Company Quick10K Filing
Hilltop Holdings
Price24.70 EPS2
Shares93 P/E11
MCap2,296 P/FCF-5
Net Debt-410 EBIT444
TEV1,886 TEV/EBIT4
TTM 2019-09-30, in MM, except price, ratios
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10-K 2012-12-31 Filed 2013-03-15
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10-K 2011-12-31 Filed 2012-03-09
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10-K 2009-12-31 Filed 2010-03-11
8-K 2020-10-22 Earnings, Other Events, Exhibits
8-K 2020-10-22 Earnings, Exhibits
8-K 2020-08-20 Officers
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-07-30 Earnings, Other Events, Exhibits
8-K 2020-07-23 Shareholder Vote
8-K 2020-07-23 Officers, Exhibits
8-K 2020-06-30 Enter Agreement, M&A, Other Events, Exhibits
8-K 2020-05-07
8-K 2020-05-07
8-K 2020-05-04
8-K 2020-04-30
8-K 2020-04-30
8-K 2020-01-31
8-K 2020-01-30
8-K 2020-01-30
8-K 2020-01-30
8-K 2020-01-30
8-K 2019-12-06
8-K 2019-11-22
8-K 2019-10-31
8-K 2019-10-31
8-K 2019-10-25
8-K 2019-09-26
8-K 2019-08-30
8-K 2019-08-19
8-K 2019-07-25
8-K 2019-07-25
8-K 2019-07-25
8-K 2019-04-25
8-K 2019-04-25
8-K 2019-04-25
8-K 2019-02-19
8-K 2019-01-24
8-K 2019-01-24
8-K 2018-12-12
8-K 2018-10-25
8-K 2018-10-25
8-K 2018-10-23
8-K 2018-10-16
8-K 2018-08-03
8-K 2018-08-01
8-K 2018-07-26
8-K 2018-07-26
8-K 2018-07-25
8-K 2018-04-26
8-K 2018-04-26
8-K 2018-02-13
8-K 2018-01-25
8-K 2018-01-25
8-K 2018-01-25

HTH 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 hth-20200930xex31d1.htm
EX-31.2 hth-20200930xex31d2.htm
EX-32.1 hth-20200930xex32d1.htm

Hilltop Holdings Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-31987

Hilltop Holdings Inc.

(Exact name of registrant as specified in its charter)

Maryland

84-1477939

(State or other jurisdiction of incorporation or

(I.R.S. Employer Identification No.)

organization)

6565 Hillcrest Avenue

Dallas, TX

75205

(Address of principal executive offices)

(Zip Code)

(214) 855-2177

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

HTH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes   No 

The number of shares of the registrant's common stock outstanding at October 23, 2020 was 90,238,435.

Table of Contents

HILLTOP HOLDINGS INC.

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2020

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets

3

Consolidated Statements of Operations

4

Consolidated Statements of Comprehensive Income

5

Consolidated Statements of Stockholders’ Equity

6

Consolidated Statements of Cash Flows

8

Notes to Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

52

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

100

Item 4.

Controls and Procedures

103

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

105

Item 1A.

Risk Factors

105

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

107

Item 6.

Exhibits

108

2

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)

September 30,

December 31,

 

    

2020

    

2019

 

Assets

Cash and due from banks

$

1,277,865

$

433,626

Federal funds sold

 

420

 

394

Assets segregated for regulatory purposes

221,621

157,436

Securities purchased under agreements to resell

90,103

59,031

Securities:

Trading, at fair value

 

667,751

 

689,576

Available for sale, at fair value, net (amortized cost of $1,280,420 and 899,817, respectively)

 

1,310,240

 

911,493

Held to maturity, at amortized cost, net (fair value of $338,929 and $388,930, respectively)

323,299

386,326

Equity, at fair value

117

166

 

2,301,407

1,987,561

Loans held for sale

 

2,547,975

 

2,106,361

Loans held for investment, net of unearned income

 

7,945,560

 

7,381,400

Allowance for credit losses

 

(155,214)

 

(61,136)

Loans held for investment, net

 

7,790,346

 

7,320,264

Broker-dealer and clearing organization receivables

 

1,363,478

 

1,780,280

Premises and equipment, net

 

208,078

 

210,375

Operating lease right-of-use assets

109,354

 

114,320

Mortgage servicing rights

127,712

55,504

Other assets

 

607,932

 

404,754

Goodwill

 

267,447

 

267,447

Other intangible assets, net

 

21,814

 

26,666

Assets of discontinued operations

248,429

Total assets

$

16,935,552

$

15,172,448

Liabilities and Stockholders' Equity

Deposits:

Noninterest-bearing

$

3,557,603

$

2,769,556

Interest-bearing

 

7,704,312

 

6,262,658

Total deposits

 

11,261,915

 

9,032,214

Broker-dealer and clearing organization payables

 

1,310,835

 

1,605,518

Short-term borrowings

 

