Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced
financial results for the third quarter of 2024. Hilltop produced
income to common stockholders of $29.7 million, or $0.46 per
diluted share, for the third quarter of 2024, compared to $37.0
million, or $0.57 per diluted share, for the third quarter of 2023.
Hilltop’s financial results for the third quarter of 2024, compared
with the same period in 2023, included a decline in net interest
income, partially offset by changes in the provision for credit
losses within the banking segment, an increase in net revenues in
the structured finance and fixed income services business lines, a
decline in net revenues in the wealth management business line and
higher noninterest expenses within the broker-dealer segment, while
the mortgage origination segment had declines in both noninterest
income and expense.
Hilltop also announced that its Board of Directors declared a
quarterly cash dividend of $0.17 per common share payable on
November 22, 2024, to all common stockholders of record as of the
close of business on November 8, 2024.
The extent of the impacts of uncertain economic conditions on
our financial performance for the remainder of 2024 will depend in
part on developments outside of our control, including, among
others, the timing and significance of further changes in U.S.
Treasury yields and mortgage interest rates, changes in funding
costs, inflationary pressures, and international armed conflicts
and their impact on supply chains.
Jeremy B. Ford, President and CEO of Hilltop, said, “Hilltop
continues to demonstrate operational strength despite challenging
mortgage conditions and the transitioning interest rate
environment. During the quarter, PlainsCapital Bank and
HilltopSecurities both increased profitability on a sequential
basis, while PrimeLending’s results were impacted by lower
origination volume and a negative mortgage servicing rights asset
fair value mark to market adjustment. As we enter the anticipated
rate cutting cycle, we are focused on strategically lowering
funding costs, managing asset yields and optimizing total earning
assets. We will continue to execute on our long-term strategy of
serving our customers, compounding stockholder value and prudently
stewarding our capital.”
Third Quarter 2024 Highlights for Hilltop:
- The reversal of credit losses was $1.3 million during the third
quarter of 2024, compared to a provision for credit losses of $10.9
million in the second quarter of 2024 and a reversal of credit
losses of $40 thousand in the third quarter of 2023;
- The reversal of credit losses during the third quarter of 2024
was primarily driven by net charge-offs and loan portfolio changes,
including a change in the macroeconomic outlook scenario utilized,
associated with collectively evaluated loans, partially offset by a
build in the allowance related to specific reserves within the
banking segment since the prior quarter.
- For the third quarter of 2024, net gains from sale of loans and
other mortgage production income and mortgage loan origination fees
was $79.9 million, compared to $88.7 million in the third quarter
of 2023, a 9.9% decrease;
- Mortgage loan origination production volume was $2.3 billion
during the third quarter of 2024, compared to $2.2 billion in the
third quarter of 2023;
- Net gains from mortgage loans sold to third parties decreased
to 224 basis points during the third quarter of 2024, compared to
233 basis points in the second quarter of 2024.
- Hilltop’s consolidated annualized return on average assets and
return on average stockholders’ equity for the third quarter of
2024 were 0.84% and 5.51%, respectively, compared to 0.94% and
7.11%, respectively, for the third quarter of 2023;
- Hilltop’s book value per common share increased to $33.51 at
September 30, 2024, compared to $32.86 at June 30, 2024;
- Hilltop’s total assets were $15.9 billion and $15.6 billion at
September 30, 2024 and June 30, 2024, respectively;
- Loans1, net of allowance for credit losses, were $7.5 billion
and $7.7 billion at September 30, 2024 and June 30, 2024,
respectively;
- Non-accrual loans were $91.2 million, or 1.02% of total loans,
at September 30, 2024, compared to $105.7 million, or 1.12% of
total loans, at June 30, 2024;
- Loans held for sale decreased by 26.2% from June 30, 2024 to
$0.9 billion at September 30, 2024;
- Total deposits were $10.8 billion and $10.4 billion at
September 30, 2024 and June 30, 2024, respectively;
- Total estimated uninsured deposits were $5.3 billion, or
approximately 49% of total deposits, while estimated uninsured
deposits, excluding collateralized deposits of $312.3 million, were
$5.0 billion, or approximately 46% of total deposits, at September
30, 2024.
- Hilltop maintained strong capital levels2 with a Tier 1
Leverage Ratio3 of 12.95% and a Common Equity Tier 1 Capital Ratio
of 20.48% at September 30, 2024;
- Hilltop’s consolidated net interest margin4 decreased to 2.84%
for the third quarter of 2024, compared to 2.90% in the second
quarter of 2024;
- For the third quarter of 2024, noninterest income was $200.4
million, compared to $196.8 million in the third quarter of 2023, a
1.8% increase;
- For third quarter of 2024, noninterest expense was $264.3
million, compared to $260.0 million in the third quarter of 2023, a
1.7% increase; and
- Hilltop’s effective tax rate was 22.5% during the third quarter
of 2024, compared to 25.2% during the same period in 2023.
