#1Hilltop Holdings. Hilltop Holdings Inc. Q4 2023 Earnings Presentation January 26, 2024#2Preface Corporate Headquarters 6565 Hillcrest Ave Dallas, TX 75205 Phone: 214-855-2177 www.hilltop-holdings.com Additional Information Please Contact: Erik Yohe Phone: 214-525-4634 Email: [email protected] FORWARD-LOOKING STATEMENTS This presentation and statements made by representatives of Hilltop Holdings Inc. ("Hilltop" or the "Company") during the course of this presentation include "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements anticipated in such statements. Forward-looking statements speak only as of the date they are made and, except as required by law, we do not assume any duty to update forward-looking statements. Such forward-looking statements include, but are not limited to, statements concerning such things as our outlook, our business strategy, our financial condition, our efforts to make strategic acquisitions, our liquidity and sources of funding, market trends, operations and business, the impact of natural disasters or public health emergencies, such as the coronavirus ("COVID-19") global pandemic, information technology expenses, capital levels, mortgage servicing rights ("MSR") assets, stock repurchases, dividend payments, expectations concerning mortgage loan origination volume, servicer advances and interest rate compression, expected levels of refinancing as a percentage of total loan origination volume, projected losses on mortgage loans originated, total expenses, anticipated changes in our revenue, earnings, or taxes, the effects of government regulation applicable to our operations, the appropriateness of, and changes in, our allowance for credit losses and provision for (reversal of) credit losses, future benchmark rates and economic growth, anticipated investment yields, expected accretion of discount on loans in future periods, the collectability of loans, cybersecurity incidents, the outcome of litigation, and our other plans, objectives, strategies, expectations and intentions and other statements that are not statements of historical fact, and may be identified by words such as "anticipates," "believes," "building", "could," "estimates," "expects," "forecasts," "goal," "guidance", "intends," "may," "might," "outlook", "plan," "probable," "projects," "seeks," "should," "target," "view" or "would" or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: (i) disruptions to the economy and the U.S. banking system caused by recent bank failures, risks associated with uninsured deposits and responsive measures by federal or state governments or banking regulators, including increases in the cost of our deposit insurance assessments; (ii) the credit risks of lending activities, including our ability to estimate credit losses and increases to the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iii) effectiveness of our data security controls in the face of cyber attacks; (iv) changes in general economic, market and business conditions in areas or markets where we compete, including changes in the price of crude oil; (v) risks associated with concentration in real estate related loans; (vi) changes in the interest rate environment; (vii) the effects of our indebtedness on our ability to manage our business successfully, including the restrictions imposed by the indenture governing our indebtedness; (viii) changes in state and federal laws, regulations or policies affecting one or more of our business segments, including changes in regulatory fees, deposit insurance premiums, capital requirements and the Dodd-Frank Wall Street Reform and Consumer Protection Act; (ix) cost and availability of capital; (x) changes in key