Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced
financial results for the first quarter 2023. Hilltop produced
income to common stockholders of $25.8 million, or $0.40 per
diluted share, for the first quarter of 2023, compared to $22.3
million, or $0.28 per diluted share, for the first quarter of 2022.
Hilltop’s financial results for the first quarter of 2023 included
significant decreases in year-over-year mortgage origination
segment net gains from sales of loans and other mortgage production
income, increases in net revenues within certain of the
broker-dealer segment’s business lines, and an increase in net
interest income within the banking segment.
Hilltop also announced that its Board of Directors declared a
quarterly cash dividend of $0.16 per common share, payable on May
25, 2023, to all common stockholders of record as of the close of
business on May 10, 2023. Additionally, during the first quarter of
2023, Hilltop paid $4.5 million to repurchase an aggregate of
144,403 shares of its common stock at an average price of $31.15
per share pursuant to the 2023 stock repurchase program. These
shares were returned to the pool of authorized but unissued shares
of common stock.
Headwinds beginning in 2022, including the impact of tight
housing inventories on mortgage volumes, declining deposit
balances, rapid increases in market interest rates and a declining
economic forecast have had, and are expected to continue to have,
an adverse impact on our operating results during 2023. The impacts
of such headwinds in 2023 remain uncertain and will depend on
developments outside of our control, including, among others,
timing and significance of further changes in U.S. treasury yields
and mortgage interest rates, exposure to increasing funding costs,
inflationary pressures associated with compensation, occupancy and
software costs and labor market conditions, the Russian-Ukraine
conflict and its impact on supply chains, and disruptions to the
economy and the U.S. banking system caused by recent bank
failures.
Jeremy B. Ford, President and CEO of Hilltop, said “In the face
of heightened stress within the banking landscape, Hilltop’s
prudent and long-term oriented management of our balance sheet
provided our customers and stockholders with confidence given our
excess capital levels and robust liquidity position. We will
continue to prioritize the health and soundness of our balance
sheet through this economic cycle. I want to thank our management
teams across Hilltop for their judicious management of liquidity,
capital and expenses leading up to this quarter.
“During the first quarter of 2023, PlainsCapital Bank benefited
from an increase in interest income due to the higher interest rate
environment, while actively managing the rising cost of deposits to
maintain current net interest margin levels. PrimeLending continues
to be negatively impacted by compression in its gain-on-sale margin
and a decline in mortgage loan origination volume. Finally,
HilltopSecurities’ net revenue growth was driven by higher interest
rates on sweep deposit balances and an increase in trading gains
within its structured finance and fixed income services business
lines.”
First Quarter 2023 Highlights for Hilltop:
- The provision for credit losses was $2.3 million during the
first quarter of 2023, compared to a provision for credit losses of
$3.6 million in the fourth quarter of 2022 and a provision for
credit losses of $0.1 million in the first quarter of 2022;
- The provision for credit losses during the first quarter of
2023 reflected a build in the allowance related to loan portfolio
changes since the prior quarter, offset by an updated economic
outlook with a mild U.S. recession from fourth quarter of 2023 and
recovery from the third quarter of 2024 compared to prior quarter’s
U.S. recession assumption during the last three quarters of
2023.
- For the first quarter of 2023, net gains from sale of loans and
other mortgage production income and mortgage loan origination fees
within our mortgage origination segment was $68.7 million, compared
to $143.0 million in the first quarter of 2022, a 51.9% decrease;
- Mortgage loan origination production volume was $1.7 billion
during the first quarter of 2023, compared to $3.8 billion in the
first quarter of 2022;
- Net gains from mortgage loans sold to third parties decreased
to 193 basis points during the first quarter of 2023, compared to
211 basis points in the fourth quarter of 2022.