- The effective tax rate for the third quarter of 2024 was higher
than the applicable statutory rate primarily due to the impact of
nondeductible expenses, nondeductible compensation expense and
other permanent adjustments, partially offset by the discrete
impact of restricted stock vesting during the quarter and
investments in tax-exempt instruments.
1
“Loans” reflect loans held for investment
excluding broker-dealer margin loans, net of allowance for credit
losses, of $340.4 million and $348.3 million at September 30, 2024
and June 30, 2024, 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 through December
31, 2024.
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
September 30,
June 30,
March 31,
December 31,
September 30,
(in 000's)
2024
2024
2024
2023
2023
Cash and due from banks
$
1,961,627
$
798,300
$
1,710,066
$
1,858,700
$
1,513,747
Federal funds sold
3,650
5,650
650
650
3,650
Assets segregated for regulatory
purposes
55,628
51,046
70,717
57,395
47,491
Securities purchased under agreements to
resell
81,766
111,914
91,608
80,011
123,719
Securities:
Trading, at fair value
540,836
721,384
657,700
515,991
578,901
Available for sale, at fair value, net
(1)
1,405,700
1,433,107
1,480,555
1,507,595
1,456,238
Held to maturity, at amortized cost, net
(1)
754,824
777,456
790,550
812,677
825,079
Equity, at fair value
287
254
315
321
264
2,701,647
2,932,201
2,929,120
2,836,584
2,860,482
Loans held for sale
933,724
1,264,437
842,324
943,846
1,058,806
Loans held for investment, net of unearned
income
7,979,630
8,173,520
8,062,693
8,079,745
8,204,052
Allowance for credit losses
(110,918
)
(115,082
)
(104,231
)
(111,413
)
(110,822
)
Loans held for investment, net
7,868,712
8,058,438
7,958,462
7,968,332
8,093,230
Broker-dealer and clearing organization
receivables
1,220,784
1,297,175
1,473,561
1,573,931
1,460,352
Premises and equipment, net
157,803
161,746
165,557
168,856
172,097
Operating lease right-of-use assets
92,041
93,994
95,343
88,580
93,057
Mortgage servicing assets
45,742
52,902
95,591
96,662
104,951
Other assets
528,839
517,811
501,244
517,545
588,751
Goodwill
267,447
267,447
267,447
267,447
267,447
Other intangible assets, net
6,995
7,429
7,943
8,457
9,078
Total assets
$
15,926,405
$
15,620,490
$
16,209,633
$
16,466,996
$
16,396,858
Deposits:
Noninterest-bearing
$
2,831,539
$
2,845,441
$
3,028,543
$
3,007,101
$
3,200,247
Interest-bearing
7,959,908
7,528,415
7,855,553
8,056,091
7,902,850
Total deposits
10,791,447
10,373,856
10,884,096
11,063,192
11,103,097
Broker-dealer and clearing organization
payables
1,110,373
1,285,226
1,436,462
1,430,734
1,368,064
Short-term borrowings
914,645
897,613
892,574
900,038
882,999
Securities sold, not yet purchased, at
fair value
47,773
75,546
60,562
34,872
51,527
Notes payable
347,533
347,402
347,273
347,145
347,020
Operating lease liabilities
110,799
113,096
114,518
109,002
114,334
Other liabilities
397,976
365,140
314,718
431,684
422,955
Total liabilities
13,720,546
13,457,879
14,050,203
14,316,667
14,289,996
Common stock
650
650
653
652
652
Additional paid-in capital
1,050,497
1,047,523
1,049,831
1,054,662
1,052,867
Accumulated other comprehensive loss
(98,168
)
(119,171
)
(119,606
)
(121,505
)
(145,083
)
Retained earnings
1,224,117
1,205,467
1,201,013
1,189,222
1,171,250
Deferred compensation employee stock
trust, net
—
1
115
228
340
Employee stock trust
—
(1
)
(142
)
(292
)
(446
)
Total Hilltop stockholders' equity
2,177,096
2,134,469
2,131,864
2,122,967
2,079,580
Noncontrolling interests
28,763
28,142
27,566
27,362
27,282
Total stockholders' equity
2,205,859
2,162,611
2,159,430
2,150,329
2,106,862
Total liabilities & stockholders'
equity
$
15,926,405
$
15,620,490
$
16,209,633
$
16,466,996
$
16,396,858
(1)
At September 30, 2024, the amortized cost
of the available for sale securities portfolio was $1,489,070,
while the fair value of the held to maturity securities portfolio
was $690,846.
