Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced
financial results for the second quarter of 2024. Hilltop produced
income to common stockholders of $20.3 million, or $0.31 per
diluted share, for the second quarter of 2024, compared to $18.1
million, or $0.28 per diluted share, for the second quarter of
2023. Hilltop’s financial results for the second quarter of 2024
included a decline in net interest income and a build in the
allowance for credit losses due to an increase in the provision for
credit losses within the banking segment, a decrease in net
revenues within all of the broker-dealer segment’s business lines
except public finance services, and a decline in noninterest
expense within the mortgage origination segment.
Hilltop also announced that its Board of Directors declared a
quarterly cash dividend of $0.17 per common share payable on August
30, 2024, to all common stockholders of record as of the close of
business on August 16, 2024. Additionally, during the second
quarter of 2024, Hilltop paid $9.9 million to repurchase an
aggregate of 320,000 shares of its common stock at an average price
of $30.98 per share pursuant to the 2024 stock repurchase program.
As a result of share repurchases during 2024, Hilltop has
approximately $55 million of available share repurchase capacity
through the expiration of the 2024 stock repurchase program in
January 2025.
The impacts of economic headwinds that began in 2022, and have
continued into 2024, remain uncertain and will depend 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, exposure to increasing funding costs,
inflationary pressures associated with compensation, occupancy and
software costs and labor market conditions, and international armed
conflicts and their impact on supply chains.
Jeremy B. Ford, President and CEO of Hilltop, said, “Despite the
continuation of a challenging environment for our operating
businesses, Hilltop generated $29.6 million of pre-tax income as
all three business segments delivered profitable pre-tax results
during the second quarter of 2024. The onerous interest rate
environment presented by an elevated federal-funds rate and
inverted yield curve continued to negatively impact a number of
business units throughout Hilltop. In spite of this, we have been
focused on controlling funding and operating costs that have
resulted in a modest expansion in net interest margin and
pre-provision net revenue compared to the first quarter of 2024. As
we enter the second half of 2024, we will work hard at prudently
managing costs and positioning our balance sheet for long-term
success.”
Second Quarter 2024 Highlights for Hilltop:
- The provision for credit losses was $10.9 million during the
second quarter of 2024, compared to a reversal of credit losses of
$2.9 million in the first quarter of 2024 and a provision for
credit losses of $14.8 million in the second quarter of 2023;
- The provision for credit losses during the second quarter of
2024 reflected a build in the allowance related to specific
reserves and loan portfolio changes within the banking segment
since the prior quarter, slightly offset by an improved U.S.
economic outlook.
- For the second quarter of 2024, net gains from sale of loans
and other mortgage production income and mortgage loan origination
fees was $92.9 million, compared to $90.0 million in the second
quarter of 2023, a 3.2% increase;
- Mortgage loan origination production volume was $2.4 billion
during the second quarter of 2024, compared to $2.5 billion in the
second quarter of 2023;
- Net gains from mortgage loans sold to third parties increased
to 233 basis points during the second quarter of 2024, compared to
221 basis points in the first quarter of 2024.
- Hilltop’s consolidated annualized return on average assets and
return on average stockholders’ equity for the second quarter of
2024 were 0.59% and 3.84%, respectively, compared to 0.47% and
3.53%, respectively, for the second quarter of 2023;
- Hilltop’s book value per common share increased to $32.86 at
June 30, 2024, compared to $32.66 at March 31, 2024;
- Hilltop’s total assets were $15.6 billion and $16.2 billion at
June 30, 2024 and March 31, 2024, respectively;
- Loans1, net of allowance for credit losses, were $7.7 billion
and $7.6 billion at June 30, 2024 and March 31, 2024,
respectively;
- Non-accrual loans were $105.7 million, or 1.12% of total loans,
at June 30, 2024, compared to $64.7 million, or 0.73% of total
loans, at March 31, 2024;
- Non-accrual loans at June 30, 2024 increased primarily due to
the addition of two commercial and industrial credit relationships
within our auto note financing industry subsector, partially offset
by the sale of a single non-owner occupied commercial real estate
credit relationship within our hotel/motel portfolio industry
subsector that was classified in loans held for sale.