management; (xi) competition in our banking, broker-dealer and mortgage origination segments from other banks and financial institutions, as well as investment banking and financial advisory firms, mortgage bankers, asset-based non-bank lenders and government agencies; (xii) legal and regulatory proceedings; (xiii) risks associated with merger and acquisition integration; (xiv) legal, reputational, and financial risks resulting from cybersecurity incidents and (xv) our ability to use excess capital in an effective manner. For further discussion of such factors, see the risk factors described in our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and other reports, that we have filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement. The information contained herein is preliminary and based on Company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying slides. Hilltop Holdings does not undertake an obligation to, and disclaims any duty to, update any of the information herein. Hilltop Holdings.#3Investor Highlights – Q4 2023 EPS - Diluted $0.44 3 Net Income $28.7MM PlainsCapital Bank Notes: (1) PrimeLending HilltopSecurities ● ● ● ROAA 0.75% ROAE 5.46% PlainsCapital Bank generated $47.8 million in pre-tax income during Q4 2023 Bank net interest margin of 2.94% decreased 14 basis points from Q3 2023, driven by deposit migration from NIB into Interest Bearing accounts and the ongoing rollover of the CD book Average bank loans HFI¹ decreased from Q3 2023 by $75 million, or 1.0%, while loan yields of 5.95% decreased by 4 basis points from Q3 2023 due to lower recoveries of non-accrual interest Average bank deposits decreased from Q3 2023 by $158 million, or 1.4%. The decline includes a return of broker dealer sweep balances and brokered deposits. Total cost of deposits at the bank was 2.82% during the period, a 15-basis point increase over Q3 2023 PrimeLending generated a $15.9 million pre-tax loss during Q4 2023 Gain-on-sale of loans sold to third parties of 189 basis points was 22 basis points lower than Q4 2022 and 10 basis points lower than Q3 2023 Non-interest expense at PrimeLending declined by $12.2 million, or 13%, from Q4 2022. Expenses other than variable compensation declined by $9.5 million, or 10%, during the same period, reflecting management's ongoing efforts to resize the business to align with the current environment HilltopSecurities generated a pre-tax income of $20.1 million during Q4 2023 on total net revenue of $120.0 million Structured Finance generated $21 million in revenue, an increase of 81% from Q4 2022, primarily from mortgage trading that benefited from certain state's support of down payment assistance programs Average Bank Loans HFI reflect consolidated loans held for investment excluding margin loans from the broker-dealer business. Within Wealth Management, money market and FDIC sweep accounts generated an increase in revenue of $1.1 million from prior year as balances benefited from higher short-term interest rates Hilltop Holdings.#4Capital Highlights - Q4 2023 Tangible book value per share has compounded at 10% annually over the past 5 years Dividends per share has compounded at 19% annually over the past 5 years Capital Management and Tangible Book Value Growth ● Notes: (1) (2) 4 $0.32 16.70% $19.65 $23.20 2019 $0.36 18.97% $24.77 $28.28 2020 $0.48 21.22% $28.37 $31.95 2021 $0.60 2 18.23% $27.18 $31.49 2022 Tangible Book Value Per Share (Tangible Common Equity / Shares Outstanding) Book Value per Share 2 Common Equity Tier 1 risk based ratio Dividends per share 1 2 Tangible common equity and tangible book value per common share (TBVPS) are non-GAAP financial measures. For a reconciliation of tangible common equity and tangible book value per share to the nearest GAAP measure, see the appendix. At period end. $0.64 19.31% $28.35 $32.58 2023 TBVPS 14% Versus 12/31/22 Hilltop Holdings.