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EX - 99.1 2 hth - 20210722xex99d1.htm EX - 99.1 Exhibit 99.1 Investor Relations Contact : Erik Yohe 214-525-4634 eyohe@hilltop-holdings.com Hilltop Holdings Inc. Announces Financial Results for Second Quarter 2021 _ _ DALLAS ( BUSINESS WIRE ) July 22 , 2021 — Hilltop Holdings Inc. ( NYSE : HTH ) ( “ Hilltop ” ) today announced financial results for the second quarter of 2021. Hilltop produced income from continuing operations to common stockholders of $ 99.1 million , or $ 1.21 per diluted share , for the second quarter of 2021 , compared to $ 97.7 million , or $ 1.08 per diluted share , for the second quarter of 2020. Hilltop's financial results from continuing operations for the second quarter of 2021 benefited from the significant improvement in the macroeconomic outlook and resulting impact on loan expected loss rates within the banking segment . However , Hilltop also realized a decrease in year - over - year mortgage origination segment net gains from sales of loans and other mortgage production income . Including income from discontinued operations related to the former insurance business , income applicable to common stockholders was $ 99.1 million , or $ 1.21 per diluted share , for the second quarter of 2021 , compared to $ 128.5 million , or $ 1.42 per diluted share , for the second quarter of 2020 . Hilltop also announced that its Board of Directors declared a quarterly cash dividend of $ 0.12 per common share , payable on August 31 , 2021 , to all common stockholders of record as of the close of business on August 13 , 2021. Additionally , during the second quarter of 2021 , Hilltop paid $ 44.5 million to repurchase an aggregate of 1,240,843 shares of its common stock at an average price of $ 35.85 per share pursuant to the 2021 stock repurchase program . These shares were returned to the pool of authorized but unissued shares of common stock . Furthermore , in July 2021 , the Hilltop Board of Directors authorized , subject to regulatory review , an increase to the aggregate amount of common stock that Hilltop may repurchase under the aforementioned stock repurchase program to $ 150.0 million , an increase of $ 75.0 million . As a result of share repurchases during 2021 , Hilltop has approximately $ 100 million of available share repurchase capacity through expiration of the stock repurchase program in January 2022 . The COVID - 19 pandemic has adversely 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 the pandemic on our operational and financial performance for the remainder of 2021 is currently uncertain and will depend on certain developments outside of our control , including , among others , the ongoing distribution and effectiveness of vaccines , government stimulus , the ultimate impact of the pandemic on our customers and clients , and additional , or extended , federal , state and local government orders and regulations that might be imposed in response to the pandemic . Jeremy B. Ford , President and CEO of Hilltop , said , “ I am very pleased with the results from the second quarter and first half of 2021. Hilltop's performance this year highlights the versatility of our franchise and the value of our diversified operating model . During the second quarter , credit trends at the bank continued to improve and we believe we are well situated for growth with robust liquidity and capital levels . The mortgage team has proven nimble across the country as the market has evolved over the past year and a half , and we also believe we are well positioned to grow our purchase - focused customer base . Although Hilltop Securities realized mixed results primarily due to market volatility , the broker - dealer remains healthy with a diverse revenue base . In addition to our strong operating performance , Hilltop distributed approximately $ 10 million of dividends and repurchased approximately $ 45 million of shares in the open market . " Second Quarter 2021 Highlights for Hilltop : The reversal of credit losses was $ 28.7 million during the second quarter of 2021 , compared to a reversal of credit losses of $ 5.1 million in the first quarter of 2021 ; The significant reversal of credit losses during the second quarter of 2021 primarily reflected improvements in the macroeconomic forecast assumptions and positive risk rating grade migration , including a high concentration of credits within the restaurant and commercial real estate industry sectors ;