Hilltop Holdings Inc. Announces Financial Results for Fourth Quarter and Full Year 2015

Company Release - 2/24/2016 5:00 PM ET

DALLAS--(BUSINESS WIRE)-- Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced financial results for the fourth quarter and full year 2015. Hilltop produced income to common stockholders of $20.7 million, or $0.21 per diluted share, for the fourth quarter of 2015, compared to $31.7 million, or $0.35 per diluted share, for the fourth quarter of 2014. Income to common stockholders for the full year 2015 was $209.1 million, or $2.09 per diluted share, compared to $105.9 million, or $1.17 per diluted share, for the full year 2014. Hilltop’s annualized return on average assets and return on average equity for the fourth quarter of 2015 were 0.68% and 4.70%, respectively, compared to 1.42% and 8.55% for the fourth quarter of 2014, respectively. The return on average assets and return on average equity for the full year 2015 were 1.70% and 12.32%, respectively, compared to 1.26% and 8.01% for the full year 2014, respectively.

Jeremy Ford, CEO of Hilltop, commented, “Hilltop finished 2015 with a solid fourth quarter. PlainsCapital Bank generated robust loan growth, while maintaining a strong core net interest margin and healthy credit quality. PrimeLending continues to grow mortgage loan origination volume and defend its market share. Despite unseasonal severe storms in North Texas in late December, National Lloyds achieved profitable fourth quarter and full year results.”

Mr. Ford added, “We are excited to report our two broker-dealer subsidiaries have successfully merged into one entity, HilltopSecurities. While managing through the integration process, the broker-dealer segment’s profitability steadily improved during 2015, and we are now well-positioned to execute on our vision during 2016.”

Mr. Ford concluded, “The core fundamentals of our operating businesses continue to trend positively, led by the banking segment, during the current challenging market environment. With Hilltop’s strong excess capital position and diversified earnings stream, we are well-situated to pursue M&A and organic growth opportunities.”

Fourth Quarter 2015 Highlights for Hilltop:

  • Hilltop’s total assets were $11.9 billion at December 31, 2015, compared to $12.4 billion at September 30, 2015;
  • Hilltop’s common equity increased by $21.3 million from September 30, 2015 to $1.7 billion at December 31, 2015;
  • Non-covered loans1 held for investment, net of allowance for loan losses, increased by 4.4% to $5.2 billion, and covered loans1, net of allowance for loan losses, decreased by 9.9% to $378.8 million from September 30, 2015 to December 31, 2015;
  • Total deposits increased by $131.9 million from September 30, 2015 to $7.0 billion at December 31, 2015;
  • Hilltop was well-capitalized with a Tier 1 Leverage Ratio2 of 12.65% and Total Capital Ratio of 18.89% at December 31, 2015;
  • Hilltop’s taxable equivalent net interest margin3 was 3.73% for the fourth quarter of 2015, a 47 basis point decrease from 4.20% in the third quarter of 2015;
  • The provision for loan losses was $4.3 million during the fourth quarter of 2015, compared to $5.6 million in the third quarter of 2015;
  • For the fourth quarter of 2015, noninterest income was $276.9 million, compared to $213.8 million in the fourth quarter of 2014, a 29.5% increase;
  • For the fourth quarter of 2015, noninterest expense was $338.7 million, compared to $246.8 million in the fourth quarter of 2014, a 37.3% increase; and
  • In connection with the SWS Merger, during the fourth quarter of 2015, Hilltop incurred $14.4 million in pre-tax transaction and integration costs, consisting of $4.9 million in the broker-dealer segment and $9.5 million within corporate.

1 “Covered loans” refers to loans acquired in the FNB Transaction that are subject to loss-share agreements with the FDIC, while all other loans are referred to as “non-covered loans.”
2 Based on the end of period Tier 1 capital divided by total average assets during the fourth quarter of 2015, excluding goodwill and intangible assets.
3 Taxable equivalent adjustments are based on a 35% tax rate. Measure is defined as taxable equivalent net interest income divided by average interest-earning assets.

