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HOW

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, 2022

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 21, 2022 was 64,591,491.

HILLTOP HOLDINGS INC.

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2022

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 (Loss)

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

42

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

84

Item 4.

Controls and Procedures

88

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

89

Item 1A.

Risk Factors

89

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

89

Item 6.

Exhibits

89

2

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)

 

September 30,

December 31,

 

2022

    

2021

Assets

Cash and due from banks

$

1,777,584

$

2,823,138

Federal funds sold

 

663

 

385

Assets segregated for regulatory purposes

109,358

221,740

Securities purchased under agreements to resell

145,365

118,262

Securities:

Trading, at fair value

 

641,864

 

647,998

Available for sale, at fair value, net (amortized cost of $1,753,205 and $2,148,635, respectively)

 

1,584,724

 

2,130,568

Held to maturity, at amortized cost, net (fair value of $792,559 and $276,296, respectively)

889,452

267,684

Equity, at fair value

209

250

 

3,116,249

 

3,046,500

Loans held for sale

 

1,003,605

 

1,878,190

Loans held for investment, net of unearned income

 

7,944,246

 

7,879,904

Allowance for credit losses

 

(91,783)

 

(91,352)

Loans held for investment, net

 

7,852,463

 

7,788,552

Broker-dealer and clearing organization receivables

 

1,255,052

 

1,672,946

Premises and equipment, net

 

191,423

 

204,438

Operating lease right-of-use assets

103,099

112,328

Mortgage servicing rights

156,539

86,990

Other assets

 

624,235

 

452,880

Goodwill

 

267,447

 

267,447

Other intangible assets, net

 

12,209

 

15,284

Total assets

$

16,615,291

$

18,689,080

Liabilities and Stockholders' Equity

Deposits:

Noninterest-bearing

$

4,546,816

$

4,577,183

Interest-bearing

 

6,805,198

 

8,240,894

Total deposits

 

11,352,014

 

12,818,077

Broker-dealer and clearing organization payables

 

1,176,156

 

1,477,300

Short-term borrowings

 

942,309

 

859,444

Securities sold, not yet purchased, at fair value

99,515

96,586

Notes payable

 

390,354

 

387,904

Operating lease liabilities

120,635

130,960

Other liabilities

 

475,425

 

369,606

Total liabilities

 

14,556,408

 

16,139,877

Commitments and contingencies (see Notes 13 and 14)

Stockholders' equity:

Hilltop stockholders' equity:

Common stock, $0.01 par value, 125,000,000 shares authorized; 64,591,491 and 78,964,978 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

 

646

 

790

Additional paid-in capital

 

1,043,605

 

1,274,446

Accumulated other comprehensive income (loss)

 

(119,864)

 

(10,219)

Retained earnings

1,107,586

1,257,014

Deferred compensation employee stock trust, net

479

752

Employee stock trust (22,606 and 5,749 shares, at cost, at September 30, 2022 and December 31, 2021, respectively)

(641)

(115)

Total Hilltop stockholders' equity

 

2,031,811

 

2,522,668

Noncontrolling interests

 

27,072

 

26,535

Total stockholders' equity

 

2,058,883

 

2,549,203

Total liabilities and stockholders' equity

$

16,615,291

$

18,689,080

See accompanying notes.

3

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,

    

2022

    

2021

    

2022

    

2021

Interest income:

Loans, including fees

$

109,165

$

99,769

$

298,301

$

308,208

Securities borrowed

10,938

8,585

30,252

53,143

Securities:

Taxable

 

19,642

 

12,341

 

52,512

 

33,717

Tax-exempt

 

2,451

 

2,687

 

7,011

 

7,127

Other

 

14,276

 

1,796

 

23,066

 

4,723

Total interest income

 

156,472

 

125,178

 

411,142

 

406,918

Interest expense:

Deposits

 

12,525

 

5,303

 

22,174

 

19,220

Securities loaned

9,407

6,519

25,390

44,350

Short-term borrowings

 

5,550

 

2,400

 

10,615

 

6,786

Notes payable

 

3,907

 

5,465

 

12,154

 

15,515

Junior subordinated debentures

 

 

419

 

 

1,558

Other

 

1,597

 

(18)

 

5,276

 

801

Total interest expense

 

32,986

 

20,088

 

75,609

 

88,230

Net interest income

 

123,486

 

105,090

 

335,533

 

318,688

Provision for (reversal of) credit losses

 

(780)

 

(5,819)

 

4,671

 

(39,648)

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

 

124,266

 

110,909

 

330,862

 

358,336

Noninterest income:

Net gains from sale of loans and other mortgage production income

 

57,998

 

203,152

 

266,435

 

669,857

Mortgage loan origination fees

 

