Hilltop (HTH) 10-Q26 Apr 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 23, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-31987
Entity Registrant Name	Hilltop Holdings Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-1477939
Entity Address, Address Line One	6565 Hillcrest Avenue
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75205
City Area Code	214
Local Phone Number	855-2177
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	HTH
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		82,260,548
Entity Central Index Key	0001265131
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 1,564,489	$ 1,062,560
Federal funds sold	396	386
Assets segregated for regulatory purposes	273,393	290,357
Securities purchased under agreements to resell	106,342	80,319
Securities:
Trading, at fair value	528,712	694,255
Available for sale, at fair value, net (amortized cost of $1,715,428 and 1,435,919, respectively)	1,715,406	1,462,205
Held to maturity, at amortized cost, net (fair value of $311,402 and $326,671, respectively)	300,088	311,944
Equity, at fair value	189	140
Total securities	2,544,395	2,468,544
Loans held for sale	2,538,986	2,788,386
Loans held for investment, net of unearned income	7,810,657	7,693,141
Allowance for credit losses	(144,499)	(149,044)
Loans held for investment, net	7,666,158	7,544,097
Broker-dealer and clearing organization receivables	1,596,817	1,404,727
Premises and equipment, net	213,304	211,595
Operating lease right-of-use assets	101,055	105,757
Mortgage servicing rights	142,125	143,742
Other assets	648,895	555,983
Goodwill	267,447	267,447
Other intangible assets, net	19,035	20,364
Total assets	17,682,837	16,944,264
Deposits:
Noninterest-bearing	4,031,181	3,612,384
Interest-bearing	7,701,598	7,629,935
Total deposits	11,732,779	11,242,319
Broker-dealer and clearing organization payables	1,546,227	1,368,373
Short-term borrowings	676,652	695,798
Securities sold, not yet purchased, at fair value	97,055	79,789
Notes payable	401,713	381,987
Operating lease liabilities	120,339	125,450
Junior subordinated debentures	67,012	67,012
Other liabilities	595,045	632,889
Total liabilities	15,236,822	14,593,617
Commitments and contingencies (see Notes 14 and 15)
Hilltop stockholders' equity:
Common stock, $0.01 par value, 125,000,000 shares authorized; 82,260,548 and 82,184,893 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	823	822
Additional paid-in capital	1,319,518	1,317,929
Accumulated other comprehensive income	3,486	17,763
Retained earnings	1,094,727	986,792
Deferred compensation employee stock trust, net	752	771
Employee stock trust (6,060 and 6,930 shares, at cost, at March 31, 2021 and December 31, 2020, respectively)	(121)	(138)
Total Hilltop stockholders' equity	2,419,185	2,323,939
Noncontrolling interests	26,830	26,708
Total stockholders' equity	2,446,015	2,350,647
Total liabilities and stockholders' equity	$ 17,682,837	$ 16,944,264

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Available for sale, amortized cost	$ 1,715,428	$ 1,435,919
Held to maturity, fair value	$ 311,402	$ 326,671
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	82,260,548	82,184,893
Common stock, shares outstanding	82,260,548	82,184,893
Employee stock trust, shares	6,060	6,930

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income:
Loans, including fees	$ 104,277	$ 111,168
Securities borrowed	28,972	13,327
Securities:
Taxable	10,251	15,695
Tax-exempt	2,102	1,610
Other	1,321	3,075
Total interest income	146,923	144,875
Interest expense:
Deposits	7,741	15,124
Securities loaned	25,486	11,277
Short-term borrowings	2,013	4,744
Notes payable	4,797	2,418
Junior subordinated debentures	562	850
Other	642	126
Total interest expense	41,241	34,539
Net interest income	105,682	110,336
Provision for credit losses	(5,109)	34,549
Net interest income after provision for credit losses	110,791	75,787
Noninterest income:
Net gains from sale of loans and other mortgage production income	267,080	150,486
Mortgage loan origination fees	43,155	28,554
Securities commissions and fees	38,314	40,069
Investment and securities advisory fees and commissions	27,695	23,180
Other	41,341	29,424
Total noninterest income	417,585	271,713
Noninterest expense:
Employees' compensation and benefits	270,353	196,356
Occupancy and equipment, net	24,429	19,522
Professional services	13,585	14,798
Other	58,295	51,225
Total noninterest expense	366,662	281,901
Income from continuing operations before income taxes	161,714	65,599
Income tax expense	37,770	15,148
Income from continuing operations	123,944	50,451
Income from discontinued operations, net of income taxes		3,151
Net income	123,944	53,602
Less: Net income attributable to noncontrolling interest	3,599	3,966
Income attributable to Hilltop	$ 120,345	$ 49,636
Basic:
Earnings from continuing operations (in dollars per share)	$ 1.46	$ 0.51
Earnings from discontinued operations (in dollars per share)		0.04
Basic earnings per common share (in dollars per share)	1.46	0.55
Diluted:
Earnings from continuing operations (in dollars per share)	1.46	0.51
Earnings from discontinued operations (in dollars per share)		0.04
Diluted earnings per common share (in dollars per share)	$ 1.46	$ 0.55
Weighted average share information:
Basic (in shares)	82,169	90,509
Diluted (in shares)	82,657	90,550

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 123,944	$ 53,602
Other comprehensive income:
Change in fair value of cash flow and fair value hedges, net of tax of $505 and $(933), respectively	6,035	(3,200)
Net unrealized gains (losses) on securities available for sale, net of tax of $(5,974) and $3,726, respectively	(20,241)	12,605
Reclassification adjustment for gains (losses) included in net income, net of tax of $21 and $34, respectively	(71)	115
Comprehensive income	109,667	63,122
Less: comprehensive income attributable to noncontrolling interest	3,599	3,966
Comprehensive income applicable to Hilltop	$ 106,068	$ 59,156

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Cash flow hedge, tax	$ 505	$ (933)
Net unrealized gains on securities available for sale, tax	(5,974)	3,726
Reclassification adjustment, tax	$ (21)	$ 34

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	ParentCumulative Effect, Period of Adoption, Adjustment	Parent	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Deferred Compensation Employee Stock Trust, Net	Employee Stock Trust	Noncontrolling Interest	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at Dec. 31, 2019	$ (5,691)	$ 2,103,039	$ 906	$ 1,445,233	$ 11,419	$ (5,691)	$ 644,860	$ 776	$ (155)	$ 25,757	$ (5,691)	$ 2,128,796
Balance (in shares) at Dec. 31, 2019			90,641,000						8,000
Increase (Decrease) in Stockholders' Equity
Net income		49,636					49,636			3,966		53,602
Other comprehensive income (loss)		9,520			9,520							9,520
Stock-based compensation expense		3,642		3,642								3,642
Common stock issued to board members		146		146								146
Common stock issued to board members (in shares)			10,000
Issuance of common stock related to share-based awards, net		(469)	$ 2	(471)								(469)
Issuance of common stock related to share-based awards, net (in shares)			158,000
Repurchases of common stock		(14,957)	$ (7)	(11,249)			(3,701)					(14,957)
Repurchases of common stock (in shares)			(701,000)
Dividends on common stock		(8,158)					(8,158)					(8,158)
Deferred compensation plan		3						(2)	$ 5			3
Net cash distributed to noncontrolling interest										(2,701)		(2,701)
Balance at Mar. 31, 2020		2,136,711	$ 901	1,437,301	20,939		676,946	774	$ (150)	27,022		2,163,733
Balance (in shares) at Mar. 31, 2020			90,108,000						8,000
Balance at Dec. 31, 2020		2,323,939	$ 822	1,317,929	17,763		986,792	771	$ (138)	26,708		2,350,647
Balance (in shares) at Dec. 31, 2020			82,185,000						7,000
Increase (Decrease) in Stockholders' Equity
Net income		120,345					120,345			3,599		123,944
Other comprehensive income (loss)		(14,277)			(14,277)							(14,277)
Stock-based compensation expense		4,594		4,594								4,594
Common stock issued to board members		147		147								147
Common stock issued to board members (in shares)			4,000
Issuance of common stock related to share-based awards, net		(746)	$ 2	(748)								(746)
Issuance of common stock related to share-based awards, net (in shares)			222,000
Repurchases of common stock		(4,950)	$ (1)	(2,404)			(2,545)					$ (4,950)
Repurchases of common stock (in shares)			(150,000)									(149,878)
Dividends on common stock		(9,865)					(9,865)					$ (9,865)
Deferred compensation plan		(2)						(19)	$ 17			(2)
Deferred compensation plan (in shares)									(1,000)
Net cash distributed to noncontrolling interest										(3,477)		(3,477)
Balance at Mar. 31, 2021		$ 2,419,185	$ 823	$ 1,319,518	$ 3,486		$ 1,094,727	$ 752	$ (121)	$ 26,830		$ 2,446,015
Balance (in shares) at Mar. 31, 2021			82,261,000						6,000

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Apr. 22, 2021	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Cash dividends declared per common share	$ 0.12	$ 0.12	$ 0.09

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net income	$ 123,944	$ 53,602
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for (reversal of) credit losses	(5,109)	34,549
Depreciation, amortization and accretion, net	5,930	1,883
Deferred income taxes	1,424	(2,053)
Other, net	5,775	(2,410)
Net change in securities purchased under agreements to resell	(26,023)	35,675
Net change in trading securities	165,543	295,995
Net change in broker-dealer and clearing organization receivables	(275,257)	11,768
Net change in other assets	(97,606)	(243,683)
Net change in broker-dealer and clearing organization payables	171,709	(281,891)
Net change in other liabilities	(13,289)	(73,963)
Net change in securities sold, not yet purchased	17,266	(21,049)
Proceeds from sale of mortgage servicing rights asset	52,783	18,650
Change in valuation of mortgage servicing rights asset	(16,865)	11,030
Net gains from sales of loans	(267,080)	(150,486)
Loans originated for sale	(6,960,572)	(4,256,981)
Proceeds from loans sold	7,431,243	3,983,089
Net cash provided by (used in) operating activities for continuing operations	313,816	(586,275)
Net cash used in operating activities for discontinued operations		3,505
Net cash provided by (used in) operating activities	313,816	(582,770)
Investing Activities
Proceeds from maturities and principal reductions of securities held to maturity	11,707	37,624
Proceeds from sales, maturities and principal reductions of securities available for sale	249,628	73,889
Purchases of securities held to maturity		(6,532)
Purchases of securities available for sale	(531,701)	(119,778)
Net change in loans held for investment	(29,151)	(19,692)
Purchases of premises and equipment and other assets	(8,341)	(17,754)
Proceeds from sales of premises and equipment and other real estate owned	867	15,350
Net cash received from (paid to) Federal Home Loan Bank and Federal Reserve Bank stock	(35)	18,685
Net cash used in investing activities for continuing operations	(307,026)	(18,208)
Net cash provided by investing activities for discontinued operations		1,794
Net cash used in investing activities	(307,026)	(16,414)
Financing Activities
Net change in deposits	496,605	850,829
Net change in short-term borrowings	(18,834)	(94,062)
Proceeds from notes payable	239,020	273,386
Payments on notes payable	(219,401)	(285,639)
Payments to repurchase common stock	(4,950)	(14,957)
Dividends paid on common stock	(9,865)	(8,158)
Net cash distributed to noncontrolling interest	(3,477)	(2,701)
Other, net	(913)	(624)
Net cash provided by financing activities	478,185	718,074
Net change in cash, cash equivalents and restricted cash	484,975	118,890
Cash, cash equivalents and restricted cash, beginning of year	1,353,303	642,789
Cash, cash equivalents and restricted cash, end of year	1,838,278	761,679
Supplemental Disclosures of Cash Flow Information
Cash paid for interest	37,095	37,041
Cash paid for income taxes, net of refunds	1,622	1,771
Supplemental Schedule of Non-Cash Activities
Conversion of loans to other real estate owned	461	182
Additions to mortgage servicing rights	$ 34,301	$ 4,475

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of Cash, Cash Equivalents and Restricted Cash to Consolidated Balance Sheets
Cash and due from banks	$ 1,564,489	$ 524,370
Cash and due from banks, included within assets of discontinued operations	0	58,103
Federal funds sold	396	401
Assets segregated for regulatory purposes	273,393	178,805
Total cash, cash equivalents and restricted cash	$ 1,838,278	$ 761,679

Summary of Significant Accounti

Summary of Significant Accounting and Reporting Policies	3 Months Ended
Summary of Significant Accounting and Reporting Policies	Mar. 31, 2021
Summary of Significant Accounting and Reporting Policies
Summary of Significant Accounting and Reporting Policies	1. Summary of Significant Accounting and Reporting Policies Nature of Operations Hilltop Holdings Inc. (“Hilltop” and, collectively with its subsidiaries, the “Company”) is a financial holding company registered under the Bank Holding Company Act of 1956. The Company’s primary line of business is to provide business and consumer banking services from offices located throughout Texas through PlainsCapital Bank (the “Bank”). In addition, the Company provides an array of financial products and services through its broker-dealer and mortgage origination subsidiaries. On June 30, 2020, Hilltop completed the sale of all of the outstanding capital stock of National Lloyds Corporation (“NLC”), which comprised the operations of the former insurance segment, for cash proceeds of $154.1 million, and was subject to post-closing adjustments. Accordingly, NLC’s results for the three months ended March 31, 2020 have been presented as discontinued operations in the consolidated financial statements. For further details, see Note 3 to the consolidated financial statements. The Company, headquartered in Dallas, Texas, provides its products and services through two primary business units within continuing operations, PlainsCapital Corporation (“PCC”) and Hilltop Securities Holdings LLC (“Securities Holdings”). PCC is a financial holding company that provides, through its subsidiaries, traditional banking, wealth and investment management and treasury management services primarily in Texas and residential mortgage lending throughout the United States. Securities Holdings is a holding company that provides, through its subsidiaries, investment banking and other related financial services, including municipal advisory, sales, trading and underwriting of taxable and tax-exempt fixed income securities, clearing, securities lending, structured finance and retail brokerage services throughout the United States. Unless otherwise noted, the Company’s notes to the consolidated financial statements present information limited to continuing operations. As a result of the spread of the novel coronavirus (“COVID-19”) pandemic, economic uncertainties have contributed to significant volatility in the global economy, as well as banking and other financial activity in the areas in which the Company operates. The effects of COVID-19 and the governmental and societal response to the virus have negatively impacted financial markets and overall economic conditions on an unprecedented scale, resulting in the shuttering of businesses across the country and significant job loss. Many of these businesses reopened but may be operating at limited capacity. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19. COVID-19 presents material uncertainty which could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), and in conformity with the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, these financial statements contain all adjustments necessary for a fair statement of the results of the interim periods presented. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). Results for interim periods are not necessarily indicative of results to be expected for a full year or any future period. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates regarding the allowance for credit losses, the fair values of financial instruments, the mortgage loan indemnification liability, and the potential impairment of goodwill and identifiable intangible assets are particularly subject to change. The Company has applied its critical accounting policies and estimation methods consistently in all periods presented in these consolidated financial statements. Actual amounts and values as of the balance sheet dates may be materially different than the amounts and values reported due to the inherent uncertainty in the estimation process. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date. Hilltop owns 100% of the outstanding stock of PCC. PCC owns 100% of the outstanding stock of the Bank and 100% of the membership interest in Hilltop Opportunity Partners LLC, a merchant bank utilized to facilitate investments in companies engaged in non-financial activities. The Bank owns 100% of the outstanding stock of PrimeLending, a PlainsCapital Company (“PrimeLending”). PrimeLending owns a 100% membership interest in PrimeLending Ventures Management, LLC (“Ventures Management”), which holds an ownership interest in and is the managing member of certain affiliated business arrangements (“ABAs”). PCC also owns 100% of the outstanding common securities of PCC Statutory Trusts I, II, III and IV (the “Trusts”), which are not included in the consolidated financial statements under the requirements of the Variable Interest Entities (“VIE”) Subsections of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) because the primary beneficiaries of the Trusts are not within the consolidated group. Hilltop has a 100% membership interest in Securities Holdings, which operates through its wholly owned subsidiaries, Hilltop Securities Inc. (“Hilltop Securities”), Momentum Independent Network Inc. (“Momentum Independent Network” and collectively with Hilltop Securities, the “Hilltop Broker-Dealers”) and Hilltop Securities Asset Management, LLC. Hilltop Securities is a broker-dealer registered with the SEC and Financial Industry Regulatory Authority (“FINRA”) and a member of the New York Stock Exchange (“NYSE”), Momentum Independent Network is an introducing broker-dealer that is also registered with the SEC and FINRA. Hilltop Securities, Momentum Independent Network and Hilltop Securities Asset Management, LLC are registered investment advisers under the Investment Advisers Act of 1940. In addition, Hilltop owns 100% of the membership interest in each of HTH Hillcrest Project LLC (“HTH Project LLC”) and Hilltop % of the membership interest in HTH Diamond Hillcrest Land LLC (“Hillcrest Land LLC”) which is consolidated under the aforementioned VIE Subsections of the ASC. These entities are related to the Hilltop Plaza investment discussed in detail in Note 20 to the consolidated financial statements included in the Company’s 2020 Form 10-K and are collectively referred to as the “Hilltop Plaza Entities.” The consolidated financial statements include the accounts of the above-named entities. Intercompany transactions and balances have been eliminated. Noncontrolling interests have been recorded for minority ownership in entities that are not wholly owned and are presented in compliance with the provisions of Noncontrolling Interest in Subsidiary Subsections of the ASC. Certain reclassifications have been made to the prior period consolidated financial statements to conform with the current period presentation. In preparing these consolidated financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all stockholders and other financial statement users, or filed with the SEC. Significant accounting policies are detailed in Note 1 to the consolidated financial statements included in the Company’s 2020 Form 10-K.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 31, 2021
Recently Issued Accounting Standards
Recently Issued Accounting Standards	2. Recently Issued Accounting Standards Accounting Standards Adopted During 2021 In January 2020, FASB issued ASU 2020-01 to clarify the interaction among ASC 321, ASC 323, and ASC 815 for equity securities, equity method investments, and certain financial instruments to acquire equity securities. ASU 2020-01 clarifies whether re-measurement of equity investments is appropriate when observable transactions cause the equity method to be triggered or discontinued. ASU 2020-01 also provides that certain forward contracts and purchased options to acquire equity securities will be measured under ASC 321 without an assessment of subsequent accounting upon settlement or exercise. The amendment is effective in periods beginning after December 15, 2020. The Company adopted the provisions of this amendment as of January 1, 2021. The adoption of these provisions did not have a material impact on its consolidated financial statements.

Discontinued Operations

Discontinued Operations	3 Months Ended
Discontinued Operations	Mar. 31, 2021
Discontinued Operations
Discontinued Operations	T 3. Discontinued Operations NLC Sale On June 30, 2020, Hilltop completed the sale of all of the outstanding capital stock of NLC, which comprised the operations of the insurance segment, for cash proceeds of $154.1 million. During 2020, Hilltop recognized an aggregate gain associated with this transaction of $36.8 million, net of customary transaction costs of $5.1 million and was subject to post-closing adjustments. The resulting book gain from this sale transaction was not recognized for tax purposes due to the excess tax basis over book basis being greater than the recorded book gain. Any tax loss related to this transaction is deemed disallowed pursuant to the rules under the Internal Revenue Code. During the first quarter of 2020, management determined that the then-pending sale of NLC met the criteria to be presented as discontinued operations. Therefore, NLC’s results for the three months ended March 31, 2020 have been presented as discontinued operations in the consolidated financial statements. All related notes to the consolidated financial statements for discontinued operations have been included in this note. The following table presents the results of discontinued operations for NLC for the three months ended March 31, 2020. Interest income: Securities: Taxable $ 938 Other 67 Total interest income 1,005 Interest expense: Notes payable 406 Noninterest income: Net insurance premiums earned 32,637 Other (2,246) Total noninterest income 30,391 Noninterest expense: Employees' compensation and benefits 2,777 Occupancy and equipment, net 247 Professional services 8,527 Loss and loss adjustment expenses 12,949 Other 2,476 Total noninterest expense 26,976 Income from discontinued operations before income taxes 4,014 Income tax expense 863 Income from discontinued operations, net of income taxes $ 3,151 Reinsurance Activity The effects of reinsurance on premiums written and earned are included within discontinued operations and are summarized as follows (in thousands). Three Months Ended March 31, 2020 Written Earned Premiums from direct business $ 29,980 $ 30,746 Reinsurance assumed 2,952 3,244 Reinsurance ceded (1,353) (1,353) Net premiums $ 31,579 $ 32,637 The effects of reinsurance on incurred losses and LAE are included within discontinued operations and are as follows (in thousands). Three Months Ended March 31, 2020 Losses and LAE incurred $ 12,763 Reinsurance recoverables 186 Net loss and LAE incurred $ 12,949

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2021
Fair Value Measurements
Fair Value Measurements	4. Fair Value Measurements Fair Value Measurements and Disclosures The Company determines fair values in compliance with The Fair Value Measurements and Disclosures Topic of the ASC (the “Fair Value Topic”). The Fair Value Topic defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. The Fair Value Topic defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Fair Value Topic assumes that transactions upon which fair value measurements are based occur in the principal market for the asset or liability being measured. Further, fair value measurements made under the Fair Value Topic exclude transaction costs and are not the result of forced transactions. The Fair Value Topic includes a fair value hierarchy that classifies fair value measurements based upon the inputs used in valuing the assets or liabilities that are the subject of fair value measurements. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs, as indicated below. ● Level 1 Inputs : Unadjusted quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date. ● Level 2 Inputs : Observable inputs other than Level 1 prices. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, prepayment speeds, default rates, credit risks and loss severities), and inputs that are derived from or corroborated by market data, among others. ● Level 3 Inputs : Unobservable inputs that reflect an entity’s own estimates about the assumptions that market participants would use in pricing the assets or liabilities. Level 3 inputs include pricing models and discounted cash flow techniques, among others . Fair Value Option The Company has elected to measure substantially all of PrimeLending’s mortgage loans held for sale and the retained mortgage servicing rights (“MSR”) asset at fair value, under the provisions of the Fair Value Option. The Company elected to apply the provisions of the Fair Value Option to these items so that it would have the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. At March 31, 2021 and December 31, 2020, the aggregate fair value of PrimeLending’s mortgage loans held for sale accounted for under the Fair Value Option was $2.25 billion and $2.52 billion, respectively, and the unpaid principal balance of those loans was $2.21 billion and $2.41 billion, respectively. The interest component of fair value is reported as interest income on loans in the accompanying consolidated statements of operations. The Company holds a number of financial instruments that are measured at fair value on a recurring basis, either by the application of the Fair Value Option or other authoritative pronouncements. The fair values of those instruments are determined primarily using Level 2 inputs, as further described below. Those inputs include quotes from mortgage loan investors and derivatives dealers and data from independent pricing services. The fair value of loans held for sale is determined using an exit price method. The following tables present information regarding financial assets and liabilities measured at fair value on a recurring basis (in thousands). Level 1 Level 2 Level 3 Total March 31, 2021 Inputs Inputs Inputs Fair Value Trading securities $ 5,364 $ 523,348 $ — $ 528,712 Available for sale securities — 1,715,406 — 1,715,406 Equity securities 189 — — 189 Loans held for sale — 2,171,792 77,275 2,249,067 Derivative assets — 136,508 — 136,508 MSR asset — — 142,125 142,125 Securities sold, not yet purchased 66,090 30,965 — 97,055 Derivative liabilities — 54,455 — 54,455 Level 1 Level 2 Level 3 Total December 31, 2020 Inputs Inputs Inputs Fair Value Trading securities $ 45,390 $ 648,865 $ — $ 694,255 Available for sale securities — 1,462,205 — 1,462,205 Equity securities 140 — — 140 Loans held for sale — 2,449,588 71,816 2,521,404 Derivative assets — 126,898 — 126,898 MSR asset — — 143,742 143,742 Securities sold, not yet purchased 54,494 25,295 — 79,789 Derivative liabilities — 74,598 — 74,598 The following tables include a rollforward for those financial instruments measured at fair value using Level 3 inputs (in thousands). Total Gains or Losses (Realized or Unrealized) Balance at Included in Other Beginning of Purchases/ Sales/ Transfers to Included in Comprehensive Balance at Period Additions Reductions (from) Level 3 Net Income Income (Loss) End of Period Three months ended March 31, 2021 Loans held for sale $ 71,816 $ 12,494 $ (7,239) $ 741 $ (537) $ — $ 77,275 MSR asset 143,742 34,301 (52,783) — 16,865 — 142,125 Total $ 215,558 $ 46,795 $ (60,022) $ 741 $ 16,328 $ — $ 219,400 Three months ended March 31, 2020 Loans held for sale $ 67,195 $ 14,285 $ (4,175) $ 6,220 $ (3,937) $ — $ 79,588 MSR asset 55,504 4,475 (18,650) — (11,030) — 30,299 Total $ 122,699 $ 18,760 $ (22,825) $ 6,220 $ (14,967) $ — $ 109,887 All net realized and unrealized gains (losses) in the tables above are reflected in the accompanying consolidated financial statements. The unrealized gains (losses) relate to financial instruments still held at March 31, 2021. For Level 3 financial instruments measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows. Range (Weighted-Average) March 31, December 31, Financial instrument Valuation Technique Unobservable Inputs 2021 2020 Loans Market comparable Projected price 91 - 94 % ( 94 %) 91 - 94 % ( 94 %) MSR asset Discounted cash flows Constant prepayment rate 11.28 % 12.15 % Discount rate 13.68 % 14.60 % The fair value of certain loans held for sale that cannot be sold through normal sale channels or are non-performing is measured using Level 3 inputs. The fair value of such loans is generally based upon estimates of expected cash flows using unobservable inputs, including listing prices of comparable assets, uncorroborated expert opinions, and/or management’s knowledge of underlying collateral. The MSR asset is reported at fair value using Level 3 inputs. The MSR asset is valued by projecting net servicing cash flows, which are then discounted to estimate the fair value. The fair value of the MSR asset is impacted by a variety of factors. Prepayment and discount rates, the most significant unobservable inputs, are discussed further in Note 8 to the consolidated financial statements. The decreases in the weighted average prepayment and discount rates used to value the MSR asset at March 31, 2021, compared to December 31, 2020, reflect the effect of increased mortgage rates reducing consumer refinancing activity and an increase in third-party servicing outlets. The Company had no transfers between Levels 1 and 2 during the periods presented. Any transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur. The following table presents those changes in fair value of instruments recognized in the consolidated statements of operations that are accounted for under the Fair Value Option (in thousands). Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Other Total Other Total Net Noninterest Changes in Net Noninterest Changes in Gains (Losses) Income Fair Value Gains (Losses) Income Fair Value Loans held for sale $ (67,956) $ — $ (67,956) $ 33,979 $ — $ 33,979 MSR asset 16,865 — 16,865 (11,030) — (11,030) The Fair Value of Financial Instruments Subsection of the ASC requires disclosure of the fair value of financial assets and liabilities, including the financial assets and liabilities previously discussed. There have been no changes to the methods for determining estimated fair value for financial assets and liabilities as described in detail in Note 5 to the consolidated financial statements included in the Company’s 2020 Form 10-K. The following tables present the carrying values and estimated fair values of financial instruments not measured at fair value on either a recurring or non-recurring basis (in thousands). Estimated Fair Value Carrying Level 1 Level 2 Level 3 March 31, 2021 Amount Inputs Inputs Inputs Total Financial assets: Cash and cash equivalents $ 1,564,885 $ 1,564,885 $ — $ — $ 1,564,885 Assets segregated for regulatory purposes 273,393 273,393 — — 273,393 Securities purchased under agreements to resell 106,342 — 106,342 — 106,342 Held to maturity securities 300,088 — 311,402 — 311,402 Loans held for sale 289,919 — 289,919 — 289,919 Loans held for investment, net 7,666,158 — 520,175 7,342,590 7,862,765 Broker-dealer and clearing organization receivables 1,596,817 — 1,596,817 — 1,596,817 Other assets 73,208 — 71,499 1,709 73,208 Financial liabilities: Deposits 11,732,779 — 11,742,710 — 11,742,710 Broker-dealer and clearing organization payables 1,546,227 — 1,546,227 — 1,546,227 Short-term borrowings 676,652 — 676,652 — 676,652 Debt 468,725 — 468,725 — 468,725 Other liabilities 11,067 — 11,067 — 11,067 Estimated Fair Value Carrying Level 1 Level 2 Level 3 December 31, 2020 Amount Inputs Inputs Inputs Total Financial assets: Cash and cash equivalents $ 1,062,946 $ 1,062,946 $ — $ — $ 1,062,946 Assets segregated for regulatory purposes 290,357 290,357 — — 290,357 Securities purchased under agreements to resell 80,319 — 80,319 — 80,319 Held to maturity securities 311,944 — 326,671 — 326,671 Loans held for sale 266,982 — 266,982 — 266,982 Loans held for investment, net 7,544,097 — 437,007 7,351,411 7,788,418 Broker-dealer and clearing organization receivables 1,404,727 — 1,404,727 — 1,404,727 Other assets 74,881 — 73,111 1,770 74,881 Financial liabilities: Deposits 11,242,319 — 11,256,629 — 11,256,629 Broker-dealer and clearing organization payables 1,368,373 — 1,368,373 — 1,368,373 Short-term borrowings 695,798 — 695,798 — 695,798 Debt 448,999 — 448,999 — 448,999 Other liabilities 6,133 — 6,133 — 6,133 The Company held equity investments other than securities of $63.7 million and $63.6 million at March 31, 2021 and December 31, 2020, respectively, which are included within other assets in the consolidated balance sheets. Of the $63.7 million of such equity investments held at March 31, 2021, $22.9 million do not have readily determinable fair values and each is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The following table presents the adjustments to the carrying value of these investments during the periods presented (in thousands). Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 22,844 $ 19,771 Upward adjustments 121 106 Impairments and downward adjustments (60) (789) Balance, end of period $ 22,905 $ 19,088