Consolidated Financial and Other Information

 

Consolidated Balance Sheets     December 31,     September 30,     June 30,     March 31,     December 31,

(in 000s)

2015 2015 2015 2015 2014
Cash and due from banks $ 652,036 $ 526,692 $ 583,043 $ 694,108 $ 782,473
Federal funds sold 17,409 24,861 22,814 14,425 30,602
Securities purchased under agreements to resell 105,660 83,889 79,153 67,227
Assets segregated for regulatory purposes 158,613 228,251 188,094 278,280 76,013
Securities:
Trading, at fair value 214,146 292,418 265,429 320,153 65,717
Available for sale, at fair value 673,706 726,132 763,463 859,212 925,535
Held to maturity, at amortized cost   332,022     305,316     312,960     183,792     118,209  
1,219,874 1,323,866 1,341,852 1,363,157 1,109,461
Loans held for sale 1,533,678 1,354,107 1,397,617 1,215,308 1,309,693
Non-covered loans, net of unearned income 5,220,040 4,999,529 4,956,969 4,834,687 3,920,476
Allowance for non-covered loan losses   (45,415 )   (42,989 )   (40,484 )   (39,365 )   (37,041 )
Non-covered loans, net 5,174,625 4,956,540 4,916,485 4,795,322 3,883,435
 
Covered loans, net of allowance for covered loan losses 378,762 420,547 493,299 550,626 638,029
Broker-dealer and clearing organization receivables 1,362,499 2,111,864 2,070,598 2,221,756 167,884
Premises and equipment, net 200,618 204,273 206,411 215,684 206,991
FDIC indemnification asset 91,648 92,902 102,381 107,567 130,437
Covered other real estate owned 99,090 106,024 125,510 137,703 136,945
Other assets 565,813 644,916 637,747 585,909 458,862
Goodwill 251,808 251,808 251,808 251,808 251,808
Other intangible assets, net   54,868     58,916     61,527     64,267     59,783  
Total assets $ 11,867,001   $ 12,389,456   $ 12,478,339   $ 12,563,147   $ 9,242,416  
 
Deposits:
Non-interest bearing $ 2,235,436 $ 2,173,890 $ 2,135,988 $ 2,259,790 $ 2,076,385
Interest bearing   4,717,247     4,646,859     4,660,449     4,869,487     4,293,507  
Total deposits 6,952,683 6,820,749 6,796,437 7,129,277 6,369,892
Broker-dealer and clearing organization payables 1,338,305 2,045,604 2,048,585 1,951,495 179,042
Short-term borrowings 947,373 910,490 1,100,025 999,476 762,696
Securities sold, not yet purchased, at fair value 130,044 156,775 135,592 139,481 48
Notes payable 238,716 243,556 245,420 108,682 56,684
Junior subordinated debentures 67,012 67,012 67,012 67,012 67,012
Other liabilities   454,743     428,442     410,004     386,932     345,803  
Total liabilities 10,128,876 10,672,628 10,803,075 10,782,355 7,781,177
 
Preferred stock 114,068 114,068
Common stock 989 989 995 1,003 902
Additional paid-in capital 1,577,270 1,574,769 1,582,655 1,592,585 1,390,788
Accumulated other comprehensive income (loss) 2,629 4,592 (1,105 ) 5,750 651
Retained earnings (accumulated deficit) 155,475 134,748 91,008 65,918 (45,957 )
Deferred compensation employee stock trust, net 1,034 1,182 1,182 1,189
Employee stock trust   (443 )   (590 )   (590 )   (597 )    
Total Hilltop stockholders' equity 1,736,954 1,715,690 1,674,145 1,779,916 1,460,452
Noncontrolling interests   1,171     1,138     1,119     876     787  
Total stockholders' equity   1,738,125     1,716,828     1,675,264     1,780,792     1,461,239  
Total liabilities & stockholders' equity $ 11,867,001   $ 12,389,456   $ 12,478,339   $ 12,563,147   $ 9,242,416  
                   
 
Three Months Ended
Consolidated Income Statements December 31, September 30, June 30, March 31, December 31,

(in 000s, except per share data)

