Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced
financial results for the first quarter of 2017. Hilltop produced
income of $26.4 million, or $0.27 per diluted share, for the first
quarter of 2017, compared to $27.6 million, or $0.28 per diluted
share, for the first quarter of 2016. Hilltop’s annualized return
on average assets and return on average equity for the first
quarter of 2017 were 0.88% and 5.73%, respectively, compared to
0.96% and 6.32%, respectively, for the first quarter of 2016.
Hilltop also announced that its Board of Directors declared a
quarterly cash dividend of $0.06 per common share, payable on May
31, 2017, to all common stockholders of record as of the close of
business on May 15, 2017. Additionally, pursuant to the stock
repurchase program reauthorized by the Hilltop Board of Directors
in January 2017, Hilltop paid $7.2 million to repurchase and retire
261,608 shares at an average price of $27.52 per share during the
first quarter of 2017. These retired shares were returned to our
pool of authorized but unissued shares of common stock.
Jeremy Ford, Co-CEO of Hilltop, said, “We are off to a good
start for the year with all of our business segments reporting
profitable results. Our strong balance sheet and stable earnings
generation enabled us to return $13 million of capital to
shareholders during the quarter. We continue to focus on growing
all of our core businesses to create long-term shareholder
value.”
Alan White, Co-CEO of Hilltop, added, “PlainsCapital Bank
maintained sound credit quality. PrimeLending increased pre-tax
income by 9% year-over-year due to its focused effort on purchase
mortgage loan originations. HilltopSecurities continues to benefit
from its diversified revenue streams and the execution of its prior
integration initiatives. National Lloyds remained profitable during
the quarter despite higher than normal storm frequency. We look
forward to building on this momentum for the remainder of
2017.”
First Quarter 2017 Highlights for Hilltop:
- Hilltop’s total assets were $12.3
billion at March 31, 2017, compared to $12.7 billion at December
31, 2016;
- Hilltop’s common equity increased by
$15.5 million from December 31, 2016 to $1.9 billion at March 31,
2017;
- Non-covered loans1 held for investment,
net of allowance for loan losses, decreased by 1.0% to $5.7 billion
and covered loans1, net of allowance for loan losses, decreased by
8.2% to $234.7 million at March 31, 2017 from December 31,
2016;
- Non-covered non-performing loans
increased to $28.8 million, or 0.41% of total non-covered loans, at
March 31, 2017, compared to $24.4 million, or 0.32% of total
non-covered loans, at December 31, 2016;
- Energy classified and criticized loans
were $26.5 million at March 31, 2017, down from $28.7 million at
December 31, 2016;
- Loans held for sale decreased by 26.0%
to $1.3 billion from December 31, 2016 to March 31, 2017;
- Total deposits were $7.3 billion at
March 31, 2017, compared to $7.1 billion at December 31, 2016;
- Hilltop maintained strong capital
levels with a Tier 1 Leverage Ratio2 of 13.98% and a Common Equity
Tier 1 Capital Ratio of 19.03% at March 31, 2017;
- Hilltop’s net interest margin3
decreased to 3.52% for the first quarter of 2017, from 3.80% in the
fourth quarter of 2016;
- The provision for loan losses was $1.7
million during the first quarter of 2017, compared to $4.3 million
in the fourth quarter of 2016;
- For the first quarter of 2017,
noninterest income was $271.4 million, compared to $277.4 million
in the first quarter of 2016, a 2.1% decrease; and
- For the first quarter of 2017,
noninterest expense was $320.5 million, compared to $325.2 million
in the first quarter of 2016, a 1.4% decrease.
_____________________
1 “Covered loans” refer to loans acquired in the FNB
Transaction that are subject to loss-share agreements with the
FDIC, while all other loans are referred to as “non-covered loans.”
