Hilltop Holdings Inc.

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Hilltop Holdings first quarter 2026 earnings conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press start, followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star 1 again. Thank you. I would now like to turn the call over to Matt Dunn. Please go ahead.

Thank you. Before we get started, please note that certain statements during today's presentation that are not statements of historical fact, including statements concerning such items as our outlook, business strategy, future plans, financial condition, credit risks and trends in credit, allowance for credit losses, liquidity and sources of funding, funding costs, dividends, stock repurchases, subsequent events, and impacts of interest rate changes, as well as such other items referenced in the preface of our presentation are forward-looking statements. These statements are based on management's current expectations concerning future events that by their nature are subject to risks and uncertainties. Our actual results, capital, liquidity, and financial condition may differ materially from these statements due to a variety of factors, including the precautionary statements referenced in the preface of our presentation and those included in our most recent annual and quarterly reports filed with the SEC. Please note that certain information presented is preliminary and based upon data available at this time. Except to the extent required by law, we expressly disclaim any obligation to update earlier statements as a result of new information. Additionally, this presentation includes certain non-GAAP measures, including tangible common equity and tangible book value per share. A reconciliation of these measures to the nearest GAAP measure may be found in the appendix to this presentation, which is posted on our website at ir.hilltop.com. I will now turn the call over to Jeremy Ford.

Thank you, Matt, and good morning. For the first quarter, Hilltop reported net income of approximately $38 million. for 64 cents per diluted share. Return on average assets for the period was 1%, and return on average equity was 7.1%. To summarize the quarter, Plains Capital Bank reported a continued expansion in net interest margin, while generating year-over-year growth in both core loans and core deposits. Prime Lending narrowed its operating loss when compared to the first quarter of 2025, as the mortgage business benefited from higher origination volumes. And Hilltop Securities delivered strong earnings as net revenues across its business lines showed good momentum to start the year. At Plains Capital Bank, a favorable 3.38% net interest margin and the continued execution on a robust loan pipeline helped to produce $47 million of pre-tax income and a 1.2% return on average assets for the quarter. Operating results at the bank were supported by active management of the deposit portfolio and a further remixing of earning assets into core loans. This combination led to an increase in net interest income of $8 million versus the first quarter of 2025. Results in the quarter included a $1.8 million provision expense. This was largely driven by a stressed auto note credit that we have discussed in prior quarters. Will is going to provide further commentary on credit in his prepared remarks. The bank is poised to deliver continued core loan growth as we seek to organically recruit talented bankers to our platform and expand on our existing customer base by offering value-enhancing products and services. Additionally, we expect to grow core deposits on a year-over-year basis, so we anticipate modest seasonal volatility in core deposit balances. We believe the backdrop of a healthy Texas economy and a constructive shape to the yield curve will continue to provide a favorable operating environment for Plains Capital Bank. Moving to prime lending, where the company reported a pre-tax loss of $2 million during the first quarter. The improvement in financial results was primarily driven by year-over-year increases in loan origination volumes and gain on sale margins. as well as cost structure enhancements that were implemented in 2025. However, overall profitability within the mortgage business remains under pressure from stubborn headwinds such as affordability and the interest rate lock-in effect. The spring and summer months historically drive elevated origination volumes of prime lending. Persistent volatility in long-term interest rates creates greater uncertainty around second and third quarter production than in a typical year. Given the structural challenges that homebuyers currently face, we anticipate that overall volumes will be materially impacted by prevailing mortgage rates. We remain focused on achieving internal productivity metrics to best position the business for profitability in this prolonged mortgage cycle. During the quarter, Hilltop Securities generated pre-tax income of $15 million on net revenue of $116 million for a pre-tax margin of 12.7%. Speaking to the business lines at Hilltop Securities, public finance services continued to produce solid top-line results as it delivered $23.6 million of net revenue, which is a modest decline versus last year's robust first quarter. Structured finance showed strength in a volatile interest rate environment as the business line delivered net revenue of $23.6 million, benefiting from a material increase in TBA lock volume on a year-over-year basis. In wealth management, results further improved versus the prior year's first quarter from higher advisory fees and transaction fees. We continue to see organic growth in the wealth business in the midst of a competitive operating environment. Finally, fixed income services delivered $14 million of net revenue, which was a 58% increase compared to the first quarter of 2025, primarily from strong sales volumes. Despite the highly volatile interest rate environment, Hilltop Securities produced a solid first quarter and improved pre-tax income by 60% on a year-over-year basis. The firm continues to add scale to our core competencies and deliver value to our clients. Moving to page four. Hilltop maintains strong capital levels with a common equity tier one capital ratio of 19.1%. Additionally, tangible book value per share increased to $31.97. During the period, we returned $11.8 million to stockholders through dividends and repurchased $47.5 million in shares. Thank you. And I'll now turn the presentation over to Will to discuss our financials in more detail.