- Loans held for sale increased by 50.1% from March 31, 2024 to
$1.3 billion at June 30, 2024;
- Total deposits were $10.4 billion and $10.9 billion at June 30,
2024 and March 31, 2024, respectively;
- Total estimated uninsured deposits were $4.8 billion, or
approximately 46% of total deposits, while estimated uninsured
deposits, excluding collateralized deposits of $325.4 million, were
$4.5 billion, or approximately 43% of total deposits, at June 30,
2024.
- Hilltop maintained strong capital levels2 with a Tier 1
Leverage Ratio3 of 12.87% and a Common Equity Tier 1 Capital Ratio
of 19.45% at June 30, 2024;
- Hilltop’s consolidated net interest margin4 increased to 2.90%
for the second quarter of 2024, compared to 2.85% in the first
quarter of 2024;
- For the second quarter of 2024, noninterest income was $193.3
million, compared to $190.7 million in the second quarter of 2023,
a 1.4% increase;
- For second quarter of 2024, noninterest expense was $256.5
million, compared to $267.0 million in the second quarter of 2023,
a 3.9% decrease; and
- Hilltop’s effective tax rate was 22.5% during the second
quarter of 2024, compared to 26.4% during the same period in 2023.
- The effective tax rate for the second 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 $348.3 million and $332.6 million at June 30, 2024 and
March 31, 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
June 30,
March 31,
December 31,
September 30,
June 30,
(in 000's)
2024
2024
2023
2023
2023
Cash and due from banks
$
798,300
$
1,710,066
$
1,858,700
$
1,513,747
$
1,584,709
Federal funds sold
5,650
650
650
3,650
650
Assets segregated for regulatory
purposes
51,046
70,717
57,395
47,491
50,711
Securities purchased under agreements to
resell
111,914
91,608
80,011
123,719
143,982
Securities:
Trading, at fair value
721,384
657,700
515,991
578,901
696,649
Available for sale, at fair value, net
(1)
1,433,107
1,480,555
1,507,595
1,456,238
1,526,869
Held to maturity, at amortized cost, net
(1)
777,456
790,550
812,677
825,079
847,437
Equity, at fair value
254
315
321
264
258
2,932,201
2,929,120
2,836,584
2,860,482
3,071,213
Loans held for sale
1,264,437
842,324
943,846
1,058,806
1,333,044
Loans held for investment, net of unearned
income
8,173,520
8,062,693
8,079,745
8,204,052
8,354,122
Allowance for credit losses
(115,082)
(104,231)
(111,413)
(110,822)
(109,306)
Loans held for investment, net
8,058,438
7,958,462
7,968,332
8,093,230
8,244,816
Broker-dealer and clearing organization
receivables
1,297,175
1,473,561
1,573,931
1,460,352
1,474,177
Premises and equipment, net
161,746
165,557
168,856
172,097
176,574
Operating lease right-of-use assets
93,994
95,343
88,580
93,057
97,979
Mortgage servicing assets
52,902
95,591
96,662
104,951
95,101
Other assets
517,811
501,244
517,545
588,751
588,166
Goodwill
267,447
267,447
267,447
267,447
267,447
Other intangible assets, net
7,429
7,943
8,457
9,078
9,772
Total assets
$
15,620,490
$
16,209,633
$
16,466,996
$
16,396,858
$
17,138,341
Deposits:
Noninterest-bearing
$
2,845,441
$
3,028,543
$
3,007,101
$
3,200,247
$
3,451,438
Interest-bearing
7,528,415
7,855,553
8,056,091
7,902,850
7,712,739
Total deposits
10,373,856
10,884,096
11,063,192
11,103,097
11,164,177
Broker-dealer and clearing organization
payables
1,285,226
1,436,462
1,430,734
1,368,064
1,306,646
Short-term borrowings
897,613
892,574
900,038
882,999
1,628,637
Securities sold, not yet purchased, at
fair value
75,546
60,562
34,872
51,527
74,761
Notes payable
347,402
347,273
347,145
347,020
364,531
Operating lease liabilities
113,096
114,518
109,002
114,334
119,999
Other liabilities
365,140
314,718
431,684
422,955
389,336
Total liabilities
13,457,879
14,050,203
14,316,667
14,289,996
15,048,087
Common stock
650
653
652
652
651
Additional paid-in capital
1,047,523
1,049,831
1,054,662
1,052,867
1,050,191
Accumulated other comprehensive loss
(119,171)
(119,606)
(121,505)
(145,083)
(131,718)
Retained earnings
1,205,467
1,201,013
1,189,222
1,171,250
1,144,624
Deferred compensation employee stock
trust, net
1
115
228
340
450
Employee stock trust
(1)
(142)
(292)
(446)
(599)
Total Hilltop stockholders' equity
2,134,469
2,131,864
2,122,967
2,079,580
2,063,599
Noncontrolling interests
28,142
27,566
27,362
27,282
26,655
Total stockholders' equity
2,162,611
2,159,430
2,150,329
2,106,862
2,090,254
Total liabilities & stockholders'
equity
$
15,620,490
$
16,209,633
$
16,466,996
$
16,396,858
$
17,138,341
(1)
At June 30, 2024, the amortized cost of
the available for sale securities portfolio was $1,545,966, while
the fair value of the held to maturity securities portfolio was
$687,194.