Securities

Securities	3 Months Ended
Securities	Mar. 31, 2021
Securities
Securities	5. Securities The fair value of trading securities is summarized as follows (in thousands). March 31, December 31, 2021 2020 U.S. Treasury securities $ 465 $ 40,491 U.S. government agencies: Bonds 20,376 40 Residential mortgage-backed securities 161,557 336,081 Commercial mortgage-backed securities 861 876 Collateralized mortgage obligations 80,729 69,172 Corporate debt securities 64,535 62,481 States and political subdivisions 183,385 171,573 Private-label securitized product 11,655 8,571 Other 5,149 4,970 Totals $ 528,712 $ 694,255 In addition to the securities shown above, the Hilltop Broker-Dealers enter into transactions that represent commitments to purchase and deliver securities at prevailing future market prices to facilitate customer transactions and satisfy such commitments. Accordingly, the Hilltop Broker-Dealers’ ultimate obligations may exceed the amount recognized in the financial statements. These securities, which are carried at fair value and reported as securities sold, not yet purchased in the consolidated balance sheets, had a value of $97.1 million and $79.8 million at March 31, 2021 and December 31, 2020, respectively. The amortized cost and fair value of available for sale and held to maturity securities are summarized as follows (in thousands). Available for Sale Amortized Unrealized Unrealized March 31, 2021 Cost Gains Losses Fair Value U.S. government agencies: Bonds $ 76,527 $ 970 $ (334) $ 77,163 Residential mortgage-backed securities 897,085 13,009 (9,811) 900,283 Commercial mortgage-backed securities 157,906 594 (9,551) 148,949 Collateralized mortgage obligations 536,548 5,327 (2,057) 539,818 States and political subdivisions 47,362 2,045 (214) 49,193 Totals $ 1,715,428 $ 21,945 $ (21,967) $ 1,715,406 Available for Sale Amortized Unrealized Unrealized December 31, 2020 Cost Gains Losses Fair Value U.S. government agencies: Bonds $ 82,036 $ 1,095 $ (325) $ 82,806 Residential mortgage-backed securities 624,863 17,194 (446) 641,611 Commercial mortgage-backed securities 124,929 768 (1,159) 124,538 Collateralized mortgage obligations 559,362 6,916 (370) 565,908 States and political subdivisions 44,729 2,613 — 47,342 Totals $ 1,435,919 $ 28,586 $ (2,300) $ 1,462,205 Held to Maturity Amortized Unrealized Unrealized March 31, 2021 Cost Gains Losses Fair Value U.S. government agencies: Residential mortgage-backed securities $ 12,541 $ 603 $ — $ 13,144 Commercial mortgage-backed securities 152,309 6,792 — 159,101 Collateralized mortgage obligations 65,043 1,738 — 66,781 States and political subdivisions 70,195 2,211 (30) 72,376 Totals $ 300,088 $ 11,344 $ (30) $ 311,402 Held to Maturity Amortized Unrealized Unrealized December 31, 2020 Cost Gains Losses Fair Value U.S. government agencies: Residential mortgage-backed securities $ 13,547 $ 708 $ — $ 14,255 Commercial mortgage-backed securities 152,820 9,205 — 162,025 Collateralized mortgage obligations 74,932 2,036 — 76,968 States and political subdivisions 70,645 2,778 — 73,423 Totals $ 311,944 $ 14,727 $ — $ 326,671 Additionally, the Company had unrealized net gains of $0.1 million at both March 31, 2020 and December 31, 2020 from equity securities with fair values of $0.2 million and $0.1 million held at March 31, 2021 and December 31, 2020, respectively. The Company recognized nominal net gains and nominal net losses during the three months ended March 31, 2021 and 2020, respectively, due to changes in the fair value of equity securities still held at the balance sheet date. During the three months ended March 31, 2021 and 2020, net gains recognized from equity securities sold were nominal. Information regarding available for sale and held to maturity securities that were in an unrealized loss position is shown in the following tables (dollars in thousands). March 31, 2021 December 31, 2020 Number of Unrealized Number of Unrealized Securities Fair Value Losses Securities Fair Value Losses Available for Sale U.S. government agencies: Bonds: Unrealized loss for less than twelve months 5 $ 34,739 $ 334 8 $ 60,298 $ 325 Unrealized loss for twelve months or longer — — — — — — 5 34,739 334 8 60,298 325 Residential mortgage-backed securities: Unrealized loss for less than twelve months 54 604,251 9,811 15 86,287 429 Unrealized loss for twelve months or longer — — — — — — 54 604,251 9,811 15 86,287 429 Commercial mortgage-backed securities: Unrealized loss for less than twelve months 14 137,123 9,551 10 105,386 1,176 Unrealized loss for twelve months or longer — — — — — — 14 137,123 9,551 10 105,386 1,176 Collateralized mortgage obligations: Unrealized loss for less than twelve months 18 160,376 2,027 10 101,990 324 Unrealized loss for twelve months or longer 3 3,852 30 5 13,611 46 21 164,228 2,057 15 115,601 370 States and political subdivisions: Unrealized loss for less than twelve months 24 8,421 214 — — — Unrealized loss for twelve months or longer — — — — — — 24 8,421 214 — — — Total available for sale: Unrealized loss for less than twelve months 115 944,910 21,937 43 353,961 2,254 Unrealized loss for twelve months or longer 3 3,852 30 5 13,611 46 118 $ 948,762 $ 21,967 48 $ 367,572 $ 2,300 March 31, 2021 December 31, 2020 Number of Unrealized Number of Unrealized Securities Fair Value Losses Securities Fair Value Losses Held to Maturity States and political subdivisions: Unrealized loss for less than twelve months 7 $ 2,093 $ 30 2 $ 578 $ — Unrealized loss for twelve months or longer — — — — — — 7 2,093 30 2 578 — Total held to maturity: Unrealized loss for less than twelve months 7 2,093 30 2 578 — Unrealized loss for twelve months or longer — — — — — — 7 $ 2,093 $ 30 2 $ 578 $ — Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without penalties. The amortized cost and fair value of securities, excluding trading and equity securities, at March 31, 2021 are shown by contractual maturity below (in thousands). Available for Sale Held to Maturity Amortized Amortized Cost Fair Value Cost Fair Value Due in one year or less $ 20,331 $ 20,392 $ 843 $ 877 Due after one year through five years 40,512 41,809 1,185 1,213 Due after five years through ten years 17,013 17,501 9,850 10,183 Due after ten years 46,033 46,654 58,317 60,103 123,889 126,356 70,195 72,376 Residential mortgage-backed securities 897,085 900,283 12,541 13,144 Collateralized mortgage obligations 536,548 539,818 65,043 66,781 Commercial mortgage-backed securities 157,906 148,949 152,309 159,101 $ 1,715,428 $ 1,715,406 $ 300,088 $ 311,402 The Company recognized net gains of $8.7 million and $7.0 million from its trading portfolio during the three months ended March 31, 2021 and 2020, respectively. In addition, the Hilltop Broker-Dealers realized net gains of $44.1 million and $21.3 million during the three months ended March 31, 2021 and 2020, respectively, from structured product trading activities. The Company had $0.1 million in other realized losses on securities and $0.2 million in other realized gains on securities during the three months ended March 31, 2021 and 2020, respectively. All such realized gains and losses are recorded as a component of other noninterest income within the consolidated statements of operations. Securities with a carrying amount of $732.5 million and $712.3 million (with a fair value of $750.5 million and $733.8 million, respectively) at March 31, 2021 and December 31, 2020, respectively, were pledged by the Bank to secure public and trust deposits, federal funds purchased and securities sold under agreements to repurchase, and for other purposes as required or permitted by law. Substantially all of these pledged securities were included in the available for sale and held to maturity securities portfolios at March 31, 2021 and December 31, 2020. Mortgage-backed securities and collateralized mortgage obligations consist primarily of Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”) pass-through and participation certificates. GNMA securities are guaranteed by the full faith and credit of the United States, while FNMA and FHLMC securities are fully guaranteed by those respective United States government-sponsored enterprises, and conditionally guaranteed by the full faith and credit of the United States.

Loans Held for Investment

Loans Held for Investment	3 Months Ended
Loans Held for Investment	Mar. 31, 2021
Loans Held for Investment
Loans Held for Investment	6. Loans Held for Investment The Bank originates loans to customers primarily in Texas. Although the Bank has diversified loan and leasing portfolios and, generally, holds collateral against amounts advanced to customers, its debtors’ ability to honor their contracts is substantially dependent upon the general economic conditions of the region and of the industries in which its debtors operate, which consist primarily of agribusiness, construction, energy, real estate and wholesale/retail trade. The Hilltop Broker-Dealers make loans to customers and correspondents through transactions originated by both employees and independent retail representatives throughout the United States. The Hilltop Broker-Dealers control risk by requiring customers to maintain collateral in compliance with various regulatory and internal guidelines, which may vary based upon market conditions. Securities owned by customers and held as collateral for loans are not included in the consolidated financial statements. Loans held for investment summarized by portfolio segment are as follows (in thousands). March 31, December 31, 2021 2020 Commercial real estate $ 3,114,936 $ 3,133,903 Commercial and industrial (1) 2,574,229 2,627,774 Construction and land development 821,883 828,852 1-4 family residential 745,544 629,938 Consumer 33,890 35,667 Broker-dealer (2) 520,175 437,007 7,810,657 7,693,141 Allowance for credit losses (144,499) (149,044) Total loans held for investment, net of allowance $ 7,666,158 $ 7,544,097 (1) Included loans totaling $492.4 million at March 31, 2021 funded through the Paycheck Protection Program. (2) Primarily represents margin loans to customers and correspondents associated with broker-dealer segment operations. The following table provides details associated with non-accrual loans, excluding those classified as held for sale (in thousands). Non-accrual Loans March 31, 2021 December 31, 2020 Interest Income Recognized With With No With With No Three Months Ended March 31, Allowance Allowance Total Allowance Allowance Total 2021 2020 Commercial real estate: Non-owner occupied $ 997 $ 368 $ 1,365 $ 1,213 $ 445 $ 1,658 $ 74 $ (97) Owner occupied 3,363 5,940 9,303 3,473 6,002 9,475 90 16 Commercial and industrial 12,572 23,572 36,144 10,821 23,228 34,049 143 300 Construction and land development 101 400 501 102 405 507 15 22 1-4 family residential 2,852 19,801 22,653 4,726 16,651 21,377 924 983 Consumer 26 — 26 28 — 28 — (5) Broker-dealer — — — — — — — — $ 19,911 $ 50,081 $ 69,992 $ 20,363 $ 46,731 $ 67,094 $ 1,246 $ 1,219 At March 31, 2021 and December 31, 2020, $8.3 million and $10.9 million, respectively, of real estate loans secured by residential properties and classified as held for sale were in non-accrual status. Loans accounted for on a non-accrual basis increased $2.9 million from December 31, 2020 to March 31, 2021, primarily due to an increase in commercial and industrial loans of $2.1 million and an increase in 1-4 family residential loans of $1.3 million. The increase in commercial and industrial loans in non-accrual status since December 31, 2020 was primarily due to four relationships that included six loans totaling $2.9 million and had a $1.0 million reserve at March 31, 2021. The increase in 1-4 family residential loans in non-accrual status at March 31, 2021, compared to December 31, 2020, was primarily related to the classification of $3.6 million of loans as non-accrual, that were previously classified as accruing. The Company considers non-accrual loans to be collateral-dependent unless there are underlying mitigating circumstances. The practical expedient to measure the allowance using the fair value of the collateral has been implemented. The Bank classifies loan modifications as troubled debt restructurings (“TDRs”) when it concludes that it has both granted a concession to a debtor and that the debtor is experiencing financial difficulties. Loan modifications are typically structured to create affordable payments for the debtor and can be achieved in a variety of ways. The Bank modifies loans by reducing interest rates and/or lengthening loan amortization schedules. The Bank may also reconfigure a single loan into two or more loans (“A/B Note”). The typical A/B Note restructure results in a “bad” loan which is charged off and a “good” loan or loans, the terms of which comply with the Bank’s customary underwriting policies. The debt charged off on the “bad” loan is not forgiven to the debtor. In March 2020, the CARES Act was passed, which, among other things, allows the Bank to suspend the requirements for certain loan modifications to be categorized as a TDR, including the related impairment for accounting purposes. On December 27, 2020, the Consolidated Appropriations Act 2021 was signed into law . There were no TDRs granted during the three months ended March 31, 2021 that do not qualify for the CARES Act exemption. There was one TDR granted during the three months ended March 31, 2020 with a balance at date of extension of $1.1 million and a balance at March 31, 2020 of $1.2 million. The Bank had nominal unadvanced commitments to borrowers whose loans had been restructured in TDRs at March 31, 2021 and at December 31, 2020. There were no TDRs granted during the twelve months preceding March 31, 2021 and March 31, 2020, for which a payment was at least 30 days past due. An analysis of the aging of the Company’s loan portfolio is shown in the following tables (in thousands). Accruing Loans Loans Past Due Loans Past Due Loans Past Due Total Past Current Total Past Due March 31, 2021 30-59 Days 60-89 Days 90 Days or More Due Loans Loans Loans 90 Days or More Commercial real estate: Non-owner occupied $ 4,618 $ — $ 199 $ 4,817 $ 1,769,495 $ 1,774,312 $ — Owner occupied 3,270 79 7,436 10,785 1,329,839 1,340,624 — Commercial and industrial 2,021 868 9,744 12,633 2,561,596 2,574,229 — Construction and land development 19 — — 19 821,864 821,883 — 1-4 family residential 8,148 1,807 10,943 20,898 724,646 745,544 — Consumer 38 23 26 87 33,803 33,890 — Broker-dealer — — — — 520,175 520,175 — $ 18,114 $ 2,777 $ 28,348 $ 49,239 $ 7,761,418 $ 7,810,657 $ — Accruing Loans Loans Past Due Loans Past Due Loans Past Due Total Past Current Total Past Due December 31, 2020 30-59 Days 60-89 Days 90 Days or More Due Loans Loans Loans 90 Days or More Commercial real estate: Non-owner occupied $ 1,919 $ — $ 199 $ 2,118 $ 1,786,193 $ 1,788,311 $ — Owner occupied 195 522 8,328 9,045 1,336,547 1,345,592 — Commercial and industrial 3,114 407 7,318 10,839 2,616,935 2,627,774 6 Construction and land development 19 — — 19 828,833 828,852 — 1-4 family residential 8,110 3,040 12,420 23,570 606,368 629,938 — Consumer 172 123 26 321 35,346 35,667 — Broker-dealer — — — — 437,007 437,007 — $ 13,529 $ 4,092 $ 28,291 $ 45,912 $ 7,647,229 $ 7,693,141 $ 6 In addition to the loans shown in the tables above, PrimeLending had $265.2 million and $243.6 million of loans included in loans held for sale (with an aggregate unpaid principal balance of $267.0 million and $245.5 million, respectively) that were 90 days past due and accruing interest at March 31, 2021 and December 31, 2020, respectively. These loans are guaranteed by U.S. government agencies and include loans that are subject to repurchase, or have been repurchased, by PrimeLending. In response to the ongoing COVID-19 pandemic, the Company allowed modifications, such as payment deferrals for up to 90 days and temporary forbearance, to credit-worthy borrowers who are experiencing temporary hardship due to the effects of COVID-19. These short-term modifications generally meet the criteria of the CARES Act and, therefore, they are not reported as past due or placed on non-accrual status (provided the loans were not past due or on non-accrual status prior to the deferral). The Company elected to accrue and recognize interest income on these modifications during the payment deferral period. Additionally, the Company granted temporary forbearance to borrowers of a federally backed mortgage loan experiencing financial hardship due, directly or indirectly, to the COVID-19 pandemic. The CARES Act, which among other things, established the ability for financial institutions to grant a forbearance for up to 180 days, which can be extended for an additional 180-day period upon the request of the borrower. During that time, no fees, penalties or interest beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the mortgage contract will accrue on the borrower’s account. As of March 31, 2021, PrimeLending had $152.0 million of loans subject to repurchase under a forbearance agreement related to delinquencies on or after April 1, 2020. Management tracks credit quality trends on a quarterly basis related to: (i) past due levels, (ii) non-performing asset levels, (iii) classified loan levels, and (iv) general economic conditions in state and local markets. The Company defines classified loans as loans with a risk rating of substandard, doubtful or loss. There have been no changes to the risk rating internal grades utilized for commercial loans as described in detail in Note 7 to the consolidated financial statements in the Company’s 2020 Form 10-K. The following table presents loans held for investment grouped by asset class and credit quality indicator, segregated by year of origination or renewal (in thousands). Amortized Cost Basis by Origination Year 2016 and March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Total Commercial real estate: non-owner occupied Internal Grade 1-3 (Pass low risk) $ 1,315 $ 21,584 $ 25,522 $ 2,967 $ 1,543 $ 25,102 $ 1 $ 78,034 Internal Grade 4-7 (Pass normal risk) 77,105 215,239 118,279 80,556 87,046 141,703 29,881 749,809 Internal Grade 8-11 (Pass high risk and watch) 47,159 254,256 144,782 90,039 87,938 159,420 1,060 784,654 Internal Grade 12 (Special mention) — — 953 — 3,147 — — 4,100 Internal Grade 13 (Substandard accrual) 15,569 16,863 16,114 27,690 24,912 55,090 112 156,350 Internal Grade 14 (Substandard non-accrual) — — — — — 1,365 — 1,365 Commercial real estate: owner occupied Internal Grade 1-3 (Pass low risk) $ 53,912 $ 62,479 $ 20,802 $ 9,650 $ 40,569 $ 39,802 $ 953 $ 228,167 Internal Grade 4-7 (Pass normal risk) 14,627 160,608 140,191 132,548 55,572 129,848 33,823 667,217 Internal Grade 8-11 (Pass high risk and watch) 9,537 117,480 75,922 45,331 22,478 47,365 1,285 319,398 Internal Grade 12 (Special mention) — — — — — — — — Internal Grade 13 (Substandard accrual) 3,128 9,554 5,578 70,928 10,222 17,129 — 116,539 Internal Grade 14 (Substandard non-accrual) 19 504 1,260 360 5,316 1,844 — 9,303 Commercial and industrial Internal Grade 1-3 (Pass low risk) $ 6,841 $ 32,861 $ 26,279 $ 7,850 $ 5,176 $ 3,202 $ 20,597 $ 102,806 Internal Grade 4-7 (Pass normal risk) 37,973 162,663 50,894 49,216 26,491 25,428 398,758 751,423 Internal Grade 8-11 (Pass high risk and watch) 28,608 73,506 43,507 16,768 11,714 15,336 202,553 391,992 Internal Grade 12 (Special mention) 735 — — — — — — 735 Internal Grade 13 (Substandard accrual) 2,082 9,227 3,356 10,492 5,394 5,612 19,248 55,411 Internal Grade 14 (Substandard non-accrual) 6,851 18,791 4,398 1,927 283 101 3,793 36,144 Construction and land development Internal Grade 1-3 (Pass low risk) $ 4,088 $ 10,353 $ 2,538 $ 4,075 $ 256 $ 4,316 $ 1,203 $ 26,829 Internal Grade 4-7 (Pass normal risk) 46,669 193,481 94,295 62,581 2,129 5,547 35,272 439,974 Internal Grade 8-11 (Pass high risk and watch) 33,597 164,634 58,067 48,030 630 3,609 14,223 322,790 Internal Grade 12 (Special mention) — — — — — — — — Internal Grade 13 (Substandard accrual) 366 2,106 1,423 — 5,391 — 5,485 14,771 Internal Grade 14 (Substandard non-accrual) 400 — — — — 101 — 501 Construction and land development - individuals FICO less than 620 $ — $ — $ — $ — $ — $ — $ — $ — FICO between 620 and 720 181 74 — 1,244 — 127 — 1,626 FICO greater than 720 4,276 9,738 — — — — — 14,014 Substandard non-accrual — — — — — — — — Other (1) 25 1,353 — — — — — 1,378 1-4 family residential FICO less than 620 $ — $ 1,249 $ 787 $ 3,668 $ 55 $ 30,157 $ 311 $ 36,227 FICO between 620 and 720 6,205 14,019 16,317 9,396 8,291 46,118 1,270 101,616 FICO greater than 720 137,140 141,403 72,909 55,977 26,799 88,019 4,337 526,584 Substandard non-accrual 162 — 822 — 142 21,527 — 22,653 Other (1) 11,736 26,093 9,456 5,717 1,371 3,050 1,041 58,464 Consumer FICO less than 620 $ 179 $ 828 $ 923 $ 92 $ 87 $ 59 $ 315 $ 2,483 FICO between 620 and 720 2,419 3,012 1,774 375 513 111 2,075 10,279 FICO greater than 720 1,339 6,283 1,407 2,681 112 72 2,835 14,729 Substandard non-accrual — — — — 25 1 — 26 Other (1) 1,600 3,440 873 80 28 35 317 6,373 Total loans with credit quality measures $ 555,843 $ 1,733,681 $ 939,428 $ 740,238 $ 433,630 $ 871,196 $ 780,748 $ 6,054,764 Commercial and industrial (mortgage warehouse lending) $ 743,347 Commercial and industrial (Paycheck Protection Program loans) $ 492,371 Broker-Dealer (margin loans and correspondent receivables) $ 520,175 Total loans held for investment $ 7,810,657 (1) Loans classified in this category were assigned a FICO score based on various factors specific to the borrower for credit modeling purposes.

