Hilltop Holdings is a Texas-based diversified financial holding company operating three core businesses: PlainsCapital Bank, Hilltop Securities, and PrimeLending. PlainsCapital Bank is the largest and most profitable segment, operating as a traditional Texas-focused commercial and consumer bank. The bank earns a net interest margin on its loan book, which is concentrated in commercial real estate, residential mortgages, C&I loans, and construction. PlainsCapital also extends warehouse lending lines to mortgage bankers, including Hilltop's own PrimeLending subsidiary. Hilltop Securities is a full-service broker-dealer with an 80-year history in public finance, serving municipalities, school districts, utilities, and other public entities through municipal advisory and underwriting. Hilltop Securities also operates structured finance, fixed income sales and trading, and wealth management businesses. Revenue is a mix of recurring advisory fees and transaction-driven income, with variable compensation keeping margins in a roughly 12-14% pretax range through the cycle. PrimeLending is a nationwide residential mortgage banker operating across 46 states, primarily originating purchase mortgages through retail loan officers and selling virtually all loans into the secondary market, earning gain-on-sale margins and origination fees. PrimeLending has operated at a loss as high mortgage rates suppress industry volumes, though management has cut fixed costs materially to right-size the platform. Hilltop also operates a small private equity-style merchant banking subsidiary.