Three Months Ended
Consolidated Income Statements
June 30,
March 31,
December 31,
September 30,
June 30,
(in 000's, except per share
data)
2024
2024
2023
2023
2023
Interest income:
Loans, including fees
$
138,627
$
134,331
$
138,096
$
142,402
$
138,397
Securities borrowed
20,306
20,561
18,659
17,683
18,515
Securities:
Taxable
25,289
26,241
28,763
27,166
26,719
Tax-exempt
2,389
2,415
2,545
2,464
2,566
Other
20,532
26,066
28,704
27,040
27,229
Total interest income
207,143
209,614
216,767
216,755
213,426
Interest expense:
Deposits
68,095
69,144
68,339
64,290
54,726
Securities loaned
18,669
19,039
17,247
16,169
16,413
Short-term borrowings
10,676
11,588
13,495
14,212
17,706
Notes payable
3,604
3,590
3,596
4,026
3,973
Other
2,449
2,632
2,864
2,408
2,342
Total interest expense
103,493
105,993
105,541
101,105
95,160
Net interest income
103,650
103,621
111,226
115,650
118,266
Provision for (reversal of) credit
losses
10,934
(2,871)
1,265
(40)
14,836
Net interest income after provision for
(reversal of) credit losses
92,716
106,492
109,961
115,690
103,430
Noninterest income:
Net gains from sale of loans and other
mortgage production income
58,455
40,197
36,387
47,262
48,535
Mortgage loan origination fees
34,398
26,438
32,844
41,478
41,440
Securities commissions and fees and
other
67,460
84,757
73,967
68,447
68,640
Investment and securities advisory fees
and commissions
32,992
30,226
35,780
39,662
32,037
Total noninterest income
193,305
181,618
178,978
196,849
190,652
Noninterest expense:
Employees' compensation and benefits
169,998
165,830
160,390
173,195
176,908
Occupancy and equipment, net
21,297
21,912
21,524
21,912
23,025
Professional services
10,270
9,731
13,170
12,639
12,594
Other
54,899
52,550
55,761
52,271
54,450
Total noninterest expense
256,464
250,023
250,845
260,017
266,977
Income before income taxes
29,557
38,087
38,094
52,522
27,105
Income tax expense
6,658
8,565
7,132
13,211
7,167
Net income
22,899
29,522
30,962
39,311
19,938
Less: Net income attributable to
noncontrolling interest
2,566
1,854
2,291
2,269
1,805
Income attributable to Hilltop
$
20,333
$
27,668
$
28,671
$
37,042
$
18,133
Earnings per common share:
Basic
$
0.31
$
0.42
$
0.44
$
0.57
$
0.28
Diluted
$
0.31
$
0.42
$
0.44
$
0.57
$
0.28
Cash dividends declared per common
share
$
0.17
$
0.17
$
0.16
$
0.16
$
0.16
Weighted average shares outstanding:
Basic
65,085
65,200
65,136
65,106
65,025
Diluted
65,086
65,214
65,138
65,108
65,054
Three Months Ended June 30,
2024
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
92,458
$
12,218
$
(4,571)
$
(3,153)
$
6,698
$
103,650
Provision for (reversal of) credit
losses
10,950
(16)
—
—
—
10,934
Noninterest income
9,255
92,053
92,867
6,001
(6,871)
193,305
Noninterest expense
57,950
97,062
86,946
14,716
(210)
256,464
Income (loss) before taxes
$
32,813
$
7,225
$
1,350
$
(11,868)
$
37
$
29,557
Six Months Ended June 30,
2024
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
184,064
$
24,486
$
(8,823)
$
(6,255)
$
13,799
