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EX - 99.1 2 hth - 20211028xex99d1.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 Third Quarter 2021 _ DALLAS ( BUSINESS WIRE ) October 28 , 2021 - Hilltop Holdings Inc. ( NYSE : HTH ) ( “ Hilltop ” ) today announced financial results for the third quarter of 2021. Hilltop produced income from continuing operations to common stockholders of $ 92.9 million , or $ 1.15 per diluted share , for the third quarter of 2021 , compared to $ 152.5 million , or $ 1.69 per diluted share , for the third quarter of 2020. Hilltop's financial results from continuing operations for the third quarter of 2021 included a decrease in year - over - year mortgage origination segment net gains from sales of loans and other mortgage production income as well as declines in net revenues within the broker - dealer segment's structured finance business and fixed income services lines , partially offset by improvements in the macroeconomic outlook and resulting beneficial impact on loan expected loss rates within the banking segment . Including income from discontinued operations related to the former insurance business , income applicable to common stockholders was $ 92.9 million , or $ 1.15 per diluted share , for the third quarter of 2021 , compared to $ 153.3 million , or $ 1.70 per diluted share , for the third quarter of 2020 . Hilltop also announced that its Board of Directors declared a quarterly cash dividend of $ 0.12 per common share , payable on November 30 , 2021 , to all common stockholders of record as of the close of business on November 15 , 2021. Additionally , during the third quarter of 2021 , Hilltop paid approximately $ 74 million to repurchase an aggregate of 2,241,761 shares of its common stock at a weighted average price of $ 33.06 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 October 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 $ 200.0 million , an increase of $ 50.0 million . As a result of share repurchases during 2021 and giving effect to such increase , Hilltop has approximately $ 76 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 and into 2022 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 happy to announce strong operating results for all three businesses at Hilltop . We have seen continued improvement in our asset quality , which is a reflection of both the sound lending practices employed by PlainsCapital Bank and the improving economic environment . The trend of increasing deposits remained steady in the quarter , and we are working diligently to deploy that excess liquidity through relationship - based lending and prudent management of our securities portfolio . At PrimeLending and the mortgage - centric businesses at Hilltop Securities , continued strength in the housing market and solid execution from our teams resulted in strong profitability . In addition , Hilltop continued to return a portion of our excess capital to shareholders through approximately $ 10 million of dividends paid and $ 74 million of share repurchases during the third quarter . " Third Quarter 2021 Highlights for Hilltop : The reversal of credit losses was $ 5.8 million during the third quarter of 2021 , compared to a reversal of credit losses of $ 28.7 million in the second quarter of 2021 ; о The reversal of credit losses during the third quarter of 2021 primarily reflected improvements in both macroeconomic forecast assumptions and credit quality metrics on COVID - 19 impacted industry sector exposures ;