Allowance for Credit Losses

Allowance for Credit Losses	3 Months Ended
Allowance for Credit Losses	Mar. 31, 2021
Allowance for Credit Losses
Allowance for Credit Losses	7. Allowance for Credit Losses Available for Sale Securities and Held to Maturity Securities The Company has evaluated available for sale debt securities that are in an unrealized loss position and has determined that any decline in value is unrelated to credit loss and related to changes in market interest rates since purchase. None of the available for sale debt securities held were past due at March 31, 2021. In addition, as of March 31, 2021, the Company had not made a decision to sell any of its debt securities held, nor did the Company consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis. The Company does not expect to have credit losses associated with the debt securities and no allowance was recognized on the debt securities portfolio at transition. Loans Held for Investment The allowance for credit losses for loans held for investment represents management’s best estimate of all expected credit losses over the expected contractual life of our existing portfolio. Management revised its methodology for determining the allowance for credit losses upon the implementation of the current expected credit losses (“CECL”) standard. Management considers the level of allowance for credit losses to be a reasonable and supportable estimate of expected credit losses inherent within the loans held for investment portfolio as of March 31, 2021. While the Company believes it has an appropriate allowance for the existing loan portfolio at March 31, 2021, additional provision for losses on existing loans may be necessary in the future. Future changes in the allowance for credit losses are expected to be volatile given dependence upon, among other things, the portfolio composition and quality, as well as the impact of significant drivers, including prepayment assumptions and macroeconomic conditions and forecasts. In addition to the allowance for credit losses, the Company maintains a separate allowance for credit losses related to off-balance sheet credit exposures, including unfunded loan commitments, and this amount is included in other liabilities within the consolidated balance sheets. For further information on the policies that govern the estimation of the allowances for credit losses levels, see Note 1 to the consolidated financial statements in the Company’s 2020 Form 10-K. One of the most significant judgments involved in estimating the Company’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the reasonable and supportable forecast period. To determine our best estimate of expected credit losses as of March 31, 2021, the Company utilized a single macroeconomic consensus scenario published by Moody’s Analytics in March 2021 that was updated to reflect the U.S. economic outlook. This consensus scenario utilizes multiple economic variables in forecasting the economic outlook and is based on Moody’s Analytics’ review of a variety of surveys of baseline forecasts of the U.S. economy. Significant variables that impact the modeled losses across our loan portfolios are the U.S. Real Gross Domestic Product, or GDP, growth rates and unemployment rate assumptions. Changes in these assumptions and forecasts of economic conditions could significantly affect the estimate of expected credit losses at the balance sheet date or between reporting periods. The COVID-19 pandemic has resulted in a weak labor market and weak overall economic conditions that have affected borrowers across our lending portfolios. Significant judgment is required to estimate the severity and duration of the current economic downturn, as well as its potential impact on borrower defaults and loss severity. In particular, macroeconomic conditions and forecasts regarding the duration and severity of the economic downturn are rapidly changing and remain highly uncertain as COVID-19 cases and vaccine effectiveness evolve nationally and in key geographies. During the first quarter of 2020, the Company adopted the new CECL standard and recorded transition adjustment entries that resulted in an allowance for credit losses of $73.7 million as of January 1, 2020, an increase of $12.6 million. This increase included an increase in credit losses of $18.9 million from the expansion of the loss horizon to life of loan, partially offset by the elimination of the non-credit component within the historical allowance related to previously categorized PCI loans of $6.3 million. During the three months ended March 31, 2020, reserves on individually evaluated loans increased $17.6 million, while reserves on expected losses of collectively evaluated loans increased primarily due to the increase in the expected lifetime credit losses under CECL attributable to the deteriorating economic outlook associated with the impact of the market disruption caused by the COVID-19 pandemic. While not material, the change in the allowance for credit losses during the three months ended March 31, 2020 was also attributable to other factors including, but not limited to, loan growth, loan mix and changes in risk rating grades. The change in the allowance during the three months ended March 31, 2020 was also impacted by net charge-offs of $1.5 million. During the three months ended March 31, 2021, the allowance was primarily comprised of a net reversal of credit losses on expected losses of collectively evaluated loans of $6.5 million primarily due to improvements in the macroeconomic forecast assumptions from the prior quarter, partially offset by slower prepayment assumptions on certain commercial real estate and construction and land portfolios, as well as an increase in the provision for credit losses on individually evaluated loans of $1.4 million primarily related to changes in risk rating grades and updated realizable values. The change in the allowance for credit losses during the current period was primarily attributable to the Bank and also reflected other factors including, but not limited to, loan growth, loan mix, and changes in qualitative factors from the prior quarter. The change in the allowance during the three months ended March 31, 2021 was also impacted by net recoveries of $0.6 million. Changes in the allowance for credit losses for loans held for investment, distributed by portfolio segment, are shown below (in thousands). Balance, Transition Provision for Recoveries on Balance, Beginning of Adjustment (Reversal of) Loans Charged Off End of Three Months Ended March 31, 2021 Period CECL Credit Losses Charged Off Loans Period Commercial real estate $ 109,629 $ — $ (5,517) $ — $ 14 $ 104,126 Commercial and industrial 27,703 — 556 (179) 433 28,513 Construction and land development 6,677 — 572 — — 7,249 1-4 family residential 3,946 — (857) (110) 409 3,388 Consumer 876 — 71 (79) 76 944 Broker-dealer 213 — 66 — — 279 Total $ 149,044 $ — $ (5,109) $ (368) $ 932 $ 144,499 Balance, Transition Provision for Recoveries on Balance, Beginning of Adjustment (Reversal of) Loans Charged Off End of Three Months Ended March 31, 2020 Period CECL Credit Losses Charged Off Loans Period Commercial real estate $ 31,595 $ 8,073 $ 14,475 $ (214) $ 10 $ 53,939 Commercial and industrial 17,964 3,193 18,446 (1,440) 387 38,550 Construction and land development 4,878 577 907 (2) — 6,360 1-4 family residential 6,386 (29) 201 (203) 10 6,365 Consumer 265 748 246 (176) 120 1,203 Broker-dealer 48 — 274 — — 322 Total $ 61,136 $ 12,562 $ 34,549 $ (2,035) $ 527 $ 106,739 Unfunded Loan Commitments The Bank uses a process similar to that used in estimating the allowance for credit losses on the funded portion to estimate the allowance for credit loss on unfunded loan commitments. The allowance is based on the estimated exposure at default, multiplied by the lifetime Probability of Default grade and Loss Given Default grade for that particular loan segment. The Bank estimates expected losses by calculating a commitment usage factor based on industry usage factors. The commitment usage factor is applied over the relevant contractual period. Loss factors from the underlying loans to which commitments are related are applied to the results of the usage calculation to estimate any liability for credit losses related for each loan type. The expected losses on unfunded commitments align with statistically calculated parameters used to calculate the allowance for credit losses on the funded portion. There is no reserve calculated for letters of credit as they are issued primarily as credit enhancements and the likelihood of funding is low. Changes in the allowance for credit losses for loans with off-balance sheet credit exposures are shown below (in thousands). Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 8,388 $ 2,075 Transition adjustment CECL accounting standard — 3,837 Other noninterest expense 419 1,297 Balance, end of period $ 8,807 $ 7,209 As previously discussed, the Company adopted the new CECL standard and recorded a transition adjustment entry that resulted in an allowance for credit losses of $5.9 million as of January 1, 2020. During three months ended March 31, 2020, the increase in the reserve for unfunded commitments was primarily due to the macroeconomic uncertainties associated with the impact of the market disruption caused by COVID-19 conditions. During the three months ended March 31, 2021, the increase in the reserve for unfunded commitments was primarily due to increases in available commitment balances.

Mortgage Servicing Rights

Mortgage Servicing Rights	3 Months Ended
Mortgage Servicing Rights	Mar. 31, 2021
Mortgage Servicing Rights
Mortgage Servicing Rights	8. Mortgage Servicing Rights The following tables present the changes in fair value of the Company’s MSR asset and other information related to the serviced portfolio (dollars in thousands). Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 143,742 $ 55,504 Additions 34,301 4,475 Sales (52,783) (18,650) Changes in fair value: Due to changes in model inputs or assumptions (1) 24,137 (9,594) Due to customer payoffs (7,272) (1,436) Balance, end of period $ 142,125 $ 30,299 March 31, December 31, 2021 2020 Mortgage loans serviced for others (2) $ 12,124,282 $ 14,643,623 MSR asset as a percentage of serviced mortgage loans 1.17 % 0.98 % (1) Primarily represents normal customer payments, changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates and the refinement of other MSR model assumptions. (2) Represents unpaid principal balance of mortgage loans serviced for others. The key assumptions used in measuring the fair value of the Company’s MSR asset were as follows. March 31, December 31, 2021 2020 Weighted average constant prepayment rate 11.28 % 12.15 % Weighted average discount rate 13.68 % 14.60 % Weighted average life (in years) 6.6 6.3 A sensitivity analysis of the fair value of the Company’s MSR asset to certain key assumptions is presented in the following table (in thousands). March 31, December 31, 2021 2020 Constant prepayment rate: Impact of 10% adverse change $ (4,229) $ (5,639) Impact of 20% adverse change (8,497) (11,164) Discount rate: Impact of 10% adverse change (6,418) (6,435) Impact of 20% adverse change (12,254) (12,287) This sensitivity analysis presents the effect of hypothetical changes in key assumptions on the fair value of the MSR asset. The effect of such hypothetical change in assumptions generally cannot be extrapolated because the relationship of the change in one key assumption to the change in the fair value of the MSR asset is not linear. In addition, in the analysis, the impact of an adverse change in one key assumption is calculated independent of any impact on other assumptions. In reality, changes in one assumption may change another assumption. Contractually specified servicing fees, late fees and ancillary fees earned of $16.2 million and $5.9 million during the three months ended March 31, 2021 and 2020, respectively, were included in net gains from sale of loans and other mortgage production income within the consolidated statements of operations.

Deposits

Deposits	3 Months Ended
Deposits	Mar. 31, 2021
Deposits
Deposits	9. Deposits Deposits are summarized as follows (in thousands). March 31, December 31, 2021 2020 Noninterest-bearing demand $ 4,031,181 $ 3,612,384 Interest-bearing: Demand accounts 2,568,355 2,399,341 Brokered - demand 186,011 282,426 Money market 2,895,070 2,716,878 Brokered - money market 213,978 124,243 Savings 271,910 276,327 Time 1,327,177 1,506,435 Brokered - time 239,097 324,285 $ 11,732,779 $ 11,242,319

Short-term Borrowings

Short-term Borrowings	3 Months Ended
Short-term Borrowings	Mar. 31, 2021
Short-term Borrowings
Short-term Borrowings	10. Short-term Borrowings Short-term borrowings are summarized as follows (in thousands). March 31, December 31, 2021 2020 Federal funds purchased $ 158,835 $ 180,325 Securities sold under agreements to repurchase 123,437 237,856 Federal Home Loan Bank — — Short-term bank loans 58,000 — Commercial paper 336,380 277,617 $ 676,652 $ 695,798 Federal funds purchased and securities sold under agreements to repurchase generally mature daily, on demand, or on some other short-term basis. The Bank and the Hilltop Broker-Dealers execute transactions to sell securities under agreements to repurchase with both customers and other broker-dealers. Securities involved in these transactions are held by the Bank, the Hilltop Broker-Dealers or a third-party dealer. Information concerning federal funds purchased and securities sold under agreements to repurchase is shown in the following tables (dollars in thousands). Three Months Ended March 31, 2021 2020 Average balance during the period $ 367,313 $ 732,954 Average interest rate during the period 0.36 % 1.78 % March 31, December 31, 2021 2020 Average interest rate at end of period 0.25 % 0.25 % Securities underlying the agreements at end of period: Carrying value $ 123,392 $ 237,913 Estimated fair value $ 134,558 $ 262,554 FHLB short-term borrowings mature over terms not exceeding 365 days and are collateralized by FHLB Dallas stock, nonspecified real estate loans and certain specific commercial real estate loans. Other information regarding FHLB short-term borrowings is shown in the following tables (dollars in thousands). Three Months Ended March 31, 2021 2020 Average balance during the period $ — $ 153,736 Average interest rate during the period — % 1.63 % The Hilltop Broker-Dealers use short-term bank loans periodically to finance securities owned, margin loans to customers and correspondents and underwriting activities. Interest on the borrowings varies with the federal funds rate. The weighted average interest rate on the borrowings at March 31, 2021 was 1.25%. Hilltop Securities uses the net proceeds (after deducting related issuance expenses) from the sale of two commercial paper programs for general corporate purposes, including working capital and the funding of a portion of its securities inventories. The commercial paper notes (“CP Notes”) may be issued with maturities of 14 days to 270 days from the date of issuance. The CP Notes are issued under two separate programs, Series 2019-1 CP Notes and Series 2019-2 CP Notes, in maximum aggregate amounts of $300 million and $200 million, respectively. The CP Notes are not redeemable prior to maturity or subject to voluntary prepayment and do not bear interest, but are sold at a discount to par. The CP Notes are secured by a pledge of collateral owned by Hilltop Securities. As of March 31, 2021, the weighted average maturity of the CP Notes was 157 days at a rate of 1.13%, with a weighted average remaining life of 106 days. At March 31, 2021, the aggregate amount outstanding under these secured arrangements was $336.4 million, which was collateralized by securities held for firm accounts valued at $364.1 million.

Notes Payable

Notes Payable	3 Months Ended
Notes Payable	Mar. 31, 2021
Notes Payable
Notes Payable	11. Notes Payable Notes payable consisted of the following (in thousands). March 31, December 31, 2021 2020 Senior Notes due April 2025, net of discount of $1,020 and $1,063, respectively $ 148,980 $ 148,937 Subordinated Notes due May 2030, net of discount of $771 and $793, respectively 49,229 49,207 Subordinated Notes due May 2035, net of discount of $2,350 and $2,392, respectively 147,650 147,608 Ventures Management lines of credit 55,854 36,235 $ 401,713 $ 381,987

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2021
Leases
Leases	12. Leases Supplemental balance sheet information related to finance leases is as follows (in thousands). March 31, December 31, 2021 2020 Finance leases: Premises and equipment $ 7,780 $ 7,780 Accumulated depreciation (4,915) (4,768) Premises and equipment, net $ 2,865 $ 3,012 The components of lease costs, including short-term lease costs, are as follows (in thousands). Three Months Ended March 31, 2021 2020 Operating lease cost $ 9,718 $ 10,630 Less operating lease and sublease income (339) (618) Net operating lease cost $ 9,379 $ 10,012 Finance lease cost: Amortization of ROU assets $ 147 $ 147 Interest on lease liabilities 134 144 Total finance lease cost $ 281 $ 291 Supplemental cash flow information related to leases is as follows (in thousands). Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,240 $ 9,951 Operating cash flows from finance leases 134 144 Financing cash flows from finance leases 167 155 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 6,334 $ 4,049 Finance leases — — Information regarding the lease terms and discount rates of the Company’s leases is as follows. March 31, 2021 December 31, 2020 Weighted Average Weighted Average Remaining Lease Weighted Average Remaining Lease Weighted Average Lease Classification Term (Years) Discount Rate Term (Years) Discount Rate Operating 5.4 4.56 % 5.5 4.67 % Finance 5.4 4.82 % 5.6 4.81 % Future minimum lease payments under lease agreements as of March 31, 2021, are presented below (in thousands). Operating Leases Finance Leases 2021 $ 26,677 $ 911 2022 29,233 1,241 2023 23,488 1,280 2024 15,875 1,163 2025 11,593 886 Thereafter 29,884 1,411 Total minimum lease payments 136,750 6,892 Less amount representing interest (16,411) (2,199) Lease liabilities $ 120,339 $ 4,693 As of March 31, 2021, the Company had additional operating leases that have not yet commenced with aggregate future minimum lease payments of approximately $23.2 million. These operating leases are expected to commence between April 2021 and October 2021 with lease terms ranging from three

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Taxes
Income Taxes	13. Income Taxes The Company applies an estimated annual effective rate to interim period pre-tax income to calculate the income tax provision for the quarter in accordance with the principal method prescribed by the accounting guidance established for computing income taxes in interim periods. The Company’s effective tax rates from continuing operations were 23.4% and 23.1% for the three months ended March 31, 2021 and 2020, respectively, and approximated the applicable statutory rates for such periods.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	14. Commitments and Contingencies Legal Matters The Company is subject to loss contingencies related to litigation, claims, investigations and legal and administrative cases and proceedings arising in the ordinary course of business. The Company evaluates these contingencies based on information currently available, including advice of counsel. The Company establishes accruals for those matters when a loss contingency is considered probable and the related amount is reasonably estimable. Any accruals are periodically reviewed and may be adjusted as circumstances change. A portion of the Company’s exposure with respect to loss contingencies may be offset by applicable insurance coverage. In determining the amounts of any accruals or estimates of possible loss contingencies, the Company does not take into account the availability of insurance coverage. When it is practicable, the Company estimates loss contingencies for possible litigation and claims, whether or not there is an accrued probable loss. When the Company is able to estimate such probable losses, and when it estimates that it is reasonably possible it could incur losses in excess of amounts accrued, the Company is required to make a disclosure of the aggregate estimation. As available information changes, however, the matters for which the Company is able to estimate, as well as the estimates themselves, will be adjusted accordingly. Assessments of litigation and claims exposures are difficult due to many factors that involve inherent unpredictability. Those factors include the following: the varying stages of the proceedings, particularly in the early stages; unspecified, unsupported, or uncertain damages; damages other than compensatory, such as punitive damages; a matter presenting meaningful legal uncertainties, including novel issues of law; multiple defendants and jurisdictions; whether discovery has begun or is complete; whether meaningful settlement discussions have commenced; and whether the claim involves a class action and if so, how the class is defined. As a result of some of these factors, the Company may be unable to estimate reasonably possible losses with respect to some or all of the pending and threatened litigation and claims asserted against the Company. The Company is involved in information-gathering requests and investigations (both formal and informal), as well as reviews, examinations and proceedings (collectively, “Inquiries”) by various governmental regulatory agencies, law enforcement authorities and self-regulatory bodies regarding certain of its businesses, business practices and policies, as well as the conduct of persons with whom it does business. Additional Inquiries will arise from time to time. In connection with those Inquiries, the Company receives document requests, subpoenas and other requests for information. The Inquiries could develop into administrative, civil or criminal proceedings or enforcement actions that could result in consequences that have a material effect on the Company’s consolidated financial position, results of operations or cash flows as a whole. Such consequences could include adverse judgments, findings, settlements, penalties, fines, orders, injunctions, restitution, or alterations in the Company’s business practices, and could result in additional expenses and collateral costs, including reputational damage. PrimeLending received an investigative inquiry from the United States Attorney for the Western District of Virginia regarding PrimeLending’s float down option. At this time, the United States Attorney has requested certain materials with respect to this matter, and PrimeLending is fully cooperating with such requests. While the final outcome of litigation and claims exposures or of any Inquiries is inherently unpredictable, management is currently of the opinion that the outcome of pending and threatened litigation and inquiries will not, except related to specific matters disclosed above, have a material effect on the Company’s business, consolidated financial position, results of operations or cash flows as a whole. However, in the event of unexpected future developments, it is reasonably possible that an adverse outcome in any matter, including the matters discussed above, could be material to the Company’s business, consolidated financial position, results of operations or cash flows for any particular reporting period of occurrence. Indemnification Liability Reserve The mortgage origination segment may be responsible to agencies, investors, or other parties for errors or omissions relating to its representations and warranties that each loan sold meets certain requirements, including representations as to underwriting standards and the validity of certain borrower representations in connection with the loan. If determined to be at fault, the mortgage origination segment either repurchases the affected loan from or indemnifies the claimant against loss. The mortgage origination segment has established an indemnification liability reserve for such probable losses. Generally, the mortgage origination segment first becomes aware that an agency, investor, or other party believes a loss has been incurred on a sold loan when it receives a written request from the claimant to repurchase the loan or reimburse the claimant’s losses. Upon completing its review of the claimant’s request, the mortgage origination segment establishes a specific claims reserve for the loan if it concludes its obligation to the claimant is both probable and reasonably estimable. An additional reserve has been established for probable agency, investor or other party losses that may have been incurred, but not yet reported to the mortgage origination segment based upon a reasonable estimate of such losses. Factors considered in the calculation of this reserve include, but are not limited to, the total volume of loans sold exclusive of specific claimant requests, actual claim settlements and the severity of estimated losses resulting from future claims, and the mortgage origination segment’s history of successfully curing defects identified in claim requests. In addition, the mortgage origination segment has considered that GNMA, FNMA and FHLMC have imposed certain restrictions on loans the agencies will accept under a forbearance agreement resulting from the COVID-19 pandemic, which could increase the magnitude of indemnification losses on these loans. While the mortgage origination segment’s sales contracts typically include borrower early payment default repurchase provisions, these provisions have not been a primary driver of claims to date, and therefore, are not a primary factor considered in the calculation of this reserve. At March 31, 2021 and December 31, 2020, the mortgage origination segment’s indemnification liability reserve totaled $24.3 million and $21.5 million, respectively. The provision for indemnification losses was $3.0 million and $0.7 million during the three months ended March 31, 2021 and 2020, respectively. The following tables provide for a rollforward of claims activity for loans put-back to the mortgage origination segment based upon an alleged breach of a representation or warranty with respect to a loan sold and related indemnification liability reserve activity (in thousands). Representation and Warranty Specific Claims Activity - Origination Loan Balance Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 30,085 $ 32,144 Claims made 5,112 6,071 Claims resolved with no payment (2,914) (984) Repurchases (1,811) (2,330) Indemnification payments (335) (122) Balance, end of period $ 30,137 $ 34,779 Indemnification Liability Reserve Activity Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 21,531 $ 11,776 Additions for new sales 3,007 725 Repurchases (124) (271) Early payment defaults (12) (39) Indemnification payments (141) (43) Change in reserves for loans sold in prior years — — Balance, end of period $ 24,261 $ 12,148 March 31, December 31, 2021 2020 Reserve for Indemnification Liability: Specific claims $ 881 $ 961 Incurred but not reported claims 23,380 20,570 Total $ 24,261 $ 21,531 Although management considers the total indemnification liability reserve to be appropriate, there may be changes in the reserve over time to address incurred losses due to unanticipated adverse changes in the economy and historical loss patterns, discrete events adversely affecting specific borrowers or industries, and/or actions taken by institutions or investors. The impact of such matters is considered in the reserving process when probable and estimable.

Financial Instruments with Off-

Financial Instruments with Off-Balance Sheet Risk	3 Months Ended
Financial Instruments with Off-Balance Sheet Risk	Mar. 31, 2021
Financial Instruments with Off-Balance Sheet Risk
Financial Instruments with Off-Balance Sheet Risk	15. Financial Instruments with Off-Balance Sheet Risk Banking The Bank is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit that involve varying degrees of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. Such financial instruments are recorded in the consolidated financial statements when they are funded or related fees are incurred or received. The contract amounts of those instruments reflect the extent of involvement (and therefore the exposure to credit loss) the Bank has in particular classes of financial instruments. Commitments to extend credit are agreements to lend to a customer provided that the terms established in the contract are met. Commitments generally have fixed expiration dates and may require payment of fees. Because some commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third-party. These letters of credit are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan commitments to customers. In the aggregate, the Bank had outstanding unused commitments to extend credit of $2.0 billion at March 31, 2021 and outstanding financial and performance standby letters of credit of $83.7 million at March 31, 2021. The Bank uses the same credit policies in making commitments and standby letters of credit as it does for loans held for investment. The amount of collateral obtained, if deemed necessary, in these transactions is based on management’s credit evaluation of the borrower. Collateral held varies but may include real estate, accounts receivable, marketable securities, interest-bearing deposit accounts, inventory, and property, plant and equipment. Broker-Dealer In the normal course of business, the Hilltop Broker-Dealers execute, settle, and finance various securities transactions that may expose the Hilltop Broker-Dealers to off-balance sheet risk in the event that a customer or counterparty does not fulfill its contractual obligations. Examples of such transactions include the sale of securities not yet purchased by customers or for the accounts of the Hilltop Broker-Dealers, use of derivatives to support certain non-profit housing organization clients and to hedge changes in the fair value of certain securities, clearing agreements between the Hilltop Broker-Dealers and various clearinghouses and broker-dealers, secured financing arrangements that involve pledged securities, and when-issued underwriting and purchase commitments.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2021
Stock-Based Compensation
Stock-Based Compensation	16. Stock-Based Compensation Since 2012, the Company has issued stock-based incentive awards pursuant to the Hilltop Holdings Inc. 2012 Equity Incentive Plan (the “2012 Plan”). In July 2020, pursuant to stockholders’ approval, the Company adopted the Hilltop Holdings Inc. 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan serves as successor to the 2012 Plan. The 2012 Plan and the 2020 Plan are referred to collectively as “the Equity Plans.” During the three months ended March 31, 2021 and 2020, Hilltop granted 4,181 and 10,291 shares of common stock, respectively, pursuant to the Equity Plans to certain non-employee members of the Company’s board of directors for services rendered to the Company. Restricted Stock Units The following table summarizes information about nonvested restricted stock unit (“RSU”) activity for the three months ended March 31, 2021 (shares in thousands). RSUs Weighted Average Grant Date Outstanding Fair Value Balance, December 31, 2020 1,833 $ 21.48 Granted 532 $ 32.93 Vested/Released (248) $ 24.69 Forfeited (6) $ 22.17 Balance, March 31, 2021 2,111 $ 23.99 Vested/Released RSUs include an aggregate of 26,694 shares withheld to satisfy employee statutory tax obligations during the three months ended March 31, 2021. During the three months ended March 31, 2021, the Compensation Committee of the board of directors of the Company awarded certain executives and key employees an aggregate of 471,505 RSUs pursuant to the Equity Plans. Of the RSUs granted during the three months ended March 31, 2021, 320,377 that were outstanding at March 31, 2021, are subject to time-based vesting conditions and generally cliff vest on the third anniversary of the grant date. Of the RSUs granted during the three months ended March 31, 2021, 150,668 that were outstanding at March 31, 2021 At March 31, 2021, in the aggregate, 1,746,622 of the outstanding RSUs are subject to time-based vesting conditions and generally cliff vest on the third anniversary of the grant date, and 364,149 outstanding RSUs cliff vest based upon the achievement of certain performance goals over a three-year period. At March 31, 2021