- Hilltop’s consolidated annualized return on average assets and
return on average stockholders’ equity for the first quarter of
2023 were 0.69% and 5.12%, respectively, compared to 0.53% and
3.60%, respectively, for the first quarter of 2022;
- Hilltop’s book value per common share increased to $31.63 at
March 31, 2023, compared to $31.49 at December 31, 2022;
- Hilltop’s total assets were $17.0 billion and $16.3 billion at
March 31, 2023 and December 31, 2022, respectively;
- Loans1, net of allowance for credit losses, were $7.7 billion
and $7.6 billion at March 31, 2023 and December 31, 2022,
respectively;
- Non-performing loans were $27.4 million, or 0.30% of total
loans, at March 31, 2023, compared to $30.3 million, or 0.33% of
total loans, at December 31, 2022;
- Loans held for sale increased by 5.9% from December 31, 2022 to
$1.0 billion at March 31, 2023;
- Total deposits were $11.1 billion and $11.3 billion at March
31, 2023 and December 31, 2022, respectively;
- Hilltop maintained strong capital levels2 with a Tier 1
Leverage Ratio3 of 11.82% and a Common Equity Tier 1 Capital Ratio
of 17.99% at March 31, 2023;
- Hilltop’s consolidated net interest margin4 increased to 3.28%
for the first quarter of 2023, compared to 3.23% in the fourth
quarter of 2022;
- For the first quarter of 2023, noninterest income was $162.5
million, compared to $216.4 million in the first quarter of 2022, a
24.9% decrease;
- For the first quarter 2023, noninterest expense was $250.5
million, compared to $286.4 million in the first quarter of 2022, a
12.5% decrease; and
- Hilltop’s effective tax rate was 11.6% during the first quarter
of 2023, compared to 19.4% during the same period in 2022.
- The effective tax rate for the first quarter of 2023 was lower
than the applicable statutory rate primarily due to the impacts of
excess tax benefits on share-based payment awards, investments in
tax-exempt instruments and changes in accumulated tax reserves,
partially offset by nondeductible expenses.
_____________________________
1
“Loans” reflect loans held for investment
excluding broker-dealer margin loans, net of allowance for credit
losses, of $360.6 million and $431.0 million at March 31, 2023 and
December 31, 2022, respectively.
2
Capital ratios reflect 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.
3
Based on the end of period Tier 1 capital
divided by total average assets during the quarter, excluding
goodwill and intangible assets.
4
Net interest margin is defined as net
interest income divided by average interest-earning assets.
Consolidated Financial and Other Information
Consolidated Balance Sheets
March 31,
December 31,
September 30,
June 30,
March 31,
(in 000's)
2023
2022
2022
2022
2022
Cash and due from banks
$
1,764,081
$
1,579,512
$
1,777,584
$
1,783,554
$
2,886,812
Federal funds sold
743
650
663
381
383
Assets segregated for regulatory
purposes
36,199
67,737
109,358
120,816
128,408
Securities purchased under agreements to
resell
144,201
118,070
145,365
139,929
256,991
Securities:
Trading, at fair value
692,908
755,032
641,864
593,273
471,763
Available for sale, at fair value, net
(1)
1,641,571
1,658,766
1,584,724
1,562,222
1,462,340
Held to maturity, at amortized cost, net
(1)
862,280
875,532
889,452
920,583
953,107
Equity, at fair value
231
200
209
197
225
3,196,990
3,289,530
3,116,249
3,076,275
2,887,435
Loans held for sale
1,040,138
982,616
1,003,605
1,491,579
1,643,994
Loans held for investment, net of unearned
income
