Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced
financial results for the third quarter of 2023. Hilltop produced
income to common stockholders of $37.0 million, or $0.57 per
diluted share, for the third quarter of 2023, compared to $32.1
million, or $0.50 per diluted share, for the third quarter of 2022.
Hilltop’s financial results for the third quarter of 2023 included
decreases in year-over-year mortgage origination segment net gains
from sales of loans and other mortgage production income, a decline
in the net interest income within the banking segment, and
increases in net revenues within certain of the broker-dealer
segment’s business lines.
Hilltop also announced that its Board of Directors declared a
quarterly cash dividend of $0.16 per common share, payable on
November 28, 2023, to all common stockholders of record as of the
close of business on November 13, 2023.
Headwinds that began in 2022, and continued through the first
nine months of 2023, including the impact of tight housing
inventories on mortgage volumes, declining deposit balances, rapid
increases in market interest rates and a volatile economic forecast
have had, and are expected to continue to have, an adverse impact
on our operating results during the remainder of 2023. The impacts
of such headwinds during the remainder of 2023 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, international armed conflicts and their impact on
supply chains, and disruptions to the economy and the U.S. banking
system caused by high-profile bank failures during early 2023.
Jeremy B. Ford, President and CEO of Hilltop, said “Hilltop’s
operating results for the third quarter reflect a general
continuation in market pressures experienced in the first half of
the year. While PlainsCapital Bank produced strong financial
results for the quarter with a 1.20% return on average assets, the
competitive environment around deposits resulted in further
pressure on the bank’s net interest margin. HilltopSecurities
generated robust financial results as the wealth management and
structured finance businesses produced strong net revenues, which
more than offset challenging market conditions for the public
finance and fixed income capital markets businesses. PrimeLending’s
results continued to be impacted by the housing market’s lack of
inventory, consumer affordability challenges and a stubbornly
compressed gain-on-sale margin.
“As we progress into the final quarter of the year, we will
continue to prudently manage our balance sheet, closely monitor our
expenses and serve our valued clients.”
Third Quarter 2023 Highlights for Hilltop:
- The reversal of credit losses was $40 thousand during the third
quarter of 2023, compared to a provision for credit losses of $14.8
million in the second quarter of 2023 and a reversal of credit
losses of $0.8 million in the third quarter of 2022;
- The slight reversal of credit losses during the third quarter
of 2023 reflected improvements to the U.S. economic outlook and
decreases in specific reserves within our broker dealer segment,
offset by increases in specific reserves and net portfolio changes
within the banking segment.
- For the third quarter of 2023, net gains from sale of loans and
other mortgage production income and mortgage loan origination fees
within our mortgage origination segment was $88.7 million, compared
to $98.0 million in the third quarter of 2022, a 9.4% decrease;
- Mortgage loan origination production volume was $2.2 billion
during the third quarter of 2023, compared to $3.0 billion in the
third quarter of 2022;
- Net gains from mortgage loans sold to third parties decreased
to 199 basis points during the third quarter of 2023, compared to
207 basis points in the second quarter of 2023.
- Hilltop’s consolidated annualized return on average assets and
return on average stockholders’ equity for the third quarter of
2023 were 0.94% and 7.11%, respectively, compared to 0.79% and
6.26%, respectively, for the third quarter of 2022;
- Hilltop’s book value per common share increased to $31.91 at
September 30, 2023, compared to $31.71 at June 30, 2023;
- Hilltop’s total assets were $16.4 billion and $17.1 billion at
September 30, 2023 and June 30, 2023, respectively;
- Loans1, net of allowance for credit losses, were $7.7 billion
and $7.9 billion at September 30, 2023 and June 30, 2023,
respectively;
- Non-performing loans were $31.5 million, or 0.34% of total
loans, at September 30, 2023, compared to $39.0 million, or 0.40%
of total loans, at June 30, 2023;
- Loans held for sale decreased by 20.6% from June 30, 2023 to
$1.1 billion at September 30, 2023;
- Total deposits were $11.1 billion and $11.2 billion at
September 30, 2023 and June 30, 2023, respectively;
- Total estimated uninsured deposits were $4.4 billion, or
approximately 40% of total deposits, while estimated uninsured
deposits, excluding collateralized deposits of $276.3 million, were
$4.2 billion, or approximately 37% of total deposits at September
30, 2023.