Regulatory Matters

Regulatory Matters	3 Months Ended
Regulatory Matters	Mar. 31, 2021
Regulatory Matters
Regulatory Matters	17. Regulatory Matters Banking and Hilltop PlainsCapital, which includes the Bank and PrimeLending, and Hilltop are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory — and possibly additional discretionary — actions by regulators that, if undertaken, could have a direct, material effect on the consolidated financial statements. The regulations require PlainsCapital and Hilltop to meet specific capital adequacy guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company performs reviews of the classification and calculation of risk-weighted assets to ensure accuracy and compliance with the Basel III regulatory capital requirements as implemented by the Board of Governors of the Federal Reserve System. The capital classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the companies to maintain minimum amounts and ratios (set forth in the following table) of Tier 1 capital (as defined in the regulations) to total average assets (as defined), and minimum ratios of common equity Tier 1, Tier 1 and total capital (as defined) to risk-weighted assets (as defined). In order to avoid limitations on capital distributions, including dividend payments, stock repurchases and certain discretionary bonus payments to executive officers, Basel III requires banking organizations to maintain a capital conservation buffer above minimum risk-based capital requirements measured relative to risk-weighted assets. The following table shows PlainsCapital’s and Hilltop’s actual capital amounts and ratios in accordance with Basel III compared to the regulatory minimum capital requirements including conservation buffer ratio in effect at the end of the period (dollars in thousands). Based on actual capital amounts and ratios shown in the following table, PlainsCapital’s ratios place it in the “well capitalized” (as defined) capital category under regulatory requirements. Actual capital amounts and ratios as of March 31, 2021 reflect PlainsCapital’s and Hilltop’s decision to elect the transition option as issued by the federal banking regulatory agencies in March 2020 that permits banking institutions to mitigate the estimated cumulative regulatory capital effects from CECL over a five-year transitionary period. Minimum Capital Requirements March 31, 2021 December 31, 2020 Including To Be Well Actual Actual Conservation Buffer Capitalized Amount Ratio Amount Ratio Ratio Ratio Tier 1 capital (to average assets): PlainsCapital $ 1,429,465 10.50 % $ 1,385,842 10.44 % 4.0 % 5.0 % Hilltop 2,221,143 13.01 % 2,111,580 12.64 % 4.0 % N/A Common equity Tier 1 capital (to risk-weighted assets): PlainsCapital 1,429,465 14.74 % 1,385,842 14.40 % 7.0 % 6.5 % Hilltop 2,156,143 19.63 % 2,046,580 18.97 % 7.0 % N/A Tier 1 capital (to risk-weighted assets): PlainsCapital 1,429,465 14.74 % 1,385,842 14.40 % 8.5 % 8.0 % Hilltop 2,221,143 20.22 % 2,111,580 19.57 % 8.5 % N/A Total capital (to risk-weighted assets): PlainsCapital 1,515,894 15.64 % 1,470,364 15.27 % 10.5 % 10.0 % Hilltop 2,522,752 22.96 % 2,409,684 22.34 % 10.5 % N/A Broker-Dealer Pursuant to the net capital requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Hilltop Securities has elected to determine its net capital requirements using the alternative method. Accordingly, Hilltop Securities is required to maintain minimum net capital, as defined in Rule 15c3-1 promulgated under the Exchange Act, equal to the greater of $250,000 and $1,000,000, respectively, or 2% of aggregate debit balances, as defined in Rule 15c3-3 promulgated under the Exchange Act. Additionally, the net capital rule of the NYSE provides that equity capital may not be withdrawn or cash dividends paid if resulting net capital would be less than 5% of the aggregate debit items. Momentum Independent Network follows the primary (aggregate indebtedness) method, as defined in Rule 15c3-1 promulgated under the Exchange Act, which requires the maintenance of the larger of $250,000 or 6-2/3% of aggregate indebtedness. At March 31, 2021, the net capital position of each of the Hilltop Broker-Dealers was as follows (in thousands). Momentum Hilltop Independent Securities Network Net capital $ 310,528 $ 4,348 Less: required net capital 9,220 264 Excess net capital $ 301,308 $ 4,084 Net capital as a percentage of aggregate debit items 67.4 % Net capital in excess of 5% aggregate debit items $ 287,477 Under certain conditions, Hilltop Securities may be required to segregate cash and securities in a special reserve account for the benefit of customers under Rule 15c3-3 promulgated under the Exchange Act. Assets segregated for regulatory purposes under the provisions of the Exchange Act are restricted and not available for general corporate purposes. At March 31, 2021 and December 31, 2020, the Hilltop Broker-Dealers held cash of $273.4 million and $290.4 million, respectively, segregated in special reserve bank accounts for the benefit of customers. The Hilltop Broker-Dealers were not required to segregate cash and securities in special reserve accounts for the benefit of proprietary accounts of introducing broker-dealers at March 31, 2021 or December 31, 2020. Mortgage Origination As a mortgage originator, PrimeLending and its subsidiaries are subject to minimum net worth and liquidity requirements established by HUD and GNMA, as applicable. On an annual basis, PrimeLending and its subsidiaries submit audited financial statements to HUD and GNMA, as applicable, documenting their respective compliance with minimum net worth and liquidity requirements. As of March 31, 2021, PrimeLending and its subsidiaries’ net worth and liquidity exceeded the amounts required by both HUD and GNMA, as applicable.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2021
Stockholders' Equity
Stockholders' Equity	18. Stockholders’ Equity Dividends During the three months ended March 31, 2021 and 2020, the Company declared and paid cash dividends of $0.12 and $0.09 per common share, or an aggregate of $9.9 million and $8.2 million, respectively. On April 22, 2021, Hilltop’s board of directors declared a quarterly cash dividend of $0.12 per common share, payable on May 28, 2021, to all common stockholders of record as of the close of business on May 14, 2021. Stock Repurchases In January 2021, the Hilltop board of directors authorized a new stock repurchase program through January 2022, pursuant to which the Company is authorized to repurchase, in the aggregate, up to $75.0 million of its outstanding common stock, inclusive of repurchases to offset dilution related to grants of stock-based compensation. During the three months ended March 31, 2021, the Company paid $5.0 million to repurchase an aggregate of 149,878 shares of common stock at an average price of $33.01 per share. The Company’s stock repurchase program, prior year repurchases and related accounting policy are discussed in detail in Note 1 and Note 25 to the consolidated financial statements included in the Company’s 2020 Form 10-K.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
Derivative Financial Instruments	Mar. 31, 2021
Derivative Financial Instruments
Derivative Financial Instruments	19. Derivative Financial Instruments The Company uses various derivative financial instruments to mitigate interest rate risk. The Bank’s interest rate risk management strategy involves effectively managing the re-pricing characteristics of certain assets and liabilities to mitigate potential adverse impacts from changes in interest rates on the Bank’s net interest margin. Additionally, the Bank manages variability of cash flows associated with its variable rate debt in interest-related cash outflows with interest rate swap contracts. PrimeLending has interest rate risk relative to interest rate lock commitments (“IRLCs”) and its inventory of mortgage loans held for sale. PrimeLending is exposed to such interest rate risk from the time an IRLC is made to an applicant to the time the related mortgage loan is sold. To mitigate interest rate risk, PrimeLending executes forward commitments to sell mortgage-backed securities (“MBSs”) and Eurodollar futures. Additionally, PrimeLending has interest rate risk relative to its MSR asset and uses derivative instruments, including interest rate swaps and U.S. Treasury bond futures and options to hedge this risk. The Hilltop Broker-Dealers use forward commitments to both purchase and sell MBSs to facilitate customer transactions and as a means to hedge related exposure to interest rate risk in certain inventory positions. Additionally, Hilltop Securities uses various derivative instruments, including U.S. Treasury bond futures and options, Eurodollar futures and municipal market data, or MMD, rate locks, to hedge changes in the fair value of its securities. Non-Hedging Derivative Instruments and the Fair Value Option As discussed in Note 4 to the consolidated financial statements, the Company has elected to measure substantially all mortgage loans held for sale at fair value under the provisions of the Fair Value Option. The election provides the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without applying hedge accounting provisions. The fair values of PrimeLending’s IRLCs and forward commitments are recorded in other assets or other liabilities, as appropriate, and changes in the fair values of these derivative instruments are recorded as a component of net gains from sale of loans and other mortgage production income. These changes in fair value are attributable to changes in the volume of IRLCs, mortgage loans held for sale, commitments to purchase and sell MBSs and MSR assets, and changes in market interest rates. Changes in market interest rates also conversely affect the value of PrimeLending’s mortgage loans held for sale and its MSR asset, which are measured at fair value under the Fair Value Option. The effect of the change in market interest rates on PrimeLending’s loans held for sale and MSR asset is discussed in Note 8 to the consolidated financial statements. The fair values of the Hilltop Broker-Dealers’ and the Bank’s derivative instruments are recorded in other assets or other liabilities, as appropriate. Changes in the fair value of derivatives are presented in the following table (in thousands). Three Months Ended March 31, 2021 2020 Increase (decrease) in fair value of derivatives during period: PrimeLending $ 43,839 $ 19,876 Hilltop Broker-Dealers (22,194) (8,141) Bank 11 (135) Hedging Derivative Instruments The Company has entered into interest rate swap contracts to manage the exposure to changes in fair value associated with certain available for sale fixed rate collateralized mortgage backed securities and fixed rate loans held for investment attributable to changes in the designated benchmark interest rate. Certain of these fair value hedges have been designated as a last-of-layer hedge, which provides the Company the ability to execute a fair value hedge of the interest rate risk associated with a portfolio of similar prepayable assets whereby the last dollar amount estimated to remain in the portfolio of assets is identified as the hedged item. Additionally, the Company has outstanding interest rate swap contracts designated as cash flow hedges and utilized to manage the variability of cash flows associated with its variable rate borrowings. Under each of its interest rate swap contracts designated as hedges, the Company receives a floating rate and pays a fixed rate on the outstanding notional amount. The Company assesses the hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the derivative instruments are highly effective in offsetting the variability of the hedged cash flows or fair value, changes in the fair value of the derivative are included as a component of other comprehensive loss on our consolidated balance sheets. Although the Company has determined at the onset of the hedges that the derivative instruments will be highly effective hedges throughout the term of the contract, any portion of derivative instruments subsequently determined to be ineffective will be recognized in earnings. Derivative positions are presented in the following table (in thousands). March 31, 2021 December 31, 2020 Notional Estimated Notional Estimated Amount Fair Value Amount Fair Value Derivative instruments (not designated as hedges): IRLCs $ 2,673,869 $ 48,809 $ 2,470,013 $ 76,048 Commitments to purchase MBSs 2,075,777 (20,185) 2,478,041 22,311 Commitments to sell MBSs 5,837,856 50,638 6,141,079 (40,621) Interest rate swaps 58,256 (502) 43,786 (2,196) U.S. Treasury bond futures and options (1) 324,000 — 225,400 — Eurodollar and other futures (1) 201,616 — — — Derivative instruments (designated as hedges): Interest rate swaps designated as cash flow hedges $ 125,000 $ (885) $ 105,000 $ (3,112) Interest rate swaps designated as fair value hedges (2) 77,118 4,178 60,618 (130) (1) Changes in the fair value of these contracts are settled daily with the respective counterparties of PrimeLending and the Hilltop Broker-Dealers. (2) The Company designated $77.1 million and $60.6 million as the hedged amount (from a closed portfolio of prepayable available for sale securities and loans held for investment with a carrying value of $72.9 million and $60.7 million as of March 31, 2021 and December 31, 2020, respectively), of which, a subset of these hedges are in last-of-layer hedging relationships. The cumulative basis adjustment included in the carrying value of the hedged items totaled $4.2 million and $0.1 million as of March 31, 2021 and December 31, 2020, respectively. The decrease in the estimated fair value of the IRLCs at March 31, 2021, compared to December 31, 2020, was driven by a decrease in the average value of individual IRLCs. The impact of this decrease was partially offset by a slight increase in the total volume of IRLCs. The decrease in the average value of individual IRLCs was due to an increase in mortgage interest rates throughout the three months ended March 31, 2021. PrimeLending held cash collateral advances totaling $58.5 million to offset net asset derivative positions on its commitments to sell MBSs at March 31, 2021. This amount is included in other liabilities within the consolidated balance sheets. PrimeLending had advanced cash collateral totaling $26.1 million to offset net liability positions on its commitments to sell MBSs at December 31, 2020. In addition, PrimeLending and the Hilltop Broker-Dealers had advanced cash collateral totaling $4.9 million and $2.7 million on various derivative instruments at March 31, 2021 and December 31, 2020, respectively. The advanced cash collateral amounts are included in other assets within the consolidated balance sheets.

Balance Sheet Offsetting

Balance Sheet Offsetting	3 Months Ended
Balance Sheet Offsetting	Mar. 31, 2021
Balance Sheet Offsetting
Balance Sheet Offsetting	20. Balance Sheet Offsetting Certain financial instruments, including resale and repurchase agreements, securities lending arrangements and derivatives, may be eligible for offset in the consolidated balance sheets and/or subject to master netting arrangements or similar agreements. The following tables present the assets and liabilities subject to enforceable master netting arrangements, repurchase agreements, or similar agreements with offsetting rights (in thousands). Gross Amounts Not Offset in Net Amounts the Balance Sheet Gross Amounts Gross Amounts of Assets Cash of Recognized Offset in the Presented in the Financial Collateral Net Assets Balance Sheet Balance Sheet Instruments Pledged Amount March 31, 2021 Securities borrowed: Institutional counterparties $ 1,545,730 $ — $ 1,545,730 $ (1,539,833) $ — $ 5,897 Reverse repurchase agreements: Institutional counterparties 106,342 — 106,342 (103,439) — 2,903 Forward MBS derivatives: Institutional counterparties 50,960 (322) 50,638 (7,512) — 43,126 $ 1,703,032 $ (322) $ 1,702,710 $ (1,650,784) $ — $ 51,926 December 31, 2020 Securities borrowed: Institutional counterparties $ 1,338,855 $ — $ 1,338,855 $ (1,273,955) $ — $ 64,900 Reverse repurchase agreements: Institutional counterparties 80,319 — 80,319 (79,925) — 394 Forward MBS derivatives: Institutional counterparties 22,311 — 22,311 (22,311) — — $ 1,441,485 $ — $ 1,441,485 $ (1,376,191) $ — $ 65,294 Gross Amounts Not Offset in Net Amounts the Balance Sheet Gross Amounts Gross Amounts of Liabilities Cash of Recognized Offset in the Presented in the Financial Collateral Net Liabilities Balance Sheet Balance Sheet Instruments Pledged Amount March 31, 2021 Securities loaned: Institutional counterparties $ 1,464,186 $ — $ 1,464,186 $ (1,457,134) $ — $ 7,052 Interest rate swaps: Institutional counterparties 829 (327) 502 (440) — 62 Repurchase agreements: Institutional counterparties 123,392 — 123,392 (123,392) — — Forward MBS derivatives: Institutional counterparties 20,185 — 20,185 (20,185) — — $ 1,608,592 $ (327) $ 1,608,265 $ (1,601,151) $ — $ 7,114 December 31, 2020 Securities loaned: Institutional counterparties $ 1,245,066 $ — $ 1,245,066 $ (1,179,090) $ — $ 65,976 Interest rate swaps: Institutional counterparties 2,196 — 2,196 (2,123) — 73 Repurchase agreements: Institutional counterparties 237,856 — 237,856 (237,856) — — Forward MBS derivatives: Institutional counterparties 40,741 (120) 40,621 (12,670) — 27,951 $ 1,525,859 $ (120) $ 1,525,739 $ (1,431,739) $ — $ 94,000 Secured Borrowing Arrangements Secured Borrowings (Repurchase Agreements) — one Securities Lending Activities — When lending securities, the Company receives cash or similar collateral and generally pays interest (based on the amount of cash deposited) to the other party to the transaction. Securities lending transactions are executed pursuant to written agreements with counterparties that generally require securities loaned to be marked-to-market on a daily basis. The Company receives collateral in the form of cash in an amount generally in excess of the fair value of securities loaned. The Company monitors the fair value of securities loaned on a daily basis, with additional collateral obtained or refunded, as necessary. Collateral adjustments are made on a daily basis through the facilities of various clearinghouses. The Company is a principal in these securities lending transactions and is liable for losses in the event of a failure of any other party to honor its contractual obligation. Management sets credit limits with each counterparty and reviews these limits regularly to monitor the risk level with each counterparty. The Company is subject to credit risk through its securities lending activities if securities prices decline rapidly because the value of the Company’s collateral could fall below the amount of the indebtedness it secures. In rapidly appreciating markets, credit risk increases due to short positions. The Company’s securities lending business subjects the Company to credit risk if a counterparty fails to perform or if collateral securing its obligations is insufficient. In securities transactions, the Company is subject to credit risk during the period between the execution of a trade and the settlement by the customer. The following tables present the remaining contractual maturities of repurchase agreement and securities lending transactions accounted for as secured borrowings (in thousands). The Company had no repurchase-to-maturity transactions outstanding at both March 31, 2021 and December 31, 2020. Remaining Contractual Maturities Overnight and Greater Than March 31, 2021 Continuous Up to 30 Days 30-90 Days 90 Days Total Repurchase agreement transactions: Asset-backed securities $ 12,523 $ 25,571 $ 85,298 $ — $ 123,392 Securities lending transactions: Corporate securities 5,874 — — — 5,874 Equity securities 1,458,312 — — — 1,458,312 Total $ 1,476,709 $ 25,571 $ 85,298 $ — $ 1,587,578 Gross amount of recognized liabilities for repurchase agreement and securities lending transactions in offsetting disclosure above $ 1,587,578 Amount related to agreements not included in offsetting disclosure above $ — Remaining Contractual Maturities Overnight and Greater Than December 31, 2020 Continuous Up to 30 Days 30-90 Days 90 Days Total Repurchase agreement transactions: Asset-backed securities $ 110,831 $ — $ 127,025 $ — $ 237,856 Securities lending transactions: Corporate securities 113 — — — 113 Equity securities 1,244,953 — — — 1,244,953 Total $ 1,355,897 $ — $ 127,025 $ — $ 1,482,922 Gross amount of recognized liabilities for repurchase agreement and securities lending transactions in offsetting disclosure above $ 1,482,922 Amount related to agreements not included in offsetting disclosure above $ —

Broker-Dealer and Clearing Orga

Broker-Dealer and Clearing Organization Receivables and Payables	3 Months Ended
	Mar. 31, 2021
Broker-Dealer and Clearing Organization Receivables and Payables
Broker-Dealer and Clearing Organization Receivables and Payables	21. Broker-Dealer and Clearing Organization Receivables and Payables Broker-dealer and clearing organization receivables and payables consisted of the following (in thousands). March 31, December 31, 2021 2020 Receivables: Securities borrowed $ 1,545,730 $ 1,338,855 Securities failed to deliver 24,333 58,244 Trades in process of settlement 14,379 — Other 12,375 7,628 $ 1,596,817 $ 1,404,727 Payables: Securities loaned $ 1,464,186 $ 1,245,066 Correspondents 42,448 33,547 Securities failed to receive 28,445 61,589 Trades in process of settlement — 21,765 Other 11,148 6,406 $ 1,546,227 $ 1,368,373

Segment and Related Information

Segment and Related Information	3 Months Ended
Segment and Related Information	Mar. 31, 2021
Segment and Related Information
Segment and Related Information	22. Segment and Related Information Following the sale of NLC on June 30, 2020, we have two primary business units within continuing operations, PCC (banking and mortgage origination) and Securities Holdings (broker-dealer). Under GAAP, our continuing operations business units are comprised of three reportable business segments organized primarily by the core products offered to the segments’ respective customers: banking, broker-dealer and mortgage origination. These segments reflect the manner in which operations are managed and the criteria used by the chief operating decision maker, the Company’s President and Chief Executive Officer, to evaluate segment performance, develop strategy and allocate resources. The banking segment includes the operations of the Bank. The broker-dealer segment includes the operations of Securities Holdings and the mortgage origination segment is composed of PrimeLending. As discussed in Note 3 to the consolidated financial statements, during the first quarter of 2020, management had determined that the insurance segment met the criteria to be presented as discontinued operations. On June 30, 2020, Hilltop completed the sale of NLC, which comprised the operations of the former insurance segment. As a result, insurance segment results for the three months ended March 31, 2020 have been presented as discontinued operations in the consolidated financial statements. Income from discontinued operations before taxes was $4.0 million during the three months ended March 31, 2020. Corporate includes certain activities not allocated to specific business segments. These activities include holding company financing and investing activities, merchant banking investment opportunities and management and administrative services to support the overall operations of the Company. Balance sheet amounts not discussed previously and the elimination of intercompany transactions are included in “All Other and Eliminations.” The following tables present certain information about continuing operations reportable business segment revenues, operating results, goodwill and assets (in thousands). Mortgage All Other and Continuing Three Months Ended March 31, 2021 Banking Broker-Dealer Origination Corporate Eliminations Operations Net interest income (expense) $ 103,884 $ 10,514 $ (7,098) $ (4,692) $ 3,074 $ 105,682 Provision for (reversal of) credit losses (5,175) 66 — — — (5,109) Noninterest income 11,324 98,623 310,444 506 (3,312) 417,585 Noninterest expense 55,788 91,404 210,334 9,588 (452) 366,662 Income (loss) from continuing operations before taxes $ 64,595 $ 17,667 $ 93,012 $ (13,774) $ 214 $ 161,714 Mortgage All Other and Continuing Three Months Ended March 31, 2020 Banking Broker-Dealer Origination Corporate Eliminations Operations Net interest income (expense) $ 93,923 $ 13,173 $ 368 $ (1,656) $ 4,528 $ 110,336 Provision for credit losses 34,275 274 — — — 34,549 Noninterest income 8,771 86,209 178,968 2,309 (4,544) 271,713 Noninterest expense 56,967 80,939 139,552 4,853 (410) 281,901 Income (loss) from continuing operations before taxes $ 11,452 $ 18,169 $ 39,784 $ (4,200) $ 394 $ 65,599 Mortgage All Other and Continuing Banking Broker-Dealer Origination Corporate Eliminations Operations March 31, 2021 Goodwill $ 247,368 $ 7,008 $ 13,071 $ — $ — $ 267,447 Total assets $ 13,963,896 $ 3,305,933 $ 3,178,650 $ 2,969,691 $ (5,735,333) $ 17,682,837 December 31, 2020 Goodwill $ 247,368 $ 7,008 $ 13,071 $ — $ — $ 267,447 Total assets $ 13,338,930 $ 3,196,346 $ 3,285,005 $ 2,823,374 $ (5,699,391) $ 16,944,264

Earnings per Common Share

Earnings per Common Share	3 Months Ended
Earnings per Common Share	Mar. 31, 2021
Earnings per Common Share
Earnings per Common Share	23. Earnings per Common Share The following table presents the computation of basic and diluted earnings per common share (in thousands, except per share data). Three Months Ended March 31, 2021 2020 Basic earnings per share: Income from continuing operations $ 120,345 $ 46,485 Income from discontinued operations — 3,151 Income attributable to Hilltop $ 120,345 $ 49,636 Weighted average shares outstanding - basic 82,169 90,509 Basic earnings per common share: Income from continuing operations $ 1.46 $ 0.51 Income from discontinued operations — 0.04 $ 1.46 $ 0.55 Diluted earnings per share: Income from continuing operations $ 120,345 $ 46,485 Income from discontinued operations — 3,151 Income attributable to Hilltop $ 120,345 $ 49,636 Weighted average shares outstanding - basic 82,169 90,509 Effect of potentially dilutive securities 488 41 Weighted average shares outstanding - diluted 82,657 90,550 Diluted earnings per common share: Income from continuing operations $ 1.46 $ 0.51 Income from discontinued operations — 0.04 $ 1.46 $ 0.55

Summary of Significant Accoun_2

Summary of Significant Accounting and Reporting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting and Reporting Policies
Nature of Operations	Nature of Operations Hilltop Holdings Inc. (“Hilltop” and, collectively with its subsidiaries, the “Company”) is a financial holding company registered under the Bank Holding Company Act of 1956. The Company’s primary line of business is to provide business and consumer banking services from offices located throughout Texas through PlainsCapital Bank (the “Bank”). In addition, the Company provides an array of financial products and services through its broker-dealer and mortgage origination subsidiaries. On June 30, 2020, Hilltop completed the sale of all of the outstanding capital stock of National Lloyds Corporation (“NLC”), which comprised the operations of the former insurance segment, for cash proceeds of $154.1 million, and was subject to post-closing adjustments. Accordingly, NLC’s results for the three months ended March 31, 2020 have been presented as discontinued operations in the consolidated financial statements. For further details, see Note 3 to the consolidated financial statements. The Company, headquartered in Dallas, Texas, provides its products and services through two primary business units within continuing operations, PlainsCapital Corporation (“PCC”) and Hilltop Securities Holdings LLC (“Securities Holdings”). PCC is a financial holding company that provides, through its subsidiaries, traditional banking, wealth and investment management and treasury management services primarily in Texas and residential mortgage lending throughout the United States. Securities Holdings is a holding company that provides, through its subsidiaries, investment banking and other related financial services, including municipal advisory, sales, trading and underwriting of taxable and tax-exempt fixed income securities, clearing, securities lending, structured finance and retail brokerage services throughout the United States. Unless otherwise noted, the Company’s notes to the consolidated financial statements present information limited to continuing operations. As a result of the spread of the novel coronavirus (“COVID-19”) pandemic, economic uncertainties have contributed to significant volatility in the global economy, as well as banking and other financial activity in the areas in which the Company operates. The effects of COVID-19 and the governmental and societal response to the virus have negatively impacted financial markets and overall economic conditions on an unprecedented scale, resulting in the shuttering of businesses across the country and significant job loss. Many of these businesses reopened but may be operating at limited capacity. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19. COVID-19 presents material uncertainty which could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), and in conformity with the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, these financial statements contain all adjustments necessary for a fair statement of the results of the interim periods presented. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). Results for interim periods are not necessarily indicative of results to be expected for a full year or any future period. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates regarding the allowance for credit losses, the fair values of financial instruments, the mortgage loan indemnification liability, and the potential impairment of goodwill and identifiable intangible assets are particularly subject to change. The Company has applied its critical accounting policies and estimation methods consistently in all periods presented in these consolidated financial statements. Actual amounts and values as of the balance sheet dates may be materially different than the amounts and values reported due to the inherent uncertainty in the estimation process. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date. Hilltop owns 100% of the outstanding stock of PCC. PCC owns 100% of the outstanding stock of the Bank and 100% of the membership interest in Hilltop Opportunity Partners LLC, a merchant bank utilized to facilitate investments in companies engaged in non-financial activities. The Bank owns 100% of the outstanding stock of PrimeLending, a PlainsCapital Company (“PrimeLending”). PrimeLending owns a 100% membership interest in PrimeLending Ventures Management, LLC (“Ventures Management”), which holds an ownership interest in and is the managing member of certain affiliated business arrangements (“ABAs”). PCC also owns 100% of the outstanding common securities of PCC Statutory Trusts I, II, III and IV (the “Trusts”), which are not included in the consolidated financial statements under the requirements of the Variable Interest Entities (“VIE”) Subsections of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) because the primary beneficiaries of the Trusts are not within the consolidated group. Hilltop has a 100% membership interest in Securities Holdings, which operates through its wholly owned subsidiaries, Hilltop Securities Inc. (“Hilltop Securities”), Momentum Independent Network Inc. (“Momentum Independent Network” and collectively with Hilltop Securities, the “Hilltop Broker-Dealers”) and Hilltop Securities Asset Management, LLC. Hilltop Securities is a broker-dealer registered with the SEC and Financial Industry Regulatory Authority (“FINRA”) and a member of the New York Stock Exchange (“NYSE”), Momentum Independent Network is an introducing broker-dealer that is also registered with the SEC and FINRA. Hilltop Securities, Momentum Independent Network and Hilltop Securities Asset Management, LLC are registered investment advisers under the Investment Advisers Act of 1940. In addition, Hilltop owns 100% of the membership interest in each of HTH Hillcrest Project LLC (“HTH Project LLC”) and Hilltop % of the membership interest in HTH Diamond Hillcrest Land LLC (“Hillcrest Land LLC”) which is consolidated under the aforementioned VIE Subsections of the ASC. These entities are related to the Hilltop Plaza investment discussed in detail in Note 20 to the consolidated financial statements included in the Company’s 2020 Form 10-K and are collectively referred to as the “Hilltop Plaza Entities.” The consolidated financial statements include the accounts of the above-named entities. Intercompany transactions and balances have been eliminated. Noncontrolling interests have been recorded for minority ownership in entities that are not wholly owned and are presented in compliance with the provisions of Noncontrolling Interest in Subsidiary Subsections of the ASC. Certain reclassifications have been made to the prior period consolidated financial statements to conform with the current period presentation. In preparing these consolidated financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all stockholders and other financial statement users, or filed with the SEC. Significant accounting policies are detailed in Note 1 to the consolidated financial statements included in the Company’s 2020 Form 10-K.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
Discontinued Operations (Tables)	Mar. 31, 2021
Discontinued Operations
Schedule of discontinued operations	Interest income: Securities: Taxable $ 938 Other 67 Total interest income 1,005 Interest expense: Notes payable 406 Noninterest income: Net insurance premiums earned 32,637 Other (2,246) Total noninterest income 30,391 Noninterest expense: Employees' compensation and benefits 2,777 Occupancy and equipment, net 247 Professional services 8,527 Loss and loss adjustment expenses 12,949 Other 2,476 Total noninterest expense 26,976 Income from discontinued operations before income taxes 4,014 Income tax expense 863 Income from discontinued operations, net of income taxes $ 3,151
Schedule of effects of reinsurance on premiums written and earned	The effects of reinsurance on premiums written and earned are included within discontinued operations and are summarized as follows (in thousands). Three Months Ended March 31, 2020 Written Earned Premiums from direct business $ 29,980 $ 30,746 Reinsurance assumed 2,952 3,244 Reinsurance ceded (1,353) (1,353) Net premiums $ 31,579 $ 32,637
Schedule of effects of reinsurance on incurred losses	The effects of reinsurance on incurred losses and LAE are included within discontinued operations and are as follows (in thousands). Three Months Ended March 31, 2020 Losses and LAE incurred $ 12,763 Reinsurance recoverables 186 Net loss and LAE incurred $ 12,949