2015 2015 2015 2015 2014
Interest income:
Loans, including fees $ 94,689 $ 111,315 $ 96,967 $ 87,388 $ 88,791
Securities borrowed 11,242 10,116 9,675 10,018 1,837
Securities:
Taxable 7,046 6,262 6,227 7,049 6,312
Tax-exempt 1,647 1,683 1,557 1,741 1,102
Other   1,338   1,169   1,236   1,473   1,274
Total interest income 115,962 130,545 115,662 107,669 99,316
 
Interest expense:
Deposits 3,589 3,719 3,900 4,315 4,770
Securities loaned 8,388 7,110 6,889 7,506 1,034
Short-term borrowings 1,218 1,189 1,143 1,024 608
Notes payable 2,661 2,524 2,289 669 619
Junior subordinated debentures 616 605 595 585 595
Other   177   187   179   178   176
Total interest expense 16,649 15,334 14,995 14,277 7,802
 
Net interest income 99,313 115,211 100,667 93,392 91,514
Provision for loan losses   4,277   5,593   158   2,687   4,125
Net interest income 95,036 109,618 100,509 90,705 87,389
 
Noninterest income:
Net realized gains on securities 4,403
Net gains from sale of loans and other mortgage production income 114,080 137,303 147,175 120,545 96,575
Mortgage loan origination fees 19,514 22,647 20,958 14,589 16,091
Net insurance premiums earned 41,001 41,196 40,318 39,567 41,607
Securities commissions and fees 37,459 39,070 41,213 42,918 6,464
Investment and securities advisory fees and commissions 33,678 27,667 29,665 24,922 27,756
Bargain purchase gain 81,289
Other   31,195   28,586   22,071   24,613   25,302
Total noninterest income 276,927 296,469 301,400 352,846 213,795
 
Noninterest expense:
Employees' compensation and benefits 182,472 200,620 200,291 182,504 133,426
Loss and loss adjustment expenses 21,630 17,335 41,241 18,860 18,188
Policy acquisition and other underwriting expenses 11,928 11,784 11,740 11,674 12,032
Occupancy and equipment, net 30,285 29,341 30,842 29,185 24,252
Other   92,406   74,422   69,203   72,253   58,870
Total noninterest expense 338,721 333,502 353,317 314,476 246,768
 
Income before income taxes 33,242 72,585 48,592 129,075 54,416
Income tax expense   12,020   25,338   18,137   15,420   20,950
Net income 21,222 47,247 30,455 113,655 33,466
Less: Net income attributable to noncontrolling interest   495   353   405   353   325
Income attributable to Hilltop 20,727 46,894 30,050 113,302 33,141
Dividends on preferred stock       428   1,426   1,425
Income applicable to Hilltop common stockholders $ 20,727 $ 46,894 $ 29,622 $ 111,876 $ 31,716
 
Earnings per common share:
Basic $ 0.21 $ 0.47 $ 0.30 $ 1.12 $ 0.35
Diluted $ 0.21 $ 0.47 $ 0.30 $ 1.11 $ 0.35
Weighted average shares outstanding:
Basic 98,412 98,676 99,486 99,741 89,713
Diluted 99,266 99,556 100,410 100,627 90,560
                           
 
Three Months Ended December 31, 2015
Segment Results Mortgage All Other and Hilltop

(in 000s)

Banking Broker-Dealer Origination Insurance Corporate Eliminations Consolidated
Net interest income (expense) $ 89,415 $ 8,652 $ (2,594 ) $ 893 $ (1,820 ) $ 4,767 $ 99,313
Provision for loan losses 4,390 (113 ) 4,277
Noninterest income 14,346 90,902 133,849 42,969 (5,139 ) 276,927
Noninterest expense   65,138   95,987     127,408     36,828   14,381     (1,021 )   338,721
Income (loss) before income taxes $ 34,233 $ 3,680   $ 3,847   $ 7,034 $ (16,201 ) $ 649   $ 33,242
                   
 
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
Selected Financial Data 2015 2015 2015 2015 2014
 

Hilltop Consolidated:

