Hilltop Holdings Q3 2024 10-Q Filed

TL;DR

**Hilltop Holdings Q3 10-Q is in! Assets and liabilities detailed. Check financials.**

AI Summary

Hilltop Holdings Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position, including assets and liabilities, with specific figures like $65,153,092 and $64,959,743 noted in relation to other assets and liabilities. The report covers the third quarter of 2024.

Why It Matters

This filing provides investors with an update on Hilltop Holdings' financial health and operational performance for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing contains specific financial figures and disclosures typical of a public company's quarterly report, indicating a standard level of financial reporting risk.

Key Numbers

• $65.16B — Other Assets (As of September 30, 2024, indicating a significant portion of the company's asset base.)
• $64.96B — Other Liabilities (As of September 30, 2024, showing the company's obligations.)

Key Players & Entities

• Hilltop Holdings Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241025 (date) — Date of filing
• 65153092 (dollar_amount) — Related to 'Other Assets'
• 64959743 (dollar_amount) — Related to 'Other Liabilities'

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share HTH New York Stock Exchan

Filing Documents

• hth-20240930x10q.htm (10-Q) — 10029KB
• hth-20240930xex31d1.htm (EX-31.1) — 18KB
• hth-20240930xex31d2.htm (EX-31.2) — 18KB
• hth-20240930xex32d1.htm (EX-32.1) — 15KB
• 0001558370-24-013690.txt ( ) — 36878KB
• hth-20240930.xsd (EX-101.SCH) — 106KB
• hth-20240930_cal.xml (EX-101.CAL) — 162KB
• hth-20240930_def.xml (EX-101.DEF) — 522KB
• hth-20240930_lab.xml (EX-101.LAB) — 1043KB
• hth-20240930_pre.xml (EX-101.PRE) — 797KB
• hth-20240930x10q_htm.xml (XML) — 10492KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1 .

Financial Statements

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 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 92 Item 4.

Controls and Procedures

Controls and Procedures 96

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 97 Item 1A.

Risk Factors

Risk Factors 97 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 97 Item 5. Other Information 97 Item 6. Exhibits 98 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. HILLTOP HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) September 30, December 31, 2024 2023 Assets Cash and due from banks $ 1,961,627 $ 1,858,700 Federal funds sold 3,650 650 Assets segregated for regulatory purposes 55,628 57,395 Securities purchased under agreements to resell 81,766 80,011 Securities: Trading, at fair value 540,836 515,991 Available for sale, at fair value, net (amortized cost of $ 1,489,070 and $ 1,621,747 , respectively) 1,405,700 1,507,595 Held to maturity, at amortized cost, net (fair value of $ 690,846 and $ 731,858 , respectively) 754,824 812,677 Equity, at fair value 287 321 2,701,647 2,836,584 Loans held for sale 933,724 943,846 Loans held for investment, net of unearned income 7,979,630 8,079,745 Allowance for credit losses ( 110,918 ) ( 111,413 ) Loans held for investment, net 7,868,712 7,968,332 Broker-dealer and clearing organization receivables 1,220,784 1,573,931 Premises and equipment, net 157,803 168,856 Operating lease right-of-use assets 92,041 88,580 Mortgage servicing rights 45,742 96,662 Other assets 528,839 517,545 Goodwill 267,447 267,447 Other intangible assets, net 6,995 8,457 Total assets $ 15,926,405 $ 16,466,996 Liabilities and Stockholders' Equity Deposits: Noninterest-bearing $ 2,831,539 $ 3,007,101 Interest-bearing 7,959,908 8,056,091 Total deposits 10,791,447 11,063,192 Broker-dealer and clearing organization payables 1,110,373 1,430,734 Short-term borrowings 914,645 900,038 Securities sold, not yet purchased, at fair value 47,773 34,872 Notes payable 347,533 347,145 Operating lease liabilities 110,799 109,002 Other liabilities 397,976 431,684 Total liabilities 13,720,546 14,316,667 Commitments and contingencies (

Notes to Consolidated Financial Statements

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 lending 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 req

Notes to Consolidated Financial Statements (continued)

Notes to Consolidated Financial Statements (continued) (Unaudited) that is also registered with the SEC and FINRA. Hilltop Securities, Momentum Independent Network and Hilltop Securities Asset Management, LLC are registered investment advisers under the Investment Advisers Act of 1940. 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 2023 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. 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 2023 Form 10-K. Revision of Previously Issued Financial Statements During the second quarter of 2024, the Company identified an immaterial error related to the classification within noninterest income associated with the allocat

Notes to Consolidated Financial Statements (continued)

Notes to Consolidated Financial Statements (continued) (Unaudited) The following tables present line items for prior period impacts to the Company's Consolidated Statements of Operations that have been affected by the immaterial error discussed above and will be revised in conjunction with future filings (in thousands). Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 As previously Impact of As previously Impact of reported Revision As adjusted reported Revision As adjusted Noninterest income: Securities commission and fees $ 35,557 $ ( 5,184 ) $ 30,373 $ 31,223 $ ( 5,290 ) $ 25,933 Other 49,200 5,184 54,384 35,680 5,290 40,970 Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 (unaudited) (unaudited) (unaudited) As previously Impact of As previously Impact of As previously Impact of reported Revision As adjusted reported Revision As adjusted reported Revision As adjusted Noninterest income: Securities commission and fees $ 121,875 $ ( 21,343 ) $ 100,532 $ 139,122 $ ( 23,941 ) $ 115,181 $ 143,827 $ ( 36,412 ) $ 107,415 Other 156,082 21,343 177,425 113,957 23,941 137,898 128,034 36,412 164,446 The following table presents line items for prior period impacts to the components of other noninterest income as

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View this 10-Q filing on SEC EDGAR