2 Based on the end of period Tier 1 capital divided by total
average assets during 2017, excluding goodwill and intangible
assets. 3 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) 2017 2016 2016
2016 2016 Cash and due from banks $ 545,928 $ 669,357
$ 528,519 $ 583,984 $ 512,103 Federal funds sold 24,404 21,407
40,419 29,677 15,406 Securities purchased under agreements to
resell 113,228 89,430 138,284 149,474 96,646 Assets segregated for
regulatory purposes 166,395 180,993 173,840 120,214 120,714
Securities: Trading, at fair value 373,300 265,534 402,104 305,418
368,425 Available for sale, at fair value 755,546 598,007 563,720
517,784 666,328 Held to maturity, at amortized cost 337,357
351,831 365,934 354,443
310,478 1,466,203 1,215,372 1,331,758
1,177,645 1,345,231 Loans held for sale 1,329,493 1,795,463
1,673,069 1,550,475 1,344,333 Non-covered loans, net of unearned
income 5,783,853 5,843,499 5,674,655 5,472,446 5,335,547 Allowance
for non-covered loan losses (55,157 ) (54,186 )
(52,625 ) (51,013 ) (48,450 ) Non-covered
loans, net 5,728,696 5,789,313 5,622,030 5,421,433 5,287,097
Covered loans, net of allowance for covered loan losses 234,681
255,714 292,031 322,073 346,169 Broker-dealer and clearing
organization receivables 1,574,031 1,497,741 1,340,617 2,257,480
1,370,622 Premises and equipment, net 184,091 190,361 190,645
189,511 198,414 FDIC indemnification asset 47,940 71,313 73,351
74,460 80,522 Covered other real estate owned 45,374 51,642 61,988
67,634 78,890 Other assets 583,554 613,453 657,805 832,344 631,699
Goodwill 251,808 251,808 251,808 251,808 251,808 Other intangible
assets, net 42,601 44,695 47,112
49,690 52,274 Total assets $
12,338,427 $ 12,738,062 $ 12,423,276 $
13,077,902 $ 11,731,928 Deposits: Non-interest
bearing $ 2,272,905 $ 2,199,483 $ 2,232,813 $ 2,280,108 $ 2,233,608
Interest bearing 5,056,957 4,864,328
4,797,772 4,846,705 4,750,567
Total deposits 7,329,862 7,063,811 7,030,585 7,126,813
6,984,175 Broker-dealer and clearing organization payables
1,437,548 1,347,128 1,251,839 2,111,994 1,284,016 Short-term
borrowings 753,777 1,417,289 1,265,022 1,012,862 832,921 Securities
sold, not yet purchased, at fair value 144,193 153,889 164,633
178,235 165,704 Notes payable 324,701 317,912 313,313 319,636
232,190 Junior subordinated debentures 67,012 67,012 67,012 67,012
67,012 Other liabilities 392,025 496,501
481,504 464,904 405,899
Total liabilities 10,449,118 10,863,542 10,573,908
11,281,456 9,971,917 Common stock 984 985 985 985 986
Additional paid-in capital 1,570,329 1,572,877 1,570,025 1,568,053
1,567,150 Accumulated other comprehensive income 897 485 8,039
8,782 6,878 Retained earnings 313,197 295,568 266,048 214,116
183,042 Deferred compensation employee stock trust, net 893 903 900
938 1,020 Employee stock trust (300 ) (309 )
(309 ) (347 ) (428 ) Total Hilltop stockholders'
equity 1,886,000 1,870,509 1,845,688 1,792,527 1,758,648
Noncontrolling interests 3,309 4,011
3,680 3,919 1,363 Total
stockholders' equity 1,889,309 1,874,520
1,849,368 1,796,446
1,760,011 Total liabilities & stockholders' equity $
12,338,427 $ 12,738,062 $ 12,423,276 $
13,077,902 $ 11,731,928
Three Months
Ended Consolidated Income Statements March 31,
December 31, September 30, June 30, March