780,109

 

1,424,010

Securities sold, not yet purchased, at fair value

56,023

43,817

Notes payable

 

396,006

 

256,269

Operating lease liabilities

122,402

 

125,619

Junior subordinated debentures

 

67,012

 

67,012

Other liabilities

 

502,517

 

348,519

Liabilities of discontinued operations

140,674

Total liabilities

 

14,496,819

 

13,043,652

Commitments and contingencies (see Notes 13 and 14)

Stockholders' equity:

Hilltop stockholders' equity:

Common stock, $0.01 par value, 125,000,000 shares authorized; 90,238,435 and 90,640,944 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

902

 

906

Additional paid-in capital

 

1,443,588

 

1,445,233

Accumulated other comprehensive income

 

23,790

 

11,419

Retained earnings

942,461

 

644,860

Deferred compensation employee stock trust, net

774

 

776

Employee stock trust (7,175 and 7,794 shares, at cost, at September 30, 2020 and December 31, 2019, respectively)

(143)

 

(155)

Total Hilltop stockholders' equity

 

2,411,372

 

2,103,039

Noncontrolling interests

 

27,361

 

25,757

Total stockholders' equity

 

2,438,733

 

2,128,796

Total liabilities and stockholders' equity

$

16,935,552

$

15,172,448

See accompanying notes.

3

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

   

2020

    

2019

   

2020

    

2019

 

Interest income:

Loans, including fees

$

104,955

$

119,580

$

323,983

$

344,775

Securities borrowed

10,705

21,010

36,915

53,386

Securities:

Taxable

 

11,035

 

14,885

 

38,428

 

43,319

Tax-exempt

 

1,687

 

1,576

 

4,836

 

4,587

Other

 

1,446

 

3,889

 

5,472

 

12,811

Total interest income

 

129,828

 

160,940

 

409,634

 

458,878

Interest expense:

Deposits

 

10,700

 

18,887

 

37,771

 

54,029

Securities loaned

8,729

17,889

30,802

 

46,097

Short-term borrowings

 

2,346

 

8,166

 

9,457

 

20,534

Notes payable

 

4,904

 

2,265

 

11,090

 

6,611

Junior subordinated debentures

 

608

 

955

 

2,163

 

2,942

Other

 

641

 

132

 

1,557

 

446

Total interest expense

 

27,928

 

48,294

 

92,840

 

130,659

Net interest income

 

101,900

 

112,646

 

316,794

 

328,219

Provision for (reversal of) credit losses

 

(602)

 

47

 

99,973

 

326

Net interest income after provision for (reversal of) credit losses

 

102,502

 

112,599

 

216,821

 

327,893

Noninterest income:

Net gains from sale of loans and other mortgage production income

 

307,896

 

157,050

 

753,699

 

384,362

Mortgage loan origination fees

 

47,681

 

37,782

 

121,576

 

93,064

Securities commissions and fees

 

32,496

 

34,426

 

106,799

 

104,537

Investment and securities advisory fees and commissions

36,866

 

28,685

 

89,166

 

71,704

Other

 

77,772

 

48,562

 

171,309

 

145,504

Total noninterest income

 

502,711

 

306,505

 

1,242,549

 

799,171

Noninterest expense:

Employees' compensation and benefits

 

294,907

 

232,449

 

768,156

 

632,104

Occupancy and equipment, net

 

26,124

 

27,002

 

71,820

 

82,719

Professional services

 

17,522

 

15,472

 

48,057

 

43,354

Other

 

60,792

 

46,263

 

163,422

 

145,844

Total noninterest expense

 

399,345

 

321,186

 

1,051,455

 

904,021

Income from continuing operations before income taxes

 

205,868

 

97,918

 

407,915

 

223,043

Income tax expense

 

46,820

 

21,472

 

93,776

 

50,135

Income from continuing operations

159,048

76,446

314,139

172,908

Income from discontinued operations, net of income taxes

736

5,261

34,662

8,367

Net income

 

159,784

 

81,707

 

348,801

 

181,275

Less: Net income attributable to noncontrolling interest

 

6,505

 

2,289

 

17,410

 

5,260

Income attributable to Hilltop

$

153,279

$

79,418

$

331,391

$

176,015

Earnings per common share:

Basic:

Earnings from continuing operations

$

1.69

$

0.81

$

3.29

$

1.80

Earnings from discontinued operations

0.01

0.06

0.38

0.09

$

1.70

$

0.87

$

3.67

$

1.89

Diluted:

Earnings from continuing operations

$

1.69

$

0.81

$

3.29

$

1.80

Earnings from discontinued operations

0.01

0.05

0.38

0.09

$

1.70

$

0.86

$

3.67

$

1.89

Weighted average share information:

Basic

 

90,200

 

91,745

 

90,291

 

92,931

Diluted

 

90,200

 

91,824

 

90,291

 

92,959

See accompanying notes.

4

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)