Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced
financial results for the third quarter of 2022. Hilltop produced
income to common stockholders of $32.1 million, or $0.50 per
diluted share, for the third quarter of 2022, compared to $92.9
million, or $1.15 per diluted share, for the third quarter of 2021.
Hilltop’s financial results for the third quarter of 2022 reflect a
significant decrease in year-over-year mortgage origination segment
net gains from sales of loans and other mortgage production
income.
Hilltop also announced that its Board of Directors declared a
quarterly cash dividend of $0.15 per common share payable on
November 25, 2022, to all common stockholders of record as of the
close of business on November 11, 2022.
Identified headwinds during 2022, including uncertainties
related to inflationary pressures on expenses, the impact of tight
housing inventories on mortgage volumes, declining deposit
balances, and increases in market interest rates, coupled with a
declining economic forecast, rapid increases in U.S. treasury
yields and mortgage interest rates, and exposure to increasing
funding costs during the first nine months of 2022 have had, and
are expected to continue to have, an adverse impact on our
operating results during the remainder of 2022 and into the first
half of 2023.
Jeremy B. Ford, President and CEO of Hilltop, said “Our third
quarter financial results were once again driven by a strong
performance from PlainsCapital Bank, which continued to prudently
grow its core loan portfolio while realizing the benefits of the
rising rate environment and resulting expansion of net interest
margin. Though deposits declined in the third quarter, the bank
still maintains elevated liquidity and ample core deposit funding
relative to its loan portfolio. HilltopSecurities experienced
improved third quarter results from both a net revenues and pre-tax
margin standpoint when compared to each of the trailing three
quarters. PrimeLending continues to face material housing market
headwinds, including a sharp rise in mortgage interest rates,
compression in gain on sale margins and continued affordability
concerns for potential home buyers. We remain focused at
PrimeLending, and across the Hilltop enterprise, on controlling
costs during this dynamic interest rate environment. Importantly,
despite the immense and sudden pressure in the mortgage sector, we
remained profitable on a consolidated basis and continued to grow
capital. We look forward to finishing out 2022 with strong results
from our talented team, while positioning Hilltop towards the
coming year.”
Third Quarter 2022 Highlights for Hilltop:
- The reversal of credit losses was $0.8 million during the third
quarter of 2022, compared to a provision for credit losses of $5.3
million in the second quarter of 2022 and a reversal of credit
losses of $5.8 million in the third quarter of 2021;
- The reversal of credit losses during the third quarter of 2022
reflected modest improvements in the U.S. economic outlook,
specific reserves and credit metrics since the prior quarter.
- For the third quarter of 2022, net gains from sale of loans and
other mortgage production income and mortgage loan origination fees
within our mortgage origination segment was $98.0 million, compared
to $241.9 million in the third quarter of 2021, a 59.5% decrease;
- Mortgage loan origination production volume was $3.0 billion
during the third quarter of 2022, compared to $5.6 billion in the
third quarter of 2021;
- Net gains from mortgage loans sold to third parties decreased
to 227 basis points during the third quarter of 2022, compared to
260 basis points in the second quarter of 2022.
- Hilltop’s consolidated annualized return on average assets and
return on average stockholders’ equity for the third quarter of
2022 were 0.79% and 6.26%, respectively, compared to 2.13% and
14.96%, respectively, for the third quarter of 2021;
- Hilltop’s book value per common share increased to $31.46 at
September 30, 2022, compared to $31.43 at June 30, 2022;
- Hilltop’s total assets were $16.6 billion and $16.7 billion at
September 30, 2022 and June 30, 2022, respectively;
- Loans1, net of allowance for credit losses, were $7.4 billion
at both September 30, 2022 and June 30, 2022;
- Non-performing loans were $34.6 million, or 0.39% of total
loans, at September 30, 2022, compared to $35.7 million, or 0.38%
of total loans, at June 30, 2022;
- Loans held for sale decreased by 32.7% from June 30, 2022 to
$1.0 billion at September 30, 2022;
- Total deposits were $11.4 billion and $11.9 billion at
September 30, 2022 and June 30, 2022, respectively;
- Hilltop maintained strong capital levels2 with a Tier 1
Leverage Ratio3 of 11.41% and a Common Equity Tier 1 Capital Ratio
of 17.45% at September 30, 2022;
- Hilltop’s consolidated net interest margin4 increased to 3.19%
for the third quarter of 2022, compared to 2.75% in the second
quarter of 2022;
- Included previously deferred interest income of $0.2 million
during the third quarter of 2022 related to PPP loan-related
origination fees, compared to $1.3 million in the second quarter of
2022.