31, (in 000's, except per share data) 2017
2016 2016 2016 2016 Interest income:
Loans, including fees $ 89,991 $ 102,046 $ 97,590 $ 98,468 $ 91,533
Securities borrowed 8,053 6,566 9,037 6,326 7,589 Securities:
Taxable 7,027 7,097 5,935 6,834 6,367 Tax-exempt 1,244 1,530 1,518
1,537 1,637 Other 1,926 1,096 1,183
1,037 1,028 Total interest income 108,241
118,335 115,263 114,202 108,154 Interest expense: Deposits
4,690 3,971 3,996 4,037 3,839 Securities loaned 6,340 4,653 6,954
4,916 5,987 Short-term borrowings 1,418 1,829 1,497 1,392 1,085
Notes payable 2,814 2,856 2,793 2,618 2,582 Junior subordinated
debentures 711 703 673 655 645 Other 168 199
180 187 176 Total interest expense
16,141 14,211 16,093 13,805 14,314 Net interest income
92,100 104,124 99,170 100,397 93,840 Provision for loan losses
1,705 4,347 3,990 28,876
3,407 Net interest income after provision for loan losses
90,395 99,777 95,180 71,521 90,433 Noninterest income: Net
realized gains on securities — — — (46 ) 46 Net gains from sale of
loans and other mortgage production income 124,150 137,270 175,412
167,012 127,297 Mortgage loan origination fees 19,556 24,850 26,807
25,797 18,813 Securities commissions and fees 39,057 39,425 39,722
40,442 38,317 Investment and securities advisory fees and
commissions 22,202 31,690 31,129 29,354 23,819 Net insurance
premiums earned 36,140 38,344 38,747 38,721 39,733 Other
30,334 37,548 42,641 44,725
29,350 Total noninterest income 271,439 309,127 354,458
346,005 277,375 Noninterest expense: Employees' compensation
and benefits 186,559 208,760 225,194 217,398 182,761 Occupancy and
equipment, net 27,293 27,154 27,460 26,971 27,833 Loss and loss
adjustment expenses 21,700 14,018 16,055 37,211 21,959 Policy
acquisition and other underwriting expenses 11,229 10,757 11,064
11,316 11,252 Other 73,711 95,095
84,360 74,469 81,384 Total noninterest expense
320,492 355,784 364,133 367,365 325,189 Income before income
taxes 41,342 53,120 85,505 50,161 42,619 Income tax expense
15,035 17,582 33,017 18,439
14,423 Net income 26,307 35,538 52,488 31,722 28,196 Less:
Net income (loss) attributable to noncontrolling interest
(127 ) 217 556 648 629 Income
applicable to Hilltop common stockholders $ 26,434 $ 35,321
$ 51,932 $ 31,074 $ 27,567 Earnings per common share:
Basic $ 0.27 $ 0.36 $ 0.53 $ 0.32 $ 0.28 Diluted $ 0.27 $ 0.36 $
0.53 $ 0.32 $ 0.28 Cash dividends declared per common share
$ 0.06 $ 0.06 $ — $ — $ — Weighted average shares
outstanding: Basic 98,441 98,514 98,490 98,457 98,153 Diluted
98,757 98,810 98,625 98,586 98,669
Three Months Ended March 31, 2017 Segment
Results Mortgage All Other and Hilltop
(in 000's) Banking Broker-Dealer
Origination Insurance Corporate
Eliminations Consolidated Net interest income
(expense) $ 82,082 $ 8,488 $ (1,882 ) $ 516 $ (2,535 ) $ 5,431 $
92,100 Provision for loan losses 1,837 (132 ) — — — — 1,705
Noninterest income 12,411 82,551 143,638 38,311 1 (5,473 ) 271,439
Noninterest expense 60,814 81,657
131,838 37,013 9,387 (217 )
320,492 Income (loss) before income taxes $ 31,842 $ 9,514
$ 9,918 $ 1,814 $ (11,921 ) $ 175 $ 41,342
Three Months Ended March 31,
December 31, September 30, June 30, March
31, Selected Financial Data 2017 2016
2016 2016 2016
Hilltop
Consolidated:
Return on average stockholders' equity 5.73 % 7.56 % 11.41 % 7.07 %
6.32 % Return on average assets 0.88 % 1.13 % 1.69 % 1.05 % 0.96 %
Net interest margin (1) 3.52 % 3.80 % 3.65 % 3.77 % 3.67 % Net
interest margin (taxable equivalent) (2): As reported 3.54 % 3.82 %
3.67 % 3.80 % 3.70 % Impact of purchase accounting 49 bps 71 bps 64
bps 72 bps 74 bps Book value per common share ($) 19.17 18.98 18.73
18.20 17.84 Shares outstanding, end of period (000's) 98,407 98,544
98,541 98,498 98,585
Banking
Segment:
Net interest margin (1) 4.21 % 4.57 % 4.50 % 4.85 % 4.70 % Net
interest margin (taxable equivalent) (2): As reported 4.23 % 4.59 %
4.53 % 4.87 % 4.73 % Impact of purchase accounting 67 bps 96 bps 90
bps 104 bps 103 bps Accretion of discount on loans ($000's) 12,098
17,926 15,969 17,344 16,631 Non-covered net charge-offs
(recoveries) ($000's) 238 3,083 3,107 26,130 650 Return on average
assets 0.94 % 1.09 % 1.09 % 0.66 % 0.98 % Fee income ratio 13.13 %
12.57 % 12.31 % 12.67 % 13.08 % Efficiency ratio 64.36 % 59.00 %
59.59 % 52.32 % 64.97 % Employees' compensation and benefits
($000's) 31,512 32,350 31,167 30,847 29,125
Broker-Dealer
Segment:
Employees' compensation and benefits ($000's) 57,240 62,929 68,051
63,976 57,816 Variable compensation expense ($000's) 30,808 37,984
42,446 38,750 29,431 Compensation as a % of net revenue 62.9 % 58.6
% 61.1 % 58.0 % 65.8 % Pre-tax margin 10.45 % -0.02 % 15.65 % 16.58
% 4.28 %
Mortgage
Origination Segment:
Mortgage loan originations - volume ($000's): Home purchases
2,269,138 2,772,316 3,191,851 3,261,386 2,050,825 Refinancings
555,193 1,115,764 1,300,702 889,078
878,291 Total mortgage loan originations - volume 2,824,331
3,888,080 4,492,553 4,150,464 2,929,116 Mortgage loan sales -
volume ($000's) 3,275,167 3,723,751 4,349,794 3,964,190 3,117,605
Mortgage servicing rights asset ($000's) (3) 45,573 61,968 43,751
33,491 39,863 Employees' compensation and benefits ($000's) 89,958
106,894 120,548 117,537 90,690 Variable compensation expense
($000's) 46,906 64,809 75,271 74,604 51,689
Insurance
Segment:
Loss and LAE ratio 60.0 % 36.6 % 41.4 % 96.1 % 55.3 % Expense ratio
38.4 % 33.2 % 33.6 % 33.9 % 33.2 % Combined ratio 98.4 % 69.8 %
75.0 % 130.0 % 88.5 % Employees' compensation and benefits ($000's)
2,780 2,262 2,401 2,304 2,178
_____________________
(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 a 35% federal
income tax rate. 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. For the periods presented, the taxable
equivalent adjustments to interest income for Hilltop Consolidated
were $0.5 million, $0.6 million, $0.5 million, $0.6 million and
$0.7 million, respectively, and for the Banking Segment were $0.4
million, $0.4 million, $0.4 million, $0.5 million and $0.4 million,
respectively. (3) 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 2017 2016 2016 2016
2016 Tier 1 capital (to average assets): PlainsCapital 13.09
% 12.35 % 12.65 % 12.72 % 12.70 % Hilltop 13.98 % 13.51 % 13.41 %
13.18 % 13.35 % Common equity Tier 1 capital (to risk-weighted
assets): PlainsCapital 15.50 % 14.64 % 15.15 % 14.71 % 15.10 %
Hilltop 19.03 % 18.30 % 17.80 % 16.67 % 17.56 % Tier 1 capital (to
risk-weighted assets): PlainsCapital 15.50 % 14.64 % 15.15 % 14.77
% 15.12 % Hilltop 19.62 % 18.87 % 18.37 % 17.26 % 18.17 % Total