8,192,846
8,092,673
7,944,246
7,930,619
7,797,903
Allowance for credit losses
(97,354
)
(95,442
)
(91,783
)
(95,298
)
(91,185
)
Loans held for investment, net
8,095,492
7,997,231
7,852,463
7,835,321
7,706,718
Broker-dealer and clearing organization
receivables
1,560,246
1,038,055
1,255,052
1,049,830
1,610,352
Premises and equipment, net
180,132
184,950
191,423
195,361
198,906
Operating lease right-of-use assets
100,122
102,443
103,099
106,806
108,180
Mortgage servicing assets
103,314
100,825
156,539
121,688
100,475
Other assets
529,438
518,899
624,235
513,570
546,622
Goodwill
267,447
267,447
267,447
267,447
267,447
Other intangible assets, net
10,544
11,317
12,209
13,182
14,233
Total assets
$
17,029,087
$
16,259,282
$
16,615,291
$
16,715,739
$
18,356,956
Deposits:
Noninterest-bearing
$
3,807,878
$
3,968,862
$
4,546,816
$
4,601,643
$
4,694,592
Interest-bearing
7,289,269
7,346,887
6,805,198
7,319,143
7,972,110
Total deposits
11,097,147
11,315,749
11,352,014
11,920,786
12,666,702
Broker-dealer and clearing organization
payables
1,383,317
966,470
1,176,156
934,818
1,397,836
Short-term borrowings
1,572,794
970,056
942,309
822,649
835,054
Securities sold, not yet purchased, at
fair value
51,497
53,023
99,515
135,968
97,629
Notes payable
376,410
346,654
390,354
389,722
395,479
Operating lease liabilities
122,878
126,759
120,635
124,406
125,919
Other liabilities
341,246
417,042
475,425
329,987
347,742
Total liabilities
14,945,289
14,195,753
14,556,408
14,658,336
15,866,361
Common stock
650
647
646
646
794
Additional paid-in capital
1,044,774
1,046,331
1,043,605
1,039,261
1,275,649
Accumulated other comprehensive loss
(125,461
)
(133,531
)
(119,864
)
(95,279
)
(80,565
)
Retained earnings
1,136,901
1,123,636
1,107,586
1,085,208
1,267,415
Deferred compensation employee stock
trust, net
446
481
479
695
744
Employee stock trust
(599
)
(640
)
(641
)
(954
)
(104
)
Total Hilltop stockholders' equity
2,056,711
2,036,924
2,031,811
2,029,577
2,463,933
Noncontrolling interests
27,087
26,605
27,072
27,826
26,662
Total stockholders' equity
2,083,798
2,063,529
2,058,883
2,057,403
2,490,595
Total liabilities & stockholders'
equity
$
17,029,087
$
16,259,282
$
16,615,291
$
16,715,739
$
18,356,956
_____________________________
(1)
At March 31, 2023, the amortized cost of
the available for sale securities portfolio was $1,758,339, while
the fair value of the held to maturity securities portfolio was
$785,380.
Three Months Ended
Consolidated Income Statements
March 31,
December 31,
September 30,
June 30,
March 31,
(in 000's, except per share
data)
2023
2022
2022
2022
2022
Interest income:
Loans, including fees
$
123,379
$
117,906
$
109,165
$
98,728
$
90,408
Securities borrowed
17,068
14,162
10,938
10,498
8,817
Securities:
Taxable
25,602
23,293
19,642
17,288
15,581
Tax-exempt
3,188
3,002
2,451
2,141
2,419
Other
22,190
21,611
14,276
6,478
2,312
Total interest income
191,427
179,974
156,472
135,133
119,537
Interest expense:
Deposits
35,824
28,238
12,525
5,456
4,193
Securities loaned
15,346
13,179
9,407
8,512
7,472
Short-term borrowings
12,444
10,278
5,550
3,020
2,045
Notes payable
3,853
3,988
3,907
3,809
4,437
Other
2,255
849
1,597
2,280
1,399
Total interest expense
69,722
56,532
32,986
23,077
19,546
Net interest income
121,705
123,442
123,486
112,056
99,991
Provision for (reversal of) credit
losses
2,331
3,638
(780
)
5,336
115
Net interest income after provision for
(reversal of) credit losses
119,374
119,804
124,266
106,720
99,876
Noninterest income:
Net gains from sale of loans and other
mortgage production income
39,966
35,949
57,998
97,543
110,894
Mortgage loan origination fees
28,777
35,198
39,960
42,378
32,062
Securities commissions and fees
31,223
33,143
34,076
34,757
37,146
Investment and securities advisory fees
and commissions
26,848
30,661
35,031
32,002
29,705
Other
35,680
34,833
39,910
32,593
6,621
Total noninterest income
162,494
169,784
206,975
239,273
216,428
Noninterest expense:
Employees' compensation and benefits
167,817
167,892
200,450
205,327
200,019
Occupancy and equipment, net
22,865
23,077
25,041
24,231
24,766
Professional services
10,697
11,555
10,631
16,246
10,063
Other
49,091
50,844
52,616
52,739
51,502
Total noninterest expense
250,470
253,368
288,738
298,543
286,350
Income before income taxes
31,398
36,220
42,503
47,450
29,954
Income tax expense
3,630
9,642
9,249
12,127
5,815
Net income
27,768
26,578
33,254
35,323
24,139
Less: Net income attributable to
noncontrolling interest
1,968
1,022
1,186
2,063
1,889
Income attributable to Hilltop
$
25,800
$
25,556
$
32,068
$
33,260
$
22,250
Earnings per common share:
Basic:
$
0.40
$
0.40
$
0.50
$
0.45
$
0.28
Diluted:
$
0.40
$
0.39
$
0.50
$
0.45
$
0.28
Cash dividends declared per common
share
$
0.16
$
0.15
$
0.15
$
0.15
$
0.15
Weighted average shares outstanding:
Basic
64,901
64,602
64,552
73,693
79,114
Diluted
64,954
64,779
64,669
73,838
79,356
Three Months Ended March 31,
2023
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
104,770
$
13,863
$
(4,208
)
$
(3,322
)
$
10,602
$
121,705
Provision for (reversal of) credit
losses
1,600
731
—
—
—
2,331
Noninterest income
11,190
90,635
68,829
2,704
(10,864
)
162,494
Noninterest expense
56,127
90,345
88,753
15,513
(268
)
250,470
Income (loss) before taxes
$
58,233
$
13,422
$
(24,132
)
$
(16,131
)
$
6
$
31,398
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
Selected Financial Data
2023
2022
2022
2022
2022
Hilltop
Consolidated:
Return on average stockholders' equity
5.12
%
4.99
%
6.26
%
5.82
%
3.60
%
Return on average assets
0.69
%
0.63
%
0.79
%
0.80
%
0.53
%
Net interest margin (1)
3.28
%
3.23
%
3.19
%
2.75
%
2.36
%
Net interest margin (taxable equivalent)
(2):
As reported
3.28
%
3.24
%
3.20
%
2.76
%
2.37
%
Impact of purchase accounting
6 bps
7 bps
8 bps
8 bps
7 bps
Book value per common share ($)
31.63
31.49
31.46
31.43
31.02
Shares outstanding, end of period
(000's)
65,023
64,685
64,591
64,576
79,439
Dividend payout ratio (3)
40.25
%
37.92
%
30.19
%
33.33
%
53.57
%
Banking
Segment:
Net interest margin (1)
3.40
%
3.42
%
3.42
%
2.97
%
2.65
%
Net interest margin (taxable equivalent)
(2):
As reported
3.41
%
3.43
%
3.43
%
2.98
%
2.65
%
Impact of purchase accounting
7 bps
8 bps
10 bps
10 bps
8 bps
Accretion of discount on loans
($000's)
1,870
2,173
2,858
3,011
2,510
Net recoveries (charge-offs) ($000's)
(419
)
21
(2,735
)
(1,223
)
(282
)
Return on average assets
1.44
%
1.31
%
1.41
%
1.09
%
0.98
%
Fee income ratio
9.6
%
9.8
%
9.9
%
11.0
%
12.2
%
Efficiency ratio
48.4
%
48.9
%
48.9
%
50.4
%
55.7
%
Employees' compensation and benefits
($000's)
32,681
34,526
35,934
33,554
33,517
Broker-Dealer
Segment:
Net revenue ($000's) (4)
104,498
106,919
114,184
100,229
72,209
Employees' compensation and benefits
($000's)
62,429
60,552
70,274
64,494
55,825
Variable compensation expense ($000's)
30,821
32,042
42,567
37,471
26,625
Compensation as a % of net revenue
59.7
%
56.6
%
61.5
%
64.3
%
77.3
%
Pre-tax margin (5)
12.8
%
18.5
%
15.3
%
9.1
%
(11.9
)%
Mortgage
Origination Segment:
Mortgage loan originations - volume
($000's):
Home purchases
1,607,330
1,895,731
2,832,136
3,342,103
2,753,031
Refinancings
125,423
147,511
211,075
467,117
1,011,452
Total mortgage loan originations -
volume
1,732,753
2,043,242
3,043,211
3,809,220
3,764,483
Mortgage loan sales - volume ($000's)
1,661,521
2,038,990
3,419,950
3,872,935
3,868,596
Net gains from mortgage loan sales (basis
points):
Loans sold to third parties
193
211
227
260
321
Impact of loans retained by banking
segment
(7
)
(19
)
(9
)
(7
)
(9
)
As reported
186
192
218
253
312
Mortgage servicing rights asset ($000's)
(6)
103,314
100,825
156,539
121,688
100,475
Employees' compensation and benefits
($000's)
62,355
64,940
86,079
100,206
102,748
Variable compensation expense ($000's)
25,573
26,724
44,312
56,525
56,243
_____________________________
(1)
Net interest margin is defined as net
interest income divided by average interest-earning assets.
(2)
Net interest margin (taxable equivalent),
a non-GAAP measure, is defined as taxable equivalent net interest
income divided by average interest-earning assets. Taxable
equivalent adjustments are based on the applicable 21% federal
income tax rate for all periods presented. The interest income
earned on certain earning assets is completely or partially exempt
from federal income tax. As such, these tax-exempt instruments
typically yield lower returns than taxable investments. To provide
more meaningful comparisons of net interest margins for all earning
assets, we use net interest income on a taxable-equivalent basis in
calculating net interest margin by increasing the interest income
earned on tax-exempt assets to make it fully equivalent to interest
income earned on taxable investments. The taxable equivalent
adjustments to interest income for Hilltop (consolidated) were $0.1
million, $0.3 million, $0.4 million, $0.4 million and $0.5 million,
respectively, for the periods presented and for the banking segment
were $0.2 million for each of the periods presented.
(3)
Dividend payout ratio is defined as cash
dividends declared per common share divided by basic earnings per
common share.
(4)
Net revenue is defined as the sum of total
broker-dealer net interest income and total broker-dealer
noninterest income.
(5)
Pre-tax margin is defined as income before
income taxes divided by net revenue.
(6)
Reported on a consolidated basis and
therefore does not include mortgage servicing rights assets related
to loans serviced for the banking segment, which are eliminated in
consolidation.
March 31,
December 31,
September 30,
June 30,
March 31,
Capital Ratios
2023
2022
2022
2022
2022
Tier 1 capital (to average assets):
PlainsCapital
10.69
%
10.26
%
10.29
%
9.67
%
9.74
%
Hilltop
11.82
%
11.47
%
11.41
%
10.53
%
12.46
%
Common equity Tier 1 capital (to
risk-weighted assets):
PlainsCapital
14.97
%
14.98
%
14.68
%
14.65
%
15.37
%
Hilltop
17.99
%
18.23
%
17.45
%
17.24
%
21.27
%
Tier 1 capital (to risk-weighted
assets):
PlainsCapital
14.97
%
14.98
%
14.68
%
14.65
%
15.37
%
Hilltop
17.99
%
18.23
%
17.45
%
17.24
%
21.27
%
Total capital (to risk-weighted
assets):
PlainsCapital
15.94
%
15.91
%
15.54
%
15.55
%
16.18
%
Hilltop
20.75
%
20.98
%
20.07
%
19.90
%
23.85
%
March 31,
December 31,
September 30,
June 30,
March 31,
Non-Performing Assets Portfolio
Data
2023
2022
2022
2022
2022
Loans accounted for on a non-accrual basis
($000's):
Commercial real estate
1,973
4,269
4,735
4,947
6,153
Commercial and industrial
10,807
9,095
12,078
13,315