#5Hilltop Holdings - Q4 Financial Summary $ in Millions, except EPS Income Statement and Key Metrics Net interest income Noninterest income Noninterest expenses Efficiency ratio Pre-provision net revenue¹ Net charge offs (recoveries) Net ACL build (release) Provision for (reversal of) credit losses Income before income taxes Net income Minority interest Income attributable to Hilltop Return on average assets Return on average equity EPS - Diluted EOP Shares outstanding (in thousands) EOP Assets EOP Loans HFI, net EOP Deposits Q4 2023 $111.2 179.0 250.8 86.4% 39.4 5 $0.7 0.6 1.3 38.1 31.0 2.3 $28.7 0.75% 5.46% $0.44 65,153 16,467 7,968 11,063 Q3 2023 $115.7 196.8 260.0 83.2% 52.5 ($1.6) 1.5 (0.0) 52.5 39.3 2.3 $37.0 0.94% 7.11% $0.57 65,170 16,397 8,093 11,103 Notes: (1) Pre-provision net revenue is calculated as the sum of net interest income and noninterest income less noninterest expense (except provision for loan losses). QoQ% (4%) (9%) (4%) (25%) NR (27%) (21%) 1% (23%) (23%) (0%) 0% (2%) (0%) Q4 2022 $123.4 169.8 253.4 86.4% 39.9 ($0.0) 3.7 3.6 36.2 26.6 1.0 $25.6 0.63% 4.99% $0.39 64,685 16,259 7,997 11,316 YOY% (10%) 5% (1%) (1%) NR 5% 16% 124% 12% 12% 1% 1% (0%) (2%) Hilltop Holdings.#6Hilltop Holdings - Full Year Financial Summary $ in Millions, except EPS Income Statement and Key Metrics Net interest income Noninterest income Noninterest expenses Efficiency ratio Pre-provision net revenue¹ Net charge offs (recoveries) Net ACL build / (release) Provision for (reversal of) credit losses Income before income taxes Net income Minority interest Income attributable to Hilltop Return on average assets Return on average equity EPS-Diluted EOP Shares outstanding (in thousands) EOP Assets EOP Loans HFI, net EOP Deposits 2023 Actuals $466.8 729.0 1,028.3 86.0% 167.5 $2.4 16.0 18.4 149.1 118.0 8.3 $109.6 0.71% 5.31% $1.69 65,153 16,467 7,968 11,063 Notes: (1) Pre-provision net revenue is calculated as the sum of net interest income and noninterest income less noninterest expense (except provision for loan losses). 2022 Actuals $459.0 832.5 1,127.0 87.3% 164.4 $4.2 4.1 8.3 156.1 119.3 6.2 $113.1 0.69% 5.11% $1.60 64,685 16,259 7,997 11,316 YoY% 2% (12%) (9%) 2% 122% (4%) (1%) 35% (3%) 5% 1% 1% (0%) (2%) Hilltop Holdings.#7Hilltop Holdings - Allowance for Credit Losses ($ in millions) 7 ACL/Total Loans HFI ● ● ● $95.4 1.18% 12/31/2022 $97.4 1.19% 3/31/2023 $109.3 1.31% 6/30/2023 Allowance for Credit Losses at Period End Commentary $110.8 1.35% 9/30/2023 $2.7 Specific Reserves Applied Moody's Analytics December 2023 single macroeconomic alternative (S7) scenario for economic forecast Reserve builds driven by increases in specific reserves and net portfolio changes, partially offset by improvements to the U.S. economic outlook since the prior quarter ACL % of Loans HFI excluding broker-dealer margin loans and mortgage warehouse loans equated to 1.47% as of December 31, 2023 $0.6 Collective - Portfolio Changes ($2.0) Collective - Economic Conditions ($0.7) Net Charge-Off ($ in millions) Commercial real estate Non-owner occupied Owner occupied Commercial and industrial Construction and land development 1-4 family residential $111.4 Consumer Broker-dealer Mortgage warehouse lending Total 12/31/23 Reserve Composition 1.38% 12/31/2023 ACL $40.1 $28.1 $20.8 $12.1 $9.5 $0.6 $0.1 $0.1 $111.4 ACL/Loans HFI 2.12% 1.98% 1.44% 1.17% 0.54% 2.37% 0.03% 0.05% 1.38% Hilltop Holdings#8Hilltop Holdings - Commercial Real Estate Portfolio 8 Commercial Real Estate Portfolio (Ending Balance at December 31, 2023) ($ in