Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced
financial results for the first quarter of 2024. Hilltop produced
income to common stockholders of $27.7 million, or $0.42 per
diluted share, for the first quarter of 2024, compared to $25.8
million, or $0.40 per diluted share, for the first quarter of 2023.
Hilltop’s financial results for the first quarter of 2024 included
a decline in net interest income, partially offset by a reversal of
credit losses due to an improved economic outlook within the
banking segment, an increase in net revenues within certain of the
broker-dealer segment’s business lines, and a decline in other
mortgage production income, partially offset by an increase in net
gains from sale of loans 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 May
24, 2024, to all common stockholders of record as of the close of
business on May 10, 2024. Additionally, during the first quarter of
2024, Hilltop paid $9.9 million to repurchase an aggregate of
320,042 shares of its common stock at an average price of $31.04
per share pursuant to the 2024 stock repurchase program. These
shares were returned to the pool of authorized but unissued shares
of common stock.
The impacts of economic headwinds that began in 2022, and
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, “Hilltop’s
operating results for the first quarter of 2024 reflect a general
continuation in market trends that were experienced throughout
2023. The elevated interest rate environment continues to impact
our net interest margin primarily through increased borrowing
costs. Additionally, a lack of housing inventory and pressured home
buying affordability limited mortgage origination volumes. Despite
these pressures, Hilltop’s robust liquidity position allowed for a
return of high-cost deposits.
“During the quarter, PlainsCapital Bank produced an annualized
return on average assets of 1.20% highlighting the steady earnings
power of the franchise. HilltopSecurities delivered a pre-tax
margin of 16% on net revenues of $117 million, primarily due to
strong results from the structured finance and wealth management
business lines. As previously mentioned, PrimeLending’s results
remain challenged due to elevated mortgage rates and suboptimal
housing inventory across the country. From a consolidated
perspective, we will continue to protect our strong balance sheet
position and aim to produce results that improve our tangible book
value per share over time.”
First Quarter 2024 Highlights for Hilltop:
- The reversal of credit losses was $2.9 million during the first
quarter of 2024, compared to a provision for credit losses of $1.3
million in the fourth quarter of 2023 and a provision for credit
losses of $2.3 million in the first quarter of 2023;
- The reversal of credit losses during the first quarter of 2024
reflected a release in the allowance related to improvements to the
U.S. economic outlook since the prior quarter, partially offset by
increases in specific reserves within the banking segment.
- For the first quarter of 2024, net gains from sale of loans and
other mortgage production income and mortgage loan origination fees
within the mortgage origination segment was $66.6 million, compared
to $68.7 million in the first quarter of 2023, a 3.1% decrease;
- Mortgage loan origination production volume was $1.7 billion
during the first quarter of 2024, compared to $1.7 billion in the
first quarter of 2023;
- Net gains from mortgage loans sold to third parties increased
to 221 basis points during the first quarter of 2024, compared to
189 basis points in the fourth quarter of 2023.
- Hilltop’s consolidated annualized return on average assets and
return on average stockholders’ equity for the first quarter of
2024 were 0.74% and 5.23%, respectively, compared to 0.69% and
5.12%, respectively, for the first quarter of 2023;
- Hilltop’s book value per common share increased to $32.66 at
March 31, 2024, compared to $32.58 at December 31, 2023;
- Hilltop’s total assets were $16.2 billion and $16.5 billion at
March 31, 2024 and December 31, 2023, respectively;
- Loans1, net of allowance for credit losses, were $7.6 billion
at each of March 31, 2024 and December 31, 2023, respectively;
- Non-accrual loans were $64.7 million, or 0.73% of total loans,
at March 31, 2024, compared to $68.3 million, or 0.76% of total
loans, at December 31, 2023;
- Non-accrual loans at March 31, 2024 included a single non-owner
occupied commercial real estate credit relationship within our
hotel/motel portfolio industry subsector that was reclassified
since the prior period from loans held for investment to loans held
for sale.
- Loans held for sale decreased by 10.8% from December 31, 2023
to $0.8 billion at March 31, 2024;
- Total deposits were $10.9 billion and $11.1 billion at March
31, 2024 and December 31, 2023, respectively;
- Total estimated uninsured deposits were $4.8 billion, or
approximately 44% of total deposits, while estimated uninsured
deposits, excluding collateralized deposits of $360.5 million, were
$4.5 billion, or approximately 41% of total deposits, at March 31,
2024.