$
207,271
Provision for (reversal of) credit
losses
8,097
(34)
—
—
—
8,063
Noninterest income
21,158
196,631
159,567
11,785
(14,218)
374,923
Noninterest expense
113,970
195,008
165,843
32,101
(435)
506,487
Income (loss) before taxes
$
83,155
$
26,143
$
(15,099)
$
(26,571)
$
16
$
67,644
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
Selected Financial Data
2024
2024
2023
2023
2023
Hilltop
Consolidated:
Return on average stockholders' equity
3.84%
5.23%
5.46%
7.11%
3.53%
Return on average assets
0.59%
0.74%
0.75%
0.94%
0.47%
Net interest margin (1)
2.90%
2.85%
2.96%
3.02%
3.03%
Net interest margin (taxable equivalent)
(2):
As reported
2.92%
2.87%
2.98%
3.04%
3.03%
Impact of purchase accounting
6 bps
4 bps
4 bps
7 bps
9 bps
Book value per common share ($)
32.86
32.66
32.58
31.91
31.71
Shares outstanding, end of period
(000's)
64,953
65,267
65,153
65,170
65,071
Dividend payout ratio (3)
54.42%
40.06%
36.35%
28.12%
57.37%
Banking
Segment:
Net interest margin (1)
3.10%
3.00%
2.94%
3.08%
3.11%
Net interest margin (taxable equivalent)
(2):
As reported
3.10%
3.00%
2.95%
3.09%
3.11%
Impact of purchase accounting
7 bps
5 bps
5 bps
8 bps
11 bps
Accretion of discount on loans
($000's)
1,945
1,299
1,202
2,226
3,334
Net recoveries (charge-offs) ($000's)
(83)
(4,311)
(674)
1,556
(2,884)
Return on average assets
0.81%
1.20%
1.12%
1.20%
0.89%
Fee income ratio
9.1%
11.5%
11.2%
10.5%
10.0%
Efficiency ratio
57.0%
54.1%
53.2%
51.4%
51.2%
Employees' compensation and benefits
($000's)
33,352
32,389
29,420
30,641
30,603
Broker-Dealer
Segment:
Net revenue ($000's) (4)
104,271
116,847
119,989
118,703
113,241
Employees' compensation and benefits
($000's)
66,181
69,457
68,746
69,930
65,290
Variable compensation expense ($000's)
32,734
35,274
39,435
39,929
34,798
Compensation as a % of net revenue
63.5%
59.4%
57.3%
58.9%
57.7%
Pre-tax margin (5)
6.9%
16.2%
16.8%
18.2%
16.3%
Mortgage
Origination Segment:
Mortgage loan originations - volume
($000's):
Home purchases
2,205,157
1,548,941
1,698,009
2,091,444
2,301,007
Refinancings
174,141
127,545
117,018
152,257
150,643
Total mortgage loan originations -
volume
2,379,298
1,676,486
1,815,027
2,243,701
2,451,650
Mortgage loan sales - volume ($000's)
1,838,841
1,749,857
1,874,001
2,395,357
2,115,706
Net gains from mortgage loan sales (basis
points):
Loans sold to third parties
233
221
189
199
207
Impact of loans retained by banking
segment
(5)
(5)
0
(1)
(6)
As reported
228
216
189
198
201
Mortgage servicing rights asset ($000's)
(6)
52,902
95,591
96,662
104,951
95,101
Employees' compensation and benefits
($000's)
61,624
52,694
53,766
64,016
70,982
Variable compensation expense ($000's)
34,886
22,188
24,085
33,070
36,249
(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 $0.6
million, $0.6 million, $0.6 million, $0.6 million and $0.1 million,
respectively, for the periods presented and for the banking seg
ment were $0.1 million, $0.1 million, $0.2 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.