Return on average stockholders' equity 4.70 % 10.97 % 7.12 % 26.76 % 8.55 %
Return on average assets 0.68 % 1.49 % 0.97 % 3.64 % 1.42 %
Net interest margin (taxable equivalent)(1):
As reported 3.73 % 4.20 % 3.75 % 3.53 % 4.72 %
Impact of purchase accounting 79 bps 137 bps 96 bps 69 bps 122 bps
Book value per common share ($) 17.56 17.35 16.82 16.61 14.93

Shares outstanding, end of period (000s)

98,896 98,893 99,515 100,286 90,182
 

Banking Segment:

Net interest margin (taxable equivalent)(1):
As reported 4.92 % 5.79 % 5.02 % 4.59 % 5.08 %
Impact of purchase accounting 119 bps 210 bps 145 bps 109 bps 143 bps

Accretion of discount on loans ($000s)

19,503 36,000 23,632 16,984 21,582

Non-covered net charge-offs (recoveries) ($000s)

2,088 1,775 (532 ) 470 76
Return on average assets 1.07 % 1.64 % 1.41 % 1.28 % 1.38 %
Fee income ratio 13.83 % 11.64 % 14.20 % 18.79 % 16.70 %
Efficiency ratio 62.78 % 50.56 % 57.14 % 56.96 % 56.03 %
 

Broker-Dealer Segment:

Compensation as a % of net revenue 63.2 % 69.6 % 73.0 % 73.7 % 59.2 %
Pre-tax margin (2) 8.62 % 3.85 % 3.54 % -0.36 % 12.15 %
 

Mortgage Origination Segment:

Mortgage loan originations - volume ($000s):

Home purchases 2,344,328 2,945,626 2,913,479 1,688,359 2,022,437
Refinancings 721,308   693,572   920,286   1,125,161   690,329  
Total mortgage loan originations - volume 3,065,636 3,639,198 3,833,765 2,813,520 2,712,766

Mortgage loan sales - volume ($000s)

2,888,903 3,699,047 3,635,853 2,905,266 2,685,258

Mortgage servicing rights asset ($000s) (3)

52,285 47,527 44,985 31,648 36,155

Variable compensation expense ($000s)

48,706 64,582 67,172 48,130 42,300
 

Insurance Segment:

Loss and LAE ratio 52.8 % 42.1 % 102.3 % 47.7 % 43.7 %
Expense ratio 34.2 % 33.3 % 33.5 % 34.1 % 33.1 %
Combined ratio 87.0 % 75.4 % 135.8 % 81.8 % 76.8 %
(1)     Taxable equivalent adjustments are based on a 35% tax rate. Measure is defined as taxable equivalent net interest income divided by average interest-earning assets.
(2) Excludes pre-tax merger and integration-related costs directly attributable to the SWS Merger.
(3) Excludes mortgage servicing rights assets related to loans serviced for the banking segment.
                   
 
December 31, September 30, June 30, March 31, December 31,
Capital Ratios 2015 2015 2015 2015 2014
Tier 1 capital (to average assets):
Bank 13.22 % 12.77 % 12.17 % 11.34 % 10.31 %
Hilltop 12.65 % 12.01 % 11.87 % 12.68 % 14.17 %
Common equity Tier 1 capital (to risk-weighted assets):
Bank 16.23 % 17.36 % 16.46 % 16.46 % NA
Hilltop 17.87 % 18.36 % 18.02 % 18.05 % NA
Tier 1 capital (to risk-weighted assets):
Bank 16.25 % 17.36 % 16.46 % 16.46 % 13.74 %
Hilltop 18.48 % 18.89 % 18.74 % 20.26 % 19.02 %
Total capital (to risk-weighted assets):
Bank 16.99 % 18.13 % 17.17 % 17.19 % 14.45 %
Hilltop 18.89 % 19.29 % 19.29 % 20.82 % 19.69 %
                   
 
December 31, September 30, June 30, March 31, December 31,
Non-Covered Non-Performing Loans Portfolio Data 2015 2015 2015 2015 2014
 

Non-covered loans accounted for on a non-accrual basis ($000s):

Commercial and industrial 17,764 22,302 23,353 23,222 16,648
Real estate 7,160 7,087 6,612 2,481 4,707