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2021
Fair Value Measurements
Schedule of information regarding financial assets and liabilities measured at fair value on a recurring basis	The following tables present information regarding financial assets and liabilities measured at fair value on a recurring basis (in thousands). Level 1 Level 2 Level 3 Total March 31, 2021 Inputs Inputs Inputs Fair Value Trading securities $ 5,364 $ 523,348 $ — $ 528,712 Available for sale securities — 1,715,406 — 1,715,406 Equity securities 189 — — 189 Loans held for sale — 2,171,792 77,275 2,249,067 Derivative assets — 136,508 — 136,508 MSR asset — — 142,125 142,125 Securities sold, not yet purchased 66,090 30,965 — 97,055 Derivative liabilities — 54,455 — 54,455 Level 1 Level 2 Level 3 Total December 31, 2020 Inputs Inputs Inputs Fair Value Trading securities $ 45,390 $ 648,865 $ — $ 694,255 Available for sale securities — 1,462,205 — 1,462,205 Equity securities 140 — — 140 Loans held for sale — 2,449,588 71,816 2,521,404 Derivative assets — 126,898 — 126,898 MSR asset — — 143,742 143,742 Securities sold, not yet purchased 54,494 25,295 — 79,789 Derivative liabilities — 74,598 — 74,598
Rollforward for financial instruments measured at fair value using Level 3 inputs	The following tables include a rollforward for those financial instruments measured at fair value using Level 3 inputs (in thousands). Total Gains or Losses (Realized or Unrealized) Balance at Included in Other Beginning of Purchases/ Sales/ Transfers to Included in Comprehensive Balance at Period Additions Reductions (from) Level 3 Net Income Income (Loss) End of Period Three months ended March 31, 2021 Loans held for sale $ 71,816 $ 12,494 $ (7,239) $ 741 $ (537) $ — $ 77,275 MSR asset 143,742 34,301 (52,783) — 16,865 — 142,125 Total $ 215,558 $ 46,795 $ (60,022) $ 741 $ 16,328 $ — $ 219,400 Three months ended March 31, 2020 Loans held for sale $ 67,195 $ 14,285 $ (4,175) $ 6,220 $ (3,937) $ — $ 79,588 MSR asset 55,504 4,475 (18,650) — (11,030) — 30,299 Total $ 122,699 $ 18,760 $ (22,825) $ 6,220 $ (14,967) $ — $ 109,887
Schedule of significant unobservable inputs used in the fair value measurements	Range (Weighted-Average) March 31, December 31, Financial instrument Valuation Technique Unobservable Inputs 2021 2020 Loans Market comparable Projected price 91 - 94 % ( 94 %) 91 - 94 % ( 94 %) MSR asset Discounted cash flows Constant prepayment rate 11.28 % 12.15 % Discount rate 13.68 % 14.60 %
Schedule of changes in fair value for instruments reported at fair value under the Fair Value Option	The following table presents those changes in fair value of instruments recognized in the consolidated statements of operations that are accounted for under the Fair Value Option (in thousands). Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Other Total Other Total Net Noninterest Changes in Net Noninterest Changes in Gains (Losses) Income Fair Value Gains (Losses) Income Fair Value Loans held for sale $ (67,956) $ — $ (67,956) $ 33,979 $ — $ 33,979 MSR asset 16,865 — 16,865 (11,030) — (11,030)
Schedule of carrying values and estimated fair values of financial instruments	The following tables present the carrying values and estimated fair values of financial instruments not measured at fair value on either a recurring or non-recurring basis (in thousands). Estimated Fair Value Carrying Level 1 Level 2 Level 3 March 31, 2021 Amount Inputs Inputs Inputs Total Financial assets: Cash and cash equivalents $ 1,564,885 $ 1,564,885 $ — $ — $ 1,564,885 Assets segregated for regulatory purposes 273,393 273,393 — — 273,393 Securities purchased under agreements to resell 106,342 — 106,342 — 106,342 Held to maturity securities 300,088 — 311,402 — 311,402 Loans held for sale 289,919 — 289,919 — 289,919 Loans held for investment, net 7,666,158 — 520,175 7,342,590 7,862,765 Broker-dealer and clearing organization receivables 1,596,817 — 1,596,817 — 1,596,817 Other assets 73,208 — 71,499 1,709 73,208 Financial liabilities: Deposits 11,732,779 — 11,742,710 — 11,742,710 Broker-dealer and clearing organization payables 1,546,227 — 1,546,227 — 1,546,227 Short-term borrowings 676,652 — 676,652 — 676,652 Debt 468,725 — 468,725 — 468,725 Other liabilities 11,067 — 11,067 — 11,067 Estimated Fair Value Carrying Level 1 Level 2 Level 3 December 31, 2020 Amount Inputs Inputs Inputs Total Financial assets: Cash and cash equivalents $ 1,062,946 $ 1,062,946 $ — $ — $ 1,062,946 Assets segregated for regulatory purposes 290,357 290,357 — — 290,357 Securities purchased under agreements to resell 80,319 — 80,319 — 80,319 Held to maturity securities 311,944 — 326,671 — 326,671 Loans held for sale 266,982 — 266,982 — 266,982 Loans held for investment, net 7,544,097 — 437,007 7,351,411 7,788,418 Broker-dealer and clearing organization receivables 1,404,727 — 1,404,727 — 1,404,727 Other assets 74,881 — 73,111 1,770 74,881 Financial liabilities: Deposits 11,242,319 — 11,256,629 — 11,256,629 Broker-dealer and clearing organization payables 1,368,373 — 1,368,373 — 1,368,373 Short-term borrowings 695,798 — 695,798 — 695,798 Debt 448,999 — 448,999 — 448,999 Other liabilities 6,133 — 6,133 — 6,133
Schedule of adjustments to the carrying value of these investments	The following table presents the adjustments to the carrying value of these investments during the periods presented (in thousands). Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 22,844 $ 19,771 Upward adjustments 121 106 Impairments and downward adjustments (60) (789) Balance, end of period $ 22,905 $ 19,088

Securities (Tables)

Securities (Tables)	3 Months Ended
Securities (Tables)	Mar. 31, 2021
Securities
Summary of trading securities	The fair value of trading securities is summarized as follows (in thousands). March 31, December 31, 2021 2020 U.S. Treasury securities $ 465 $ 40,491 U.S. government agencies: Bonds 20,376 40 Residential mortgage-backed securities 161,557 336,081 Commercial mortgage-backed securities 861 876 Collateralized mortgage obligations 80,729 69,172 Corporate debt securities 64,535 62,481 States and political subdivisions 183,385 171,573 Private-label securitized product 11,655 8,571 Other 5,149 4,970 Totals $ 528,712 $ 694,255
Summary of amortized cost and fair value of available for sale securities	The amortized cost and fair value of available for sale and held to maturity securities are summarized as follows (in thousands). Available for Sale Amortized Unrealized Unrealized March 31, 2021 Cost Gains Losses Fair Value U.S. government agencies: Bonds $ 76,527 $ 970 $ (334) $ 77,163 Residential mortgage-backed securities 897,085 13,009 (9,811) 900,283 Commercial mortgage-backed securities 157,906 594 (9,551) 148,949 Collateralized mortgage obligations 536,548 5,327 (2,057) 539,818 States and political subdivisions 47,362 2,045 (214) 49,193 Totals $ 1,715,428 $ 21,945 $ (21,967) $ 1,715,406 Available for Sale Amortized Unrealized Unrealized December 31, 2020 Cost Gains Losses Fair Value U.S. government agencies: Bonds $ 82,036 $ 1,095 $ (325) $ 82,806 Residential mortgage-backed securities 624,863 17,194 (446) 641,611 Commercial mortgage-backed securities 124,929 768 (1,159) 124,538 Collateralized mortgage obligations 559,362 6,916 (370) 565,908 States and political subdivisions 44,729 2,613 — 47,342 Totals $ 1,435,919 $ 28,586 $ (2,300) $ 1,462,205
Summary of amortized cost and fair value of held to maturity securities	Held to Maturity Amortized Unrealized Unrealized March 31, 2021 Cost Gains Losses Fair Value U.S. government agencies: Residential mortgage-backed securities $ 12,541 $ 603 $ — $ 13,144 Commercial mortgage-backed securities 152,309 6,792 — 159,101 Collateralized mortgage obligations 65,043 1,738 — 66,781 States and political subdivisions 70,195 2,211 (30) 72,376 Totals $ 300,088 $ 11,344 $ (30) $ 311,402 Held to Maturity Amortized Unrealized Unrealized December 31, 2020 Cost Gains Losses Fair Value U.S. government agencies: Residential mortgage-backed securities $ 13,547 $ 708 $ — $ 14,255 Commercial mortgage-backed securities 152,820 9,205 — 162,025 Collateralized mortgage obligations 74,932 2,036 — 76,968 States and political subdivisions 70,645 2,778 — 73,423 Totals $ 311,944 $ 14,727 $ — $ 326,671
Schedule of information regarding available for sale securities that were in an unrealized loss position	Information regarding available for sale and held to maturity securities that were in an unrealized loss position is shown in the following tables (dollars in thousands). March 31, 2021 December 31, 2020 Number of Unrealized Number of Unrealized Securities Fair Value Losses Securities Fair Value Losses Available for Sale U.S. government agencies: Bonds: Unrealized loss for less than twelve months 5 $ 34,739 $ 334 8 $ 60,298 $ 325 Unrealized loss for twelve months or longer — — — — — — 5 34,739 334 8 60,298 325 Residential mortgage-backed securities: Unrealized loss for less than twelve months 54 604,251 9,811 15 86,287 429 Unrealized loss for twelve months or longer — — — — — — 54 604,251 9,811 15 86,287 429 Commercial mortgage-backed securities: Unrealized loss for less than twelve months 14 137,123 9,551 10 105,386 1,176 Unrealized loss for twelve months or longer — — — — — — 14 137,123 9,551 10 105,386 1,176 Collateralized mortgage obligations: Unrealized loss for less than twelve months 18 160,376 2,027 10 101,990 324 Unrealized loss for twelve months or longer 3 3,852 30 5 13,611 46 21 164,228 2,057 15 115,601 370 States and political subdivisions: Unrealized loss for less than twelve months 24 8,421 214 — — — Unrealized loss for twelve months or longer — — — — — — 24 8,421 214 — — — Total available for sale: Unrealized loss for less than twelve months 115 944,910 21,937 43 353,961 2,254 Unrealized loss for twelve months or longer 3 3,852 30 5 13,611 46 118 $ 948,762 $ 21,967 48 $ 367,572 $ 2,300
Schedule of information regarding held to maturity securities that were in an unrealized loss position	March 31, 2021 December 31, 2020 Number of Unrealized Number of Unrealized Securities Fair Value Losses Securities Fair Value Losses Held to Maturity States and political subdivisions: Unrealized loss for less than twelve months 7 $ 2,093 $ 30 2 $ 578 $ — Unrealized loss for twelve months or longer — — — — — — 7 2,093 30 2 578 — Total held to maturity: Unrealized loss for less than twelve months 7 2,093 30 2 578 — Unrealized loss for twelve months or longer — — — — — — 7 $ 2,093 $ 30 2 $ 578 $ —
Schedule of amortized cost and fair value of securities, excluding trading and equity available for sale securities, by contractual maturity	The amortized cost and fair value of securities, excluding trading and equity securities, at March 31, 2021 are shown by contractual maturity below (in thousands). Available for Sale Held to Maturity Amortized Amortized Cost Fair Value Cost Fair Value Due in one year or less $ 20,331 $ 20,392 $ 843 $ 877 Due after one year through five years 40,512 41,809 1,185 1,213 Due after five years through ten years 17,013 17,501 9,850 10,183 Due after ten years 46,033 46,654 58,317 60,103 123,889 126,356 70,195 72,376 Residential mortgage-backed securities 897,085 900,283 12,541 13,144 Collateralized mortgage obligations 536,548 539,818 65,043 66,781 Commercial mortgage-backed securities 157,906 148,949 152,309 159,101 $ 1,715,428 $ 1,715,406 $ 300,088 $ 311,402

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	3 Months Ended
Loans Held for Investment (Tables)	Mar. 31, 2021
Loans Held for Investment
Summary of loans held for investment by portfolio segment	Loans held for investment summarized by portfolio segment are as follows (in thousands). March 31, December 31, 2021 2020 Commercial real estate $ 3,114,936 $ 3,133,903 Commercial and industrial (1) 2,574,229 2,627,774 Construction and land development 821,883 828,852 1-4 family residential 745,544 629,938 Consumer 33,890 35,667 Broker-dealer (2) 520,175 437,007 7,810,657 7,693,141 Allowance for credit losses (144,499) (149,044) Total loans held for investment, net of allowance $ 7,666,158 $ 7,544,097 (1) Included loans totaling $492.4 million at March 31, 2021 funded through the Paycheck Protection Program. (2) Primarily represents margin loans to customers and correspondents associated with broker-dealer segment operations.
Summary of non-accrual loans by portfolio segment	The following table provides details associated with non-accrual loans, excluding those classified as held for sale (in thousands). Non-accrual Loans March 31, 2021 December 31, 2020 Interest Income Recognized With With No With With No Three Months Ended March 31, Allowance Allowance Total Allowance Allowance Total 2021 2020 Commercial real estate: Non-owner occupied $ 997 $ 368 $ 1,365 $ 1,213 $ 445 $ 1,658 $ 74 $ (97) Owner occupied 3,363 5,940 9,303 3,473 6,002 9,475 90 16 Commercial and industrial 12,572 23,572 36,144 10,821 23,228 34,049 143 300 Construction and land development 101 400 501 102 405 507 15 22 1-4 family residential 2,852 19,801 22,653 4,726 16,651 21,377 924 983 Consumer 26 — 26 28 — 28 — (5) Broker-dealer — — — — — — — — $ 19,911 $ 50,081 $ 69,992 $ 20,363 $ 46,731 $ 67,094 $ 1,246 $ 1,219
Schedule of analysis of the aging of the entity's loan portfolio	An analysis of the aging of the Company’s loan portfolio is shown in the following tables (in thousands). Accruing Loans Loans Past Due Loans Past Due Loans Past Due Total Past Current Total Past Due March 31, 2021 30-59 Days 60-89 Days 90 Days or More Due Loans Loans Loans 90 Days or More Commercial real estate: Non-owner occupied $ 4,618 $ — $ 199 $ 4,817 $ 1,769,495 $ 1,774,312 $ — Owner occupied 3,270 79 7,436 10,785 1,329,839 1,340,624 — Commercial and industrial 2,021 868 9,744 12,633 2,561,596 2,574,229 — Construction and land development 19 — — 19 821,864 821,883 — 1-4 family residential 8,148 1,807 10,943 20,898 724,646 745,544 — Consumer 38 23 26 87 33,803 33,890 — Broker-dealer — — — — 520,175 520,175 — $ 18,114 $ 2,777 $ 28,348 $ 49,239 $ 7,761,418 $ 7,810,657 $ — Accruing Loans Loans Past Due Loans Past Due Loans Past Due Total Past Current Total Past Due December 31, 2020 30-59 Days 60-89 Days 90 Days or More Due Loans Loans Loans 90 Days or More Commercial real estate: Non-owner occupied $ 1,919 $ — $ 199 $ 2,118 $ 1,786,193 $ 1,788,311 $ — Owner occupied 195 522 8,328 9,045 1,336,547 1,345,592 — Commercial and industrial 3,114 407 7,318 10,839 2,616,935 2,627,774 6 Construction and land development 19 — — 19 828,833 828,852 — 1-4 family residential 8,110 3,040 12,420 23,570 606,368 629,938 — Consumer 172 123 26 321 35,346 35,667 — Broker-dealer — — — — 437,007 437,007 — $ 13,529 $ 4,092 $ 28,291 $ 45,912 $ 7,647,229 $ 7,693,141 $ 6
Schedule of internal risk grades of loans by class	The following table presents loans held for investment grouped by asset class and credit quality indicator, segregated by year of origination or renewal (in thousands). Amortized Cost Basis by Origination Year 2016 and March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Total Commercial real estate: non-owner occupied Internal Grade 1-3 (Pass low risk) $ 1,315 $ 21,584 $ 25,522 $ 2,967 $ 1,543 $ 25,102 $ 1 $ 78,034 Internal Grade 4-7 (Pass normal risk) 77,105 215,239 118,279 80,556 87,046 141,703 29,881 749,809 Internal Grade 8-11 (Pass high risk and watch) 47,159 254,256 144,782 90,039 87,938 159,420 1,060 784,654 Internal Grade 12 (Special mention) — — 953 — 3,147 — — 4,100 Internal Grade 13 (Substandard accrual) 15,569 16,863 16,114 27,690 24,912 55,090 112 156,350 Internal Grade 14 (Substandard non-accrual) — — — — — 1,365 — 1,365 Commercial real estate: owner occupied Internal Grade 1-3 (Pass low risk) $ 53,912 $ 62,479 $ 20,802 $ 9,650 $ 40,569 $ 39,802 $ 953 $ 228,167 Internal Grade 4-7 (Pass normal risk) 14,627 160,608 140,191 132,548 55,572 129,848 33,823 667,217 Internal Grade 8-11 (Pass high risk and watch) 9,537 117,480 75,922 45,331 22,478 47,365 1,285 319,398 Internal Grade 12 (Special mention) — — — — — — — — Internal Grade 13 (Substandard accrual) 3,128 9,554 5,578 70,928 10,222 17,129 — 116,539 Internal Grade 14 (Substandard non-accrual) 19 504 1,260 360 5,316 1,844 — 9,303 Commercial and industrial Internal Grade 1-3 (Pass low risk) $ 6,841 $ 32,861 $ 26,279 $ 7,850 $ 5,176 $ 3,202 $ 20,597 $ 102,806 Internal Grade 4-7 (Pass normal risk) 37,973 162,663 50,894 49,216 26,491 25,428 398,758 751,423 Internal Grade 8-11 (Pass high risk and watch) 28,608 73,506 43,507 16,768 11,714 15,336 202,553 391,992 Internal Grade 12 (Special mention) 735 — — — — — — 735 Internal Grade 13 (Substandard accrual) 2,082 9,227 3,356 10,492 5,394 5,612 19,248 55,411 Internal Grade 14 (Substandard non-accrual) 6,851 18,791 4,398 1,927 283 101 3,793 36,144 Construction and land development Internal Grade 1-3 (Pass low risk) $ 4,088 $ 10,353 $ 2,538 $ 4,075 $ 256 $ 4,316 $ 1,203 $ 26,829 Internal Grade 4-7 (Pass normal risk) 46,669 193,481 94,295 62,581 2,129 5,547 35,272 439,974 Internal Grade 8-11 (Pass high risk and watch) 33,597 164,634 58,067 48,030 630 3,609 14,223 322,790 Internal Grade 12 (Special mention) — — — — — — — — Internal Grade 13 (Substandard accrual) 366 2,106 1,423 — 5,391 — 5,485 14,771 Internal Grade 14 (Substandard non-accrual) 400 — — — — 101 — 501 Construction and land development - individuals FICO less than 620 $ — $ — $ — $ — $ — $ — $ — $ — FICO between 620 and 720 181 74 — 1,244 — 127 — 1,626 FICO greater than 720 4,276 9,738 — — — — — 14,014 Substandard non-accrual — — — — — — — — Other (1) 25 1,353 — — — — — 1,378 1-4 family residential FICO less than 620 $ — $ 1,249 $ 787 $ 3,668 $ 55 $ 30,157 $ 311 $ 36,227 FICO between 620 and 720 6,205 14,019 16,317 9,396 8,291 46,118 1,270 101,616 FICO greater than 720 137,140 141,403 72,909 55,977 26,799 88,019 4,337 526,584 Substandard non-accrual 162 — 822 — 142 21,527 — 22,653 Other (1) 11,736 26,093 9,456 5,717 1,371 3,050 1,041 58,464 Consumer FICO less than 620 $ 179 $ 828 $ 923 $ 92 $ 87 $ 59 $ 315 $ 2,483 FICO between 620 and 720 2,419 3,012 1,774 375 513 111 2,075 10,279 FICO greater than 720 1,339 6,283 1,407 2,681 112 72 2,835 14,729 Substandard non-accrual — — — — 25 1 — 26 Other (1) 1,600 3,440 873 80 28 35 317 6,373 Total loans with credit quality measures $ 555,843 $ 1,733,681 $ 939,428 $ 740,238 $ 433,630 $ 871,196 $ 780,748 $ 6,054,764 Commercial and industrial (mortgage warehouse lending) $ 743,347 Commercial and industrial (Paycheck Protection Program loans) $ 492,371 Broker-Dealer (margin loans and correspondent receivables) $ 520,175 Total loans held for investment $ 7,810,657 (1) Loans classified in this category were assigned a FICO score based on various factors specific to the borrower for credit modeling purposes.

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
Allowance for Credit Losses (Tables)	Mar. 31, 2021
Allowance for Credit Losses
Schedule of changes in the allowance for loan losses by portfolio segment	Changes in the allowance for credit losses for loans held for investment, distributed by portfolio segment, are shown below (in thousands). Balance, Transition Provision for Recoveries on Balance, Beginning of Adjustment (Reversal of) Loans Charged Off End of Three Months Ended March 31, 2021 Period CECL Credit Losses Charged Off Loans Period Commercial real estate $ 109,629 $ — $ (5,517) $ — $ 14 $ 104,126 Commercial and industrial 27,703 — 556 (179) 433 28,513 Construction and land development 6,677 — 572 — — 7,249 1-4 family residential 3,946 — (857) (110) 409 3,388 Consumer 876 — 71 (79) 76 944 Broker-dealer 213 — 66 — — 279 Total $ 149,044 $ — $ (5,109) $ (368) $ 932 $ 144,499 Balance, Transition Provision for Recoveries on Balance, Beginning of Adjustment (Reversal of) Loans Charged Off End of Three Months Ended March 31, 2020 Period CECL Credit Losses Charged Off Loans Period Commercial real estate $ 31,595 $ 8,073 $ 14,475 $ (214) $ 10 $ 53,939 Commercial and industrial 17,964 3,193 18,446 (1,440) 387 38,550 Construction and land development 4,878 577 907 (2) — 6,360 1-4 family residential 6,386 (29) 201 (203) 10 6,365 Consumer 265 748 246 (176) 120 1,203 Broker-dealer 48 — 274 — — 322 Total $ 61,136 $ 12,562 $ 34,549 $ (2,035) $ 527 $ 106,739
Schedule of changes in the allowance for credit losses for loans with off-balance sheet credit exposures	Changes in the allowance for credit losses for loans with off-balance sheet credit exposures are shown below (in thousands). Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 8,388 $ 2,075 Transition adjustment CECL accounting standard — 3,837 Other noninterest expense 419 1,297 Balance, end of period $ 8,807 $ 7,209

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
Mortgage Servicing Rights (Tables)	Mar. 31, 2021
Mortgage Servicing Rights
Schedule of change in fair value of the Company's MSR asset	The following tables present the changes in fair value of the Company’s MSR asset and other information related to the serviced portfolio (dollars in thousands). Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 143,742 $ 55,504 Additions 34,301 4,475 Sales (52,783) (18,650) Changes in fair value: Due to changes in model inputs or assumptions (1) 24,137 (9,594) Due to customer payoffs (7,272) (1,436) Balance, end of period $ 142,125 $ 30,299 March 31, December 31, 2021 2020 Mortgage loans serviced for others (2) $ 12,124,282 $ 14,643,623 MSR asset as a percentage of serviced mortgage loans 1.17 % 0.98 % (1) Primarily represents normal customer payments, changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates and the refinement of other MSR model assumptions. (2) Represents unpaid principal balance of mortgage loans serviced for others.
Schedule of key assumptions used in measuring the fair value of the Company's MSR	March 31, December 31, 2021 2020 Weighted average constant prepayment rate 11.28 % 12.15 % Weighted average discount rate 13.68 % 14.60 % Weighted average life (in years) 6.6 6.3
Schedule of sensitivity analysis of fair value of the Company's MSR to certain key assumptions	A sensitivity analysis of the fair value of the Company’s MSR asset to certain key assumptions is presented in the following table (in thousands). March 31, December 31, 2021 2020 Constant prepayment rate: Impact of 10% adverse change $ (4,229) $ (5,639) Impact of 20% adverse change (8,497) (11,164) Discount rate: Impact of 10% adverse change (6,418) (6,435) Impact of 20% adverse change (12,254) (12,287)

Deposits (Tables)

Deposits (Tables)	3 Months Ended
Deposits (Tables)	Mar. 31, 2021
Deposits
Summary of deposits	Deposits are summarized as follows (in thousands). March 31, December 31, 2021 2020 Noninterest-bearing demand $ 4,031,181 $ 3,612,384 Interest-bearing: Demand accounts 2,568,355 2,399,341 Brokered - demand 186,011 282,426 Money market 2,895,070 2,716,878 Brokered - money market 213,978 124,243 Savings 271,910 276,327 Time 1,327,177 1,506,435 Brokered - time 239,097 324,285 $ 11,732,779 $ 11,242,319

Short-term Borrowings (Tables)

Short-term Borrowings (Tables)	3 Months Ended
Short-term Borrowings (Tables)	Mar. 31, 2021
Short-term borrowings
Schedule of short-term borrowings	Short-term borrowings are summarized as follows (in thousands). March 31, December 31, 2021 2020 Federal funds purchased $ 158,835 $ 180,325 Securities sold under agreements to repurchase 123,437 237,856 Federal Home Loan Bank — — Short-term bank loans 58,000 — Commercial paper 336,380 277,617 $ 676,652 $ 695,798
Federal Funds Purchased and Securities Sold under Agreements to Repurchase
Short-term borrowings
Schedule of short-term borrowings	Information concerning federal funds purchased and securities sold under agreements to repurchase is shown in the following tables (dollars in thousands). Three Months Ended March 31, 2021 2020 Average balance during the period $ 367,313 $ 732,954 Average interest rate during the period 0.36 % 1.78 % March 31, December 31, 2021 2020 Average interest rate at end of period 0.25 % 0.25 % Securities underlying the agreements at end of period: Carrying value $ 123,392 $ 237,913 Estimated fair value $ 134,558 $ 262,554
FHLB notes
Short-term borrowings
Schedule of short-term borrowings	Other information regarding FHLB short-term borrowings is shown in the following tables (dollars in thousands). Three Months Ended March 31, 2021 2020 Average balance during the period $ — $ 153,736 Average interest rate during the period — % 1.63 %

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
Notes Payable (Tables)	Mar. 31, 2021
Notes Payable
Schedule of notes payable	Notes payable consisted of the following (in thousands). March 31, December 31, 2021 2020 Senior Notes due April 2025, net of discount of $1,020 and $1,063, respectively $ 148,980 $ 148,937 Subordinated Notes due May 2030, net of discount of $771 and $793, respectively 49,229 49,207 Subordinated Notes due May 2035, net of discount of $2,350 and $2,392, respectively 147,650 147,608 Ventures Management lines of credit 55,854 36,235 $ 401,713 $ 381,987