June 30,
March 31,
December 31,
September 30,
June 30,
Capital Ratios
2024
2024
2023
2023
2023
Tier 1 capital (to average assets):
PlainsCapital
11.36%
11.00%
10.55%
10.62%
10.28%
Hilltop
12.87%
12.49%
12.23%
11.92%
11.47%
Common equity Tier 1 capital (to
risk-weighted assets):
PlainsCapital
15.58%
15.87%
15.44%
15.31%
14.48%
Hilltop
19.45%
19.73%
19.32%
18.60%
17.61%
Tier 1 capital (to risk-weighted
assets):
PlainsCapital
15.58%
15.87%
15.44%
15.31%
14.48%
Hilltop
19.45%
19.73%
19.32%
18.60%
17.61%
Total capital (to risk-weighted
assets):
PlainsCapital
16.77%
17.06%
16.58%
16.45%
15.56%
Hilltop
22.57%
22.79%
22.34%
21.54%
20.41%
June 30,
March 31,
December 31,
September 30,
June 30,
Non-Performing Assets Portfolio
Data
2024
2024
2023
2023
2023
Loans accounted for on a non-accrual basis
($000's):
Commercial real estate:
Non-owner occupied
$
6,894
$
34,661
$
36,440
$
2,375
$
2,456
Owner occupied
6,437
4,846
5,098
4,964
1,096
Commercial and industrial
80,755
12,165
9,502
10,190
21,442
Construction and land development
485
698
3,480
760
593
1-4 family residential
11,092
12,363
13,801
13,202
13,360
Consumer
1
3
6
7
9
Broker-dealer
—
—
—
—
—
Non-accrual loans ($000's)
$
105,664
$
64,736
$
68,327
$
31,498
$
38,956
Non-accrual loans as a % of total
loans
1.12%
0.73%
0.76%
0.34%
0.40%
Other real estate owned ($000's)
2,973
5,254
5,095
5,386
3,481
Other repossessed assets ($000's)
464
472
—
—
—
Non-performing assets ($000's)
109,101
70,462
73,422
36,884
42,437
Non-performing assets as a % of total
assets
0.70%
0.43%
0.45%
0.22%
0.25%
Loans past due 90 days or more and still
accruing ($000's) (1)
122,451
112,799
115,090
106,346
130,036
(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 June
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
$
934,445
$
13,494
5.78
%
$
1,043,526
$
14,125
5.41
%
Loans held for investment, gross (2)
7,892,879
125,133
6.36
%
8,033,095
124,272
6.21
%
Investment securities - taxable
2,612,049
25,284
3.87
%
2,776,375
26,719
3.85
%
Investment securities - non-taxable
(3)
321,928
2,965
3.68
%
412,609
2,410
2.34
%
Federal funds sold and securities
purchased under agreements to resell
105,520
1,944
7.39
%
123,219
2,190
7.13
%
Interest-bearing deposits in other
financial institutions
1,057,783
13,572
5.15
%
1,711,945
21,273
4.98
%
Securities borrowed
1,358,425
20,306
5.91
%
1,477,502
18,515
4.96
%
Other
39,758
5,016
50.60
%
82,608
3,766
18.29
%
Interest-earning assets, gross (3)
14,322,787
207,714
5.82
%
15,660,879
213,270
5.46
%
Allowance for credit losses
(104,551)
(97,387)
Interest-earning assets, net
14,218,236
15,563,492
Noninterest-earning assets
1,332,959
1,355,997
Total assets
$
15,551,195
$
16,919,489
Liabilities and Stockholders'
Equity
Interest-bearing liabilities
Interest-bearing deposits
$
7,617,862
$
68,095
3.59
%
$
7,736,582
$
54,726
2.84
%
Securities loaned
1,338,825
18,669
5.59
%
1,373,435
16,413
4.79
%
Notes payable and other borrowings
1,253,394
16,729
5.35
%
1,861,063
24,021
5.18
%
Total interest-bearing liabilities
10,210,081
103,493
4.07
%
10,971,080
95,160
3.48
%
Noninterest-bearing liabilities
Noninterest-bearing deposits
2,814,179
3,540,643
Other liabilities
377,516
320,706
Total liabilities
13,401,776
14,832,429
Stockholders’ equity
2,122,144
2,060,677
Noncontrolling interest
27,275
26,383
Total liabilities and stockholders'
equity
$
15,551,195
$
16,919,489
Net interest income (3)
$
104,221
$
118,110
Net interest spread (3)
1.75
%
1.98
%
Net interest margin (3)
2.92
%
3.03
%
(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 $0.1 million
for the three months ended June 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, July 26, 2024. Hilltop
President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr
will review second quarter 2024 financial results. Interested
parties can access the conference call by dialing 800-245-3047
(North America) or 203-518-9765 (International) and then using the
conference ID HH2Q24. 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 June 30, 2024, Hilltop employed
approximately 3,780 people and operated approximately 320 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 and (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/20240725968264/en/
Investor Relations Contact: Matt Dunn 214-525-4636
mdunn@hilltop.com
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