Hilltop Holdings Inc. Announces Financial Results for First Quarter 2017

Company Release - 4/25/2017 5:05 PM ET

DALLAS--(BUSINESS WIRE)-- Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced financial results for the first quarter of 2017. Hilltop produced income of $26.4 million, or $0.27 per diluted share, for the first quarter of 2017, compared to $27.6 million, or $0.28 per diluted share, for the first quarter of 2016. Hilltop’s annualized return on average assets and return on average equity for the first quarter of 2017 were 0.88% and 5.73%, respectively, compared to 0.96% and 6.32%, respectively, for the first quarter of 2016.

Hilltop also announced that its Board of Directors declared a quarterly cash dividend of $0.06 per common share, payable on May 31, 2017, to all common stockholders of record as of the close of business on May 15, 2017. Additionally, pursuant to the stock repurchase program reauthorized by the Hilltop Board of Directors in January 2017, Hilltop paid $7.2 million to repurchase and retire 261,608 shares at an average price of $27.52 per share during the first quarter of 2017. These retired shares were returned to our pool of authorized but unissued shares of common stock.

Jeremy Ford, Co-CEO of Hilltop, said, “We are off to a good start for the year with all of our business segments reporting profitable results. Our strong balance sheet and stable earnings generation enabled us to return $13 million of capital to shareholders during the quarter. We continue to focus on growing all of our core businesses to create long-term shareholder value.”

Alan White, Co-CEO of Hilltop, added, “PlainsCapital Bank maintained sound credit quality. PrimeLending increased pre-tax income by 9% year-over-year due to its focused effort on purchase mortgage loan originations. HilltopSecurities continues to benefit from its diversified revenue streams and the execution of its prior integration initiatives. National Lloyds remained profitable during the quarter despite higher than normal storm frequency. We look forward to building on this momentum for the remainder of 2017.”

First Quarter 2017 Highlights for Hilltop:

  • Hilltop’s total assets were $12.3 billion at March 31, 2017, compared to $12.7 billion at December 31, 2016;
  • Hilltop’s common equity increased by $15.5 million from December 31, 2016 to $1.9 billion at March 31, 2017;
  • Non-covered loans1 held for investment, net of allowance for loan losses, decreased by 1.0% to $5.7 billion and covered loans1, net of allowance for loan losses, decreased by 8.2% to $234.7 million at March 31, 2017 from December 31, 2016;
  • Non-covered non-performing loans increased to $28.8 million, or 0.41% of total non-covered loans, at March 31, 2017, compared to $24.4 million, or 0.32% of total non-covered loans, at December 31, 2016;
  • Energy classified and criticized loans were $26.5 million at March 31, 2017, down from $28.7 million at December 31, 2016;
  • Loans held for sale decreased by 26.0% to $1.3 billion from December 31, 2016 to March 31, 2017;
  • Total deposits were $7.3 billion at March 31, 2017, compared to $7.1 billion at December 31, 2016;
  • Hilltop maintained strong capital levels with a Tier 1 Leverage Ratio2 of 13.98% and a Common Equity Tier 1 Capital Ratio of 19.03% at March 31, 2017;
  • Hilltop’s net interest margin3 decreased to 3.52% for the first quarter of 2017, from 3.80% in the fourth quarter of 2016;
  • The provision for loan losses was $1.7 million during the first quarter of 2017, compared to $4.3 million in the fourth quarter of 2016;
  • For the first quarter of 2017, noninterest income was $271.4 million, compared to $277.4 million in the first quarter of 2016, a 2.1% decrease; and
  • For the first quarter of 2017, noninterest expense was $320.5 million, compared to $325.2 million in the first quarter of 2016, a 1.4% decrease.

_____________________

1   “Covered loans” refer 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 2017, excluding goodwill and intangible assets.
3 Net interest margin is defined as net interest income divided by average interest-earning assets.
 

Consolidated Financial and Other Information

                   
Consolidated Balance Sheets March 31, December 31, September 30, June 30, March 31,
(in 000's) 2017 2016 2016 2016 2016
Cash and due from banks $ 545,928 $ 669,357 $ 528,519 $ 583,984 $ 512,103
Federal funds sold 24,404 21,407 40,419 29,677 15,406
Securities purchased under agreements to resell 113,228 89,430 138,284 149,474 96,646
Assets segregated for regulatory purposes 166,395 180,993 173,840 120,214 120,714
Securities:
Trading, at fair value 373,300 265,534 402,104 305,418 368,425
Available for sale, at fair value 755,546 598,007 563,720 517,784 666,328
Held to maturity, at amortized cost   337,357     351,831     365,934     354,443     310,478  
1,466,203 1,215,372 1,331,758 1,177,645 1,345,231
Loans held for sale 1,329,493 1,795,463 1,673,069 1,550,475 1,344,333
Non-covered loans, net of unearned income 5,783,853 5,843,499 5,674,655 5,472,446 5,335,547
Allowance for non-covered loan losses   (55,157 )   (54,186 )   (52,625 )   (51,013 )   (48,450 )
Non-covered loans, net 5,728,696 5,789,313 5,622,030 5,421,433 5,287,097
 