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2021
Leases
Schedule of supplemental balance sheet information	Supplemental balance sheet information related to finance leases is as follows (in thousands). March 31, December 31, 2021 2020 Finance leases: Premises and equipment $ 7,780 $ 7,780 Accumulated depreciation (4,915) (4,768) Premises and equipment, net $ 2,865 $ 3,012
Schedule of components of lease costs	The components of lease costs, including short-term lease costs, are as follows (in thousands). Three Months Ended March 31, 2021 2020 Operating lease cost $ 9,718 $ 10,630 Less operating lease and sublease income (339) (618) Net operating lease cost $ 9,379 $ 10,012 Finance lease cost: Amortization of ROU assets $ 147 $ 147 Interest on lease liabilities 134 144 Total finance lease cost $ 281 $ 291
Schedule of supplemental cash flow information	Supplemental cash flow information related to leases is as follows (in thousands). Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,240 $ 9,951 Operating cash flows from finance leases 134 144 Financing cash flows from finance leases 167 155 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 6,334 $ 4,049 Finance leases — —
Schedule of lease terms and discount rates	Information regarding the lease terms and discount rates of the Company’s leases is as follows. March 31, 2021 December 31, 2020 Weighted Average Weighted Average Remaining Lease Weighted Average Remaining Lease Weighted Average Lease Classification Term (Years) Discount Rate Term (Years) Discount Rate Operating 5.4 4.56 % 5.5 4.67 % Finance 5.4 4.82 % 5.6 4.81 %
Schedule of future minimum lease payments under operating leases	Future minimum lease payments under lease agreements as of March 31, 2021, are presented below (in thousands). Operating Leases Finance Leases 2021 $ 26,677 $ 911 2022 29,233 1,241 2023 23,488 1,280 2024 15,875 1,163 2025 11,593 886 Thereafter 29,884 1,411 Total minimum lease payments 136,750 6,892 Less amount representing interest (16,411) (2,199) Lease liabilities $ 120,339 $ 4,693
Schedule of future minimum lease payments under finance leases	Operating Leases Finance Leases 2021 $ 26,677 $ 911 2022 29,233 1,241 2023 23,488 1,280 2024 15,875 1,163 2025 11,593 886 Thereafter 29,884 1,411 Total minimum lease payments 136,750 6,892 Less amount representing interest (16,411) (2,199) Lease liabilities $ 120,339 $ 4,693

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2021
Commitments and Contingencies
Schedule of rollforward of claims activity for loans put-back to the mortgage origination segment	The following tables provide for a rollforward of claims activity for loans put-back to the mortgage origination segment based upon an alleged breach of a representation or warranty with respect to a loan sold and related indemnification liability reserve activity (in thousands). Representation and Warranty Specific Claims Activity - Origination Loan Balance Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 30,085 $ 32,144 Claims made 5,112 6,071 Claims resolved with no payment (2,914) (984) Repurchases (1,811) (2,330) Indemnification payments (335) (122) Balance, end of period $ 30,137 $ 34,779 Indemnification Liability Reserve Activity Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 21,531 $ 11,776 Additions for new sales 3,007 725 Repurchases (124) (271) Early payment defaults (12) (39) Indemnification payments (141) (43) Change in reserves for loans sold in prior years — — Balance, end of period $ 24,261 $ 12,148 March 31, December 31, 2021 2020 Reserve for Indemnification Liability: Specific claims $ 881 $ 961 Incurred but not reported claims 23,380 20,570 Total $ 24,261 $ 21,531

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2021
Stock-Based Compensation
Schedule of nonvested RSU activity	The following table summarizes information about nonvested restricted stock unit (“RSU”) activity for the three months ended March 31, 2021 (shares in thousands). RSUs Weighted Average Grant Date Outstanding Fair Value Balance, December 31, 2020 1,833 $ 21.48 Granted 532 $ 32.93 Vested/Released (248) $ 24.69 Forfeited (6) $ 22.17 Balance, March 31, 2021 2,111 $ 23.99

Regulatory Matters (Tables)

Regulatory Matters (Tables)	3 Months Ended
Regulatory Matters (Tables)	Mar. 31, 2021
Regulatory Matters
Schedule of comparison of the Plain Capital's and Hilltop's consolidated actual capital amounts and ratios to the regulatory minimum requirements and the Bank's regulatory minimum capital requirements and the Bank's regulatory minimum capital requirements needed to qualify as a well-capitalized institution without giving effect to the final Basel III capital rules adopted by the Federal Reserve Board	The following table shows PlainsCapital’s and Hilltop’s actual capital amounts and ratios in accordance with Basel III compared to the regulatory minimum capital requirements including conservation buffer ratio in effect at the end of the period (dollars in thousands). Based on actual capital amounts and ratios shown in the following table, PlainsCapital’s ratios place it in the “well capitalized” (as defined) capital category under regulatory requirements. Actual capital amounts and ratios as of March 31, 2021 reflect PlainsCapital’s and Hilltop’s decision to elect the transition option as issued by the federal banking regulatory agencies in March 2020 that permits banking institutions to mitigate the estimated cumulative regulatory capital effects from CECL over a five-year transitionary period. Minimum Capital Requirements March 31, 2021 December 31, 2020 Including To Be Well Actual Actual Conservation Buffer Capitalized Amount Ratio Amount Ratio Ratio Ratio Tier 1 capital (to average assets): PlainsCapital $ 1,429,465 10.50 % $ 1,385,842 10.44 % 4.0 % 5.0 % Hilltop 2,221,143 13.01 % 2,111,580 12.64 % 4.0 % N/A Common equity Tier 1 capital (to risk-weighted assets): PlainsCapital 1,429,465 14.74 % 1,385,842 14.40 % 7.0 % 6.5 % Hilltop 2,156,143 19.63 % 2,046,580 18.97 % 7.0 % N/A Tier 1 capital (to risk-weighted assets): PlainsCapital 1,429,465 14.74 % 1,385,842 14.40 % 8.5 % 8.0 % Hilltop 2,221,143 20.22 % 2,111,580 19.57 % 8.5 % N/A Total capital (to risk-weighted assets): PlainsCapital 1,515,894 15.64 % 1,470,364 15.27 % 10.5 % 10.0 % Hilltop 2,522,752 22.96 % 2,409,684 22.34 % 10.5 % N/A
Schedule of net capital position	At March 31, 2021, the net capital position of each of the Hilltop Broker-Dealers was as follows (in thousands). Momentum Hilltop Independent Securities Network Net capital $ 310,528 $ 4,348 Less: required net capital 9,220 264 Excess net capital $ 301,308 $ 4,084 Net capital as a percentage of aggregate debit items 67.4 % Net capital in excess of 5% aggregate debit items $ 287,477

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
Derivative Financial Instruments (Tables)	Mar. 31, 2021
Derivative Financial Instruments
Schedule of changes in fair value of derivatives	Three Months Ended March 31, 2021 2020 Increase (decrease) in fair value of derivatives during period: PrimeLending $ 43,839 $ 19,876 Hilltop Broker-Dealers (22,194) (8,141) Bank 11 (135)
Schedule of derivative positions	Derivative positions are presented in the following table (in thousands). March 31, 2021 December 31, 2020 Notional Estimated Notional Estimated Amount Fair Value Amount Fair Value Derivative instruments (not designated as hedges): IRLCs $ 2,673,869 $ 48,809 $ 2,470,013 $ 76,048 Commitments to purchase MBSs 2,075,777 (20,185) 2,478,041 22,311 Commitments to sell MBSs 5,837,856 50,638 6,141,079 (40,621) Interest rate swaps 58,256 (502) 43,786 (2,196) U.S. Treasury bond futures and options (1) 324,000 — 225,400 — Eurodollar and other futures (1) 201,616 — — — Derivative instruments (designated as hedges): Interest rate swaps designated as cash flow hedges $ 125,000 $ (885) $ 105,000 $ (3,112) Interest rate swaps designated as fair value hedges (2) 77,118 4,178 60,618 (130) (1) Changes in the fair value of these contracts are settled daily with the respective counterparties of PrimeLending and the Hilltop Broker-Dealers. (2) The Company designated $77.1 million and $60.6 million as the hedged amount (from a closed portfolio of prepayable available for sale securities and loans held for investment with a carrying value of $72.9 million and $60.7 million as of March 31, 2021 and December 31, 2020, respectively), of which, a subset of these hedges are in last-of-layer hedging relationships. The cumulative basis adjustment included in the carrying value of the hedged items totaled $4.2 million and $0.1 million as of March 31, 2021 and December 31, 2020, respectively.

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	3 Months Ended
Balance Sheet Offsetting (Tables)	Mar. 31, 2021
Balance Sheet Offsetting
Schedule of the assets subject to an enforceable master netting arrangement or repurchase agreements	The following tables present the assets and liabilities subject to enforceable master netting arrangements, repurchase agreements, or similar agreements with offsetting rights (in thousands). Gross Amounts Not Offset in Net Amounts the Balance Sheet Gross Amounts Gross Amounts of Assets Cash of Recognized Offset in the Presented in the Financial Collateral Net Assets Balance Sheet Balance Sheet Instruments Pledged Amount March 31, 2021 Securities borrowed: Institutional counterparties $ 1,545,730 $ — $ 1,545,730 $ (1,539,833) $ — $ 5,897 Reverse repurchase agreements: Institutional counterparties 106,342 — 106,342 (103,439) — 2,903 Forward MBS derivatives: Institutional counterparties 50,960 (322) 50,638 (7,512) — 43,126 $ 1,703,032 $ (322) $ 1,702,710 $ (1,650,784) $ — $ 51,926 December 31, 2020 Securities borrowed: Institutional counterparties $ 1,338,855 $ — $ 1,338,855 $ (1,273,955) $ — $ 64,900 Reverse repurchase agreements: Institutional counterparties 80,319 — 80,319 (79,925) — 394 Forward MBS derivatives: Institutional counterparties 22,311 — 22,311 (22,311) — — $ 1,441,485 $ — $ 1,441,485 $ (1,376,191) $ — $ 65,294
Schedule of the liabilities subject to an enforceable master netting arrangement or repurchase agreements	Gross Amounts Not Offset in Net Amounts the Balance Sheet Gross Amounts Gross Amounts of Liabilities Cash of Recognized Offset in the Presented in the Financial Collateral Net Liabilities Balance Sheet Balance Sheet Instruments Pledged Amount March 31, 2021 Securities loaned: Institutional counterparties $ 1,464,186 $ — $ 1,464,186 $ (1,457,134) $ — $ 7,052 Interest rate swaps: Institutional counterparties 829 (327) 502 (440) — 62 Repurchase agreements: Institutional counterparties 123,392 — 123,392 (123,392) — — Forward MBS derivatives: Institutional counterparties 20,185 — 20,185 (20,185) — — $ 1,608,592 $ (327) $ 1,608,265 $ (1,601,151) $ — $ 7,114 December 31, 2020 Securities loaned: Institutional counterparties $ 1,245,066 $ — $ 1,245,066 $ (1,179,090) $ — $ 65,976 Interest rate swaps: Institutional counterparties 2,196 — 2,196 (2,123) — 73 Repurchase agreements: Institutional counterparties 237,856 — 237,856 (237,856) — — Forward MBS derivatives: Institutional counterparties 40,741 (120) 40,621 (12,670) — 27,951 $ 1,525,859 $ (120) $ 1,525,739 $ (1,431,739) $ — $ 94,000
Schedule of contractual maturities of repurchase agreements and secured borrowing transactions	The following tables present the remaining contractual maturities of repurchase agreement and securities lending transactions accounted for as secured borrowings (in thousands). The Company had no repurchase-to-maturity transactions outstanding at both March 31, 2021 and December 31, 2020. Remaining Contractual Maturities Overnight and Greater Than March 31, 2021 Continuous Up to 30 Days 30-90 Days 90 Days Total Repurchase agreement transactions: Asset-backed securities $ 12,523 $ 25,571 $ 85,298 $ — $ 123,392 Securities lending transactions: Corporate securities 5,874 — — — 5,874 Equity securities 1,458,312 — — — 1,458,312 Total $ 1,476,709 $ 25,571 $ 85,298 $ — $ 1,587,578 Gross amount of recognized liabilities for repurchase agreement and securities lending transactions in offsetting disclosure above $ 1,587,578 Amount related to agreements not included in offsetting disclosure above $ — Remaining Contractual Maturities Overnight and Greater Than December 31, 2020 Continuous Up to 30 Days 30-90 Days 90 Days Total Repurchase agreement transactions: Asset-backed securities $ 110,831 $ — $ 127,025 $ — $ 237,856 Securities lending transactions: Corporate securities 113 — — — 113 Equity securities 1,244,953 — — — 1,244,953 Total $ 1,355,897 $ — $ 127,025 $ — $ 1,482,922 Gross amount of recognized liabilities for repurchase agreement and securities lending transactions in offsetting disclosure above $ 1,482,922 Amount related to agreements not included in offsetting disclosure above $ —

Broker-Dealer and Clearing Or_2

Broker-Dealer and Clearing Organization Receivables and Payables (Tables)	3 Months Ended
	Mar. 31, 2021
Broker-Dealer and Clearing Organization Receivables and Payables
Schedule of broker-dealer and clearing organization receivables and payables	Broker-dealer and clearing organization receivables and payables consisted of the following (in thousands). March 31, December 31, 2021 2020 Receivables: Securities borrowed $ 1,545,730 $ 1,338,855 Securities failed to deliver 24,333 58,244 Trades in process of settlement 14,379 — Other 12,375 7,628 $ 1,596,817 $ 1,404,727 Payables: Securities loaned $ 1,464,186 $ 1,245,066 Correspondents 42,448 33,547 Securities failed to receive 28,445 61,589 Trades in process of settlement — 21,765 Other 11,148 6,406 $ 1,546,227 $ 1,368,373

Segment and Related Informati_2

Segment and Related Information (Tables)	3 Months Ended
Segment and Related Information (Tables)	Mar. 31, 2021
Segment and Related Information
Schedule of information about the segment revenues, operating results, goodwill, and assets of entity's reportable segments	The following tables present certain information about continuing operations reportable business segment revenues, operating results, goodwill and assets (in thousands). Mortgage All Other and Continuing Three Months Ended March 31, 2021 Banking Broker-Dealer Origination Corporate Eliminations Operations Net interest income (expense) $ 103,884 $ 10,514 $ (7,098) $ (4,692) $ 3,074 $ 105,682 Provision for (reversal of) credit losses (5,175) 66 — — — (5,109) Noninterest income 11,324 98,623 310,444 506 (3,312) 417,585 Noninterest expense 55,788 91,404 210,334 9,588 (452) 366,662 Income (loss) from continuing operations before taxes $ 64,595 $ 17,667 $ 93,012 $ (13,774) $ 214 $ 161,714 Mortgage All Other and Continuing Three Months Ended March 31, 2020 Banking Broker-Dealer Origination Corporate Eliminations Operations Net interest income (expense) $ 93,923 $ 13,173 $ 368 $ (1,656) $ 4,528 $ 110,336 Provision for credit losses 34,275 274 — — — 34,549 Noninterest income 8,771 86,209 178,968 2,309 (4,544) 271,713 Noninterest expense 56,967 80,939 139,552 4,853 (410) 281,901 Income (loss) from continuing operations before taxes $ 11,452 $ 18,169 $ 39,784 $ (4,200) $ 394 $ 65,599 Mortgage All Other and Continuing Banking Broker-Dealer Origination Corporate Eliminations Operations March 31, 2021 Goodwill $ 247,368 $ 7,008 $ 13,071 $ — $ — $ 267,447 Total assets $ 13,963,896 $ 3,305,933 $ 3,178,650 $ 2,969,691 $ (5,735,333) $ 17,682,837 December 31, 2020 Goodwill $ 247,368 $ 7,008 $ 13,071 $ — $ — $ 267,447 Total assets $ 13,338,930 $ 3,196,346 $ 3,285,005 $ 2,823,374 $ (5,699,391) $ 16,944,264

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
Earnings per Common Share (Tables)	Mar. 31, 2021
Earnings per Common Share
Schedule of the computation of basic and diluted earnings per common share	The following table presents the computation of basic and diluted earnings per common share (in thousands, except per share data). Three Months Ended March 31, 2021 2020 Basic earnings per share: Income from continuing operations $ 120,345 $ 46,485 Income from discontinued operations — 3,151 Income attributable to Hilltop $ 120,345 $ 49,636 Weighted average shares outstanding - basic 82,169 90,509 Basic earnings per common share: Income from continuing operations $ 1.46 $ 0.51 Income from discontinued operations — 0.04 $ 1.46 $ 0.55 Diluted earnings per share: Income from continuing operations $ 120,345 $ 46,485 Income from discontinued operations — 3,151 Income attributable to Hilltop $ 120,345 $ 49,636 Weighted average shares outstanding - basic 82,169 90,509 Effect of potentially dilutive securities 488 41 Weighted average shares outstanding - diluted 82,657 90,550 Diluted earnings per common share: Income from continuing operations $ 1.46 $ 0.51 Income from discontinued operations — 0.04 $ 1.46 $ 0.55

Summary of Significant Accoun_3

Summary of Significant Accounting and Reporting Policies - Basis of Presentation, Ownership (Details) $ in Millions	Jun. 30, 2020USD ($)	Mar. 31, 2021item
Basis of Presentation
Number of primary business units \| item		2
NLC \| Discontinued Operations, Disposed of by sale
Basis of Presentation
Cash proceeds from sale \| $	$ 154.1
PPC
Basis of Presentation
Ownership percentage		100.00%
Securities Holdings
Basis of Presentation
Ownership percentage		100.00%
HTH Hillcrest Project LLC
Basis of Presentation
Membership ownership percentage		100.00%
Hilltop Investments I, LLC
Basis of Presentation
Membership ownership percentage		100.00%
PPC \| PlainsCapital (the Bank)
Basis of Presentation
Ownership percentage		100.00%
PPC \| Hilltop Opportunity Partners LLC
Basis of Presentation
Membership ownership percentage		100.00%
PPC \| PCC Statutory Trusts
Basis of Presentation
Ownership percentage		100.00%
PlainsCapital (the Bank) \| Prime Lending
Basis of Presentation
Ownership percentage		100.00%
Prime Lending \| Ventures Management
Basis of Presentation
Membership ownership percentage		100.00%
Hilltop Investments I, LLC \| Hillcrest Land LLC
Basis of Presentation
Membership ownership percentage		50.00%

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Discontinued Operations, Disposed of by sale - NLC - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2020
Discontinued Operations
Cash proceeds from sale	$ 154.1
Net gains on disposal of discontinued operations		$ 36.8
Transaction cost		$ 5.1

Discontinued Operations - Opera

Discontinued Operations - Operations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Discontinued Operations
Income from discontinued operations before income taxes	$ 4,000
Income from discontinued operations, net of income taxes	3,151
Discontinued Operations, Disposed of by sale \| NLC
Discontinued Operations
Securities: Taxable	938
Other	67
Total interest income	1,005
Interest expense - notes payable	406
Net insurance premiums earned	32,637
Other	(2,246)
Total noninterest income	30,391
Employees' compensation and benefits	2,777
Occupancy and equipment, net	247
Professional services	8,527
Loss and loss adjustment expenses	12,949
Other	2,476
Total noninterest expense	26,976
Income from discontinued operations before income taxes	4,014
Income tax expense	863
Income from discontinued operations, net of income taxes	$ 3,151

Discontinued Operations - Effec

Discontinued Operations - Effects of Reinsurance (Details) - NLC - Discontinued Operations, Disposed of by sale $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Written
Premiums from direct business	$ 29,980
Reinsurance assumed	2,952
Reinsurance ceded	(1,353)
Net premiums	31,579
Earned
Premiums from direct business	30,746
Reinsurance assumed	3,244
Reinsurance ceded	(1,353)
Net premiums	32,637
Effect of reinsurance on incurred losses
Loss and LAE incurred	12,763
Reinsurance recoverables	186
Net loss and LAE incurred	$ 12,949

Fair Value Measurements - FV Op

Fair Value Measurements - FV Option (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value Measurements
Mortgage loans held for sale, fair value	$ 2,250	$ 2,520
Mortgage loans held for sale, unpaid principal balance	$ 2,210	$ 2,410

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Trading securities	$ 528,712	$ 694,255
Available for sale	1,715,406	1,462,205
Equity securities	189	140
MSR asset	142,125	143,742
Financial liabilities:
Securities sold, not yet purchased	97,055	79,789
Recurring
Financial assets:
Trading securities	528,712	694,255
Available for sale	1,715,406	1,462,205
Equity securities	189	140
Loans held for sale	2,249,067	2,521,404
Derivative assets	136,508	126,898
MSR asset	142,125	143,742
Financial liabilities:
Securities sold, not yet purchased	97,055	79,789
Derivative liabilities	54,455	74,598
Recurring \| Level 1
Financial assets:
Trading securities	5,364	45,390
Equity securities	189	140
Financial liabilities:
Securities sold, not yet purchased	66,090	54,494
Recurring \| Level 2
Financial assets:
Trading securities	523,348	648,865
Available for sale	1,715,406	1,462,205
Loans held for sale	2,171,792	2,449,588
Derivative assets	136,508	126,898
Financial liabilities:
Securities sold, not yet purchased	30,965	25,295
Derivative liabilities	54,455	74,598
Recurring \| Level 3
Financial assets:
Loans held for sale	77,275	71,816
MSR asset	$ 142,125	$ 143,742

Fair Value Measurements - Roll

Fair Value Measurements - Roll Forward, Level 3 (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Rollforward for financial instruments measured at fair value using Level 3 inputs
Asset balance, beginning of period	$ 215,558	$ 122,699
Purchases/Additions	46,795	18,760
Sales/Reductions	(60,022)	(22,825)
Transfers into Level 3	741	6,220
Total gains or losses (realized or unrealized):
Included in Net Income	16,328	(14,967)
Asset balance, end of period	219,400	109,887
Loans Held for Sale
Rollforward for financial instruments measured at fair value using Level 3 inputs
Asset balance, beginning of period	71,816	67,195
Purchases/Additions	12,494	14,285
Sales/Reductions	(7,239)	(4,175)
Transfers into Level 3	741	6,220
Total gains or losses (realized or unrealized):
Included in Net Income	(537)	(3,937)
Asset balance, end of period	77,275	79,588
MSR
Rollforward for financial instruments measured at fair value using Level 3 inputs
Asset balance, beginning of period	143,742	55,504
Purchases/Additions	34,301	4,475
Sales/Reductions	(52,783)	(18,650)
Total gains or losses (realized or unrealized):
Included in Net Income	16,865	(11,030)
Asset balance, end of period	$ 142,125	$ 30,299

Fair Value Measurements - Level

Fair Value Measurements - Level 3, Inputs, Recurring (Details) - Level 3 - Recurring	Mar. 31, 2021item	Dec. 31, 2020item
Loans Held for Sale
Significant unobservable inputs used in the fair value measurements
Loans Held-for-sale, Valuation Technique [Extensible List]	hth:MarketComparisonValuationTechniqueMember	hth:MarketComparisonValuationTechniqueMember
Loans Held-for-sale, Measurement Input [Extensible List]	us-gaap:MeasurementInputPriceVolatilityMember	us-gaap:MeasurementInputPriceVolatilityMember
Loans Held for Sale \| Weighted average
Significant unobservable inputs used in the fair value measurements
Loans Held-for-sale, Measurement Input	0.94	0.94
Loans Held for Sale \| Minimum
Significant unobservable inputs used in the fair value measurements
Loans Held-for-sale, Measurement Input	0.91	0.91
Loans Held for Sale \| Maximum
Significant unobservable inputs used in the fair value measurements
Loans Held-for-sale, Measurement Input	0.94	0.94
MSR \| Constant Prepayment Rate
Significant unobservable inputs used in the fair value measurements
Servicing Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
MSR \| Constant Prepayment Rate \| Weighted average
Significant unobservable inputs used in the fair value measurements
Servicing Asset, Measurement Input	0.1128	0.1215
MSR \| Discount Rate \| Weighted average
Significant unobservable inputs used in the fair value measurements
Servicing Asset, Measurement Input	0.1368	0.1460

Fair Value Measurements - Chang

Fair Value Measurements - Change in FV (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Transfers Between Level 1 and Level 2
Transfers of assets from level 1 to level 2	$ 0	$ 0
Transfers of assets from level 2 to level 1	0	0
Transfers of liabilities from level 1 to level 2	0	0
Transfers of liabilities from level 2 to level 1	0	0
Fair Value Option
Net Gains (Losses)	267,080	150,486
Other Noninterest Income	41,341	29,424
Loans Held for Sale
Fair Value Option
Net Gains (Losses)	(67,956)	33,979
Total Changes in Fair Value	(67,956)	33,979
MSR
Fair Value Option
Net Gains (Losses)	16,865	(11,030)
Total Changes in Fair Value	$ 16,865	$ (11,030)

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Held to maturity securities	$ 311,402	$ 326,671
Broker-dealer and clearing organization receivables	1,596,817	1,404,727
Financial liabilities:
Broker-dealer and clearing organization payables	1,546,227	1,368,373
Carrying Amount
Financial assets:
Cash and cash equivalents	1,564,885	1,062,946
Assets segregated for regulatory purposes	273,393	290,357
Securities purchased under agreements to resell	106,342	80,319
Held to maturity securities	300,088	311,944
Loans held for sale	289,919	266,982
Loans held for investment, net	7,666,158	7,544,097
Broker-dealer and clearing organization receivables	1,596,817	1,404,727
Other assets	73,208	74,881
Financial liabilities:
Deposits	11,732,779	11,242,319
Broker-dealer and clearing organization payables	1,546,227	1,368,373
Short-term borrowings	676,652	695,798
Debt	468,725	448,999
Other liabilities	11,067	6,133
Estimate of Fair Value
Financial assets:
Cash and cash equivalents	1,564,885	1,062,946
Assets segregated for regulatory purposes	273,393	290,357
Securities purchased under agreements to resell	106,342	80,319
Held to maturity securities	311,402	326,671
Loans held for sale	289,919	266,982
Loans held for investment, net	7,862,765	7,788,418
Broker-dealer and clearing organization receivables	1,596,817	1,404,727
Other assets	73,208	74,881
Financial liabilities:
Deposits	11,742,710	11,256,629
Broker-dealer and clearing organization payables	1,546,227	1,368,373
Short-term borrowings	676,652	695,798
Debt	468,725	448,999
Other liabilities	11,067	6,133
Estimate of Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	1,564,885	1,062,946
Assets segregated for regulatory purposes	273,393	290,357
Estimate of Fair Value \| Level 2
Financial assets:
Securities purchased under agreements to resell	106,342	80,319
Held to maturity securities	311,402	326,671
Loans held for sale	289,919	266,982
Loans held for investment, net	520,175	437,007
Broker-dealer and clearing organization receivables	1,596,817	1,404,727
Other assets	71,499	73,111
Financial liabilities:
Deposits	11,742,710	11,256,629
Broker-dealer and clearing organization payables	1,546,227	1,368,373
Short-term borrowings	676,652	695,798
Debt	468,725	448,999
Other liabilities	11,067	6,133
Estimate of Fair Value \| Level 3
Financial assets:
Loans held for investment, net	7,342,590	7,351,411
Other assets	$ 1,709	$ 1,770

Fair Value Measurements - Adjus

Fair Value Measurements - Adjustments to the carrying value of investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Adjustments to the carrying value of these investments
Balance, beginning of year	$ 22,844	$ 19,771
Upward adjustments	121	106
Impairments and downward adjustments	(60)	(789)
Balance, end of year	22,905	$ 19,088
Other Assets
Equity Securities without Readily Determinable Fair Value
Other equity investments	$ 63,700		$ 63,600