Three Months Ended
Consolidated Income Statements
September 30,
June 30,
March 31,
December 31,
September 30,
(in 000's, except per share
data)
2024
2024
2024
2023
2023
Interest income:
Loans, including fees
$
139,821
$
138,627
$
134,331
$
138,096
$
142,402
Securities borrowed
19,426
20,306
20,561
18,659
17,683
Securities:
Taxable
26,265
25,289
26,241
28,763
27,166
Tax-exempt
2,438
2,389
2,415
2,545
2,464
Other
23,092
20,532
26,066
28,704
27,040
Total interest income
211,042
207,143
209,614
216,767
216,755
Interest expense:
Deposits
70,641
68,095
69,144
68,339
64,290
Securities loaned
18,499
18,669
19,039
17,247
16,169
Short-term borrowings
10,878
10,676
11,588
13,495
14,212
Notes payable
3,555
3,604
3,590
3,596
4,026
Other
2,426
2,449
2,632
2,864
2,408
Total interest expense
105,999
103,493
105,993
105,541
101,105
Net interest income
105,043
103,650
103,621
111,226
115,650
Provision for (reversal of) credit
losses
(1,270
)
10,934
(2,871
)
1,265
(40
)
Net interest income after provision for
(reversal of) credit losses
106,313
92,716
106,492
109,961
115,690
Noninterest income:
Net gains from sale of loans and other
mortgage production income
47,816
58,455
40,197
36,387
47,262
Mortgage loan origination fees
32,119
34,398
26,438
32,844
41,478
Securities commissions and fees
30,434
29,510
30,373
27,380
22,864
Investment and securities advisory fees
and commissions
42,220
32,992
30,226
35,780
39,662
Other
47,854
37,950
54,384
46,587
45,583
Total noninterest income
200,443
193,305
181,618
178,978
196,849
Noninterest expense:
Employees' compensation and benefits
177,987
169,998
165,830
160,390
173,195
Occupancy and equipment, net
22,317
21,297
21,912
21,524
21,912
Professional services
11,645
10,270
9,731
13,170
12,639
Other
52,363
54,899
52,550
55,761
52,271
Total noninterest expense
264,312
256,464
250,023
250,845
260,017
Income before income taxes
42,444
29,557
38,087
38,094
52,522
Income tax expense
9,539
6,658
8,565
7,132
13,211
Net income
32,905
22,899
29,522
30,962
39,311
Less: Net income attributable to
noncontrolling interest
3,212
2,566
1,854
2,291
2,269
Income attributable to Hilltop
$
29,693
$
20,333
$
27,668
$
28,671
$
37,042
Earnings per common share:
Basic
$
0.46
$
0.31
$
0.42
$
0.44
$
0.57
Diluted
$
0.46
$
0.31
$
0.42
$
0.44
$
0.57
Cash dividends declared per common
share
$
0.17
$
0.17
$
0.17
$
0.16
$
0.16
Weighted average shares outstanding:
Basic
64,928
65,085
65,200
65,136
65,106
Diluted
64,946
65,086
65,214
65,138
65,108
Three Months Ended September
30, 2024
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
93,536
$
12,409
$
(4,417
)
$
(3,303
)
$
6,818
$
105,043
Provision for (reversal of) credit
losses
(1,440
)
170
—
—
—
(1,270
)
Noninterest income
10,726
111,849
79,922
4,962
(7,016
)
200,443
Noninterest expense
57,557
107,094
84,223
15,631
(193
)
264,312
Income (loss) before taxes
$
48,145
$
16,994
$
(8,718
)
$
(13,972
)
$
(5
)
$
42,444
Nine Months Ended September
30, 2024
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
277,600
$
36,896
$
(13,240
)
$
(9,560
)
$