capital (to risk-weighted assets): PlainsCapital 16.30 % 15.38 %
15.90 % 15.51 % 15.87 % Hilltop 20.12 % 19.34 % 18.82 % 17.69 %
18.60 %
March 31, December 31,
September 30, June 30, March 31,
Non-Covered Non-Performing Loans Portfolio Data 2017
2016 2016 2016 2016 Non-covered
loans accounted for on a non-accrual basis ($000's): Commercial and
industrial 13,490 9,515 19,651 18,412 19,179 Real estate 14,437
13,932 4,817 4,777 7,802 Construction and land development 661 755
703 139 102 Consumer 223 244 50 61 1 Broker-dealer — —
— — — 28,811 24,446 25,221 23,389
27,084 Non-covered non-performing loans as a % of total
non-covered loans 0.41 % 0.32 % 0.34 % 0.33 % 0.40 %
Non-covered other real estate owned ($000's) 4,556 4,507 3,063
2,656 543 Other repossessed assets ($000's) 681 1,117 1,654
— 30 Non-covered non-performing assets ($000's) 34,048
30,070 29,938 26,045 27,657 Non-covered non-performing
assets as a % of total assets 0.28 % 0.24 % 0.24 % 0.20 % 0.24 %
Non-covered non-PCI loans past due 90 days or more and still
accruing ($000's) 42,767 47,486 41,824 50,032 51,943
Troubled debt restructurings included in accruing non-covered loans
($000's) 1,180 1,196 1,216 1,235 1,409
March 31,
December 31, September 30, June 30, March
31, PlainsCapital Bank - Energy Exposure 2017
2016 2016 2016 2016
Select Energy
Statistics
Outstanding energy loan balance ($MM) 149.1 166.5 168.8 223.6 233.5
Energy unfunded commitments ($MM) 130.4 121.4 120.7 88.5 102.9
Energy loans as a % of total loans 2.7 % 3.0 % 3.1 % 4.2 % 4.5 %
Classified and criticized energy loans ($MM): Criticized energy
loans 0.0 0.0 1.8 12.7 13.0 Performing classified energy loans 22.5
23.5 24.2 22.1 33.4 Non-performing classified energy loans 4.0
5.2 13.4 6.7 4.9 26.5 28.7 39.4
41.5 51.3 Unimpaired energy reserves ($MM) 10.6 10.6 10.0
9.8 9.2 Energy reserves as a % of energy loans 7.1 % 6.5 % 6.7 %
4.7 % 4.3 % Energy NCOs ($MM) 0.0 1.5 1.0 0.4 0.2
Energy Portfolio
Breakdown
Exploration and production 13 % 11 % 13 % 10 % 13 % Services: Field
services 24 % 22 % 26 % 22 % 22 % Pipeline construction 22 % 21 %
21 % 15 % 15 % 46 % 43 % 47 % 37 % 37 % Midstream: Distribution 18
% 30 % 21 % 38 % 37 % Transportation 10 % 9 % 11 % 9 % 7 % 28 % 39
% 32 % 47 % 44 % Other: Wholesalers 1 % 1 % 1 % 1 % 1 % Equipment
rentals 0 % 0 % 0 % 0 % 0 % Equipment wholesalers 12 % 6 % 7 % 5 %
5 % Total 100 % 100 % 100 % 100 % 100 %
Three Months Ended March 31, 2017 2016
Average Interest Annualized Average
Interest Annualized Outstanding Earned
or Yield or Outstanding Earned or Yield
or Balance Paid Rate Balance
Paid Rate Assets Interest-earning assets
Loans, gross (1) $ 7,094,928 $ 89,990 5.08 % $ 6,733,697 $ 91,551
5.41 % Investment securities - taxable 1,088,010 7,004 2.59 %
1,044,705 6,348 2.44 % Investment securities - non-taxable (2)
219,396 1,750 3.20 % 261,656 2,327 3.56 % Federal funds sold and
securities purchased under agreements to resell 117,661 23 0.08 %
125,308 26 0.08 % Interest-bearing deposits in other financial
institutions 498,550 902 0.73 % 428,082 474 0.45 % Securities
borrowed 1,487,079 8,053 2.17 % 1,544,744 7,589 1.94 % Other
91,298 1,024 4.51 % 65,739 530
3.24 % Interest-earning assets, gross (2) 10,596,922 108,746 4.11 %