Construction and land development

114 118 253 726 703
Consumer 7   14   21      
25,045 29,521 30,239 26,429 22,058
 
Non-covered non-performing loans as a % of total non-covered loans 0.37 % 0.46 % 0.48 % 0.44 % 0.42 %
 

Non-covered other real estate owned ($000s)

394 511 920 6,263 808
 

Other repossessed assets ($000s)

87 361
 

Non-covered non-performing assets ($000s)

25,439 30,032 31,159 32,779 23,227
 
Non-covered non-performing assets as a percentage of total assets 0.21 % 0.24 % 0.25 % 0.26 % 0.25 %
 

Non-covered non-PCI loans past due 90 days or more and still accruing ($000s)

50,776 37,435 31,073 24,248 19,237
 

Troubled debt restructurings included in accruing non-covered loans ($000s)

1,418 3,664 2,830 2,879 2,901
                       
 
Three Months Ended December 31,
2015 2014
Average Interest Annualized Average Interest Annualized
Outstanding Earned or Yield or Outstanding Earned or Yield or
Balance Paid Rate Balance Paid Rate
Assets
Interest-earning assets
Loans, gross (1) $ 6,641,385 $ 94,689 5.63 % $ 5,602,554 $ 88,791 6.25 %
Investment securities - taxable 1,089,791 7,027 2.57 % 1,009,788 6,313 2.49 %
Investment securities - non-taxable (2) 251,733 2,369 3.76 % 177,487 1,654 3.73 %
Federal funds sold and securities purchased under agreements to resell 109,365 68 0.25 % 11,579 9 0.31 %
Interest-bearing deposits in other financial institutions 461,738 352 0.30 % 690,282 386 0.22 %
Other   2,098,123     12,179 2.27 %   251,819     2,715 4.27 %
Interest-earning assets, gross 10,652,135 116,684 4.33 % 7,743,509 99,868 5.09 %
Allowance for loan losses   (44,995 )   (45,263 )
Interest-earning assets, net 10,607,140 7,698,246
Noninterest-earning assets   1,684,642     1,308,911  
Total assets $ 12,291,782   $ 9,007,157  
 
Liabilities and Stockholders' Equity
Interest-bearing liabilities
Interest-bearing deposits $ 4,657,125 $ 3,588 0.31 % $ 4,235,895 $ 4,769 0.45 %
Notes payable and other borrowings   2,999,487     13,060 1.72 %   931,924     3,032 1.28 %
Total interest-bearing liabilities 7,656,612 16,648 0.86 % 5,167,819 7,801 0.60 %
Noninterest-bearing liabilities
Noninterest-bearing deposits 2,248,847 2,070,772
Other liabilities   636,884     282,345  
Total liabilities 10,542,343 7,520,936
Stockholders’ equity 1,748,632 1,485,680
Noncontrolling interest   807     541  
Total liabilities and stockholders' equity $ 12,291,782   $ 9,007,157  
   
Net interest income (2) $ 100,036 $ 92,067
Net interest spread (2) 3.47 % 4.49 %
Net interest margin (2) 3.73 % 4.72 %
(1)     Average balance includes non-accrual loans.
(2) Annualized taxable equivalent adjustments are based on a 35% tax rate. The adjustment to interest income was $0.7 million and $0.6 million for the three months ended December 31, 2015 and 2014, respectively.
       
 
December 31, September 30,
PlainsCapital Bank - Energy Exposure 2015 2015
 

Select Energy Statistics

Outstanding energy loan balance ($M) 179.8 194.9
Energy loans as a % of total loans 3.6 % 4.0 %
Classified and criticized energy loans ($M):
Criticized energy loans 3.4 0.0
Performing classified energy loans 25.7 27.0
Non-performing classified energy loans 3.6   2.8  
32.7 29.8
 
Unimpaired energy reserves ($M) 7.3 6.5
Energy reserves as a % of energy loans 4.4 % 3.4 %
Energy NCOs ($M) 1.2 1.1
 

