The following is a summary of the Hilltop Holdings Inc. (HTH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Hilltop Holdings reported Q1 2024 net income of approximately $28 million or $0.42 per diluted share.

• The company's return on average assets for the period was 0.7%, and the return on average equity was 5.2%.

• PlainsCapital Bank generated $50 million of pre-tax income on $13.1 billion of assets, representing a return on average assets of 1.2%.

• PrimeLending reported a pre-tax loss of $16.5 million for the period.

• Hilltop Securities generated pre-tax income of $19 million on net revenues of $170 million dollars.

• Hilltop Holdings experienced a rise in total interest-bearing deposit costs, with the blended rate at 358 basis points, up from 340 basis points in December 2023.

• Non-interest income for Q1 2024 amounted to $182 million, with mortgage-related income and fees showing a decrease of $2 million compared to the first quarter of 2023.

Business Progress:

• Despite economic headwinds, Hilltop Holdings managed to improve earnings per share over the same period in the prior year through strategic initiatives and cost management.

• PrimeLending was able to reduce its pre-tax loss from the same period in the prior year through meaningful cost-cutting measures.

• Hilltop Securities marked a 12% increase in revenue over the same period in the prior year, driven by their mortgage trading business and suite deposit products within Wealth Management.

• Hilltop maintains robust capital levels with a common equity Tier 1 capital ratio of 19.7% and plans to take advantage of business opportunities as they arise.

• Hilltop Holdings continues its focus on growth within the company, operation improvements, and productivity enhancement, despite the external uncertainties around interest rates and the overall health of the economy.

More details: Hilltop Holdings IR

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