20,618
$
312,314
Provision for (reversal of) credit
losses
6,657
136
—
—
—
6,793
Noninterest income
31,884
308,480
239,489
16,747
(21,234
)
575,366
Noninterest expense
171,527
302,102
250,067
47,731
(628
)
770,799
Income (loss) before taxes
$
131,300
$
43,138
$
(23,818
)
$
(40,544
)
$
12
$
110,088
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
Selected Financial Data
2024
2024
2024
2023
2023
Hilltop
Consolidated:
Return on average stockholders' equity
5.51
%
3.84
%
5.23
%
5.46
%
7.11
%
Return on average assets
0.84
%
0.59
%
0.74
%
0.75
%
0.94
%
Net interest margin (1)
2.84
%
2.90
%
2.85
%
2.96
%
3.02
%
Net interest margin (taxable equivalent)
(2):
As reported
2.85
%
2.92
%
2.87
%
2.98
%
3.04
%
Impact of purchase accounting
2 bps
6 bps
4 bps
4 bps
7 bps
Book value per common share ($)
33.51
32.86
32.66
32.58
31.91
Shares outstanding, end of period
(000's)
64,960
64,953
65,267
65,153
65,170
Dividend payout ratio (3)
37.17
%
54.42
%
40.06
%
36.35
%
28.12
%
Banking
Segment:
Net interest margin (1)
3.05
%
3.10
%
3.00
%
2.94
%
3.08
%
Net interest margin (taxable equivalent)
(2):
As reported
3.06
%
3.10
%
3.00
%
2.95
%
3.09
%
Impact of purchase accounting
3 bps
7 bps
5 bps
5 bps
8 bps
Accretion of discount on loans
($000's)
737
1,945
1,299
1,202
2,226
Net recoveries (charge-offs) ($000's)
(2,894
)
(83
)
(4,311
)
(674
)
1,556
Return on average assets
1.14
%
0.81
%
1.20
%
1.12
%
1.20
%
Fee income ratio
10.3
%
9.1
%
11.5
%
11.2
%
10.5
%
Efficiency ratio
55.2
%
57.0
%
54.1
%
53.2
%
51.4
%
Employees' compensation and benefits
($000's)
31,920
33,352
32,389
29,420
30,641
Broker-Dealer
Segment:
Net revenue ($000's) (4)
124,258
104,271
116,847
119,989
118,703
Employees' compensation and benefits
($000's)
75,912
66,181
69,457
68,746
69,930
Variable compensation expense ($000's)
42,569
32,734
35,274
39,435
39,929
Compensation as a % of net revenue
61.1
%
63.5
%
59.4
%
57.3
%
58.9
%
Pre-tax margin (5)
13.7
%
6.9
%
16.2
%
16.8
%
18.2
%
Mortgage
Origination Segment:
Mortgage loan originations - volume
($000's):
Home purchases
2,096,009
2,205,157
1,548,941
1,698,009
2,091,444
Refinancings
211,454
174,141
127,545
117,018
152,257
Total mortgage loan originations -
volume
2,307,463
2,379,298
1,676,486
1,815,027
2,243,701
Mortgage loan sales - volume ($000's)
2,569,678
1,838,841
1,749,857
1,874,001
2,395,357
Net gains from mortgage loan sales (basis
points):
Loans sold to third parties
224
233
221
189
199
Impact of loans retained by banking
segment
0
(5
)
(5
)
0
(1
)
As reported
224
228
216
189
198
Mortgage servicing rights asset ($000's)
(6)
45,742
52,902
95,591
96,662
104,951
Employees' compensation and benefits
($000's)
60,573
61,624
52,694
53,766
64,016
Variable compensation expense ($000's)
33,862
34,886
22,188
24,085
33,070
(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) was $0.6
million for each of the periods presented and for the banking
segment were $0.2 million, $0.1 million, $0.1 million, $0.2 million
and $0.2 million, respectively, for 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.