- For the third quarter of 2022, noninterest income was $207.0
million, compared to $367.9 million in the third quarter of 2021, a
43.7% decrease;
- For the third quarter 2022, noninterest expense was $288.7
million, compared to $355.2 million in the third quarter of 2021, a
18.7% decrease; and
- Hilltop’s effective tax rate was 21.8% during the third quarter
of 2022, compared to 22.8% during the same period in 2021.
___________________
1
“Loans” reflect loans held for investment
excluding broker-dealer margin loans, net of allowance for credit
losses, of $402.0 million and $462.4 million at September 30, 2022
and June 30, 2022, 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.
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)
2022
2022
2022
2021
2021
Cash and due from banks
$
1,777,584
$
1,783,554
$
2,886,812
$
2,823,138
$
2,463,111
Federal funds sold
663
381
383
385
406
Assets segregated for regulatory
purposes
109,358
120,816
128,408
221,740
269,506
Securities purchased under agreements to
resell
145,365
139,929
256,991
118,262
155,908
Securities:
Trading, at fair value
641,864
593,273
471,763
647,998
609,813
Available for sale, at fair value, net
1,584,724
1,562,222
1,462,340
2,130,568
1,994,183
Held to maturity, at amortized cost,
net
889,452
920,583
953,107
267,684
277,419
Equity, at fair value
209
197
225
250
221
3,116,249
3,076,275
2,887,435
3,046,500
2,881,636
Loans held for sale
1,003,605
1,491,579
1,643,994
1,878,190
2,108,878
Loans held for investment, net of unearned
income
7,944,246
7,930,619
7,797,903
7,879,904
7,552,926
Allowance for credit losses
(91,783
)
(95,298
)
(91,185
)
(91,352
)
(109,512
)
Loans held for investment, net
7,852,463
7,835,321
7,706,718
7,788,552
7,443,414
Broker-dealer and clearing organization
receivables
1,255,052
1,049,830
1,610,352
1,672,946
1,419,652
Premises and equipment, net
191,423
195,361
198,906
204,438
210,026
Operating lease right-of-use assets
103,099
106,806
108,180
112,328
115,942
Mortgage servicing assets
156,539
121,688
100,475
86,990
110,931
Other assets
624,235
513,570
546,622
452,880
526,339
Goodwill
267,447
267,447
267,447
267,447
267,447
Other intangible assets, net
12,209
13,182
14,233
15,284
16,455
Total assets
$
16,615,291
$
16,715,739
$
18,356,956
$
18,689,080
$
17,989,651
Deposits:
Noninterest-bearing
$
4,546,816
$
4,601,643
$
4,694,592
$
4,577,183
$
4,433,148
Interest-bearing
6,805,198
7,319,143
7,972,110
8,240,894
7,699,014
Total deposits
11,352,014
11,920,786
12,666,702
12,818,077
12,132,162
Broker-dealer and clearing organization
payables
1,176,156
934,818
1,397,836
1,477,300
1,496,923
Short-term borrowings
942,309
822,649
835,054
859,444
747,040
Securities sold, not yet purchased, at
fair value
99,515
135,968
97,629
96,586
113,064
Notes payable
390,354
389,722
395,479
387,904
395,804
Operating lease liabilities
120,635
124,406
125,919
130,960
134,296
Other liabilities
475,425
329,987
347,742
369,606
468,020
Total liabilities
14,556,408
14,658,336
15,866,361
16,139,877
15,487,309
Common stock
646
646
794
790
790
Additional paid-in capital
1,043,605
1,039,261
1,275,649
1,274,446
1,270,272
Accumulated other comprehensive income
(loss)
(119,864
)
(95,279
)
(80,565
)
(10,219
)
367
Retained earnings
1,107,586
1,085,208
1,267,415
1,257,014
1,204,307
Deferred compensation employee stock
trust, net
479
695
744
752
751
Employee stock trust
(641
)
(954
)
(104
)
(115
)
(116
)
Total Hilltop stockholders' equity
2,031,811
2,029,577
2,463,933
2,522,668
2,476,371
Noncontrolling interests
27,072
27,826
26,662
26,535
25,971
Total stockholders' equity
2,058,883
2,057,403
2,490,595
2,549,203
2,502,342
Total liabilities & stockholders'
equity
$
16,615,291
$
16,715,739
$
18,356,956
$
18,689,080
$
17,989,651
Three Months Ended
Consolidated Income Statements
September 30,
June 30,
March 31,
December 31,
September 30,
(in 000's, except per share
data)
2022
2022
2022
2021
2021
Interest income:
Loans, including fees
$
109,165