Covered loans, net of allowance for covered loan losses 234,681 255,714 292,031 322,073 346,169
Broker-dealer and clearing organization receivables 1,574,031 1,497,741 1,340,617 2,257,480 1,370,622
Premises and equipment, net 184,091 190,361 190,645 189,511 198,414
FDIC indemnification asset 47,940 71,313 73,351 74,460 80,522
Covered other real estate owned 45,374 51,642 61,988 67,634 78,890
Other assets 583,554 613,453 657,805 832,344 631,699
Goodwill 251,808 251,808 251,808 251,808 251,808
Other intangible assets, net   42,601     44,695     47,112     49,690     52,274  
Total assets $ 12,338,427   $ 12,738,062   $ 12,423,276   $ 13,077,902   $ 11,731,928  
 
Deposits:
Non-interest bearing $ 2,272,905 $ 2,199,483 $ 2,232,813 $ 2,280,108 $ 2,233,608
Interest bearing   5,056,957     4,864,328     4,797,772     4,846,705     4,750,567  
Total deposits 7,329,862 7,063,811 7,030,585 7,126,813 6,984,175
Broker-dealer and clearing organization payables 1,437,548 1,347,128 1,251,839 2,111,994 1,284,016
Short-term borrowings 753,777 1,417,289 1,265,022 1,012,862 832,921
Securities sold, not yet purchased, at fair value 144,193 153,889 164,633 178,235 165,704
Notes payable 324,701 317,912 313,313 319,636 232,190
Junior subordinated debentures 67,012 67,012 67,012 67,012 67,012
Other liabilities   392,025     496,501     481,504     464,904     405,899  
Total liabilities 10,449,118 10,863,542 10,573,908 11,281,456 9,971,917
 
Common stock 984 985 985 985 986
Additional paid-in capital 1,570,329 1,572,877 1,570,025 1,568,053 1,567,150
Accumulated other comprehensive income 897 485 8,039 8,782 6,878
Retained earnings 313,197 295,568 266,048 214,116 183,042
Deferred compensation employee stock trust, net 893 903 900 938 1,020
Employee stock trust   (300 )   (309 )   (309 )   (347 )   (428 )
Total Hilltop stockholders' equity 1,886,000 1,870,509 1,845,688 1,792,527 1,758,648
Noncontrolling interests   3,309     4,011     3,680     3,919     1,363  
Total stockholders' equity   1,889,309     1,874,520     1,849,368     1,796,446     1,760,011  
Total liabilities & stockholders' equity $ 12,338,427   $ 12,738,062   $ 12,423,276   $ 13,077,902   $ 11,731,928  
 
                   
Three Months Ended
Consolidated Income Statements March 31, December 31, September 30, June 30, March 31,
(in 000's, except per share data) 2017 2016 2016 2016 2016
Interest income:
Loans, including fees $ 89,991 $ 102,046 $ 97,590 $ 98,468 $ 91,533
Securities borrowed 8,053 6,566 9,037 6,326 7,589
Securities:
Taxable 7,027 7,097 5,935 6,834 6,367
Tax-exempt 1,244 1,530 1,518 1,537 1,637
Other   1,926     1,096   1,183   1,037     1,028
Total interest income 108,241 118,335 115,263 114,202 108,154
 
Interest expense:
Deposits 4,690 3,971 3,996 4,037 3,839
Securities loaned 6,340 4,653 6,954 4,916 5,987
Short-term borrowings 1,418 1,829 1,497 1,392 1,085
Notes payable 2,814 2,856 2,793 2,618 2,582
Junior subordinated debentures 711 703 673 655 645
Other   168     199   180   187     176
Total interest expense 16,141 14,211 16,093 13,805 14,314
 
Net interest income 92,100 104,124 99,170 100,397 93,840
Provision for loan losses   1,705     4,347   3,990   28,876     3,407
Net interest income after provision for loan losses 90,395 99,777 95,180 71,521 90,433
 