millions) ■CRE - Owner Occupied CRE- Non-Owner Occupied (Ending Balance at December 31, 2023) $1,422 43% $1,890 57% Commercial Real Estate Non-Owner Occupied in millions CRE Non-Owner Occupied Office CRE Non-Owner Occupied Retail CRE Non-Owner Occupied Office and Retail All other CRE Non-Owner Occupied Total CRE Non-Owner Occupied (Ending Balance at December 31, 2023) ■ Office ■ Retail ■ Hotel/Motel -Multifamily ■Industrial ■Mini-Storage ■ Other CRE Allowance for Credit Losses (ACL) Ending Balance $521.5 $337.7 $859.2 $1,030.7 $1,889.9 7% 10% 12% 13% $19.9 $4.7 $24.6 Allowance for Credit Losses $15.5 $40.1 12% 28% 18% ACL % Loans 3.8% 1.4% 2.9% 1.5% 2.1% Hilltop Holdings.#9Hilltop Holdings - Net Interest Income & Margin ($ in millions) a $123.4 Q4 2022 3.23% Net Interest Income $121.7 $118.3 Q1 2023 Q2 2023 Q3 2023 3.28% $115.7 Net Interest Margin 3.03% 3.02% $111.2 Q4 2023 2.96% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Net Interest Margin Roll Forward Q3 2023 Cost of Interest Bearing Deposits ex Brokered Loan Yields Securities Portfolio Yield Increase Cost of Brokered Deposits Other Q4 2023 Key Drivers & Statistics Q4'22 ($ in millions, except as noted) HTH Consolidated Average Earning Assets ($B) Banking Accretion Income Loans HFI (Avg. Balance) Deposit (Avg. Balance) Cash and Due (Avg. Balance) Mortgage Loans Held for Sale (period end) $15.2 Q3'23 $983 $15.2 $2.2 $2.2 $7,561 $7,831 $11,343 $11,269 $1,791 $1,622 $1,059 3.02% (0.17%) (0.01%) 0.08% 0.07% (0.03%) 2.96% Q4'23 $14.9 $1.2 $7,757 $11,112 $1,722 $944 Hilltop Holdings.#10Hilltop Holdings - Net Interest Income Rate Impacts Note: (1) Estimated Impact on 12-month Net Interest Income¹ 10 9% (6%) Dec 20 -100 (3%) -50 +50 Interest Rate Change (Basis Points) 3% Asset Sensitivity Trending¹ 12% Dec 21 Dec 22 6% +100 Represents impact on HTH NII to an instantaneous +100 basis point shock Impact assumes instantaneous change to interest rates. Assumes interest rate floor at 1 basis point 6% Dec 23 Bank Loans HFI – Fixed vs. Variable Rate at 12/31/23 ● ● Chart does not include Loan Balances for the PrimeLending Warehouse Line and National Warehouse Lending segments . ● 47% Commentary Asset sensitivity has declined to -6% from ~12% in January 2022 Significant drivers of asset sensitivity 9% Asset sensitivity reduction strategies ● 43% ● Loan floors ■ Fixed Rate ■ Variable rate at or below floors Variable rate above floor Deposit betas - modeled for down rates ~50% Begin to reinvest in securities portfolio - targeting prepayment protected collateral Increase the retention of 3/5/7-year hybrid fixed rate mortgages Current originations maintain floors at ~200 basis points below the base rate Seasoned loan portfolio maintains floor rates (average rate of 4.5%) Hilltop Holdings.#11Hilltop Holdings – Q4 2023 Liquidity Update ($ in millions, at period end) FHLB Capacity Investment Portfolio (available) Fed Deposits (excess daily requirements) Total Available liquidity from Fed discount window Total available Liquidity 11 Available Liquidity¹ 41% Through the Cycle Interest-Bearing Deposit Beta² 44% Q4 2022 Q1 2023 58% 4,205 1,594 1,612 7,411 176 $ 7,587 62% $ 65% Q2 2023 Q3 2023 Q4 2023 Notes: (1) Available liquidity is net of utilization. (2) Deposit beta on PlainsCapital Bank deposits excluding HTS sweep and brokered deposits. 100.00 58.0 ● ● Available liquidity totaled -$7.6 billion at December 31, 2023 Total uninsured deposits were $4.7 billion, or approximately 42% of total deposits. Uninsured deposits, excluding collateralized deposits of $315.7 million, were $4.4 billion, or approximately 40% of total deposits ($ in billions) $11.4 1.0% Current Themes Deposit Average Balance and Costs $11.0 1.3% $11.3 1.9% Q4 2022 Q1 2023 Q2 2023 Deposit Average Balance 2.3% $11.2 2.5% $11.1 Q3 2023 Q4 2023 Average Deposit Costs Hilltop Holdings. 