$
98,728
$
90,408
$
96,104
$
99,769
Securities borrowed
10,938
10,498
8,817
8,524
8,585
Securities:
Taxable
19,642
17,288
15,581
13,916
12,341
Tax-exempt
2,451
2,141
2,419
2,639
2,687
Other
14,276
6,478
2,312
1,872
1,796
Total interest income
156,472
135,133
119,537
123,055
125,178
Interest expense:
Deposits
12,525
5,456
4,193
4,404
5,303
Securities loaned
9,407
8,512
7,472
6,624
6,519
Short-term borrowings
5,550
3,020
2,045
2,279
2,400
Notes payable
3,907
3,809
4,437
5,871
5,465
Junior subordinated debentures
—
—
—
—
419
Other
1,597
2,280
1,399
(417
)
(18
)
Total interest expense
32,986
23,077
19,546
18,761
20,088
Net interest income
123,486
112,056
99,991
104,294
105,090
Provision for (reversal of) credit
losses
(780
)
5,336
115
(18,565
)
(5,819
)
Net interest income after provision for
(reversal of) credit losses
124,266
106,720
99,876
122,859
110,909
Noninterest income:
Net gains from sale of loans and other
mortgage production income
57,998
97,543
110,894
156,103
203,152
Mortgage loan origination fees
39,960
42,378
32,062
35,930
38,780
Securities commissions and fees
34,076
34,757
37,146
32,801
34,412
Investment and securities advisory fees
and commissions
35,031
32,002
29,705
42,834
49,646
Other
39,910
32,593
6,621
17,178
41,955
Total noninterest income
206,975
239,273
216,428
284,846
367,945
Noninterest expense:
Employees' compensation and benefits
200,450
205,327
200,019
229,717
258,679
Occupancy and equipment, net
25,041
24,231
24,766
25,741
25,428
Professional services
10,631
16,246
10,063
9,904
14,542
Other
52,616
52,739
51,502
56,832
56,525
Total noninterest expense
288,738
298,543
286,350
322,194
355,174
Income before income taxes
42,503
47,450
29,954
85,511
123,680
Income tax expense
9,249
12,127
5,815
20,715
28,257
Net income
33,254
35,323
24,139
64,796
95,423
Less: Net income attributable to
noncontrolling interest
1,186
2,063
1,889
2,611
2,517
Income attributable to Hilltop
$
32,068
$
33,260
$
22,250
$
62,185
$
92,906
Earnings per common share:
Basic
$
0.50
$
0.45
$
0.28
$
0.79
$
1.16
Diluted
$
0.50
$
0.45
$
0.28
$
0.78
$
1.15
Cash dividends declared per common
share
$
0.15
$
0.15
$
0.15
$
0.12
$
0.12
Weighted average shares outstanding:
Basic
64,552
73,693
79,114
78,933
80,109
Diluted
64,669
73,838
79,356
79,427
80,542
Three Months Ended September
30, 2022
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
110,939
$
13,386
$
(2,939
)
$
(3,276
)
$
5,376
$
123,486
Provision for (reversal of) credit
losses
(650
)
(130
)
—
—
—
(780
)
Noninterest income
12,200
100,798
98,200
1,809
(6,032
)
206,975
Noninterest expense
60,160
96,843
118,345
14,034
(644
)
288,738
Income (loss) before taxes
$
63,629
$
17,471
$
(23,084
)
$
(15,501
)
$
(12
)
$
42,503
Nine Months Ended September
30, 2022
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
304,269
$
37,481
$
(6,066
)
$
(9,856
)
$
9,705
$
335,533
Provision for (reversal of) credit
losses
4,325
346
—
—
—
4,671
Noninterest income
37,438
249,139
381,477
5,655
(11,033
)
662,676
Noninterest expense
175,921
268,307
386,372
44,388
(1,357
)
873,631
Income (loss) before taxes
$
161,461
$
17,967
$
(10,961
)
$
(48,589
)
$
29
$
119,907
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
Selected Financial Data
2022
2022
2022
2021
2021
Hilltop
Consolidated:
Return on average stockholders' equity
6.26%
5.82%
3.60%
9.93%
14.96%
Return on average assets
0.79%
0.80%
0.53%
1.41%
2.13%
Net interest margin (1)
3.19%
2.75%
2.36%
2.44%
2.53%
Net interest margin (taxable equivalent)
(2):
As reported
3.20%
2.76%
2.37%
2.45%
2.54%
Impact of purchase accounting
8 bps
8 bps
7 bps
12 bps
9 bps
Book value per common share ($)
31.46
31.43
31.02
31.95
31.36
Shares outstanding, end of period
(000's)
64,591
64,576
79,439
78,965
78,959
Dividend payout ratio (3)
30.19%
33.33%
53.57%
15.19%
10.34%
Banking
Segment:
Net interest margin (1)
3.42%
2.97%
2.65%
2.81%
2.99%
Net interest margin (taxable equivalent)
(2):
As reported
3.43%
2.98%
2.65%
2.82%