- Hilltop maintained strong capital levels2 with a Tier 1
Leverage Ratio3 of 12.49% and a Common Equity Tier 1 Capital Ratio
of 19.73% at March 31, 2024;
- Hilltop’s consolidated net interest margin4 decreased to 2.85%
for the first quarter of 2024, compared to 2.96% in the fourth
quarter of 2023;
- For the first quarter of 2024, noninterest income was $181.6
million, compared to $162.5 million in the first quarter of 2023,
an 11.8% increase;
- For the first quarter of 2024, noninterest expense was $250.0
million, compared to $250.5 million in the first quarter of 2023, a
0.2% decrease; and
- Hilltop’s effective tax rate was 22.5% during the first quarter
of 2024, compared to 11.6% during the same period in 2023.
- The effective tax rate for the first 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 $332.6 million and $344.1 million at March 31, 2024 and
December 31, 2023, 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
March 31,
December 31,
September 30,
June 30,
March 31,
(in 000's)
2024
2023
2023
2023
2023
Cash and due from banks
$
1,710,066
$
1,858,700
$
1,513,747
$
1,584,709
$
1,764,081
Federal funds sold
650
650
3,650
650
743
Assets segregated for regulatory
purposes
70,717
57,395
47,491
50,711
36,199
Securities purchased under agreements to
resell
91,608
80,011
123,719
143,982
144,201
Securities:
Trading, at fair value
657,700
515,991
578,901
696,649
692,908
Available for sale, at fair value, net
(1)
1,480,555
1,507,595
1,456,238
1,526,869
1,641,571
Held to maturity, at amortized cost, net
(1)
790,550
812,677
825,079
847,437
862,280
Equity, at fair value
315
321
264
258
231
2,929,120
2,836,584
2,860,482
3,071,213
3,196,990
Loans held for sale
842,324
943,846
1,058,806
1,333,044
1,040,138
Loans held for investment, net of unearned
income
8,062,693
8,079,745
8,204,052
8,354,122
8,192,846
Allowance for credit losses
(104,231
)
(111,413
)
(110,822
)
(109,306
)
(97,354
)
Loans held for investment, net
7,958,462
7,968,332
8,093,230
8,244,816
8,095,492
Broker-dealer and clearing organization
receivables
1,473,561
1,573,931
1,460,352
1,474,177
1,560,246
Premises and equipment, net
165,557
168,856
172,097
176,574
180,132
Operating lease right-of-use assets
95,343
88,580
93,057
97,979
100,122
Mortgage servicing assets
95,591
96,662
104,951
95,101
103,314
Other assets
501,244
517,545
588,751
588,166
529,438
Goodwill
267,447
267,447
267,447
267,447
267,447
Other intangible assets, net
7,943
8,457
9,078
9,772
10,544
Total assets
$
16,209,633
$
16,466,996
$
16,396,858
$
17,138,341
$
17,029,087
Deposits:
Noninterest-bearing
$
3,028,543
$
3,007,101
$
3,200,247
$
3,451,438
$
3,807,878
Interest-bearing
7,855,553
8,056,091
7,902,850
7,712,739
7,289,269
Total deposits
10,884,096
11,063,192
11,103,097
11,164,177
11,097,147
Broker-dealer and clearing organization
payables
1,436,462
1,430,734
1,368,064
1,306,646
1,383,317
Short-term borrowings
892,574
900,038
882,999
1,628,637
1,572,794
Securities sold, not yet purchased, at
fair value
60,562
34,872
51,527
74,761
51,497
Notes payable
347,273
347,145
347,020
364,531
376,410
Operating lease liabilities
114,518
109,002
114,334
119,999
122,878
Other liabilities
314,718
431,684
422,955
389,336
341,246
Total liabilities
14,050,203
14,316,667
14,289,996
15,048,087
14,945,289
Common stock
653
652
652
651
650
Additional paid-in capital
1,049,831
1,054,662
1,052,867
1,050,191
1,044,774
Accumulated other comprehensive loss
(119,606
)
(121,505
)
(145,083
)
(131,718
)
(125,461
)
Retained earnings
1,201,013
1,189,222
1,171,250
1,144,624
1,136,901
Deferred compensation employee stock
trust, net
115
228
340
450
446
Employee stock trust
(142
)
(292
)
(446
)
(599
)
(599
)
Total Hilltop stockholders' equity
2,131,864
2,122,967
2,079,580
2,063,599
2,056,711
Noncontrolling interests
27,566
27,362
27,282
26,655
27,087
Total stockholders' equity
2,159,430
2,150,329
2,106,862
2,090,254
2,083,798
Total liabilities & stockholders'
equity
$
16,209,633
$
16,466,996
$
16,396,858
$
17,138,341
$
17,029,087
_____________________________
(1)
At March 31, 2024, the amortized cost of
the available for sale securities portfolio was $1,594,167, while
the fair value of the held to maturity securities portfolio was
$702,843.
