 3,281,395 3,114,630 2,266,793 2,894,486 1,280,741 Total mortgage loan originations - volume 6,184,105 6,798,194 6,450,353 6,099,059 3,622,588 Mortgage loan sales - volume ($000's) 6,350,837 6,571,234 6,521,773 5,934,914 3,486,249 Net gains from mortgage loan sales (basis points): As reported 388 448 440 368 325 Impact of sales to banking segment (10) (3) (1) (1) (13) Mortgage servicing rights asset ($000's) (7) 142,125 143,742 127,712 81,263 30,299 Employees' compensation and benefits ($000's) 166,248 163,822 161,738 160,824 100,328 Variable compensation expense ($000's) 115,486 116,736 116,275 113,826 58,280 (1) Ratios and financial data presented on a consolidated basis. For all 2020 periods presented, information includes discontinued operations and as of March 31, 2020 those assets and liabilities of discontinued operations (2) Net interest margin is defined as net interest income divided by average interest-earning assets. (7) Reported on a consolidated basis and therefore does not include mortgage servicing rights assets related to loans serviced for the banking segment, which are eliminated in consolidation. March 31, December 31, September 30, June 30, March 31, Capital Ratios 2021 2020 2020 2020 2020 Tier 1 capital (to average assets): PlainsCapital 10.50% 10.44% 10.19% 10.37% 12.06% Hilltop 13.01% 12.64% 13.03% 12.60% 13.03% Common equity Tier 1 capital (to risk-weighted assets): PlainsCapital 14.74% 14.40% 14.64% 14.03% 13.33% Hilltop 19.63% 18.97% 19.85% 18.46% 15.96% Tier 1 capital (to risk-weighted assets): PlainsCapital 14.74% 14.40% 14.64% 14.03% 13.33% Hilltop 20.22% 19.57% 20.46% 19.06% 16.38% Total capital (to risk-weighted assets): PlainsCapital 15.64% 15.27% 15.49% 14.88% 14.26% Hilltop 22.96% 22.34% 23.22% 21.82% 17.00% March 31, December 31, September 30, June 30, March 31, Non-Performing Assets Portfolio Data 2021 2020 2020 2020 2020 Loans accounted for on a non-accrual basis ($000's) (1): Commercial real estate 10,668 11,133 14,079 13,743 23,352 Commercial and industrial 36,144 34,049 38,708 32,259 47,121 Construction and land development 501 507 528 1,404 1,402 1-4 family residential 30,937 32,263 28,707 20,552 15,237 Consumer 26 28 53 308 310 Broker-dealer 78,276 77,980 82,075 68,266 87,422 Troubled debt restructurings included in accruing loans held for investment ($000's) 1,584 1,954 1,919 2,025 2,286 Non-performing loans ($000's) 79,860 79,934 83,994 70,291 89,708 Non-performing loans as a % of total loans 0.77% 0.76% 0.80% 0.67% 0.92% Other real estate owned ($000's) 19,899 21,289 25,387 26,602 15,429 Other repossessed assets ($000's) 101 239 315 315 Non-performing assets ($000's) 99,759 101,324 109,620 97,208 105,452 Non-performing assets as a % of total assets 0.56% 0.60% 0.65% 0.57% 0.67% Loans past due 90 days or more and still accruing ($000's) 265,230 243,630 187,105 124,682 101,300 (1) Loans accounted for on a non-accrual basis do not include COVID-19 related loan modifications. The Banks COVID-19 payment deferral programs allow for a deferral of principal and/or interest payments with such deferred principal payments due and payable on the maturity date of the existing loan. During the first quarter of 2021, the Banks actions included approval of COVID-19 related loan modifications, resulting in active loan modifications of approximately $130 million as of March 31, 2021, down from approximately $240 million as of December 31, 2020. The extent to which these measures will impact the Bank is uncertain, and any progression of loans, whether receiving COVID-19 payment deferrals or not, into non-accrual status, during future periods is uncertain and will depend on future developments that cannot be predicted. Three Months Ended March 31, 2021 2020 Average Interest Annualized Average Interest Annualized Outstanding Earned or Yield or Outstanding Earned or Yield or Net Interest Margin (Taxable Equivalent) Details (1) Balance Paid Rate Balance Paid Rate Assets Interest-earning assets Loans held for sale $ 2,573,085 $ 16,233 2.52 % $ 1,619,644 $ 15,631 3.86 % Loans held for investment, gross (2) 7,645,883 88,044 4.62 % 7,262,282 95,538 5.23 % Investment securities - taxable 2,267,709 10,233 1.80 % 1,798,897 16,606 3.69 % Investment securities - non-taxable (3) 284,001 2,280 3.21 % 208,863 1,902 3.64 % Federal funds sold and securities purchased under agreements to resell 93,525 0.00 % 60,943 134 0.89 % Interest-bearing deposits in other financial institutions 1,565,879 582 0.15 % 461,775 1,512 1.32 % Securities