3.00%
Impact of purchase accounting
10 bps
10 bps
8 bps
15 bps
11 bps
Accretion of discount on loans
($000's)
2,858
3,011
2,510
4,716
3,221
Net recoveries (charge-offs) ($000's)
(2,735
)
(1,223
)
(282
)
405
62
Return on average assets
1.41%
1.09%
0.98%
1.44%
1.36%
Fee income ratio
9.9%
11.0%
12.2%
10.8%
10.5%
Efficiency ratio
48.9%
50.4%
55.7%
54.2%
48.8%
Employees' compensation and benefits
($000's)
35,934
33,554
33,517
34,415
31,500
Broker-Dealer
Segment:
Net revenue ($000's) (4)
114,184
100,229
72,209
94,569
126,570
Employees' compensation and benefits
($000's)
70,274
64,494
55,825
65,301
82,429
Variable compensation expense ($000's)
42,567
37,471
26,625
35,939
53,505
Compensation as a % of net revenue
61.5%
64.3%
77.3%
69.1%
65.1%
Pre-tax margin (5)
15.3%
9.1%
(11.9)%
1.8%
13.8%
Mortgage
Origination Segment:
Mortgage loan originations - volume
($000's):
Home purchases
2,832,136
3,342,103
2,753,031
3,559,137
3,948,420
Refinancings
211,075
467,117
1,011,452
1,430,369
1,646,208
Total mortgage loan originations -
volume
3,043,211
3,809,220
3,764,483
4,989,506
5,594,628
Mortgage loan sales - volume ($000's)
3,419,950
3,872,935
3,868,596
4,988,538
6,195,559
Net gains from mortgage loan sales (basis
points):
Loans sold to third parties
227
260
321
362
359
Impact of loans retained by banking
segment
(9
)
(7
)
(9
)
(15
)
(13
)
As reported
218
253
312
347
346
Mortgage servicing rights asset ($000's)
(6)
156,539
121,688
100,475
86,990
110,931
Employees' compensation and benefits
($000's)
86,079
100,206
102,748
121,758
134,814
Variable compensation expense ($000's)
44,312
56,525
56,243
73,208
88,153
___________________
(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 $0.4
million, $0.4 million, $0.5 million, $0.5 million, and $0.6
million, respectively, for the periods presented and for the
banking segment were $0.2 million for each of 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
2022
2022
2022
2021
2021
Tier 1 capital (to average assets):
PlainsCapital
10.29%
9.67%
9.74%
10.20%
10.02%
Hilltop
11.41%
10.53%
12.46%
12.58%
12.64%
Common equity Tier 1 capital (to
risk-weighted assets):
PlainsCapital
14.68%
14.65%
15.37%
16.00%
15.40%
Hilltop
17.45%
17.24%
21.27%
21.22%
21.28%
Tier 1 capital (to risk-weighted
assets):
PlainsCapital
14.68%
14.65%
15.37%
16.00%
15.40%
Hilltop
17.45%
17.24%
21.27%
21.22%
21.28%
Total capital (to risk-weighted
assets):
PlainsCapital
15.54%
15.55%
16.18%
16.77%
16.32%
Hilltop
20.07%
19.90%
23.85%
23.75%
24.00%
September 30,
June 30,
March 31,
December 31,
September 30,
Non-Performing Assets Portfolio
Data
2022
2022
2022
2021
2021
Loans accounted for on a non-accrual basis
($000's) (1):
Commercial real estate
4,735
4,947
6,153
6,601
5,705
Commercial and industrial
12,078
13,315
18,486
22,478
29,808
Construction and land development
1
1
1
2
366
1-4 family residential
16,968
16,542
18,723
21,123
25,255
Consumer
16
19
21
23
24
Broker-dealer
—
—
—
—
—
33,798
34,824
43,384
50,227
61,158
Troubled debt restructurings included in
accruing loans held for investment ($000's)
825
857
890
922
1,038
Non-performing loans ($000's)
34,623
35,681
44,274
51,149
62,196
Non-performing loans as a % of total
loans
0.39%
0.38%
0.47%
0.52%
0.64%
Other real estate owned ($000's)
1,637
1,516
2,175
2,833
21,605
Other repossessed assets ($000's)
—
—
—
—
—
Non-performing assets ($000's)
36,260
37,197
46,449
53,982
83,801
Non-performing assets as a % of total
assets
0.22%
0.22%
0.25%
0.29%
0.47%
Loans past due 90 days or more and still
accruing ($000's) (2):
96,532
82,410
87,489
60,775
175,734
___________________
(1)
Loans accounted for on a non-accrual basis
do not include COVID-19 related loan modifications through January
1, 2022. The banking segment’s COVID-19 payment deferment programs
since the second quarter of 2020 allowed for a deferral of
principal and/or interest payments with such deferred principal
payments due and payable on the maturity date of the existing loan.