Three Months Ended
Consolidated Income Statements
March 31,
December 31,
September 30,
June 30,
March 31,
(in 000's, except per share
data)
2024
2023
2023
2023
2023
Interest income:
Loans, including fees
$
134,331
$
138,096
$
142,402
$
138,397
$
123,379
Securities borrowed
20,561
18,659
17,683
18,515
17,068
Securities:
Taxable
26,241
28,763
27,166
26,719
25,602
Tax-exempt
2,415
2,545
2,464
2,566
3,188
Other
26,066
28,704
27,040
27,229
22,190
Total interest income
209,614
216,767
216,755
213,426
191,427
Interest expense:
Deposits
69,144
68,339
64,290
54,726
35,824
Securities loaned
19,039
17,247
16,169
16,413
15,346
Short-term borrowings
11,588
13,495
14,212
17,706
12,444
Notes payable
3,590
3,596
4,026
3,973
3,853
Other
2,632
2,864
2,408
2,342
2,255
Total interest expense
105,993
105,541
101,105
95,160
69,722
Net interest income
103,621
111,226
115,650
118,266
121,705
Provision for (reversal of) credit
losses
(2,871
)
1,265
(40
)
14,836
2,331
Net interest income after provision for
(reversal of) credit losses
106,492
109,961
115,690
103,430
119,374
Noninterest income:
Net gains from sale of loans and other
mortgage production income
40,197
36,387
47,262
48,535
39,966
Mortgage loan origination fees
26,438
32,844
41,478
41,440
28,777
Securities commissions and fees
35,557
33,002
28,044
29,606
31,223
Investment and securities advisory fees
and commissions
30,226
35,780
39,662
32,037
26,848
Other
49,200
40,965
40,403
39,034
35,680
Total noninterest income
181,618
178,978
196,849
190,652
162,494
Noninterest expense:
Employees' compensation and benefits
165,830
160,390
173,195
176,908
167,817
Occupancy and equipment, net
21,912
21,524
21,912
23,025
22,865
Professional services
9,731
13,170
12,639
12,594
10,697
Other
52,550
55,761
52,271
54,450
49,091
Total noninterest expense
250,023
250,845
260,017
266,977
250,470
Income before income taxes
38,087
38,094
52,522
27,105
31,398
Income tax expense
8,565
7,132
13,211
7,167
3,630
Net income
29,522
30,962
39,311
19,938
27,768
Less: Net income attributable to
noncontrolling interest
1,854
2,291
2,269
1,805
1,968
Income attributable to Hilltop
$
27,668
$
28,671
$
37,042
$
18,133
$
25,800
Earnings per common share:
Basic
$
0.42
$
0.44
$
0.57
$
0.28
$
0.40
Diluted
$
0.42
$
0.44
$
0.57
$
0.28
$
0.40
Cash dividends declared per common
share
$
0.17
$
0.16
$
0.16
$
0.16
$
0.16
Weighted average shares outstanding:
Basic
65,200
65,136
65,106
65,025
64,901
Diluted
65,214
65,138
65,108
65,054
64,954
Three Months Ended March 31,
2024
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
91,606
$
12,269
$
(4,252
)
$
(3,103
)
$
7,101
$
103,621
Provision for (reversal of) credit
losses
(2,853
)
(18
)
—
—
—
(2,871
)
Noninterest income
11,903
104,578
66,700
5,785
(7,348
)
181,618
Noninterest expense
56,020
97,947
78,898
17,384
(226
)
250,023