- Hilltop maintained strong capital levels2 with a Tier 1
Leverage Ratio3 of 11.92% and a Common Equity Tier 1 Capital Ratio
of 18.60% at September 30, 2023;
- Hilltop’s consolidated net interest margin4 decreased to 3.02%
for the third quarter of 2023, compared to 3.03% in the second
quarter of 2023;
- For the third quarter of 2023, noninterest income was $196.8
million, compared to $207.0 million in the third quarter of 2022, a
4.9% decrease;
- For the third quarter 2023, noninterest expense was $260.0
million, compared to $288.7 million in the third quarter of 2022, a
9.9% decrease; and
- Hilltop’s effective tax rate was 25.2% during the third quarter
of 2023, compared to 21.8% during the same period in 2022.
- The effective tax rate for the third quarter was higher than
the applicable statutory rate primarily due to the impact of
non-deductible compensation expense and other permanent
adjustments.
_____________________________
1 “Loans” reflect loans held for
investment excluding broker-dealer margin loans, net of allowance
for credit losses, of $357.1 million and $358.5 million at
September 30, 2023 and June 30, 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.
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)
2023
2023
2023
2022
2022
Cash and due from banks
$
1,513,747
$
1,584,709
$
1,764,081
$
1,579,512
$
1,777,584
Federal funds sold
3,650
650
743
650
663
Assets segregated for regulatory
purposes
47,491
50,711
36,199
67,737
109,358
Securities purchased under agreements to
resell
123,719
143,982
144,201
118,070
145,365
Securities:
Trading, at fair value
578,901
696,649
692,908
755,032
641,864
Available for sale, at fair value, net
(1)
1,456,238
1,526,869
1,641,571
1,658,766
1,584,724
Held to maturity, at amortized cost, net
(1)
825,079
847,437
862,280
875,532
889,452
Equity, at fair value
264
258
231
200
209
2,860,482
3,071,213
3,196,990
3,289,530
3,116,249
Loans held for sale
1,058,806
1,333,044
1,040,138
982,616
1,003,605
Loans held for investment, net of unearned
income
8,204,052
8,354,122
8,192,846
8,092,673
7,944,246
Allowance for credit losses
(110,822
)
(109,306
)
(97,354
)
(95,442
)
(91,783
)
Loans held for investment, net
8,093,230
8,244,816
8,095,492
7,997,231
7,852,463
Broker-dealer and clearing organization
receivables
1,460,352
1,474,177
1,560,246
1,038,055
1,255,052
Premises and equipment, net
172,097
176,574
180,132
184,950
191,423
Operating lease right-of-use assets
93,057
97,979
100,122
102,443
103,099
Mortgage servicing assets
104,951
95,101
103,314
100,825
156,539
Other assets
588,751
588,166
529,438
518,899
624,235
Goodwill
267,447
267,447
267,447
267,447
267,447
Other intangible assets, net
9,078
9,772
10,544
11,317
12,209
Total assets
$
16,396,858
$
17,138,341
$
17,029,087
$
16,259,282
$
16,615,291
Deposits:
Noninterest-bearing
$
3,200,247
$
3,451,438
$
3,807,878
$
3,968,862
$
4,546,816
Interest-bearing
7,902,850
7,712,739
7,289,269
7,346,887
6,805,198
Total deposits
11,103,097
11,164,177
11,097,147
11,315,749
11,352,014
Broker-dealer and clearing organization
payables
1,368,064
1,306,646
1,383,317
966,470
1,176,156
Short-term borrowings
882,999
1,628,637
1,572,794
970,056
942,309
Securities sold, not yet purchased, at
fair value
51,527
74,761
51,497
53,023
99,515
Notes payable
347,020
364,531
376,410
346,654
390,354
Operating lease liabilities
114,334
119,999
122,878
126,759
120,635
Other liabilities
422,955
389,336
341,246
417,042
475,425
Total liabilities
14,289,996
15,048,087
14,945,289
14,195,753
14,556,408
Common stock
652
651
650
647
646
Additional paid-in capital
1,052,867
1,050,191
1,044,774
1,046,331
1,043,605
Accumulated other comprehensive loss
(145,083
)
(131,718
)
(125,461
)
(133,531
)
(119,864
)
Retained earnings
1,171,250
1,144,624
1,136,901
1,123,636
1,107,586
Deferred compensation employee stock
trust, net
340
450
446
481
479
Employee stock trust
(446
)
(599
)
(599
)
(640
)
(641
)
Total Hilltop stockholders' equity
2,079,580
2,063,599
2,056,711
2,036,924
2,031,811
Noncontrolling interests
27,282
26,655
27,087
26,605
27,072
Total stockholders' equity
2,106,862
2,090,254
2,083,798
2,063,529
2,058,883
Total liabilities & stockholders'
equity
$
16,396,858
$
17,138,341
$
17,029,087
$
16,259,282
$
16,615,291
_____________________________
(1) At September 30, 2023, the amortized cost of the available
for sale securities portfolio was $1,606,340, while the fair value
of the held to maturity securities portfolio was $703,366.