18,486
Construction and land development
199
198
1
1
1
1-4 family residential
14,387
15,941
16,968
16,542
18,723
Consumer
12
14
16
19
21
Broker-dealer
—
—
—
—
—
27,378
29,517
33,798
34,824
43,384
Troubled debt restructurings included in
accruing loans held for investment ($000's) (1)
—
803
825
857
890
Non-performing loans ($000's) (1)
27,378
30,320
34,623
35,681
44,274
Non-performing loans as a % of total loans
($000's) (1)
0.30
%
0.33
%
0.39
%
0.38
%
0.47
%
Other real estate owned ($000's)
3,202
2,325
1,637
1,516
2,175
Other repossessed assets ($000's)
—
—
—
—
—
Non-performing assets ($000's) (1)
30,580
32,645
36,260
37,197
46,449
Non-performing assets as a % of total
assets ($000's) (1)
0.18
%
0.20
%
0.22
%
0.22
%
0.25
%
Loans past due 90 days or more and still
accruing ($000's) (2)
114,523
92,099
96,532
82,410
87,489
_____________________________
(1)
Effective January 1, 2023, we adopted
Accounting Standards Update (“ASU”) 2022-02 which eliminated the
recognition and measurement guidance on troubled debt
restructurings for creditors. Therefore, we no longer present
troubled debt restructurings as a component of non-performing loans
and assets.
(2)
Loans past due 90 days or more and still
accruing were primarily comprised of loans held for sale and
guaranteed by U.S. government agencies, including loans that are
subject to repurchase, or have been repurchased, by
PrimeLending.
Three Months Ended March
31,
2023
2022
Average
Interest
Annualized
Average
Interest
Annualized
Outstanding
Earned
Yield or
Outstanding
Earned
Yield or
Net Interest Margin (Taxable
Equivalent) Details (1)
Balance
or Paid
Rate
Balance
or Paid
Rate
Assets
Interest-earning assets
Loans held for sale
$
815,393
$
10,724
)
5.26
%
$
1,467,998
$
11,966
)
3.26
%
Loans held for investment, gross (2)
7,894,668
112,655
5.79
%
7,839,047
78,442
4.06
%
Investment securities - taxable
2,813,734
25,602
3.64
%
2,768,849
15,581
2.25
%
Investment securities - non-taxable
(3)
412,543
3,286
3.19
%
324,084
2,888
3.56
%
Federal funds sold and securities
purchased under agreements to resell
163,601
2,368
5.87
%
157,313
136
0.35
%
Interest-bearing deposits in other
financial institutions
1,480,323
16,116
4.42
%
3,116,369
1,427
0.19
%
Securities borrowed
1,419,797
17,068
4.81
%
1,455,166
8,817
2.42
%
Other
63,219
3,706
23.77
%
54,602
750
5.57
%
Interest-earning assets, gross (3)
15,063,278
191,525
5.16
%
17,183,428
120,007
2.83
%
Allowance for credit losses
(97,060
)
(92,239
)
Interest-earning assets, net
14,966,218
17,091,189
Noninterest-earning assets
1,336,908
1,401,584
Total assets
$
16,303,126
$
18,492,773
Liabilities and Stockholders'
Equity
Interest-bearing liabilities
Interest-bearing deposits
$
7,239,556
$
35,824
2.01
%
$
8,201,824
$
4,193
0.21
%
Securities loaned
1,323,857
15,346
4.70
%
1,371,816
7,472
2.21
%
Notes payable and other borrowings
1,490,075
18,552
5.05
%
1,249,222
7,881
2.56
%
Total interest-bearing liabilities
10,053,488
69,722
2.81
%
10,822,862
19,546
0.73
%
Noninterest-bearing liabilities
Noninterest-bearing deposits
3,789,757
4,507,661
Other liabilities
390,107
631,790
Total liabilities
14,233,352
15,962,313
Stockholders’ equity
2,043,157
2,504,383
Noncontrolling interest
26,617
26,077
Total liabilities and stockholders'
equity
$
16,303,126
$
18,492,773
Net interest income (3)
$
121,803
$
100,461
Net interest spread (3)
2.35
%
2.10
%
Net interest margin (3)
3.28
%
2.37
%
_____________________________
(1)
Information presented on a consolidated
basis.
