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Hilltop Holdings Inc. (HTH) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income of $123.2 million for 2024, compared to $118.0 million in 2023. Income attributable to Hilltop was $113.2 million, or $1.74 per diluted share, compared to $109.6 million, or $1.69 per diluted share, in the previous year.
Net interest income decreased to $417.8 million from $466.8 million in 2023. The decline was primarily due to increased funding costs on deposit products and a decrease in average loans held for investment.
The provision for credit losses was $941,000, significantly lower than the $18.4 million reported in 2023. This decrease was attributed to changes in the economic outlook and loan portfolio.
Noninterest income increased to $771.0 million from $729.0 million in 2023, driven by higher revenues in the broker-dealer segment, particularly in structured finance and public finance services.
Noninterest expenses increased slightly to $1.03 billion from $1.03 billion in 2023, with higher compensation and operating costs in the broker-dealer segment being offset by lower expenses in the mortgage origination segment.
The banking segment reported income before taxes of $181.9 million, a decrease from $199.0 million in 2023. This was mainly due to lower net interest income and higher noninterest expenses.
The broker-dealer segment reported income before taxes of $63.5 million, down from $73.5 million in 2023. The decrease was due to higher compensation and operating costs, despite an increase in net revenue.
The mortgage origination segment reported a loss before taxes of $33.7 million, an improvement from a loss of $62.8 million in 2023. This was due to decreased noninterest expenses and a slight increase in loan origination volume.
Hilltop Holdings Inc. redeemed all outstanding 5% senior notes due 2025 in January 2025, using cash on hand.
The company announced a new stock repurchase program through January 2026, authorizing the repurchase of up to $100 million of its outstanding common stock.
Hilltop's board of directors declared a quarterly cash dividend of $0.18 per common share, payable on February 27, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hilltop Holdings Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.