Three Months Ended
Consolidated Income Statements
September 30,
June 30,
March 31,
December 31,
September 30,
(in 000's, except per share
data)
2023
2023
2023
2022
2022
Interest income:
Loans, including fees
$
142,402
$
138,397
$
123,379
$
117,906
$
109,165
Securities borrowed
17,683
18,515
17,068
14,162
10,938
Securities:
Taxable
27,166
26,719
25,602
23,293
19,642
Tax-exempt
2,464
2,566
3,188
3,002
2,451
Other
27,040
27,229
22,190
21,611
14,276
Total interest income
216,755
213,426
191,427
179,974
156,472
Interest expense:
Deposits
64,290
54,726
35,824
28,238
12,525
Securities loaned
16,169
16,413
15,346
13,179
9,407
Short-term borrowings
14,212
17,706
12,444
10,278
5,550
Notes payable
4,026
3,973
3,853
3,988
3,907
Other
2,408
2,342
2,255
849
1,597
Total interest expense
101,105
95,160
69,722
56,532
32,986
Net interest income
115,650
118,266
121,705
123,442
123,486
Provision for (reversal of) credit
losses
(40
)
14,836
2,331
3,638
(780
)
Net interest income after provision for
(reversal of) credit losses
115,690
103,430
119,374
119,804
124,266
Noninterest income:
Net gains from sale of loans and other
mortgage production income
47,262
48,535
39,966
35,949
57,998
Mortgage loan origination fees
41,478
41,440
28,777
35,198
39,960
Securities commissions and fees
28,044
29,606
31,223
33,143
34,076
Investment and securities advisory fees
and commissions
39,662
32,037
26,848
30,661
35,031
Other
40,403
39,034
35,680
34,833
39,910
Total noninterest income
196,849
190,652
162,494
169,784
206,975
Noninterest expense:
Employees' compensation and benefits
173,195
176,908
167,817
167,892
200,450
Occupancy and equipment, net
21,912
23,025
22,865
23,077
25,041
Professional services
12,639
12,594
10,697
11,555
10,631
Other
52,271
54,450
49,091
50,844
52,616
Total noninterest expense
260,017
266,977
250,470
253,368
288,738
Income before income taxes
52,522
27,105
31,398
36,220
42,503
Income tax expense
13,211
7,167
3,630
9,642
9,249
Net income
39,311
19,938
27,768
26,578
33,254
Less: Net income attributable to
noncontrolling interest
2,269
1,805
1,968
1,022
1,186
Income attributable to Hilltop
$
37,042
$
18,133
$
25,800
$
25,556
$
32,068
Earnings per common share:
Basic
$
0.57
$
0.28
$
0.40
$
0.40
$
0.50
Diluted
$
0.57
$
0.28
$
0.40
$
0.39
$
0.50
Cash dividends declared per common
share
$
0.16
$
0.16
$
0.16
$
0.15
$
0.15
Weighted average shares outstanding:
Basic
65,106
65,025
64,901
64,602
64,552
Diluted
65,108
65,054
64,954
64,779
64,669
Three Months Ended September
30, 2023
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
99,047
$
12,215
$
(5,482
)
$
(3,175
)
$
13,045
$
115,650
Provision for (reversal of) credit
losses
675
(715
)
—
—
—
(40
)
Noninterest income
11,668
106,488
88,747
3,159
(13,213
)
196,849
Noninterest expense
56,887
97,865
91,505
13,937
(177
)
260,017
Income (loss) before taxes
$
53,153
$
21,553
$
(8,240
)
$
(13,953
)
$
9
$
52,522
Nine Months Ended September
30, 2023
Segment Results
Mortgage
All Other and
Hilltop
(in 000's)
Banking
Broker-Dealer
Origination
Corporate
Eliminations
Consolidated
Net interest income (expense)
$
304,804
$
39,279
$
(15,590
)
$
(9,976
)
$
37,105
$
355,622
Provision for (reversal of) credit
losses
17,175
(48
)
—
—
—
17,127
Noninterest income
34,046
297,164
247,655
8,944
(37,815
)
549,994
Noninterest expense
170,450
283,063
278,918
45,750
(717
)
777,464
Income (loss) before taxes
$
151,225
$
53,428
$
(46,853
)
$
(46,782
)
$
7
$
111,025
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
Selected Financial Data
2023
2023
2023
2022
2022
Hilltop
Consolidated:
Return on average stockholders' equity
7.11
%
3.53
%
5.12
%
4.99
%
6.26
%
Return on average assets
0.94
%
0.47
%
0.69
%
0.63
%
0.79
%
Net interest margin (1)