Securities - Trading Securities

Securities - Trading Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of fair value of trading securities
Debt Securities, Trading	$ 528,712	$ 694,255
Investment-related Liabilities
Securities sold, not yet purchased, at fair value	97,055	79,789
US Treasury Securities
Schedule of fair value of trading securities
Debt Securities, Trading	465	40,491
Bonds
Schedule of fair value of trading securities
Debt Securities, Trading	20,376	40
Residential Mortgage Backed Securities
Schedule of fair value of trading securities
Debt Securities, Trading	161,557	336,081
Commercial mortgage-backed securities
Schedule of fair value of trading securities
Debt Securities, Trading	861	876
Collateralized Mortgage Obligations
Schedule of fair value of trading securities
Debt Securities, Trading	80,729	69,172
Corporate debt securities
Schedule of fair value of trading securities
Debt Securities, Trading	64,535	62,481
States and political subdivisions
Schedule of fair value of trading securities
Debt Securities, Trading	183,385	171,573
Private-label securitized product
Schedule of fair value of trading securities
Debt Securities, Trading	11,655	8,571
Other
Schedule of fair value of trading securities
Debt Securities, Trading	$ 5,149	$ 4,970

Securities - AFS and HTM, Amort

Securities - AFS and HTM, Amortized Cost and FV (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Available for sale
Amortized cost	$ 1,715,428	$ 1,435,919
Unrealized Gains	21,945	28,586
Unrealized Losses	(21,967)	(2,300)
Fair Value	1,715,406	1,462,205
Held to maturity
Amortized cost	300,088	311,944
Unrealized Gains	11,344	14,727
Unrealized Losses	(30)
Held to maturity, fair value	311,402	326,671
Equity Securities
Unrealized net gains from equity securities	100	100
Equity, at fair value	189	140
Bonds
Available for sale
Amortized cost	76,527	82,036
Unrealized Gains	970	1,095
Unrealized Losses	(334)	(325)
Fair Value	77,163	82,806
Residential Mortgage Backed Securities
Available for sale
Amortized cost	897,085	624,863
Unrealized Gains	13,009	17,194
Unrealized Losses	(9,811)	(446)
Fair Value	900,283	641,611
Held to maturity
Amortized cost	12,541	13,547
Unrealized Gains	603	708
Held to maturity, fair value	13,144	14,255
Commercial mortgage-backed securities
Available for sale
Amortized cost	157,906	124,929
Unrealized Gains	594	768
Unrealized Losses	(9,551)	(1,159)
Fair Value	148,949	124,538
Held to maturity
Amortized cost	152,309	152,820
Unrealized Gains	6,792	9,205
Held to maturity, fair value	159,101	162,025
Collateralized Mortgage Obligations
Available for sale
Amortized cost	536,548	559,362
Unrealized Gains	5,327	6,916
Unrealized Losses	(2,057)	(370)
Fair Value	539,818	565,908
Held to maturity
Amortized cost	65,043	74,932
Unrealized Gains	1,738	2,036
Held to maturity, fair value	66,781	76,968
States and political subdivisions
Available for sale
Amortized cost	47,362	44,729
Unrealized Gains	2,045	2,613
Unrealized Losses	(214)
Fair Value	49,193	47,342
Held to maturity
Amortized cost	70,195	70,645
Unrealized Gains	2,211	2,778
Unrealized Losses	(30)
Held to maturity, fair value	$ 72,376	$ 73,423

Securities - AFS in an Unrealiz

Securities - AFS in an Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item
Number of Securities
Unrealized loss for less than twelve months \| item	115	43
Unrealized loss for twelve months or longer \| item	3	5
Total \| item	118	48
Fair Value
Unrealized loss for less than twelve months	$ 944,910	$ 353,961
Unrealized loss for twelve months or longer	3,852	13,611
Total	948,762	367,572
Unrealized Loss
Unrealized loss for less than twelve months	21,937	2,254
Unrealized loss for twelve months or longer	30	46
Total	$ 21,967	$ 2,300
Bonds
Number of Securities
Unrealized loss for less than twelve months \| item	5	8
Total \| item	5	8
Fair Value
Unrealized loss for less than twelve months	$ 34,739	$ 60,298
Total	34,739	60,298
Unrealized Loss
Unrealized loss for less than twelve months	334	325
Total	$ 334	$ 325
Residential Mortgage Backed Securities
Number of Securities
Unrealized loss for less than twelve months \| item	54	15
Total \| item	54	15
Fair Value
Unrealized loss for less than twelve months	$ 604,251	$ 86,287
Total	604,251	86,287
Unrealized Loss
Unrealized loss for less than twelve months	9,811	429
Total	$ 9,811	$ 429
Commercial mortgage-backed securities
Number of Securities
Unrealized loss for less than twelve months \| item	14	10
Total \| item	14	10
Fair Value
Unrealized loss for less than twelve months	$ 137,123	$ 105,386
Total	137,123	105,386
Unrealized Loss
Unrealized loss for less than twelve months	9,551	1,176
Total	$ 9,551	$ 1,176
Collateralized Mortgage Obligations
Number of Securities
Unrealized loss for less than twelve months \| item	18	10
Unrealized loss for twelve months or longer \| item	3	5
Total \| item	21	15
Fair Value
Unrealized loss for less than twelve months	$ 160,376	$ 101,990
Unrealized loss for twelve months or longer	3,852	13,611
Total	164,228	115,601
Unrealized Loss
Unrealized loss for less than twelve months	2,027	324
Unrealized loss for twelve months or longer	30	46
Total	$ 2,057	$ 370
States and political subdivisions
Number of Securities
Unrealized loss for less than twelve months \| item	24
Total \| item	24
Fair Value
Unrealized loss for less than twelve months	$ 8,421
Total	8,421
Unrealized Loss
Unrealized loss for less than twelve months	214
Total	$ 214

Securities - HTM in an Unrealiz

Securities - HTM in an Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item
Number of Securities
Unrealized loss for less than twelve months \| item	7	2
Total \| item	7	2
Fair Value
Unrealized loss for less than twelve months	$ 2,093	$ 578
Total	2,093	$ 578
Unrealized Losses
Unrealized loss for less than twelve months	30
Total	$ 30
States and political subdivisions
Number of Securities
Unrealized loss for less than twelve months \| item	7	2
Total \| item	7	2
Fair Value
Unrealized loss for less than twelve months	$ 2,093	$ 578
Total	2,093	$ 578
Unrealized Losses
Unrealized loss for less than twelve months	30
Total	$ 30

Securities - AFS Contractual Ma

Securities - AFS Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
AFS, Amortized Cost, Rolling Maturity
Due in one year or less	$ 20,331
Due after one year through five years	40,512
Due after five years through ten years	17,013
Due after ten years	46,033
Total	123,889
Amortized cost	1,715,428	$ 1,435,919
AFS, Fair Value, Rolling Maturity
Due in one year or less	20,392
Due after one year through five years	41,809
Due after five years through ten years	17,501
Due after ten years	46,654
Total	126,356
Fair Value	1,715,406	1,462,205
Residential Mortgage Backed Securities
AFS, Amortized Cost, Rolling Maturity
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	897,085
Amortized cost	897,085	624,863
AFS, Fair Value, Rolling Maturity
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	900,283
Fair Value	900,283	641,611
Collateralized Mortgage Obligations
AFS, Amortized Cost, Rolling Maturity
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	536,548
Amortized cost	536,548	559,362
AFS, Fair Value, Rolling Maturity
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	539,818
Fair Value	539,818	565,908
Commercial mortgage-backed securities
AFS, Amortized Cost, Rolling Maturity
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	157,906
Amortized cost	157,906	124,929
AFS, Fair Value, Rolling Maturity
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	148,949
Fair Value	$ 148,949	$ 124,538

Securities - HTM Contractual Ma

Securities - HTM Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
HTM, Amortized Cost, Rolling Maturities
Due in one year or less	$ 843
Due after one year through five years	1,185
Due after five years through ten years	9,850
Due after ten years	58,317
Total	70,195
Amortized cost	300,088	$ 311,944
HTM, Fair Value, Rolling Maturities
Due in one year or less	877
Due after one year through five years	1,213
Due after five years through ten years	10,183
Due after ten years	60,103
Total	72,376
Fair Value	311,402	326,671
Residential Mortgage Backed Securities
HTM, Amortized Cost, Rolling Maturities
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	12,541
Amortized cost	12,541	13,547
HTM, Fair Value, Rolling Maturities
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	13,144
Fair Value	13,144	14,255
Collateralized Mortgage Obligations
HTM, Amortized Cost, Rolling Maturities
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	65,043
Amortized cost	65,043	74,932
HTM, Fair Value, Rolling Maturities
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	66,781
Fair Value	66,781	76,968
Commercial mortgage-backed securities
HTM, Amortized Cost, Rolling Maturities
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	152,309
Amortized cost	152,309	152,820
HTM, Fair Value, Rolling Maturities
Mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities	159,101
Fair Value	$ 159,101	$ 162,025

Securities - Additional Informa

Securities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Securities
Realized net gains (losses) from trading securities portfolio	$ 8.7	$ 7
Realized net gains (losses) from other securities	(0.1)	0.2
Carrying amount of securities pledged	732.5		$ 712.3
Fair value of securities pledged	750.5		$ 733.8
Hilltop Broker-Dealers
Securities
Realized net gains (losses) from trading securities portfolio	$ 44.1	$ 21.3

Loans Held for Investment - Sum

Loans Held for Investment - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Loans
Total loans	$ 7,810,657	$ 7,693,141
Allowance for loan losses	(144,499)	(149,044)	$ (106,739)	$ (61,136)
Loans held for investment, net	7,666,158	7,544,097
Commercial real estate
Loans
Total loans	3,114,936	3,133,903
Allowance for loan losses	(104,126)	(109,629)	(53,939)	(31,595)
Commercial and industrial
Loans
Total loans	2,574,229	2,627,774
Allowance for loan losses	(28,513)	(27,703)	(38,550)	(17,964)
Commercial and industrial \| Loans Funded Through Paycheck Protection Program
Loans
Total loans	492,400
Construction and land development
Loans
Total loans	821,883	828,852
Allowance for loan losses	(7,249)	(6,677)	(6,360)	(4,878)
1 - 4 family residential
Loans
Total loans	745,544	629,938
Allowance for loan losses	(3,388)	(3,946)	(6,365)	(6,386)
Consumer
Loans
Total loans	33,890	35,667
Allowance for loan losses	(944)	(876)	(1,203)	(265)
Broker-dealer
Loans
Total loans	520,175	437,007
Allowance for loan losses	$ (279)	$ (213)	$ (322)	$ (48)

Loans Held for Investment - Non

Loans Held for Investment - Non-accrual Loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)itemloan	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Non-accrual loans
Non-accrual Loans With Allowance	$ 19,911		$ 20,363
Non-accrual Loans With No Allowance	50,081		46,731
Non-accrual loans	69,992		67,094
Interest Income Recognized	1,246	$ 1,219
Addition of loans in non-accrual status	2,900
Commercial real estate \| Non-owner occupied
Non-accrual loans
Non-accrual Loans With Allowance	997		1,213
Non-accrual Loans With No Allowance	368		445
Non-accrual loans	1,365		1,658
Interest Income Recognized	74	(97)
Commercial real estate \| Owner occupied
Non-accrual loans
Non-accrual Loans With Allowance	3,363		3,473
Non-accrual Loans With No Allowance	5,940		6,002
Non-accrual loans	9,303		9,475
Interest Income Recognized	90	16
Commercial and industrial
Non-accrual loans
Non-accrual Loans With Allowance	12,572		10,821
Non-accrual Loans With No Allowance	23,572		23,228
Non-accrual loans	36,144		34,049
Interest Income Recognized	$ 143	300
Number of loan relationships \| item	4
Addition of loans in non-accrual status	$ 2,100
Number of previous loans included in non-accrual \| loan	6
Previously categorized loans included in non-accrual	$ 2,900
Non-accrual status, reserve	1,000
Construction and land development
Non-accrual loans
Non-accrual Loans With Allowance	101		102
Non-accrual Loans With No Allowance	400		405
Non-accrual loans	501		507
Interest Income Recognized	15	22
1 - 4 family residential
Non-accrual loans
Non-accrual Loans With Allowance	2,852		4,726
Non-accrual Loans With No Allowance	19,801		16,651
Non-accrual loans	22,653		21,377
Interest Income Recognized	924	983
Addition of loans in non-accrual status	1,300
Previously categorized loans included in non-accrual	3,600
1 - 4 family residential \| Secured by Residential Properties
Non-accrual loans
Non-accrual loans held for sale	8,300		10,900
Consumer
Non-accrual loans
Non-accrual Loans With Allowance	26		28
Non-accrual loans	$ 26		$ 28
Interest Income Recognized		$ (5)

Loans Held for Investment - TDR

Loans Held for Investment - TDRs (Details) $ in Millions	3 Months Ended		12 Months Ended
Loans Held for Investment - TDRs (Details) $ in Millions	Mar. 31, 2021USD ($)loan	Mar. 31, 2020USD ($)loan	Dec. 31, 2020USD ($)
TDRs, Non-covered loans
COVID-19 related loan modifications \| $	$ 8		$ 1,000
COVID-19 loans modified and in deferral period \| $	$ 130
Number of TDR loans granted \| loan	0	1
TDR at extension \| $	$ 1.1	$ 1.2
Number of TDRs granted in preceding twelve months for which payment was at least 30 days past due \| loan	0	0
AB Note \| Minimum \| PlainsCapital (the Bank)
TDRs, Non-covered loans
Number of loans into which a single loan may be reconfigured \| loan	2

Loans Held for Investment - Agi

Loans Held for Investment - Aging (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	$ 49,239	$ 45,912
Current Loans	7,761,418	7,647,229
Total loans	7,810,657	7,693,141
Accruing Loans Past Due 90 Days or More		6
Financing Receivables, 30 to 59 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	18,114	13,529
Financing Receivables, 60 to 89 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	2,777	4,092
Financing Receivables, Greater than 90 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	28,348	28,291
Prime Lending
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Repurchase under a forbearance agreement	152,000
Prime Lending \| U S Government Agencies Secured
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Accruing Loans Past Due 90 Days or More	265,200	243,600
Unpaid principal balance loans past due 90 days or more	267,000	245,500
Commercial real estate
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total loans	3,114,936	3,133,903
Commercial real estate \| Non-owner occupied
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	4,817	2,118
Current Loans	1,769,495	1,786,193
Total loans	1,774,312	1,788,311
Commercial real estate \| Non-owner occupied \| Financing Receivables, 30 to 59 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	4,618	1,919
Commercial real estate \| Non-owner occupied \| Financing Receivables, Greater than 90 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	199	199
Commercial real estate \| Owner occupied
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	10,785	9,045
Current Loans	1,329,839	1,336,547
Total loans	1,340,624	1,345,592
Commercial real estate \| Owner occupied \| Financing Receivables, 30 to 59 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	3,270	195
Commercial real estate \| Owner occupied \| Financing Receivables, 60 to 89 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	79	522
Commercial real estate \| Owner occupied \| Financing Receivables, Greater than 90 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	7,436	8,328
Commercial and industrial
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	12,633	10,839
Current Loans	2,561,596	2,616,935
Total loans	2,574,229	2,627,774
Accruing Loans Past Due 90 Days or More		6
Commercial and industrial \| Financing Receivables, 30 to 59 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	2,021	3,114
Commercial and industrial \| Financing Receivables, 60 to 89 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	868	407
Commercial and industrial \| Financing Receivables, Greater than 90 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	9,744	7,318
Construction and land development
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	19	19
Current Loans	821,864	828,833
Total loans	821,883	828,852
Construction and land development \| Financing Receivables, 30 to 59 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	19	19
1 - 4 family residential
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	20,898	23,570
Current Loans	724,646	606,368
Total loans	745,544	629,938
1 - 4 family residential \| Financing Receivables, 30 to 59 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	8,148	8,110
1 - 4 family residential \| Financing Receivables, 60 to 89 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	1,807	3,040
1 - 4 family residential \| Financing Receivables, Greater than 90 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	10,943	12,420
Consumer
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	87	321
Current Loans	33,803	35,346
Total loans	33,890	35,667
Consumer \| Financing Receivables, 30 to 59 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	38	172
Consumer \| Financing Receivables, 60 to 89 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	23	123
Consumer \| Financing Receivables, Greater than 90 Days Past Due
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Total Past Due Loans	26	26
Broker-dealer
Non-Covered Loans and Allowance for Non-Covered Loan Losses
Current Loans	520,175	437,007
Total loans	$ 520,175	$ 437,007

Loans Held for Investment - Int

Loans Held for Investment - Internal Risk Grades (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Internal risk grades of non-covered loans
2021	$ 555,843
2020	1,733,681
2019	939,428
2018	740,238
2017	433,630
2016 and Prior	871,196
Revolving	780,748
Total loans with credit quality measures	6,054,764
Total loans	7,810,657	$ 7,693,141
Mortgage Warehouse Lending
Internal risk grades of non-covered loans
Loans without credit quality measures	743,347
Loans Funded Through Paycheck Protection Program
Internal risk grades of non-covered loans
Loans without credit quality measures	492,371
Commercial real estate
Internal risk grades of non-covered loans
Total loans	3,114,936	3,133,903
Commercial real estate \| Non-owner occupied
Internal risk grades of non-covered loans
Total loans	1,774,312	1,788,311
Commercial real estate \| Non-owner occupied \| Internal Grade 1-3 (Pass low risk)
Internal risk grades of non-covered loans
2021	1,315
2020	21,584
2019	25,522
2018	2,967
2017	1,543
2016 and Prior	25,102
Revolving	1
Total loans with credit quality measures	78,034
Commercial real estate \| Non-owner occupied \| Internal Grade 4-7 (Pass normal risk)
Internal risk grades of non-covered loans
2021	77,105
2020	215,239
2019	118,279
2018	80,556
2017	87,046
2016 and Prior	141,703
Revolving	29,881
Total loans with credit quality measures	749,809
Commercial real estate \| Non-owner occupied \| Internal Grade 8-11 (Pass high risk and watch)
Internal risk grades of non-covered loans
2021	47,159
2020	254,256
2019	144,782
2018	90,039
2017	87,938
2016 and Prior	159,420
Revolving	1,060
Total loans with credit quality measures	784,654
Commercial real estate \| Non-owner occupied \| Internal Grade 12 (Special mention)
Internal risk grades of non-covered loans
2019	953
2017	3,147
Total loans with credit quality measures	4,100
Commercial real estate \| Non-owner occupied \| Internal Grade 13 (Substandard accrual)
Internal risk grades of non-covered loans
2021	15,569
2020	16,863
2019	16,114
2018	27,690
2017	24,912
2016 and Prior	55,090
Revolving	112
Total loans with credit quality measures	156,350
Commercial real estate \| Non-owner occupied \| Internal Grade 14 (Substandard non-accrual)
Internal risk grades of non-covered loans
2016 and Prior	1,365
Total loans with credit quality measures	1,365
Commercial real estate \| Owner occupied
Internal risk grades of non-covered loans
Total loans	1,340,624	1,345,592
Commercial real estate \| Owner occupied \| Internal Grade 1-3 (Pass low risk)
Internal risk grades of non-covered loans
2021	53,912
2020	62,479
2019	20,802
2018	9,650
2017	40,569
2016 and Prior	39,802
Revolving	953
Total loans with credit quality measures	228,167
Commercial real estate \| Owner occupied \| Internal Grade 4-7 (Pass normal risk)
Internal risk grades of non-covered loans
2021	14,627
2020	160,608
2019	140,191
2018	132,548
2017	55,572
2016 and Prior	129,848
Revolving	33,823
Total loans with credit quality measures	667,217
Commercial real estate \| Owner occupied \| Internal Grade 8-11 (Pass high risk and watch)
Internal risk grades of non-covered loans
2021	9,537
2020	117,480
2019	75,922
2018	45,331
2017	22,478
2016 and Prior	47,365
Revolving	1,285
Total loans with credit quality measures	319,398
Commercial real estate \| Owner occupied \| Internal Grade 13 (Substandard accrual)
Internal risk grades of non-covered loans
2021	3,128
2020	9,554
2019	5,578
2018	70,928
2017	10,222
2016 and Prior	17,129
Total loans with credit quality measures	116,539
Commercial real estate \| Owner occupied \| Internal Grade 14 (Substandard non-accrual)
Internal risk grades of non-covered loans
2021	19
2020	504
2019	1,260
2018	360
2017	5,316
2016 and Prior	1,844
Total loans with credit quality measures	9,303
Commercial and industrial
Internal risk grades of non-covered loans
Total loans	2,574,229	2,627,774
Commercial and industrial \| Internal Grade 1-3 (Pass low risk)
Internal risk grades of non-covered loans
2021	6,841
2020	32,861
2019	26,279
2018	7,850
2017	5,176
2016 and Prior	3,202
Revolving	20,597
Total loans with credit quality measures	102,806
Commercial and industrial \| Internal Grade 4-7 (Pass normal risk)
Internal risk grades of non-covered loans
2021	37,973
2020	162,663
2019	50,894
2018	49,216
2017	26,491
2016 and Prior	25,428
Revolving	398,758
Total loans with credit quality measures	751,423
Commercial and industrial \| Internal Grade 8-11 (Pass high risk and watch)
Internal risk grades of non-covered loans
2021	28,608
2020	73,506
2019	43,507
2018	16,768
2017	11,714
2016 and Prior	15,336
Revolving	202,553
Total loans with credit quality measures	391,992
Commercial and industrial \| Internal Grade 12 (Special mention)
Internal risk grades of non-covered loans
2021	735
Total loans with credit quality measures	735
Commercial and industrial \| Internal Grade 13 (Substandard accrual)
Internal risk grades of non-covered loans
2021	2,082
2020	9,227
2019	3,356
2018	10,492
2017	5,394
2016 and Prior	5,612
Revolving	19,248
Total loans with credit quality measures	55,411
Commercial and industrial \| Internal Grade 14 (Substandard non-accrual)
Internal risk grades of non-covered loans
2021	6,851
2020	18,791
2019	4,398
2018	1,927
2017	283
2016 and Prior	101
Revolving	3,793
Total loans with credit quality measures	36,144
Commercial and industrial \| Loans Funded Through Paycheck Protection Program
Internal risk grades of non-covered loans
Total loans	492,400
Construction and land development
Internal risk grades of non-covered loans
Total loans	821,883	828,852
Construction and land development \| FICO Score, 620 to 720
Internal risk grades of non-covered loans
2021	181
2020	74
2018	1,244
2016 and Prior	127
Total loans with credit quality measures	1,626
Construction and land development \| FICO Score, Greater than 720
Internal risk grades of non-covered loans
2021	4,276
2020	9,738
Total loans with credit quality measures	14,014
Construction and land development \| Other
Internal risk grades of non-covered loans
2021	25
2020	1,353
Total loans with credit quality measures	1,378
Construction and land development \| Internal Grade 1-3 (Pass low risk)
Internal risk grades of non-covered loans
2021	4,088
2020	10,353
2019	2,538
2018	4,075
2017	256
2016 and Prior	4,316
Revolving	1,203
Total loans with credit quality measures	26,829
Construction and land development \| Internal Grade 4-7 (Pass normal risk)
Internal risk grades of non-covered loans
2021	46,669
2020	193,481
2019	94,295
2018	62,581
2017	2,129
2016 and Prior	5,547
Revolving	35,272
Total loans with credit quality measures	439,974
Construction and land development \| Internal Grade 8-11 (Pass high risk and watch)
Internal risk grades of non-covered loans
2021	33,597
2020	164,634
2019	58,067
2018	48,030
2017	630
2016 and Prior	3,609
Revolving	14,223
Total loans with credit quality measures	322,790
Construction and land development \| Internal Grade 13 (Substandard accrual)
Internal risk grades of non-covered loans
2021	366
2020	2,106
2019	1,423
2017	5,391
Revolving	5,485
Total loans with credit quality measures	14,771
Construction and land development \| Internal Grade 14 (Substandard non-accrual)
Internal risk grades of non-covered loans
2021	400
2016 and Prior	101
Total loans with credit quality measures	501
1 - 4 family residential
Internal risk grades of non-covered loans
Total loans	745,544	629,938
1 - 4 family residential \| FICO Score, Less than 620
Internal risk grades of non-covered loans
2020	1,249
2019	787
2018	3,668
2017	55
2016 and Prior	30,157
Revolving	311
Total loans with credit quality measures	36,227
1 - 4 family residential \| FICO Score, 620 to 720
Internal risk grades of non-covered loans
2021	6,205
2020	14,019
2019	16,317
2018	9,396
2017	8,291
2016 and Prior	46,118
Revolving	1,270
Total loans with credit quality measures	101,616
1 - 4 family residential \| FICO Score, Greater than 720
Internal risk grades of non-covered loans
2021	137,140
2020	141,403
2019	72,909
2018	55,977
2017	26,799
2016 and Prior	88,019
Revolving	4,337
Total loans with credit quality measures	526,584
1 - 4 family residential \| Substandard non-accrual
Internal risk grades of non-covered loans
2021	162
2019	822
2017	142
2016 and Prior	21,527
Total loans with credit quality measures	22,653
1 - 4 family residential \| Other
Internal risk grades of non-covered loans
2021	11,736
2020	26,093
2019	9,456
2018	5,717
2017	1,371
2016 and Prior	3,050
Revolving	1,041
Total loans with credit quality measures	58,464
Consumer
Internal risk grades of non-covered loans
Total loans	33,890	35,667
Consumer \| FICO Score, Less than 620
Internal risk grades of non-covered loans
2021	179
2020	828
2019	923
2018	92
2017	87
2016 and Prior	59
Revolving	315
Total loans with credit quality measures	2,483
Consumer \| FICO Score, 620 to 720
Internal risk grades of non-covered loans
2021	2,419
2020	3,012
2019	1,774
2018	375
2017	513
2016 and Prior	111
Revolving	2,075
Total loans with credit quality measures	10,279
Consumer \| FICO Score, Greater than 720
Internal risk grades of non-covered loans
2021	1,339
2020	6,283
2019	1,407
2018	2,681
2017	112
2016 and Prior	72
Revolving	2,835
Total loans with credit quality measures	14,729
Consumer \| Substandard non-accrual
Internal risk grades of non-covered loans
2017	25
2016 and Prior	1
Total loans with credit quality measures	26
Consumer \| Other
Internal risk grades of non-covered loans
2021	1,600
2020	3,440
2019	873
2018	80
2017	28
2016 and Prior	35
Revolving	317
Total loans with credit quality measures	6,373
Broker-dealer
Internal risk grades of non-covered loans
Loans without credit quality measures	520,175
Total loans	$ 520,175	$ 437,007

Allowance for Credit Losses - N

Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses
Available for sale debt securities past due	$ 0
Allowance for credit losses	144,499	$ 106,739	$ 149,044	$ 61,136
Increase in allowance on individually evaluated loans	1,400	17,600
Increase in allowance on collectively evaluated loans	6,500
Allowance for Loan and Lease Losses Write-offs, Net	$ 600	$ 1,500
ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan losses
Allowance for credit losses				73,700
ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Allowance for credit losses				12,562
Allowance in credit loss from expansion of horizon to life of loan				18,900
Non-credit component with allowance of previous categorized PCI loans				$ 6,300