September 30,
June 30,
March 31,
December 31,
September 30,
Capital Ratios
2024
2024
2024
2023
2023
Tier 1 capital (to average assets):
PlainsCapital
10.34
%
11.36
%
11.00
%
10.55
%
10.62
%
Hilltop
12.95
%
12.87
%
12.49
%
12.23
%
11.92
%
Common equity Tier 1 capital (to
risk-weighted assets):
PlainsCapital
14.94
%
15.58
%
15.87
%
15.44
%
15.31
%
Hilltop
20.48
%
19.45
%
19.73
%
19.32
%
18.60
%
Tier 1 capital (to risk-weighted
assets):
PlainsCapital
14.94
%
15.58
%
15.87
%
15.44
%
15.31
%
Hilltop
20.48
%
19.45
%
19.73
%
19.32
%
18.60
%
Total capital (to risk-weighted
assets):
PlainsCapital
16.13
%
16.77
%
17.06
%
16.58
%
16.45
%
Hilltop
23.68
%
22.57
%
22.79
%
22.34
%
21.54
%
September 30,
June 30,
March 31,
December 31,
September 30,
Non-Performing Assets Portfolio
Data
2024
2024
2024
2023
2023
Loans accounted for on a non-accrual basis
($000's):
Commercial real estate:
Non-owner occupied
$
8,042
$
6,894
$
34,661
$
36,440
$
2,375
Owner occupied
2,410
6,437
4,846
5,098
4,964
Commercial and industrial
66,929
80,755
12,165
9,502
10,190
Construction and land development
2,682
485
698
3,480
760
1-4 family residential
11,123
11,092
12,363
13,801
13,202
Consumer
—
1
3
6
7
Broker-dealer
—
—
—
—
—
Non-accrual loans ($000's)
$
91,186
$
105,664
$
64,736
$
68,327
$
31,498
Non-accrual loans as a % of total
loans
1.02
%
1.12
%
0.73
%
0.76
%
0.34
%
Other real estate owned ($000's)
2,744
2,973
5,254
5,095
5,386
Other repossessed assets ($000's)
413
464
472
—
—
Non-performing assets ($000's)
94,343
109,101
70,462
73,422
36,884
Non-performing assets as a % of total
assets
0.59
%
0.70
%
0.43
%
0.45
%
0.22
%
Loans past due 90 days or more and still
accruing ($000's) (1)
140,763
122,451
112,799
115,090
106,346
(1)
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 September
30,
2024
2023
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
$
990,902
$
14,645
5.91
%
$
1,075,518
$
15,649
5.82
%
Loans held for investment, gross (2)
8,024,771
125,176
6.19
%
7,972,604
126,753
6.31
%
Investment securities - taxable
2,477,014
26,264
4.24
%
2,690,977
27,166
4.04
%
Investment securities - non-taxable
(3)
323,479
3,020
3.73
%
315,294
3,069
3.89
%
Federal funds sold and securities
purchased under agreements to resell
97,686
1,845
7.49
%
142,324
2,313
6.45
%
Interest-bearing deposits in other
financial institutions
1,373,051
17,800
5.14
%
1,550,991
20,320
5.20
%
Securities borrowed
1,260,420
19,426
6.03
%
1,371,625
17,683
5.04
%
Other
137,105
3,447
9.97
%
69,827
4,407
25.04
%
Interest-earning assets, gross (3)
14,684,428
211,623
5.72
%
15,189,160
217,360
5.68
%
Allowance for credit losses
(115,113
)
(110,398
)
Interest-earning assets, net
14,569,315
15,078,762
Noninterest-earning assets
1,070,833
1,448,834
Total assets
$
15,640,148
$
16,527,596
Liabilities and Stockholders'
Equity
Interest-bearing liabilities
Interest-bearing deposits
$
7,744,588
$
70,641
3.62
%
$
7,893,384
$
64,290
3.23
%
Securities loaned
1,247,392
18,499
5.88
%
1,303,883
16,169
4.92
%
Notes payable and other borrowings
1,333,671
16,859
5.02
%
1,527,371
20,646
5.36
%
Total interest-bearing liabilities
10,325,651
105,999
4.07
%
10,724,638
101,105
3.74
%
Noninterest-bearing liabilities
Noninterest-bearing deposits
2,737,942
3,347,752
Other liabilities
405,768
362,133
Total liabilities
13,469,361
14,434,523
Stockholders’ equity
2,143,252
2,066,564
Noncontrolling interest
27,535
26,509
Total liabilities and stockholders'
equity
$
15,640,148
$
16,527,596
Net interest income (3)
$
105,624
$
116,255
Net interest spread (3)
1.65
%
1.94
%
Net interest margin (3)
2.85
%
3.04
%
(1)
Information presented on a consolidated
basis (dollars in thousands).
(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 $0.6 million and $0.6 million
for the three months ended September 30, 2024 and 2023,
respectively.
Conference Call Information
Hilltop will host a live webcast and conference call at 8:00 AM
Central (9:00 AM Eastern) on Friday, October 25, 2024. Hilltop
President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr
will review third quarter 2024 financial results. Interested
parties can access the conference call by dialing 800-267-6316
(North America) or 203-518-9856 (International) and then using the
conference ID HH3Q24. The conference call also will be webcast
simultaneously on Hilltop’s Investor Relations website
(http://ir.hilltop.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 September 30, 2024, Hilltop
employed approximately 3,650 people and operated approximately 310
locations in 48 states. Hilltop Holdings’ common stock is listed on
the New York Stock Exchange under the symbol “HTH.” Find more
information at Hilltop.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 “aim,”
“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,” “steady,” “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 and any legal, reputational and financial risks
following a cybersecurity incident; (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; (vi) disruptions to the
economy and financial services industry, and (vii) 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/20241024859859/en/
Investor Relations Contact: Matt Dunn 214-525-4636
mdunn@hilltop.com
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