10,203,931 108,845 4.24 % Allowance for loan losses (55,630
) (48,851 ) Interest-earning assets, net 10,541,292
10,155,080 Noninterest-earning assets 1,572,096
1,596,627
Total assets $ 12,113,388 $
11,751,707
Liabilities and Stockholders'
Equity Interest-bearing liabilities Interest-bearing deposits $
4,936,895 $ 4,690 0.39 % $ 4,784,004 $ 4,102 0.34 % Securities
loaned 1,361,759 6,340 1.89 % 1,441,346 5,987 1.67 % Notes payable
and other borrowings 1,049,517 5,111 1.96 %
1,003,461 4,523 1.81 % Total interest-bearing
liabilities 7,348,171 16,141 0.89 % 7,228,811 14,612 0.81 %
Noninterest-bearing liabilities Noninterest-bearing deposits
2,234,789 2,153,901 Other liabilities 656,854
624,971 Total liabilities 10,239,814 10,007,683
Stockholders’ equity 1,870,441 1,743,209 Noncontrolling interest
3,133 815
Total liabilities and
stockholders' equity $ 12,113,388 $ 11,751,707
Net interest income (2) $ 92,605 $
94,233
Net interest spread (2) 3.22 % 3.43 %
Net
interest margin (2) 3.54 % 3.70 %
_____________________
(1) Average balance includes non-accrual loans. (2)
Presented on a taxable equivalent basis with annualized taxable
equivalent adjustments based on a 35% federal income tax rate. The
adjustment to interest income was $0.5 million and $0.7 million for
the three months ended March 31, 2017 and 2016, respectively.
Conference Call Information
Hilltop will host a live webcast and conference call at 8:00 AM
Central (9:00 AM Eastern) on Wednesday, April 26, 2017. Hilltop
Co-CEOs Jeremy B. Ford and Alan B. White and other key management
members will review first quarter 2017 financial results.
Interested parties can access the conference call by dialing
1-877-508-9457 (domestic) or 1-412-317-0789 (international). 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 Hilltop Securities Independent Network
Inc., provide a full complement of securities brokerage,
institutional and investment banking services in addition to
clearing services and retail financial advisory. Through Hilltop
Holdings’ other wholly owned subsidiary, National Lloyds
Corporation, it provides property and casualty insurance through
two insurance companies, National Lloyds Insurance Company and
American Summit Insurance Company. At March 31, 2017, Hilltop
employed approximately 5,400 people and operated approximately 460
locations in 44 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, Nationallloydsinsurance.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 and
intentions and other statements that are not statements of
historical fact, and may be identified by words such as
“anticipates,” “believes,” “could,” “estimates,” “expects,”
“forecasts,” “goal,” “intends,” “may,” “might,” “plan,” “probable,”
“projects,” “seeks,” “should,” “target,” “view” or “would” or the
negative of these words and phrases or similar words or phrases.
For a discussion of certain factors that could cause our actual
results to differ materially from those described in the
forward-looking statements, please see the risk factors discussed
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: http://www.businesswire.com/news/home/20170425006692/en/
Hilltop Holdings Inc.Isabell Novakov,
214-252-4029inovakov@hilltop-holdings.com
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