3.02
%
3.03
%
3.28
%
3.23
%
3.19
%
Net interest margin (taxable equivalent)
(2):
As reported
3.04
%
3.03
%
3.28
%
3.24
%
3.20
%
Impact of purchase accounting
7 bps
9 bps
6 bps
7 bps
8 bps
Book value per common share ($)
31.91
31.71
31.63
31.49
31.46
Shares outstanding, end of period
(000's)
65,170
65,071
65,023
64,685
64,591
Dividend payout ratio (3)
28.12
%
57.37
%
40.25
%
37.92
%
30.19
%
Banking
Segment:
Net interest margin (1)
3.08
%
3.11
%
3.40
%
3.42
%
3.42
%
Net interest margin (taxable equivalent)
(2):
As reported
3.09
%
3.11
%
3.41
%
3.43
%
3.43
%
Impact of purchase accounting
8 bps
11 bps
7 bps
8 bps
10 bps
Accretion of discount on loans
($000's)
2,226
3,334
1,870
2,173
2,858
Net recoveries (charge-offs) ($000's)
1,556
(2,884
)
(419
)
21
(2,735
)
Return on average assets
1.20
%
0.89
%
1.44
%
1.31
%
1.41
%
Fee income ratio
10.5
%
10.0
%
9.6
%
9.8
%
9.9
%
Efficiency ratio
51.4
%
51.2
%
48.4
%
48.9
%
48.9
%
Employees' compensation and benefits
($000's)
30,641
30,603
32,681
34,526
35,934
Broker-Dealer
Segment:
Net revenue ($000's) (4)
118,703
113,241
104,498
106,919
114,184
Employees' compensation and benefits
($000's)
69,930
65,290
62,429
60,552
70,274
Variable compensation expense ($000's)
39,929
34,798
30,821
32,042
42,567
Compensation as a % of net revenue
58.9
%
57.7
%
59.7
%
56.6
%
61.5
%
Pre-tax margin (5)
18.2
%
16.3
%
12.8
%
18.5
%
15.3
%
Mortgage
Origination Segment:
Mortgage loan originations - volume
($000's):
Home purchases
2,091,444
2,301,007
1,607,330
1,895,731
2,832,136
Refinancings
152,257
150,643
125,423
147,511
211,075
Total mortgage loan originations -
volume
2,243,701
2,451,650
1,732,753
2,043,242
3,043,211
Mortgage loan sales - volume ($000's)
2,395,357
2,115,706
1,661,521
2,038,990
3,419,950
Net gains from mortgage loan sales (basis
points):
Loans sold to third parties
199
207
193
211
227
Impact of loans retained by banking
segment
(1
)
(6
)
(7
)
(19
)
(9
)
As reported
198
201
186
192
218
Mortgage servicing rights asset ($000's)
(6)
104,951
95,101
103,314
100,825
156,539
Employees' compensation and benefits
($000's)
64,016
70,982
62,355
64,940
86,079
Variable compensation expense ($000's)
33,070
36,249
25,573
26,724
44,312
________________________________
(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, $0.1 million, $0.1
million, $0.3 million and $0.4 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
2023
2023
2023
2022
2022
Tier 1 capital (to average assets):
PlainsCapital
10.62
%
10.28
%
10.69
%
10.26
%
10.29
%
Hilltop
11.92
%
11.47
%
11.82
%
11.47
%
11.41
%
Common equity Tier 1 capital (to
risk-weighted assets):
PlainsCapital
15.31
%
14.48
%
14.97
%
14.98
%
14.68
%
Hilltop
18.60
%
17.61
%
17.99
%
18.23
%
17.45
%
Tier 1 capital (to risk-weighted
assets):
PlainsCapital
15.31
%
14.48
%
14.97
%
14.98
%
14.68
%
Hilltop
18.60
%
17.61
%
17.99
%
18.23
%
17.45
%
Total capital (to risk-weighted
assets):
PlainsCapital
16.45
%
15.56
%
15.94
%
15.91
%
15.54
%
Hilltop
21.54
%
20.41
%
20.75
%
20.98
%
20.07
%
September 30,
June 30,
March 31,
December 31,
September 30,
Non-Performing Assets Portfolio
Data
2023
2023
2023
2022
2022
Loans accounted for on a non-accrual basis
($000's):
Commercial real estate
7,339
3,552
1,973
4,269
4,735
Commercial and industrial
10,190
21,442
10,807
9,095
12,078
Construction and land development
760
593
199
198
1
1-4 family residential
13,202
13,360
14,387
15,941
16,968
Consumer
7
9
12
14
16
Broker-dealer
—
—
—
—
—
31,498
38,956
27,378
29,517
33,798
Troubled debt restructurings included in
accruing loans held for investment ($000's) (1)
—
—
—
803
825
Non-performing loans ($000's) (1)
31,498
38,956
27,378
30,320
34,623
Non-performing loans as a % of total loans
($000's) (1)