39,960

 

38,780

 

114,400

 

124,081

Securities commissions and fees

 

34,076

 

34,412

 

105,979

 

111,026

Investment and securities advisory fees and commissions

35,031

 

49,646

96,738

 

109,609

Other

 

39,910

 

41,955

 

79,124

 

110,856

Total noninterest income

 

206,975

 

367,945

 

662,676

 

1,125,429

Noninterest expense:

Employees' compensation and benefits

 

200,450

 

258,679

 

605,796

 

777,518

Occupancy and equipment, net

 

25,041

 

25,428

 

74,038

 

74,861

Professional services

 

10,631

 

14,542

 

36,939

 

44,366

Other

 

52,616

 

56,525

 

156,858

 

168,459

Total noninterest expense

 

288,738

 

355,174

 

873,631

 

1,065,204

Income before income taxes

 

42,503

 

123,680

 

119,907

 

418,561

Income tax expense

 

9,249

 

28,257

 

27,191

 

97,261

Net income

 

33,254

 

95,423

 

92,716

 

321,300

Less: Net income attributable to noncontrolling interest

 

1,186

 

2,517

 

5,138

 

8,990

Income attributable to Hilltop

$

32,068

$

92,906

$

87,578

$

312,310

Earnings per common share:

Basic

$

0.50

$

1.16

$

1.21

$

3.84

Diluted

$

0.50

$

1.15

$

1.21

$

3.82

Weighted average share information:

Basic

 

64,552

 

80,109

 

72,400

 

81,306

Diluted

 

64,669

 

80,542

 

72,557

 

81,763

See accompanying notes.

4

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

    

2022

    

2021

    

2022

    

2021

Net income

$

33,254

$

95,423

$

92,716

$

321,300

Other comprehensive income (loss):

Change in fair value of cash flow and fair value hedges, net of tax of $2,188, $88, $5,099 and $522, respectively

21,749

1,417

58,158

5,061

Net unrealized gains (losses) on securities available for sale, net of tax of $(14,506), $0, $(34,747) and $(6,619), respectively

 

(48,361)

 

(8,143)

 

(115,679)

 

(22,385)

Reclassification adjustment for gains (losses) included in net income, net of tax of $0, $0, $3 and $(21), respectively

 

 

 

10

 

(72)

Adjustment for unrealized losses on securities transferred from available-for sale to held-to-maturity, net of tax of $0, $0, $(17,033) and $0, respectively

(56,690)

Amortization of unrealized losses on securities transferred from available-for-sale to held-maturity, net of tax $609, $0, $1,369 and $0, respectively

2,027

4,556

Comprehensive income (loss)

 

8,669

 

88,697

 

(16,929)

 

303,904

Less: comprehensive income attributable to noncontrolling interest

 

1,186

 

2,517

 

5,138

 

8,990

Comprehensive income (loss) applicable to Hilltop

$

7,483

$

86,180

$

(22,067)

$

294,914

See accompanying notes.

5

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(Unaudited)

    

    

   

Accumulated

   

   

Deferred

   

    

   

   

Total

   

   

Additional

Other

Compensation

Employee

Hilltop

Total

Common Stock

Paid-in

Comprehensive

Retained

Employee Stock

Stock Trust

Stockholders’

Noncontrolling

Stockholders’

Shares

Amount

Capital

Income (Loss)

Earnings

Trust, Net

Shares

Amount

Equity

Interest

Equity

Balance, June 30, 2021

81,153

$

812

$

1,302,439

$

7,093

$

1,159,304

$

754

6

$

(121)

$

2,470,281

$

26,095

$

2,496,376

Net income

92,906

92,906

2,517

95,423

Other comprehensive loss

(6,726)

(6,726)

(6,726)

Stock-based compensation expense

4,103

4,103

4,103

Common stock issued to board members

5

152

152

152

Issuance of common stock related to share-based awards, net

43

(441)

(441)

(441)

Repurchases of common stock

(2,242)

(22)

(35,981)

(38,157)

(74,160)

(74,160)

Dividends on common stock ($0.12 per share)

(9,746)

(9,746)

(9,746)

Deferred compensation plan

(3)

5

2

2

Net cash distributed to noncontrolling interest

(2,641)

(2,641)

Balance, September 30, 2021

78,959

$

790

$

1,270,272

$

367

$

1,204,307

$

751

6

$

(116)

$

2,476,371

$

25,971

$

2,502,342

Balance, June 30, 2022

64,576

$

646

$

1,039,261

$

(95,279)

$

1,085,208

$

695

34

$

(954)

$

2,029,577

$

27,826

$

2,057,403

Net income

32,068

32,068

1,186

33,254

Other comprehensive loss

(24,585)