Income (loss) before taxes
$
50,342
$
18,918
$
(16,450
)
$
(14,702
)
$
(21
)
$
38,087
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
Selected Financial Data
2024
2023
2023
2023
2023
Hilltop
Consolidated:
Return on average stockholders' equity
5.23
%
5.46
%
7.11
%
3.53
%
5.12
%
Return on average assets
0.74
%
0.75
%
0.94
%
0.47
%
0.69
%
Net interest margin (1)
2.85
%
2.96
%
3.02
%
3.03
%
3.28
%
Net interest margin (taxable equivalent)
(2):
As reported
2.87
%
2.98
%
3.04
%
3.03
%
3.28
%
Impact of purchase accounting
4 bps
4 bps
7 bps
9 bps
6 bps
Book value per common share ($)
32.66
32.58
31.91
31.71
31.63
Shares outstanding, end of period
(000's)
65,267
65,153
65,170
65,071
65,023
Dividend payout ratio (3)
40.06
%
36.35
%
28.12
%
57.37
%
40.25
%
Banking
Segment:
Net interest margin (1)
3.00
%
2.94
%
3.08
%
3.11
%
3.40
%
Net interest margin (taxable equivalent)
(2):
As reported
3.00
%
2.95
%
3.09
%
3.11
%
3.41
%
Impact of purchase accounting
5 bps
5 bps
8 bps
11 bps
7 bps
Accretion of discount on loans
($000's)
1,299
1,202
2,226
3,334
1,870
Net recoveries (charge-offs) ($000's)
(4,311
)
(674
)
1,556
(2,884
)
(419
)
Return on average assets
1.20
%
1.12
%
1.20
%
0.89
%
1.44
%
Fee income ratio
11.5
%
11.2
%
10.5
%
10.0
%
9.6
%
Efficiency ratio
54.1
%
53.2
%
51.4
%
51.2
%
48.4
%
Employees' compensation and benefits
($000's)
32,389
29,420
30,641
30,603
32,681
Broker-Dealer
Segment:
Net revenue ($000's) (4)
116,847
119,989
118,703
113,241
104,498
Employees' compensation and benefits
($000's)
69,457
68,746
69,930
65,290
62,429
Variable compensation expense ($000's)
35,274
39,435
39,929
34,798
30,821
Compensation as a % of net revenue
59.4
%
57.3
%
58.9
%
57.7
%
59.7
%
Pre-tax margin (5)
16.2
%
16.8
%
18.2
%
16.3
%
12.8
%
Mortgage
Origination Segment:
Mortgage loan originations - volume
($000's):
Home purchases
1,548,941
1,698,009
2,091,444
2,301,007
1,607,330
Refinancings
127,545
117,018
152,257
150,643
125,423
Total mortgage loan originations -
volume
1,676,486
1,815,027
2,243,701
2,451,650
1,732,753
Mortgage loan sales - volume ($000's)
1,749,857
1,874,001
2,395,357
2,115,706
1,661,521
Net gains from mortgage loan sales (basis
points):
Loans sold to third parties
221
189
199
207
193
Impact of loans retained by banking
segment
(5
)
0
(1
)
(6
)
(7
)
As reported
216
189
198
201
186
Mortgage servicing rights asset ($000's)
(6)
95,591
96,662
104,951
95,101
103,314
Employees' compensation and benefits
($000's)
52,694
53,766
64,016
70,982
62,355
Variable compensation expense ($000's)
22,188
24,085
33,070
36,249
25,573
_____________________________
(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, $0.1 million and $0.1 million,
respectively, for the periods presented and for the banking segment
were $0.1 million, $0.2 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.