Noninterest income:
Net realized gains on securities (46 ) 46
Net gains from sale of loans and other mortgage production income 124,150 137,270 175,412 167,012 127,297
Mortgage loan origination fees 19,556 24,850 26,807 25,797 18,813
Securities commissions and fees 39,057 39,425 39,722 40,442 38,317
Investment and securities advisory fees and commissions 22,202 31,690 31,129 29,354 23,819
Net insurance premiums earned 36,140 38,344 38,747 38,721 39,733
Other   30,334     37,548   42,641   44,725     29,350
Total noninterest income 271,439 309,127 354,458 346,005 277,375
 
Noninterest expense:
Employees' compensation and benefits 186,559 208,760 225,194 217,398 182,761
Occupancy and equipment, net 27,293 27,154 27,460 26,971 27,833
Loss and loss adjustment expenses 21,700 14,018 16,055 37,211 21,959
Policy acquisition and other underwriting expenses 11,229 10,757 11,064 11,316 11,252
Other   73,711     95,095   84,360   74,469     81,384
Total noninterest expense 320,492 355,784 364,133 367,365 325,189
 
Income before income taxes 41,342 53,120 85,505 50,161 42,619
Income tax expense   15,035     17,582   33,017   18,439     14,423
Net income 26,307 35,538 52,488 31,722 28,196
Less: Net income (loss) attributable to noncontrolling interest   (127 )   217   556   648     629
Income applicable to Hilltop common stockholders $ 26,434   $ 35,321 $ 51,932 $ 31,074   $ 27,567
 
Earnings per common share:
Basic $ 0.27 $ 0.36 $ 0.53 $ 0.32 $ 0.28
Diluted $ 0.27 $ 0.36 $ 0.53 $ 0.32 $ 0.28
 
Cash dividends declared per common share $ 0.06 $ 0.06 $ $ $
 
Weighted average shares outstanding:
Basic 98,441 98,514 98,490 98,457 98,153
Diluted 98,757 98,810 98,625 98,586 98,669
 
                           
Three Months Ended March 31, 2017
Segment Results Mortgage All Other and Hilltop
(in 000's) Banking Broker-Dealer Origination Insurance Corporate Eliminations Consolidated
Net interest income (expense) $ 82,082 $ 8,488 $ (1,882 ) $ 516 $ (2,535 ) $ 5,431 $ 92,100
Provision for loan losses 1,837 (132 ) 1,705
Noninterest income 12,411 82,551 143,638 38,311 1 (5,473 ) 271,439
Noninterest expense   60,814   81,657     131,838     37,013   9,387     (217 )   320,492
Income (loss) before income taxes $ 31,842 $ 9,514   $ 9,918   $ 1,814 $ (11,921 ) $ 175   $ 41,342
 
                   
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
Selected Financial Data 2017 2016 2016 2016 2016
 

Hilltop Consolidated:

Return on average stockholders' equity 5.73 % 7.56 % 11.41 % 7.07 % 6.32 %
Return on average assets 0.88 % 1.13 % 1.69 % 1.05 % 0.96 %
Net interest margin (1) 3.52 % 3.80 % 3.65 % 3.77 % 3.67 %
Net interest margin (taxable equivalent) (2):
As reported 3.54 % 3.82 % 3.67 % 3.80 % 3.70 %
Impact of purchase accounting 49 bps 71 bps 64 bps 72 bps 74 bps
Book value per common share ($) 19.17 18.98 18.73 18.20 17.84
Shares outstanding, end of period (000's) 98,407 98,544 98,541 98,498 98,585
 

Banking Segment:

Net interest margin (1) 4.21 % 4.57 % 4.50 % 4.85 % 4.70 %
Net interest margin (taxable equivalent) (2):
As reported 4.23 % 4.59 % 4.53 % 4.87 % 4.73 %
Impact of purchase accounting 67 bps 96 bps 90 bps 104 bps 103 bps
Accretion of discount on loans ($000's) 12,098 17,926 15,969 17,344 16,631
Non-covered net charge-offs (recoveries) ($000's) 238 3,083 3,107 26,130 650
Return on average assets 0.94 % 1.09 % 1.09 % 0.66 % 0.98 %
Fee income ratio 13.13 % 12.57 % 12.31 % 12.67 % 13.08 %
Efficiency ratio 64.36 % 59.00 % 59.59 % 52.32 % 64.97 %
Employees' compensation and benefits ($000's) 31,512 32,350 31,167 30,847 29,125
 

Broker-Dealer Segment:

Employees' compensation and benefits ($000's) 57,240 62,929 68,051 63,976 57,816
Variable compensation expense ($000's) 30,808 37,984 42,446 38,750 29,431
Compensation as a % of net revenue 62.9 % 58.6 % 61.1 % 58.0 % 65.8 %
Pre-tax margin 10.45 % -0.02 % 15.65 % 16.58 % 4.28 %
 

Mortgage Origination Segment:

Mortgage loan originations - volume ($000's):
Home purchases 2,269,138 2,772,316 3,191,851 3,261,386 2,050,825
Refinancings 555,193   1,115,764   1,300,702   889,078   878,291  
Total mortgage loan originations - volume 2,824,331 3,888,080 4,492,553 4,150,464 2,929,116
Mortgage loan sales - volume ($000's) 3,275,167 3,723,751 4,349,794 3,964,190 3,117,605
Mortgage servicing rights asset ($000's) (3) 45,573 61,968 43,751 33,491 39,863
Employees' compensation and benefits ($000's) 89,958 106,894 120,548 117,537 90,690
Variable compensation expense ($000's) 46,906 64,809 75,271 74,604 51,689
 

Insurance Segment:

Loss and LAE ratio 60.0 % 36.6 % 41.4 % 96.1 % 55.3 %
Expense ratio 38.4 % 33.2 % 33.6 % 33.9 % 33.2 %
Combined ratio 98.4 % 69.8 % 75.0 % 130.0 % 88.5 %
Employees' compensation and benefits ($000's) 2,780 2,262 2,401 2,304 2,178

_____________________

(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 a 35% federal income tax rate. 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. For the periods presented, the taxable equivalent adjustments to interest income for Hilltop Consolidated were $0.5 million, $0.6 million, $0.5 million, $0.6 million and $0.7 million, respectively, and for the Banking Segment were $0.4 million, $0.4 million, $0.4 million, $0.5 million and $0.4 million, respectively.
(3) 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.
 
                   
March 31, December 31, September 30, June 30, March 31,
Capital Ratios 2017 2016 2016 2016 2016
Tier 1 capital (to average assets):
PlainsCapital 13.09 % 12.35 % 12.65 % 12.72 % 12.70 %
Hilltop 13.98 % 13.51 % 13.41 % 13.18 % 13.35 %
Common equity Tier 1 capital (to risk-weighted assets):
PlainsCapital 15.50 % 14.64 % 15.15 % 14.71 % 15.10 %
Hilltop 19.03 % 18.30 % 17.80 % 16.67 % 17.56 %
Tier 1 capital (to risk-weighted assets):
PlainsCapital 15.50 % 14.64 % 15.15 % 14.77 % 15.12 %
Hilltop 19.62 % 18.87 % 18.37 % 17.26 % 18.17 %
Total capital (to risk-weighted assets):
PlainsCapital 16.30 % 15.38 % 15.90 % 15.51 % 15.87 %
Hilltop 20.12 % 19.34 % 18.82 % 17.69 % 18.60 %
 
                   
March 31, December 31, September 30, June 30, March 31,
Non-Covered Non-Performing Loans Portfolio Data 2017 2016 2016 2016 2016
 
Non-covered loans accounted for on a non-accrual basis ($000's):
Commercial and industrial 13,490 9,515 19,651 18,412 19,179
Real estate 14,437 13,932 4,817 4,777 7,802
Construction and land development 661 755 703 139 102
Consumer 223 244 50 61 1
Broker-dealer          
28,811 24,446 25,221 23,389 27,084
 
Non-covered non-performing loans as a % of total non-covered loans 0.41 % 0.32 % 0.34 % 0.33 % 0.40 %
 
Non-covered other real estate owned ($000's) 4,556 4,507 3,063 2,656 543
 
Other repossessed assets ($000's) 681 1,117 1,654 30
 
Non-covered non-performing assets ($000's) 34,048 30,070 29,938 26,045 27,657
 
Non-covered non-performing assets as a % of total assets 0.28 % 0.24 % 0.24 % 0.20 % 0.24 %
 
Non-covered non-PCI loans past due 90 days or more and still accruing ($000's) 42,767 47,486 41,824 50,032 51,943
 
Troubled debt restructurings included in accruing non-covered loans ($000's) 1,180 1,196 1,216 1,235 1,409
 
                   
March 31, December 31, September 30, June 30, March 31,
PlainsCapital Bank - Energy Exposure 2017 2016 2016 2016 2016
 
 