11.00% 0 0.00%#12Hilltop Holdings - Deposits ($ in billions) $11.3 12 $1.1 $4.0 $6.2 Q4 2022 Deposit Mix at Period End $11.1 $1.6 $3.8 $5.7 $11.2 $0.4 $1.5 $3.5 $5.8 $11.1 $0.4 $1.4 $3.2 $6.1 Q1 2023 Q2 2023 Q3 2023 Interest-Bearing Deposits Noninterest-Bearing Deposits ■Broker-Dealer Sweep Deposits Brokered Deposits Notes: The sum of the period amounts may not equal the total amounts due to rounding. Annualized. (1) (2) Other includes Savings and Brokered Deposits. $11.1 $0.2 $1.1 $3.0 $6.7 Q4 2023 Average Deposits ($B) Cost of Interest-Bearing Deposits¹ Cost of Total Deposits¹ Key Drivers & Statistics 16% Interest-Bearing Deposits by Type at 12/31/2023 25% Q4'22 Q3'23 Q4'23 $11.4 $11.2 $11.1 1.57% 3.23% 3.40% 0.98% 2.27% 2.45% 3% 56% ■ Demand ▪ Money Market ■ Time 2 ■ Other ² Hilltop Holdings.#13Hilltop Holdings - Noninterest Income ($ in millions) 13 $169.8 $11.9 $92.8 $71.4 ($6.3) Q4 2022 Noninterest Income $162.5 $11.2 $90.6 $68.8 $190.7 $11.2 $100.0 $90.1 ($8.2) Q1 2023 Q2 2023 $196.8 $11.7 $106.5 ■ Prime Lending $88.7 ($10.7) ($10.1) Q3 2023 Corporate, other and eliminations ■Plains Capital Bank Hilltop Securities $179.0 $11.8 $106.4 $69.2 ($8.4) Q4 2023 Year-over-Year Noninterest Income ($MM) Q4 2022 Mortgage Production Income & Fees Securities and Investment Advisory Fees & Commissions Other Income Q4 2023 Key Drivers & Statistics Broker-Dealer TBA Lock Volume ($mm) Q4'22 $675 Mortgage Origination Volume ($B) $2.0 Net gains from mortgage loan sales (bps): Loans sold to third parties Impact of loans sold to bank As reported 211 (19) 192 Q3'23 $2,967 $2.2 199 (1) 198 $169.8 (1.9) 5.0 6.1 $179.0 Q4'23 $1,184 $1.8 189 O 189 Hilltop Holdings.#14Hilltop Holdings - Noninterest Expenses ($ in millions) 14 86.4% $253.4 $58.8 $194.6 Q4 2022 Noninterest Expenses 88.1% $250.5 $56.4 $194.1 86.4% $267.0 $71.0 $195.9 83.2% $260.0 $73.0 $187.0 86.4% $250.8 $63.5 $187.3 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Variable Compensation Expenses Other Than Variable Compensation Efficiency Ratio Year-over-Year Noninterest Expense ($MM) Compensation and Benefits Occupancy and Equipment Professional Services Other Expenses Q4 2022 Banking Full-Service Branches Q4 2023 Key Drivers & Statistics Broker-Dealer Efficiency Ratio (Bank Only) Mortgage Fixed Expenses ($mm) Variable Compensation ($mm) Variable Comp / Originated Volume Variable Compensation ($mm) Compensation / Net Revenue Q4'22 59 48.9% Q3'23 4.9 $250.8 59 51.4% $57.7 $49.7 $26.7 $33.1 1.3% 1.5% $253.4 (7.5) (1.6) 1.6 $32.0 $39.9 56.6% 58.9% Q4'23 58 53.2% $48.3 $24.1 1.3% $39.4 57.3% Hilltop Holdings.#15Hilltop Holdings - Loans ($ in billions) $8.1 $0.2 $1.3 $0.4 $6.1 Loan Mix at Period End Q4 2022 $8.2 $0.2 $1.4 $0.4 $6.2 $8.4 $0.3 $1.4 $0.4 $6.3 $8.2 $0.2 $1.4 $0.4 $6.2 $8.1 $0.2 $1.3 $0.3 $6.2 1 Average Loans HFI Balance ($B) Annualized Loan HFI Yield % 22% 13% Key Drivers & Statistics 4% Gross Loans HFI by Type at 12/31/23 20% 23% Q4'22 Q3'23 $7.8 $8.0 5.42% 6.31% 18% ■CRE - Non-owner occupied ■CRE - Owner occupied Commercial and industrial Q4'23 $7.9 6.27% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Mortgage Warehouse Lending 1-4 Family Prime Lending Retained Mortgages Broker-Dealer Loans ■All Other Loans Notes: (1) 1-4 Family PrimeLending Retained Mortgages are loans purchased at par by PlainsCapital Bank from PrimeLending. These are exclusive of the 1-4 family residential mortgages originated through PlainsCapital Bank. The sum of the period amounts may not equal the total amounts due to rounding. 