For the periods presented, the banking segment’s actions through
December 31, 2021 included approval of COVID-19 related loan
modifications, resulting in active loan modifications of
approximately $4 million and $17 million as of December 31, 2021
and September 30, 2021, respectively.
(2)
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,
2022
2021
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
$
1,166,265
$
14,414
4.94
%
$
2,300,939
$
17,696
3.08
%
Loans held for investment, gross (2)
7,911,833
94,751
4.75
%
7,514,392
82,073
4.33
%
Investment securities - taxable
2,883,412
19,642
2.72
%
2,585,362
12,328
1.91
%
Investment securities - non-taxable
(3)
312,312
2,817
3.61
%
318,408
3,252
4.09
%
Federal funds sold and securities
purchased under agreements to resell
137,728
1,309
3.77
%
161,577
207
—
%
Interest-bearing deposits in other
financial institutions
1,780,220
9,542
2.13
%
2,197,478
788
0.14
%
Securities borrowed
1,116,837
10,938
3.83
%
1,364,726
8,585
2.46
%
Other
56,331
3,425
24.12
%
51,350
813
6.28
%
Interest-earning assets, gross (3)
15,364,938
156,838
4.05
%
16,494,232
125,742
3.02
%
Allowance for credit losses
(95,083
)
(115,688
)
Interest-earning assets, net
15,269,855
16,378,544
Noninterest-earning assets
1,399,228
1,371,207
Total assets
$
16,669,083
$
17,749,751
Liabilities and Stockholders'
Equity
Interest-bearing liabilities
Interest-bearing deposits
$
7,136,779
$
12,525
0.70
%
$
7,622,748
$
5,303
0.28
%
Securities loaned
980,530
9,407
3.81
%
1,306,314
6,519
1.98
%
Notes payable and other borrowings
1,262,985
11,054
3.47
%
1,231,545
8,266
2.66
%
Total interest-bearing liabilities
9,380,294
32,986
1.40
%
10,160,607
20,088
0.78
%
Noninterest-bearing liabilities
Noninterest-bearing deposits
4,543,067
4,299,987
Other liabilities
685,843
800,225
Total liabilities
14,609,204
15,260,819
Stockholders’ equity
2,032,717
2,463,821
Noncontrolling interest
27,162
25,111
Total liabilities and stockholders'
equity
$
16,669,083
$
17,749,751
Net interest income (3)
$
123,852
$
105,654
Net interest spread (3)
2.65
%
2.24
%
Net interest margin (3)
3.20
%
2.54
%
___________________
(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 $0.4 million and $0.6 million
for the three months ended September 30, 2022 and 2021,
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 21, 2022. Hilltop
President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr
will review third quarter 2022 financial results. Interested
parties can access the conference call by dialing 1-844-200-6205
(United States), 1-833-950-0062 (Canada) or 1-929-526-1599 (all
other locations) and then using the access code 098668. 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 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, 2022, Hilltop
employed approximately 4,385 people and operated approximately 370
locations in 47 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 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
“anticipates,” “believes,” “building,” “continue,” “could,”
“drive,” “estimates,” “expects,” “extent,” “focus,” “forecasts,”
“goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plan,”
“probable,” “progressing,” “projects,” “seeks,” “should,” “target,”
“view,” “well-tuned,” “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; (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; and (v) risks
associated with concentration in real estate related loans. 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/20221020005898/en/
Erik Yohe 214-525-4634 eyohe@hilltop-holdings.com
Hilltop (NYSE:HTH)
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