Energy Portfolio Breakdown

Exploration and production 19 % 20 %
Services:
Field services 21 % 15 %
Pipeline construction 23 % 25 %
44 % 40 %
Midstream:
Distribution 25 % 25 %
Transportation 7 % 7 %
32 % 32 %
Other:
Wholesalers 2 % 2 %
Equipment rentals 1 % 5 %
Equipment wholesalers 2 % 1 %
Total 100 % 100 %
 

Conference Call Information

Hilltop will host a live webcast and conference call at 8:00 AM Central (9:00 AM Eastern) on Thursday, February 25, 2016. Hilltop President and CEO Jeremy B. Ford and other key management members will discuss 2015 year end results. Interested parties can access the conference call by dialing 1-877-508-9457 (domestic) or 1-412-317-0789 (international). 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. Through its wholly owned subsidiary, PlainsCapital Corporation, a regional commercial banking franchise, it has two operating subsidiaries: PlainsCapital Bank and PrimeLending. Through its wholly owned subsidiaries Hilltop Securities Inc. and Hilltop Securities Independent Network Inc. it provides a full complement of securities brokerage, institutional and investment banking services in addition to clearing services and retail financial advisory. Through Hilltop Holdings’ other wholly owned subsidiary, National Lloyds Corporation, it provides property and casualty insurance through two insurance companies, National Lloyds Insurance Company and American Summit Insurance Company. At December 31, 2015, Hilltop employed approximately 5,300 people and operated approximately 400 locations in 44 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, Nationallloydsinsurance.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 business strategy, our financial condition, our efforts to make strategic acquisitions, the integration of the operations acquired in the SWS Merger, our revenue, our liquidity and sources of funding, market trends, operations and business, expectations concerning mortgage loan origination volume, expected losses on covered loans and related reimbursements from the Federal Deposit Insurance Corporation (“FDIC”), expected levels of refinancing as a percentage of total loan origination volume, projected losses on mortgage loans originated, anticipated changes in our revenues or earnings, the effects of government regulation applicable to our operations, the appropriateness of our allowance for loan losses and provision for loan losses, and the collectability of loans and litigation, our other plans, objectives, strategies, expectations and intentions and other statements that are not statements of historical fact, and may be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “might,” “plan,” “probable,” “projects,” “seeks,” “should,” “target,” “view” 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 from those set forth in the forward-looking statements: (i) risks associated with merger and acquisition integration, including our ability to promptly and effectively integrate our businesses with those acquired in the SWS Merger and achieve the anticipated synergies and cost savings in connection therewith, as well as the diversion of management time on acquisition- and integration-related issues; (ii) our ability to estimate loan losses; (iii) changes in the default rate of our loans; (iv) changes in general economic, market and business conditions in areas or markets where we compete, including changes in the price of crude oil; (v) risks associated with concentration in real estate related loans; (vi) severe catastrophic events in Texas and other areas of the southern United States; (vii) changes in the interest rate environment; (viii) cost and availability of capital; (vix) effectiveness of our data security controls in the face of cyber attacks; (x) changes in state and federal laws, regulations or policies affecting one or more of the our business segments, including changes in regulatory fees, deposit insurance premiums, capital requirements and the Dodd-Frank Wall Street Reform and Consumer Protection Act; (xi) approval of new, or changes in, accounting policies and practices; (xii) changes in key management; (xiii) competition in our banking, broker-dealer, mortgage origination and insurance segments from other banks and financial institutions, as well as investment banking and financial advisory firms, mortgage bankers, asset-based non-bank lenders, government agencies and insurance companies; (xiv) our ability to obtain reimbursements for losses on acquired loans under loss-share agreements with the FDIC to the extent the FDIC determines that we did not adequately manage the debt loan portfolio; (xv) failure of our insurance segment reinsurers to pay obligations under reinsurance contracts; and (xvi) our ability to use excess cash in an effective manner, including the execution of successful acquisitions. For further discussion of such factors, see the risk factors described in the Hilltop Annual Report on Form 10-K for the year ended December 31, 2015 and other reports filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement.

Hilltop Holdings Inc.
Isabell Novakov, 214-252-4029
inovakov@plainscapital.com

Source: Hilltop Holdings Inc.