0.34
%
0.40
%
0.30
%
0.33
%
0.39
%
Other real estate owned ($000's)
5,386
3,481
3,202
2,325
1,637
Other repossessed assets ($000's)
—
—
—
—
—
Non-performing assets ($000's) (1)
36,884
42,437
30,580
32,645
36,260
Non-performing assets as a % of total
assets ($000's) (1)
0.22
%
0.25
%
0.18
%
0.20
%
0.22
%
Loans past due 90 days or more and still
accruing ($000's) (2)
106,346
130,036
114,523
92,099
96,532
_____________________________
(1) Effective January 1, 2023, we adopted
Accounting Standards Update (“ASU”) 2022-02 which eliminated the
recognition and measurement guidance on troubled debt
restructurings for creditors. Therefore, we no longer present
troubled debt restructurings as a component of non-performing loans
and assets.
(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,
2023
2022
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
$
1,075,518
$
15,649
5.82
%
$
1,166,265
$
14,414
4.94
%
Loans held for investment, gross (2)
7,972,604
126,753
6.31
%
7,911,833
94,751
4.75
%
Investment securities - taxable
2,690,977
27,166
4.04
%
2,883,412
19,642
2.72
%
Investment securities - non-taxable
(3)
315,294
3,069
3.89
%
312,312
2,817
3.61
%
Federal funds sold and securities
purchased under agreements to resell
142,324
2,313
6.45
%
137,728
1,309
3.77
%
Interest-bearing deposits in other
financial institutions
1,550,991
20,320
5.20
%
1,780,220
9,542
2.13
%
Securities borrowed
1,371,625
17,683
5.04
%
1,116,837
10,938
3.83
%
Other
69,827
4,407
25.04
%
56,331
3,425
24.12
%
Interest-earning assets, gross (3)
15,189,160
217,360
5.68
%
15,364,938
156,838
4.05
%
Allowance for credit losses
(110,398
)
(95,083
)
Interest-earning assets, net
15,078,762
15,269,855
Noninterest-earning assets
1,448,834
1,399,228
Total assets
$
16,527,596
$
16,669,083
Liabilities and Stockholders'
Equity
Interest-bearing liabilities
Interest-bearing deposits
$
7,893,384
$
64,290
3.23
%
$
7,136,779
$
12,525
0.70
%
Securities loaned
1,303,883
16,169
4.92
%
980,530
9,407
3.81
%
Notes payable and other borrowings
1,527,371
20,646
5.36
%
1,262,985
11,054
3.47
%
Total interest-bearing liabilities
10,724,638
101,105
3.74
%
9,380,294
32,986
1.40
%
Noninterest-bearing liabilities
Noninterest-bearing deposits
3,347,752
4,543,067
Other liabilities
362,133
685,843
Total liabilities
14,434,523
14,609,204
Stockholders’ equity
2,066,564
2,032,717
Noncontrolling interest
26,509
27,162
Total liabilities and stockholders'
equity
$
16,527,596
$
16,669,083
Net interest income (3)
$
116,255
$
123,852
Net interest spread (3)
1.94
%
2.65
%
Net interest margin (3)
3.04
%
3.20
%
________________________________
(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 $0.4 million
for the three months ended September 30, 2023 and 2022,
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 20, 2023. Hilltop
President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr
will review third quarter 2023 financial results. Interested
parties can access the conference call by dialing 1-888-259-6580
(North America) and then using the access code 31393751. 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, 2023, Hilltop
employed approximately 3,900 people and operated approximately 336
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-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,”
“position,” “probable,” “progressing,” “projects,” “prudent,”
“seeks,” “should,” “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 the U.S.
banking system caused by bank failures during early 2023, 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/20231019863942/en/
Investor Relations Contact: Erik Yohe 214-525-4634
eyohe@hilltop-holdings.com
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