(2)
Average balance includes non-accrual
loans.
(3)
Presented on a taxable-equivalent basis
with annualized taxable equivalent adjustments based on the
applicable 21% federal income tax rate for the periods presented.
The adjustment to interest income was $0.1 million and $0.5 million
for the three months ended March 31, 2023 and 2022,
respectively.
Conference Call Information
Hilltop will host a live webcast and conference call at 8:00 AM
Central (9:00 AM Eastern) on Friday, April 21, 2023. Hilltop
President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr
will review first quarter 2023 financial results. Interested
parties can access the conference call by dialing 1-833-470-1428
(United States), 1-833-950-0062 (Canada) or 1-929-526-1599 (all
other locations) and then using the access code 485855. The
conference call also will be webcast simultaneously on Hilltop’s
Investor Relations website (http://ir.hilltop-holdings.com).
About Hilltop
Hilltop Holdings is a Dallas-based financial holding company.
Its primary line of business is to provide business and consumer
banking services from offices located throughout Texas through
PlainsCapital Bank. PlainsCapital Bank’s wholly owned subsidiary,
PrimeLending, provides residential mortgage lending throughout the
United States. Hilltop Holdings’ broker-dealer subsidiaries,
Hilltop Securities Inc. and Momentum Independent Network Inc.,
provide a full complement of securities brokerage, institutional
and investment banking services in addition to clearing services
and retail financial advisory. At March 31, 2023, Hilltop employed
approximately 4,100 people and operated approximately 355 locations
in 47 states. Hilltop Holdings’ common stock is listed on the New
York Stock Exchange under the symbol “HTH.” Find more information
at Hilltop-Holdings.com, PlainsCapital.com, PrimeLending.com and
HilltopSecurities.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements anticipated in
such statements. Forward-looking statements speak only as of the
date they are made and, except as required by law, we do not assume
any duty to update forward-looking statements. Such forward-looking
statements include, but are not limited to, statements concerning
such things as our plans, objectives, strategies, expectations,
intentions and other statements that are not statements of
historical fact, and may be identified by words such as
“anticipates,” “believes,” “building,” “continue,” “could,”
“drive,” “estimates,” “expects,” “extent,” “focus,” “forecasts,”
“goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plan,”
“position,” “probable,” “progressing,” “projects,” “prudent,”
“seeks,” “should,” “target,” “view,” “will” or “would” or the
negative of these words and phrases or similar words or phrases.
The following factors, among others, could cause actual results to
differ materially from those set forth in the forward-looking
statements: (i) the credit risks of lending activities, including
our ability to estimate credit losses and the allowance for credit
losses, as well as the effects of changes in the level of, and
trends in, loan delinquencies and write-offs; (ii) effectiveness of
our data security controls in the face of cyber attacks; (iii)
changes in general economic, market and business conditions in
areas or markets where we compete, including changes in the price
of crude oil; (iv) changes in the interest rate environment; (v)
risks associated with concentration in real estate related loans;
and (vi) disruptions to the economy and the U.S. banking system
caused by recent bank failures, risks associated with uninsured
deposits and responsive measures by federal or state governments or
banking regulators, including increases in the cost of our deposit
insurance assessments. For further discussion of such factors, see
the risk factors described in our most recent Annual Report on Form
10-K and subsequent Quarterly Reports on Form 10-Q and other
reports that are filed with the Securities and Exchange Commission.
All forward-looking statements are qualified in their entirety by
this cautionary statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230420005909/en/
Investor Relations Contact: Erik Yohe 214-525-4634
eyohe@hilltop-holdings.com
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