15 Hilltop Holdings. - Construction and land development 1-4 family residential & Consumer Margin loans at Broker-Dealer#16Hilltop Holdings - Asset Quality 2.6% 2.6% Q4 2022 ($ in o00s) (0.00%) (21) Criticized Loans as a % of Bank Loans Q4 2022 2.7% 2.7% Q1 2023 0.02% 419 3.0% Q2 2023 Classified Special Mention Net Charge-Offs (Recoveries) 3.0% Q1 2023 INCOS 3.4% 0.4% 0.15% 2,884 3.0% Q3 2023 (0.08%) 3.4% 3.3% Q4 2023 0.03% 674 0.43% Q4 2023 $32,645 Q4 2022 1.24% 3.1x Non-Performing Assets ($ in 000s) Q4 2022 0.39% $30,580 Q1 2023 Total NPAs ¹ 0.53% 1.23% $42,437 $36,884 Q2 2023 Q3 2023 -Total NPAS/(Bank Loans HFI + OREO)¹ Allowance for Credit Losses 0.47% 1.36% 2.8x 1.41% 3.5X (1,556) Q2 2023 Q3 2023 Q2 2023 Q3 2023 NCOS/Avg. Bank Loans HFI Q1 2023 ACL/Bank NPLs --ACL/Bank Loans HFI Notes: The sum of the period amounts may not equal the total amounts due to rounding. Figures represent bank asset quality metrics only (excludes Loans HFS and Broker Dealer Margin Loans). (1) Total NPAs included non-accrual loans, OREO and other repossessed assets. Effective January 1, 2023, we adopted Accounting Standards Update ("ASU") 2022-02 which eliminated the recognition and measurement guidance on troubled debt restructurings for creditors. Therefore, we no longer present troubled debt restructurings as a component of non-performing loans and assets. 16 Hilltop Holdings. 0.95% 3.5X $73,422 Q4 2023 1.44% 1.6x Q4 2023#17Hilltop Holdings – 2024 Outlook 17 Loan Growth (Full year average HFI loan growth) Deposit Growth (Full year average deposit growth) Net Interest Income Noninterest Income Noninterest Expense Provision Expense / (Reversal) Effective Tax Rate (GAAP) ● ● ● ● ● • NII decline of 3 - 7% driven by higher average deposits costs in 2024 (including broker dealer sweep deposits) Outlook assumes Fed Funds rates remain stable until the fourth quarter (market dependent) ● ● ● ● ● Outlook Full year average bank loan growth 0% -2% (before retained mortgages from PrimeLending and mortgage warehouse lending) Expect to retain $0 – $20 million per month of mortgages from PrimeLending Expecting decline of 0% - 5% driven by elevated market pricing and competition (excluding Brokered Deposit and broker dealer sweep deposits) Migration of NIB deposits expected to continue into IB products Expecting NIB to comprise 26 – 29% of total Deposits at year-end 2024 Mortgage gain on sale margins remain pressured - full year average 175 - 195 bps (third party sales) Mortgage origination volume $8 - $10 billion Broker Dealer fees decrease 0% - 5% Non-variable expenses decline 1% - 3% Variable expenses to follow revenue contribution from fee businesses Full year provision / avg loans HFI: 20 - 40 basis points 22 - 24% full year basis Hilltop Holdings.#18Appendix 18 Hilltop Holdings.#19Non-GAAP to GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures Tangible Common Equity, is a non-GAAP financial measure. Tangible common equity is defined as our total stockholders' equity, excluding preferred stock, reduced by goodwill and other intangible assets. This is a measure used by management, investors and analysts to assess use of equity. Tangible book value per share, or TBVPS, is a non-GAAP financial measure. TBVPS represents Hilltop's tangible common equity at period-end divided by common shares outstanding at period-end. This is a measure used by management, investors and analysts to assess use of equity. Reconciliation of Tangible Common Equity and Tangible Book Value Per Share ($ '000, except per share amounts) Total Stockholders' Equity Less: Goodwill Other intangible assets, net Tangible Common Equity Shares outstanding as of period end Book Value Per Share 19 (Common Stockholder's Equity / Shares Outstanding) Tangible Book Value Per Share (Tangible Common Equity / Shares Outstanding) Hilltop Consolidated 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 $2,103,039 $2,323,939 $2,522,668 $2,036,924 $2,122,967 291,435 267,447 267,447 267,447 15,284 20,364 11,317 30,155 $1,781,449 $2,036,128 $2,239,937 $1,758,160 90,641 $23.20 $19.65 82,185 $28.28 $24.77 78,965 $31.95 $28.37 64,685 $31.49 $27.18 267,447 8,457 $1,847,063 65,153 $32.58 $28.35 Hilltop Holdings.