Select Energy Statistics

Outstanding energy loan balance ($MM) 149.1 166.5 168.8 223.6 233.5
Energy unfunded commitments ($MM) 130.4 121.4 120.7 88.5 102.9
Energy loans as a % of total loans 2.7 % 3.0 % 3.1 % 4.2 % 4.5 %
Classified and criticized energy loans ($MM):
Criticized energy loans 0.0 0.0 1.8 12.7 13.0
Performing classified energy loans 22.5 23.5 24.2 22.1 33.4
Non-performing classified energy loans 4.0   5.2   13.4   6.7   4.9  
26.5 28.7 39.4 41.5 51.3
 
Unimpaired energy reserves ($MM) 10.6 10.6 10.0 9.8 9.2
Energy reserves as a % of energy loans 7.1 % 6.5 % 6.7 % 4.7 % 4.3 %
Energy NCOs ($MM) 0.0 1.5 1.0 0.4 0.2
 

Energy Portfolio Breakdown

Exploration and production 13 % 11 % 13 % 10 % 13 %
Services:
Field services 24 % 22 % 26 % 22 % 22 %
Pipeline construction 22 % 21 % 21 % 15 % 15 %
46 % 43 % 47 % 37 % 37 %
Midstream:
Distribution 18 % 30 % 21 % 38 % 37 %
Transportation 10 % 9 % 11 % 9 % 7 %
28 % 39 % 32 % 47 % 44 %
Other:
Wholesalers 1 % 1 % 1 % 1 % 1 %
Equipment rentals 0 % 0 % 0 % 0 % 0 %
Equipment wholesalers 12 % 6 % 7 % 5 % 5 %
Total 100 % 100 % 100 % 100 % 100 %
 
                         
Three Months Ended March 31,
2017 2016
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) $ 7,094,928 $ 89,990 5.08 % $ 6,733,697 $ 91,551 5.41 %
Investment securities - taxable 1,088,010 7,004 2.59 % 1,044,705 6,348 2.44 %
Investment securities - non-taxable (2) 219,396 1,750 3.20 % 261,656 2,327 3.56 %
Federal funds sold and securities purchased under agreements to resell 117,661 23 0.08 % 125,308 26 0.08 %
Interest-bearing deposits in other financial institutions 498,550 902 0.73 % 428,082 474 0.45 %
Securities borrowed 1,487,079 8,053 2.17 % 1,544,744 7,589 1.94 %
Other   91,298     1,024 4.51 %   65,739     530 3.24 %
Interest-earning assets, gross (2) 10,596,922 108,746 4.11 % 10,203,931 108,845 4.24 %
Allowance for loan losses   (55,630 )   (48,851 )
Interest-earning assets, net 10,541,292 10,155,080
Noninterest-earning assets   1,572,096     1,596,627  
Total assets $ 12,113,388   $ 11,751,707  
 
Liabilities and Stockholders' Equity
Interest-bearing liabilities
Interest-bearing deposits $ 4,936,895 $ 4,690 0.39 % $ 4,784,004 $ 4,102 0.34 %
Securities loaned 1,361,759 6,340 1.89 % 1,441,346 5,987 1.67 %
Notes payable and other borrowings   1,049,517     5,111 1.96 %   1,003,461     4,523 1.81 %
Total interest-bearing liabilities 7,348,171 16,141 0.89 % 7,228,811 14,612 0.81 %
Noninterest-bearing liabilities
Noninterest-bearing deposits 2,234,789 2,153,901
Other liabilities   656,854     624,971  
Total liabilities 10,239,814 10,007,683
Stockholders’ equity 1,870,441 1,743,209
Noncontrolling interest   3,133     815  
Total liabilities and stockholders' equity $ 12,113,388   $ 11,751,707  
   
Net interest income (2) $ 92,605 $ 94,233
Net interest spread (2) 3.22 % 3.43 %
Net interest margin (2) 3.54 % 3.70 %

_____________________

(1)   Average balance includes non-accrual loans.
(2) Presented on a taxable equivalent basis with annualized taxable equivalent adjustments based on a 35% federal income tax rate. The adjustment to interest income was $0.5 million and $0.7 million for the three months ended March 31, 2017 and 2016, respectively.
 

Conference Call Information

Hilltop will host a live webcast and conference call at 8:00 AM Central (9:00 AM Eastern) on Wednesday, April 26, 2017. Hilltop Co-CEOs Jeremy B. Ford and Alan B. White and other key management members will review first quarter 2017 financial 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. 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 Hilltop Securities Independent Network Inc., provide 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 March 31, 2017, Hilltop employed approximately 5,400 people and operated approximately 460 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 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. For a discussion of certain factors that could cause our actual results to differ materially from those described in the forward-looking statements, please see the risk factors discussed 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.

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

Source: Hilltop Holdings Inc.