Hilltop Holdings and PlainsCapital Bank Awarded Investment Grade Ratings from Kroll Bond Rating Agency
October 16 2017 - 8:00AM
Business Wire
Hilltop Holdings Inc. (NYSE: HTH), a Dallas-based financial
holding company, today announced that the company and its
subsidiary PlainsCapital Bank (the “Bank”) received investment
grade ratings with a stable outlook from Kroll Bond Rating Agency
("KBRA").
KBRA assigned Hilltop a senior unsecured debt rating of A-,
making it the highest-rated bank holding company with over $5
billion in assets in the agency’s universe of rated Texas-based
banks to date. Hilltop also was assigned a subordinated debt rating
of BBB+ and a short-term debt rating of K2. In addition, KBRA
assigned the Bank deposit and senior unsecured debt ratings of A, a
subordinated debt rating of A-, and short-term deposit and debt
ratings of K1. The outlook on all long-term ratings was noted as
stable.
KBRA said the ratings are supported by Hilltop’s comparatively
strong earnings performance, highly diversified revenue mix, strong
capital position, diversified funding mix, and favorable asset
quality metrics and loss history. The agency also noted the
considerable acquisition experience of Hilltop’s management
team.
“We’re very pleased to receive this recognition from KBRA, which
reflects the strength and stability of our franchise,” said Jeremy
B. Ford, president and co-CEO of Hilltop. “As Hilltop continues to
seek to build the premier financial services holding company based
in Texas, these investment grade ratings are important indicators
of our progress.”
The rating agency also cited the strength of Hilltop’s four
operating businesses, including: the strong positioning of the
Bank; the robust and low-risk mortgage flow business and sufficient
scale of PrimeLending; the well-positioned broker-dealer franchise,
HilltopSecurities; and, the strongly-capitalized niche insurance
company, National Lloyds.
“In assigning these most recent ratings, KBRA highlights the
complementary nature of our subsidiaries and the mix of revenue
streams that support Hilltop’s ongoing forward momentum,” said Alan
B. White, vice-chairman and co-CEO of Hilltop.
A copy of the full report is available from Kroll Bond Rating
Agency’s website.
The KBRA report marks the second set of investment grade ratings
received by Hilltop and the Bank this year, following the ratings
affirmed by Fitch Ratings in January 2017.
About Hilltop Holdings Inc.
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 September 30, 2017, Hilltop
employed approximately 5,500 people and operated approximately 475
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171016005288/en/
Hilltop Holdings Inc.Ben Brooks,
214-252-4047ben.brooks@hilltop-holdings.com
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