#20PlainsCapital Bank – Q4 2023 Highlights Summary Results ($ in millions) Net Interest Income Provision for (reversal of) Credit Losses Noninterest Income Noninterest Expense 3.42% Q4 2022 Q4 2023 $93.1 $109.3 3.40% 3.9 11.9 59.3 1.4 11.8 3.11% 55.8 Net Interest Margin FY 2022 FY 2023 $397.9 $413.6 18.5 8.3 49.3 Income Before Taxes $58.0 $47.8 $219.5 $199.0 235.2 45.8 3.08% 226.2 2.94% Key Highlights ROAA Full Service Branches (period end) Net Interest Margin Assets ($B) (period end) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Notes: (1) Efficiency Ratio is calculated as noninterest expense divided by the sum of net interest income and noninterest income. 20 48.9% Q4 2022 48.4% Q1 2023 Q4 2022 Q4 2023 1.31% 59 3.42% $13.4 51.2% 1.12% Q2 2023 58 2.94% Efficiency Ratio¹ $13.3 FY 2022 1.19% 3.11% 51.4% 59 $13.4 Q3 2023 FY 2023 1.15% 58 3.13% $13.3 53.2% Q4 2023 Hilltop Holdings.#21PrimeLending - Q4 2023 Highlights Summary Results ($ in millions) Q4 2022 Q4 2023 FY 2022 FY 2023 Net Interest Income (Expense) ($4.5) ($4.7) ($10.5) ($20.3) Noninterest Income Noninterest Expense ($ in billions) 478.9 359.3 Income (Loss) Before Taxes ($25.6) ($15.9) ($36.5) ($62.8) $2.0 $1.7 1₁ Q4 2022 71.4 Q1 2023 92.5 Mortgage Origination Volume 69.2 452.9 $2.5 80.4 Q2 2023 $2.2 Q3 2023 316.8 $1.8 Q4 2023 Key Highlights Origination Volume ($mm) % Purchase (# in Basis points) Sales Volume ($mm) MSR Asset ($mm)(period end) $101 192 172 Q4 2022 186 Q4 2022 Q4 2023 FY 2022 FY 2023 $2,043 $1,815 $12,660 $8,243 93% 166 Q1 2023 Notes: (1) Gain on Sale calculated as net gains from sale of loans divided by sales volume. Reported Gain on Sale reflects impact of loans retained by PlainsCapital Bank. 21 Gain on Sale' and Origination Fee Trends $2,039 $1,874 Reported Gain on Sale Mortgage loan origination fees and other related income 94% 201 169 $97 Q2 2023 198 85% $13,200 $8,047 185 $101 Q3 2023 93% $97 189 181 Q4 2023 Hilltop Holdings.#22HilltopSecurities – Q4 2023 Highlights Key Highlights ($ in millions) Compensation/Net Revenue Summary Results ($ in millions) Net Interest Income Provision for (Reversal of) Credit Losses Noninterest Income Noninterest Expense Income Before Taxes Key Highlights ($ in millions) Public Finance Services Fixed Income Services Wealth Management Retail Clearing Services Securities Lending Structured Finance Other Q4 2022 Q4 2023 FY 2022 FY 2023 $14.1 $13.6 $51.6 $52.9 Net Revenues (0.3) 92.8 Net Revenues by Business Line 87.4 $19.8 $20.1 25.9 28.0 11.9 (0.1) 1.0 106.4 11.6 6.5 $106.9 100.0 Q4 2022 Q4 2023 FY 2022 FY 2023 $21.9 $20.8 88.2 90.7 25.4 74.2 30.6 12.7 1.4 0.1 341.9 21.0 $37.8 355.7 383.0 72.8 112.0 38.2 (0.1) 5.9 66.0 403.5 8.0 10.4 $120.0 $393.5 $73.5 124.8 49.9 6.7 83.0 27.0 $456.4 (%) Pre-tax Margin (%) FDIC Insured Balances at PCB (period end) Other FDIC Insured Balances (period end) Public Finance Offerings TBA Lock Volume Q4 2022 Q4 2023 FY 2022 FY 2023 56.6% 57.3% 63.8% 58.4% 18.5% 16.8% $1,122 $5,033 $696 $853 $696 $675 9.6% $1,132 $1,122 $8,289 16.1% $1,132 $853 $38,952 $46,173 $1,184 $3,764 $6,919 Notes: The sum of the period amounts may not equal the total amounts due to rounding. Presented net revenue by business line may differ slightly from 10-K due to grouping of certain business lines into 'Other'. 22 Hilltop Holdings.