borrowed 1,452,704 28,972 7.98 % 1,568,737 13,327 3.36 % Other 49,916 762 6.18 % 78,595 1,512 7.72 % Interest-earning assets, gross (3) 15,932,702 147,106 3.70 % 13,059,736 146,162 4.45 % Allowance for credit losses (149,397) (74,430) Interest-earning assets, net 15,783,305 12,985,306 Noninterest-earning assets 1,559,039 1,633,387 Total assets $ 17,342,344 $ 14,618,693 Liabilities and Stockholders' Equity Interest-bearing liabilities Interest-bearing deposits $ 7,626,575 $ 7,741 0.41 % $ 6,264,827 $ 15,125 0.97 % Securities loaned 1,355,945 25,486 7.62 % 1,474,988 11,277 3.07 % Notes payable and other borrowings 1,130,068 8,014 2.85 % 1,368,038 8,544 2.50 % Total interest-bearing liabilities 10,112,588 41,241 1.65 % 9,107,853 34,946 1.54 % Noninterest-bearing liabilities Noninterest-bearing deposits 3,729,994 2,730,975 Other liabilities 1,101,972 633,722 Total liabilities 14,944,554 12,472,550 Stockholders equity 2,371,281 2,121,877 Noncontrolling interest 26,509 24,266 Total liabilities and stockholders' equity $ 17,342,344 $ 14,618,693 Net interest income (3) $ 105,865 $ 111,216 Net interest spread (3) 2.05 % 2.91 % Net interest margin (3) 2.69 % 3.42 % Conference Call Information Hilltop will host a live webcast and conference call at 8:00 AM Central (9:00 AM Eastern) on Friday, April 23, 2021. Hilltop President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr will review first quarter 2021 financial results. Interested parties can access the conference call by dialing 1-877-508-9457 (domestic) or 1-412-317-0789 (international). The conference call also will be webcast simultaneously on Hilltops Investor Relations website (http://ir.hilltop-holdings.com). About Hilltop Hilltop Holdings is a Dallas-based financial holding company. Its primary line of business is to provide business and consumer banking services from offices located throughout Texas through PlainsCapital Bank. PlainsCapital Banks wholly owned subsidiary, PrimeLending, provides residential mortgage lending throughout the United States. Hilltop Holdings broker-dealer subsidiaries, Hilltop Securities Inc. and Momentum Independent Network Inc., provide a full complement of securities brokerage, institutional and investment banking services in addition to clearing services and retail financial advisory. At March 31, 2021, Hilltop employed approximately 4,980 people and operated approximately 430 locations in 47 states. Hilltop Holdings common stock is listed on the New York Stock Exchange under the symbol HTH. Find more information at Hilltop-Holdings.com, PlainsCapital.com, PrimeLending.com and Hilltopsecurities.com. FORWARD-LOOKING STATEMENTS This press release contains 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 our 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, we do not assume any duty to update forward-looking statements. Such forward-looking statements include, but are not limited to, statements concerning such things as our plans, objectives, strategies, expectations, intentions and other statements that are not statements of historical fact, and may be identified by words such as anticipates, believes, building, could, estimates, expects, extent, focus, forecasts, goal, guidance, intends, may, might, outlook, plan, probable, progressing, projects, seeks, should, target, view, will 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 materially from those set forth in the forward-looking statements: (i) the COVID-19 pandemic and the response of governmental authorities to the pandemic, which have caused and are causing significant harm to the global economy and our business; (ii) the credit risks of lending activities, including our ability to estimate credit losses, as well as the effects of, and trends in, loan delinquencies and write-offs; (iii) effectiveness of our data security controls in the face of cyber attacks; (iv) changes in general economic, market and business conditions in areas or markets where we compete, including changes in the price of crude oil; (v) risks associated with concentration in real estate related loans; and (vi) changes in the interest rate environment and transitions away from the London Interbank Offered Rate. For further discussion of such factors, see the risk factors described in our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and other reports that are filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement.

Answer: Hilltop Holdings Inc. Announces Financial Results for First Quarter 2021