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period	$ 149,044	$ 61,136
Provision for (reversal of) credit losses	(5,109)	34,549
Loans Charged Off	(368)	(2,035)
Recoveries on Charged Off Loans	932	527
Balance, End of Period	144,499	106,739
ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period		12,562
Commercial real estate
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period	109,629	31,595
Provision for (reversal of) credit losses	(5,517)	14,475
Loans Charged Off		(214)
Recoveries on Charged Off Loans	14	10
Balance, End of Period	104,126	53,939
Commercial real estate \| ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period		8,073
Commercial and industrial
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period	27,703	17,964
Provision for (reversal of) credit losses	556	18,446
Loans Charged Off	(179)	(1,440)
Recoveries on Charged Off Loans	433	387
Balance, End of Period	28,513	38,550
Commercial and industrial \| ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period		3,193
Construction and land development
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period	6,677	4,878
Provision for (reversal of) credit losses	572	907
Loans Charged Off		(2)
Balance, End of Period	7,249	6,360
Construction and land development \| ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period		577
1 - 4 family residential
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period	3,946	6,386
Provision for (reversal of) credit losses	(857)	201
Loans Charged Off	(110)	(203)
Recoveries on Charged Off Loans	409	10
Balance, End of Period	3,388	6,365
1 - 4 family residential \| ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period		(29)
Consumer
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period	876	265
Provision for (reversal of) credit losses	71	246
Loans Charged Off	(79)	(176)
Recoveries on Charged Off Loans	76	120
Balance, End of Period	944	1,203
Consumer \| ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period		748
Broker-dealer
Changes in the allowance for loan losses for loans held for investments
Balance, Beginning of Period	213	48
Provision for (reversal of) credit losses	66	274
Balance, End of Period	$ 279	$ 322

Allowance for Credit Losses - O

Allowance for Credit Losses - Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in the allowance for credit losses for loans with off-balance sheet credit exposures
Balance, beginning of period	$ 8,388	$ 2,075
Transition adjustment CECL accounting standard		3,837
Other noninterest expense	419	1,297
Balance, end of period	$ 8,807	7,209
ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjusted Balance
Changes in the allowance for credit losses for loans with off-balance sheet credit exposures
Balance, beginning of period		$ 5,900

Mortgage Servicing Rights (Deta

Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Change in fair value of mortgage servicing rights
Balance, beginning of year	$ 143,742
Balance, end of year	142,125		$ 143,742
MSR
Change in fair value of mortgage servicing rights
Balance, beginning of year	143,742	$ 55,504	55,504
Additions	34,301	4,475
Sales	(52,783)	(18,650)
Changes in fair value: Due to changes in model inputs or assumptions	24,137	(9,594)
Changes in fair value: Due to customer payoffs	(7,272)	(1,436)
Balance, end of year	142,125	30,299	$ 143,742
Mortgage loans serviced for others	$ 12,124,282	$ 14,643,623
MSR asset as a percentage of serviced mortgage loans	1.17%	0.98%
Key Assumptions
Weighted average constant prepayment rate (as a percent)	11.28%		12.15%
Weighted average discount rate (as a percent)	13.68%		14.60%
Weighted average life (in years)	6 years 7 months 6 days		6 years 3 months 18 days

Mortgage Servicing Rights - Sen

Mortgage Servicing Rights - Sensitivity Analysis (Details) - MSR - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Sensitivity analysis
Constant prepayment rate: Impact of 10% adverse change	$ (4,229)		$ (5,639)
Constant prepayment rate: Impact of 20% adverse change	(8,497)		(11,164)
Discount rate: Impact of 10% adverse change	(6,418)		(6,435)
Discount rate: Impact of 20% adverse change	(12,254)		$ (12,287)
Contractually specified servicing fees, late fees and ancillary fees	$ 16,200	$ 5,900

Deposits (Details)

Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deposits
Noninterest-bearing demand	$ 4,031,181	$ 3,612,384
Interest-bearing:
Demand	2,568,355	2,399,341
Brokered - demand	186,011	282,426
Money market	2,895,070	2,716,878
Brokered - money market	213,978	124,243
Savings	271,910	276,327
Time	1,327,177	1,506,435
Brokered - time	239,097	324,285
Total deposits	$ 11,732,779	$ 11,242,319

Short-term Borrowings (Details)

Short-term Borrowings (Details) $ in Thousands	3 Months Ended		12 Months Ended
Short-term Borrowings (Details) $ in Thousands	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2020USD ($)
Short-term borrowings
Short-term borrowings	$ 676,652			$ 695,798
Hilltop Broker-Dealers
Short-term borrowings
Weighted average interest rate on short-term bank loan borrowings (as a percent)	1.25%
Federal Funds Purchased.
Short-term borrowings
Short-term borrowings	$ 158,835			180,325
Securities Sold under Agreements to Repurchase
Short-term borrowings
Short-term borrowings	$ 123,437			237,856
FHLB notes
Short-term borrowings
Average balance during the period		$ 153,736
Average interest rate during the period		1.63%
FHLB notes \| Maximum
Short-term borrowings
Maturity term of debt	365 days
Short Term Bank Loans.
Short-term borrowings
Short-term borrowings	$ 58,000
Commercial paper
Short-term borrowings
Short-term borrowings	$ 336,380			$ 277,617
Number of commercial paper programs initiated \| item			2
Weighted average maturity term	157 days
Weighted average interest rate on short-term bank loan borrowings (as a percent)	1.13%
Weighted average remaining life	106 days
Debt instrument, collateral	$ 364,100
Commercial paper \| Minimum
Short-term borrowings
Maturity term of debt			14 days
Commercial paper \| Maximum
Short-term borrowings
Maturity term of debt			270 days
Series 2019-1 CP Notes
Short-term borrowings
Maximum borrowing capacity			$ 300,000
Series 2019-2 CP Notes
Short-term borrowings
Maximum borrowing capacity			$ 200,000
Federal Funds Purchased and Securities Sold under Agreements to Repurchase
Short-term borrowings
Average balance during the period	$ 367,313	$ 732,954
Average interest rate during the period	0.36%	1.78%
Average interest rate at end of period (as a percent)	0.25%			0.25%
Securities underlying the agreements at end of period: Carrying value	$ 123,392			$ 237,913
Securities underlying the agreements at end of period: Estimated fair value	$ 134,558			$ 262,554

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument
Notes payable	$ 401,713	$ 381,987
Senior Notes due April 2025
Debt Instrument
Notes payable	148,980	148,937
Unamortized discount	1,020	1,063
Subordinated Notes due May 2030
Debt Instrument
Notes payable	49,229	49,207
Unamortized discount	771	793
Subordinated Notes Due May 2035
Debt Instrument
Notes payable	147,650	147,608
Unamortized discount	2,350	2,392
Ventures Management lines of credit
Debt Instrument
Notes payable	$ 55,854	$ 36,235

Lease - Supplemental balance sh

Lease - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finance leases:
Premises and equipment	$ 7,780	$ 7,780
Accumulated depreciation	(4,915)	(4,768)
Premises and equipment, net	$ 2,865	$ 3,012
Financial position	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization

Lease - Components of lease cos

Lease - Components of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Components of operating lease costs
Operating lease cost	$ 9,718	$ 10,630
Less operating lease and sublease income	(339)	(618)
Net operating lease cost	9,379	10,012
Amortization of ROU assets	147	147
Interest on lease liabilities	134	144
Total finance lease cost	$ 281	$ 291

Lease - Supplemental cash flow

Lease - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases
Operating cash flows from operating leases	$ 9,240	$ 9,951
Operating cash flows from finance leases	134	144
Financing cash flows from finance leases	167	155
Right-of-use assets obtained in exchange for new lease obligations - Operating leases	$ 6,334	$ 4,049

Lease - Lease terms and discoun

Lease - Lease terms and discount rates (Details)	Mar. 31, 2021	Dec. 31, 2020
Leases
Operating - Weighted Average Remaining Lease Term (Years)	5 years 4 months 24 days	5 years 6 months
Finance - Weighted Average Remaining Lease Term (Years)	5 years 4 months 24 days	5 years 7 months 6 days
Operating - Weighted Average Discount Rate	4.56%	4.67%
Finance - Weighted Average Discount Rate	4.82%	4.81%

Lease - Lease maturities (Detai

Lease - Lease maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating leases maturities
2021	$ 26,677
2022	29,233
2023	23,488
2024	15,875
2025	11,593
Thereafter	29,884
Total minimum lease payments	136,750
Less amount representing interest	(16,411)
Lease liabilities	120,339	$ 125,450
Finance Leases maturities:
2021	911
2022	1,241
2023	1,280
2024	1,163
2025	886
Thereafter	1,411
Total minimum lease payments	6,892
Less amount representing interest	(2,199)
Lease liabilities	$ 4,693

Lease - Operating leases that h

Lease - Operating leases that have not yet commenced (Details) $ in Millions	Mar. 31, 2021USD ($)
Leases
Additional operating leases that have not yet commenced	$ 23.2
Minimum
Leases
Expected to commence	3 years
Maximum
Leases
Expected to commence	11 years

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
Income Taxes - Narrative (Details)	Mar. 31, 2021	Mar. 31, 2020
Income Taxes
Effective income tax rate (as a percent)	23.40%	23.10%

Commitments and Contingencies -

Commitments and Contingencies - Legal (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Representation and Warranty Claims
Roll-forward of claims activity for loans put-back to the mortgage origination segment
Balance, beginning of year	$ 30,085	$ 32,144
Claims made	5,112	6,071
Claims resolved with no payment	(2,914)	(984)
Repurchases	(1,811)	(2,330)
Indemnification payments	(335)	(122)
Balance, end of year	30,137	34,779
Reserve for Indemnification Liability:
Total	30,137	34,779	$ 30,137	$ 30,085
Indemnification Agreement
Commitments and Contingencies
Provision for indemnification losses	3,000	700
Roll-forward of claims activity for loans put-back to the mortgage origination segment
Balance, beginning of year	21,531	11,776
Additions for new sales	3,007	725
Repurchases	(124)	(271)
Early payment defaults	(12)	(39)
Indemnification payments	(141)	(43)
Balance, end of year	24,261	12,148
Reserve for Indemnification Liability:
Specific claims			881	961
Incurred but not reported claims			23,380	20,570
Total	$ 21,531	$ 12,148	$ 24,261	$ 21,531

Financial Instruments with Of_2

Financial Instruments with Off-Balance Sheet Risk (Details) $ in Millions	Mar. 31, 2021USD ($)
Unused commitments to extend credit
Financial Instruments with Off-Balance Sheet Risk
Outstanding commitments	$ 2,000
Standby letters of credit
Financial Instruments with Off-Balance Sheet Risk
Outstanding commitments	$ 83.7

Stock-Based Compensation - Plan

Stock-Based Compensation - Plan Information (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
2020 Plan \| Board of Directors
Stock based compensation
Common shares granted to members of board of directors as compensation for director services	4,181	10,291

Stock-Based Compensation - RSU

Stock-Based Compensation - RSU Activity (Details) - 2020 Plan - RSUs shares in Thousands	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of shares outstanding
Balance at the beginning of the period ( in shares) \| shares	1,833
Granted (in shares) \| shares	532
Vested/Released (in shares) \| shares	(248)
Forfeited (in shares) \| shares	(6)
Balance at the end of the period ( in shares) \| shares	2,111
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 21.48
Grant date fair value (in dollars per share) \| $ / shares	32.93
Vested/Released (in dollars per share) \| $ / shares	24.69
Forfeited (in dollars per share) \| $ / shares	22.17
Balance at the end of the period (in dollars per share) \| $ / shares	$ 23.99

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - 2020 Plan - RSUs $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)shares
Stock based compensation
Vested/Released number of shares withheld to satisfy employee statutory tax obligations (in shares)	26,694
Number of shares awarded (in shares)	532,000
Number of awards subject to time-based vesting (in shares)	1,746,622
Number of awards vesting upon achievement of performance goals (in shares)	364,149
Performance period	3 years
Vesting period	3 years
Unrecognized compensation expense \| $	$ 32.9
Weighted average period for unrecognized compensation expense (in years)	1 year 8 months 19 days
Certain Executives and Key Employees
Stock based compensation
Number of shares awarded (in shares)	471,505
Number of awards subject to time-based vesting (in shares)	320,377
Number of awards vesting upon achievement of performance goals (in shares)	150,668
Performance period	3 years
Vesting period	3 years

Regulatory Matters - Minimum Ca

Regulatory Matters - Minimum Capital Requirements (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Regulatory matters
Regulatory capital effects from CECL transitionary period	5 years
PlainsCapital (the Bank)
Tier 1 capital (to average assets)
Actual Amount	$ 1,429,465	$ 1,385,842
Actual Ratio (as a percent)	10.50	10.44
Minimum Capital Requirement Including Conservation Buffer fully phased-in, ratio (as a percent)	4.00%
To Be Well Capitalized Minimum Capital Requirements, Ratio (as a percent)	5
Common equity Tier 1 capital (to risk weighted assets)
Actual Amount	$ 1,429,465	$ 1,385,842
Actual Ratio (as a percent)	14.74	14.40
Minimum Capital Requirement Including Conservation Buffer fully phased-in, ratio (as a percent)	7.00%
To Be Well Capitalized Minimum Capital Requirements, Ratio (as a percent)	6.50%
Tier 1 capital (to risk-weighted assets)
Actual Amount	$ 1,429,465	$ 1,385,842
Actual Ratio (as a percent)	14.74	14.40
Minimum Capital Requirement Including Conservation Buffer fully phased-in, ratio (as a percent)	8.50%
To Be Well Capitalized Minimum Capital Requirements, Ratio (as a percent)	8
Total capital (to risk-weighted assets)
Actual Amount	$ 1,515,894	$ 1,470,364
Actual Ratio (as a percent)	15.64	15.27
Minimum Capital Requirement Including Conservation Buffer fully phased-in, ratio (as a percent)	10.50%
To Be Well Capitalized Minimum Capital Requirements, Ratio (as a percent)	10
Hilltop
Tier 1 capital (to average assets)
Actual Amount	$ 2,221,143	$ 2,111,580
Actual Ratio (as a percent)	13.01	12.64
Minimum Capital Requirement Including Conservation Buffer fully phased-in, ratio (as a percent)	4.00%
Common equity Tier 1 capital (to risk weighted assets)
Actual Amount	$ 2,156,143	$ 2,046,580
Actual Ratio (as a percent)	19.63	18.97
Minimum Capital Requirement Including Conservation Buffer fully phased-in, ratio (as a percent)	7.00%
Tier 1 capital (to risk-weighted assets)
Actual Amount	$ 2,221,143	$ 2,111,580
Actual Ratio (as a percent)	20.22	19.57
Minimum Capital Requirement Including Conservation Buffer fully phased-in, ratio (as a percent)	8.50%
Total capital (to risk-weighted assets)
Actual Amount	$ 2,522,752	$ 2,409,684
Actual Ratio (as a percent)	22.96	22.34
Minimum Capital Requirement Including Conservation Buffer fully phased-in, ratio (as a percent)	10.50%

Regulatory Matters - Net Capita

Regulatory Matters - Net Capital Position, Broker-Dealers (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Net Capital
Amount required to be segregated in cash and securities for the benefit of customers	$ 273,393	$ 290,357	$ 178,805
Hilltop Securities
Net Capital
Net capital	310,528
Less required net capital	9,220
Excess net capital	$ 301,308
Net capital as a percentage of aggregate debit items	67.40%
Net capital in excess of 5% aggregate debt items	$ 287,477
HTS Independent Network
Net Capital
Net capital	4,348
Less required net capital	264
Excess net capital	4,084
Hilltop Broker-Dealers
Net Capital
Amount required to be segregated in cash and securities for the benefit of customers	$ 273,400	$ 290,400

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 22, 2021	Mar. 31, 2021	Mar. 31, 2020	Jan. 31, 2021
Stockholders' Equity
Cash dividends declared per common share	$ 0.12	$ 0.12	$ 0.09
Cash dividends paid		$ 9,900	$ 8,200
Repurchase common stock authorized amount				$ 75,000
Payments to repurchase shares		$ 4,950	$ 14,957
Repurchase of common stock (in shares)		149,878
Average price (per share)		$ 33.01

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivative financial instruments
Available for sale	$ 1,715,406		$ 1,462,205
Not designated as hedges \| Prime Lending
Derivative financial instruments
Increase (decrease) in the fair value of the derivatives	43,839	$ 19,876
Not designated as hedges \| Hilltop Broker-Dealers
Derivative financial instruments
Increase (decrease) in the fair value of the derivatives	(22,194)	(8,141)
Not designated as hedges \| PlainsCapital (the Bank)
Derivative financial instruments
Increase (decrease) in the fair value of the derivatives	11	$ (135)
Designated as hedges
Derivative financial instruments
Available for sale	72,900		60,700
Cumulative adjustment in available for sale securities	4,200		100
IRLCs \| Not designated as hedges
Derivative financial instruments
Notional Amount	2,673,869		2,470,013
Estimated Fair Value	48,809		76,048
Commitments to Purchase MBSs \| Not designated as hedges
Derivative financial instruments
Notional Amount	2,075,777		2,478,041
Estimated Fair Value	(20,185)		22,311
Commitments to Sell MBSs \| Not designated as hedges
Derivative financial instruments
Notional Amount	5,837,856		6,141,079
Estimated Fair Value	50,638		(40,621)
Commitments to Sell MBSs \| Not designated as hedges \| Prime Lending
Derivative financial instruments
Cash collateral advanced to offset net derivative liability	58,500		26,100
Interest rate swaps \| Not designated as hedges
Derivative financial instruments
Notional Amount	58,256		43,786
Estimated Fair Value	(502)		(2,196)
Interest rate swaps \| Cash Flow Hedging \| Designated as hedges
Derivative financial instruments
Notional Amount	125,000		105,000
Estimated Fair Value	(885)		(3,112)
Interest rate swaps \| Fair Value Hedging \| Designated as hedges
Derivative financial instruments
Notional Amount	77,118		60,618
Estimated Fair Value	4,178		(130)
U.S. Treasury bond futures and options \| Not designated as hedges
Derivative financial instruments
Notional Amount	324,000		225,400
Eurodollar futures \| Not designated as hedges
Derivative financial instruments
Notional Amount	201,616
Treasury bond futures and options and Eurodollar futures \| Not designated as hedges \| PrimeLending and Hilltop Broker-Dealers
Derivative financial instruments
Cash collateral advanced to offset net derivative liability	$ 4,900		$ 2,700

Balance Sheet Offsetting - Asse

Balance Sheet Offsetting - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Reverse repurchase agreements:
Net Amounts of Assets Presented in the Balance Sheet	$ 106,342	$ 80,319
Total
Gross Amounts of Recognized Assets	1,703,032	1,441,485
Gross Amounts Offset in the Balance Sheet	(322)
Net Amounts of Assets Presented in the Balance Sheet	1,702,710	1,441,485
Gross Amounts Not Offset in the Balance Sheet
Financial Instruments	(1,650,784)	(1,376,191)
Net Amount	51,926	65,294
Institutional Counterparties
Securities borrowed:
Gross Amounts of Recognized Assets	1,545,730	1,338,855
Net Amounts of Assets Presented in the Balance Sheet	1,545,730	1,338,855
Gross Amounts Not Offset in the Balance Sheet
Financial Instruments	(1,539,833)	(1,273,955)
Net Amount	5,897	64,900
Reverse repurchase agreements \| Institutional Counterparties
Reverse repurchase agreements:
Gross Amounts of Recognized Assets	106,342	80,319
Net Amounts of Assets Presented in the Balance Sheet	106,342	80,319
Gross Amounts Not Offset in the Balance Sheet
Financial Instruments	(103,439)	(79,925)
Net Amount	2,903	394
Forward MBS Derivatives \| Institutional Counterparties
Derivatives:
Gross Amounts of Recognized Assets	50,960	22,311
Gross Amounts Offset in the Balance Sheet	(322)
Net Amounts of Assets Presented in the Balance Sheet	50,638	22,311
Gross Amounts Not Offset in the Balance Sheet
Financial Instruments	(7,512)	(22,311)
Net Amounts of Assets Presented in the Balance Sheet	$ 43,126	$ 0

Balance Sheet Offsetting - Liab

Balance Sheet Offsetting - Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Total
Gross Amounts of Recognized Liabilities	$ 1,608,592	$ 1,525,859
Gross Amounts Offset in the Balance Sheet	(327)	(120)
Net Amounts of Liabilities Presented in the Balance Sheet	1,608,265	1,525,739
Gross Amounts Not Offset in the Balance Sheet
Financial Instruments	(1,601,151)	(1,431,739)
Net Amount	7,114	94,000
Institutional Counterparties
Securities loaned:
Gross Amounts of Recognized Liabilities	1,464,186	1,245,066
Net Amounts of Liabilities Presented in the Balance Sheets	1,464,186	1,245,066
Gross Amounts Not Offset in the Balance Sheet
Financial Instruments	(1,457,134)	(1,179,090)
Net Amount	7,052	65,976
Institutional Counterparties \| Interest rate swaps
Derivatives:
Gross Amounts of Recognized Liabilities	829	2,196
Gross Amounts Offset in the Balance Sheet	(327)
Net Amounts of Liabilities Presented in the Balance Sheet	502	2,196
Gross Amounts Not Offset in the Balance Sheet
Financial Instruments	(440)	(2,123)
Net Amount	62	73
Institutional Counterparties \| Repurchase agreements
Repurchase agreements:
Gross Amounts of Recognized Liabilities	123,392	237,856
Net Amounts of Liabilities Presented in the Balance Sheet	123,392	237,856
Gross Amounts Not Offset in the Balance Sheet
Financial Instruments	(123,392)	(237,856)
Net Amount	0	0
Institutional Counterparties \| Forward MBS Derivatives
Derivatives:
Gross Amounts of Recognized Liabilities	20,185	40,741
Gross Amounts Offset in the Balance Sheet		(120)
Net Amounts of Liabilities Presented in the Balance Sheet	20,185	40,621
Gross Amounts Not Offset in the Balance Sheet
Financial Instruments	(20,185)	(12,670)
Net Amount	$ 0	$ 27,951

Balance Sheet Offsetting - Secu

Balance Sheet Offsetting - Secured Borrowings (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Number of repurchase-to-maturity transactions outstanding \| item	0	0
Total borrowings	$ 1,587,578	$ 1,482,922
Gross amount of recognized liabilities for repurchase agreements and securities lending in offsetting disclosure above	$ 1,587,578	1,482,922
Minimum
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Security repurchase agreement maturity period	1 day
Maximum
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Security repurchase agreement maturity period	90 days
Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Total borrowings	$ 1,476,709	1,355,897
Maturity up to 30 days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Total borrowings	25,571
Maturity 30 to 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Total borrowings	85,298	127,025
Assets-backed securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Repurchase agreements transactions	123,392	237,856
Assets-backed securities \| Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Repurchase agreements transactions	12,523	110,831
Assets-backed securities \| Maturity up to 30 days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Repurchase agreements transactions	25,571
Assets-backed securities \| Maturity 30 to 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Repurchase agreements transactions	85,298	127,025
Corporate debt securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Securities lending transactions	5,874	113
Corporate debt securities \| Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Securities lending transactions	5,874	113
Equity Securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Securities lending transactions	1,458,312	1,244,953
Equity Securities \| Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
Securities lending transactions	$ 1,458,312	$ 1,244,953

Broker-Dealer and Clearing Or_3

Broker-Dealer and Clearing Organization Receivables and Payables (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables:
Securities borrowed	$ 1,545,730	$ 1,338,855
Securities failed to deliver	24,333	58,244
Trades in process of settlement	14,379
Other	12,375	7,628
Total receivables	1,596,817	1,404,727
Payables:
Securities loaned	1,464,186	1,245,066
Correspondents	42,448	33,547
Securities failed to receive	28,445	61,589
Trades in process of settlement		21,765
Other	11,148	6,406
Total Payables	$ 1,546,227	$ 1,368,373

Segment and Related Informati_3

Segment and Related Information (Details) $ in Thousands	3 Months Ended
Segment and Related Information (Details) $ in Thousands	Mar. 31, 2021USD ($)itemsegment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Information about the revenues, operating results, goodwill and assets
Number of primary business units \| item	2
Number of reportable segments \| segment	3
Net interest income (expense)	$ 105,682	$ 110,336
Provision for (reversal of) credit losses	(5,109)	34,549
Noninterest income	417,585	271,713
Noninterest expense	366,662	281,901
Income from continuing operations before income taxes	161,714	65,599
Income from discontinued operations before taxes		4,000
Goodwill	267,447		$ 267,447
Total assets	17,682,837		16,944,264
Operating segment \| Banking
Information about the revenues, operating results, goodwill and assets
Net interest income (expense)	103,884	93,923
Provision for (reversal of) credit losses	(5,175)	34,275
Noninterest income	11,324	8,771
Noninterest expense	55,788	56,967
Income from continuing operations before income taxes	64,595	11,452
Goodwill	247,368		247,368
Total assets	13,963,896		13,338,930
Operating segment \| Broker-Dealer
Information about the revenues, operating results, goodwill and assets
Net interest income (expense)	10,514	13,173
Provision for (reversal of) credit losses	66	274
Noninterest income	98,623	86,209
Noninterest expense	91,404	80,939
Income from continuing operations before income taxes	17,667	18,169
Goodwill	7,008		7,008
Total assets	3,305,933		3,196,346
Operating segment \| Mortgage Origination Segment
Information about the revenues, operating results, goodwill and assets
Net interest income (expense)	(7,098)	368
Noninterest income	310,444	178,968
Noninterest expense	210,334	139,552
Income from continuing operations before income taxes	93,012	39,784
Goodwill	13,071		13,071
Total assets	3,178,650		3,285,005
Operating segment \| Insurance Segment
Information about the revenues, operating results, goodwill and assets
Net interest income (expense)	(4,692)	(1,656)
Noninterest income	506	2,309
Noninterest expense	9,588	4,853
Income from continuing operations before income taxes	(13,774)	(4,200)
Total assets	2,969,691		2,823,374
Corporate
Information about the revenues, operating results, goodwill and assets
Net interest income (expense)	3,074	4,528
Noninterest income	(3,312)	(4,544)
Noninterest expense	(452)	(410)
Income from continuing operations before income taxes	214	$ 394
Total assets	$ (5,735,333)		$ (5,699,391)

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic earnings per share:
Income from continuing operations	$ 120,345	$ 46,485
Income from discontinued operations		3,151
Income attributable to Hilltop	$ 120,345	$ 49,636
Weighted average shares outstanding - basic	82,169	90,509
Income from continuing operations (in dollars per share)	$ 1.46	$ 0.51
Earnings from discontinued operations (in dollars per share)		0.04
Basic earnings per common share (in dollars per share)	$ 1.46	$ 0.55
Diluted earnings per share:
Income from continuing operations	$ 120,345	$ 46,485
Income from discontinued operations		3,151
Income attributable to Hilltop	$ 120,345	$ 49,636
Weighted average shares outstanding - basic	82,169	90,509
Effect of potentially dilutive securities (in shares)	488	41
Weighted average shares outstanding - diluted	82,657	90,550
Income from continuing operations (in dollars per share)	$ 1.46	$ 0.51
Earnings from discontinued operations (in dollars per share)		0.04
Diluted earnings per common share (in dollars per share)	$ 1.46	$ 0.55