March 31,
December 31,
September 30,
June 30,
March 31,
Capital Ratios
2024
2023
2023
2023
2023
Tier 1 capital (to average assets):
PlainsCapital
11.00
%
10.55
%
10.62
%
10.28
%
10.69
%
Hilltop
12.49
%
12.23
%
11.92
%
11.47
%
11.82
%
Common equity Tier 1 capital (to
risk-weighted assets):
PlainsCapital
15.87
%
15.44
%
15.31
%
14.48
%
14.97
%
Hilltop
19.73
%
19.32
%
18.60
%
17.61
%
17.99
%
Tier 1 capital (to risk-weighted
assets):
PlainsCapital
15.87
%
15.44
%
15.31
%
14.48
%
14.97
%
Hilltop
19.73
%
19.32
%
18.60
%
17.61
%
17.99
%
Total capital (to risk-weighted
assets):
PlainsCapital
17.06
%
16.58
%
16.45
%
15.56
%
15.94
%
Hilltop
22.79
%
22.34
%
21.54
%
20.41
%
20.75
%
March 31,
December 31,
September 30,
June 30,
March 31,
Non-Performing Assets Portfolio
Data
2024
2023
2023
2023
2023
Loans accounted for on a non-accrual basis
($000's):
Commercial real estate:
Non-owner occupied
$
34,661
$
36,440
$
2,375
$
2,456
$
1,038
Owner occupied
4,846
5,098
4,964
1,096
935
Commercial and industrial
12,165
9,502
10,190
21,442
10,807
Construction and land development
698
3,480
760
593
199
1-4 family residential
12,363
13,801
13,202
13,360
14,387
Consumer
3
6
7
9
12
Broker-dealer
—
—
—
—
—
Non-accrual loans ($000's)
$
64,736
$
68,327
$
31,498
$
38,956
$
27,378
Non-accrual loans as a % of total loans
($000's)
0.73
%
0.76
%
0.34
%
0.40
%
0.30
%
Other real estate owned ($000's)
5,254
5,095
5,386
3,481
3,202
Other repossessed assets ($000's)
472
—
—
—
—
Non-performing assets ($000's)
70,462
73,422
36,884
42,437
30,580
Non-performing assets as a % of total
assets ($000's)
0.43
%
0.45
%
0.22
%
0.25
%
0.18
%
Loans past due 90 days or more and still
accruing ($000's) (1)
112,799
115,090
106,346
130,036
114,523
_____________________________
(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 March
31,
2024
2023
Average
Interest
Annualized
Average
Interest
Annualized
Net Interest Margin (Taxable
Equivalent) Details (1)
Outstanding
Earned
Yield or
Outstanding
Earned
Yield or
Balance
or Paid
Rate
Balance
or Paid
Rate
Assets
Interest-earning assets
Loans held for sale
$
802,098
$
11,655
5.81
%
$
815,393
$
10,724
5.26
%
Loans held for investment, gross (2)
7,835,647
122,676
6.28
%
7,894,668
112,655
5.79
%
Investment securities - taxable
2,619,081
26,241
4.01
%
2,813,734
25,602
3.64
%
Investment securities - non-taxable
(3)
293,420
2,992
4.08
%
412,543
3,286
3.19
%
Federal funds sold and securities
purchased under agreements to resell
94,108
1,631
6.95
%
163,601
2,368
5.87
%
Interest-bearing deposits in other
financial institutions
1,458,784
19,245
5.29
%
1,480,323
16,116
4.42
%
Securities borrowed
1,442,870
20,561
5.64
%
1,419,797
17,068
4.81
%
Other
39,885
5,190
52.19
%
63,219
3,706
23.77
%
Interest-earning assets, gross (3)
14,585,893
210,191
5.78
%
15,063,278
191,525
5.16
%
Allowance for credit losses
(110,583
)
(97,060
)
Interest-earning assets, net
14,475,310
14,966,218
Noninterest-earning assets
1,522,337
1,336,908
Total assets
$
15,997,647
$
16,303,126
Liabilities and Stockholders'
Equity
Interest-bearing liabilities
Interest-bearing deposits
$
7,748,633
$
69,144
3.58
%
$
7,239,556
$
35,824
2.01
%
Securities loaned
1,401,975
19,039
5.45
%
1,323,857
15,346
4.70
%
Notes payable and other borrowings
1,327,889
17,810
5.38
%
1,490,075
18,552
5.05
%
Total interest-bearing liabilities
10,478,497
105,993
4.06
%
10,053,488
69,722
2.81
%
Noninterest-bearing liabilities
Noninterest-bearing deposits
2,951,357
3,789,757
Other liabilities
420,355
390,107
Total liabilities
13,850,209
14,233,352
Stockholders’ equity
2,120,494
2,043,157
Noncontrolling interest
26,944
26,617
Total liabilities and stockholders'
equity
$
15,997,647
$
16,303,126
Net interest income (3)
$
104,198
$
121,803
Net interest spread (3)
1.72
%
2.35
%
Net interest margin (3)
2.87
%
3.28
%
_____________________________
(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 $0.6 million and $0.1 million
for the three months ended March 31, 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, April 19, 2024. Hilltop
President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr
will review first quarter 2024 financial results. Interested
parties can access the conference call by dialing 800-579-2543
(North America) or 785-424-1789 (International) and then using the
conference ID HH1Q24. 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 March 31, 2024, Hilltop employed
approximately 3,740 people and operated approximately 325 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/20240418458905/en/
Investor Relations Contact: Erik Yohe 214-525-4634
eyohe@hilltop.com
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