0001104659-24-003022.txt : 20240213 0001104659-24-003022.hdr.sgml : 20240213 20240110171536 ACCESSION NUMBER: 0001104659-24-003022 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20240110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Hilltop Holdings Inc. CENTRAL INDEX KEY: 0001265131 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 841477939 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 6565 HILLCREST AVE. CITY: DALLAS STATE: TX ZIP: 75205 BUSINESS PHONE: 214.855.2177 MAIL ADDRESS: STREET 1: 6565 HILLCREST AVE. CITY: DALLAS STATE: TX ZIP: 75205 FORMER COMPANY: FORMER CONFORMED NAME: AFFORDABLE RESIDENTIAL COMMUNITIES INC DATE OF NAME CHANGE: 20030929 CORRESP 1 filename1.htm

 

  Hilltop Holdings Inc.
6565 Hillcrest Avenue
Dallas, Texas 75205
Tel: 214.855.2177
Fax: 214.855.2173
www.hilltop-holdings.com
NYSE: HTH

 

January 10, 2024 Via EDGAR

 

United States Securities and Exchange Commission

Division of Corporate Finance

Mail Stop 4720

100 F Street, N.E.

Washington, D.C. 20549

Attn: Jee Yeon Ahn and Lory Empie

 

Re:Hilltop Holdings Inc.

Form 10-K for Fiscal Year Ended December 31, 2022

Filed February 17, 2023

Form 10-Q for the Quarterly Period Ended September 30, 2023

Filed October 23, 2023

File No. 001-31987

 

Ladies and Gentlemen:

 

Hilltop Holdings Inc., a Maryland corporation (the “Company”), hereby files via EDGAR with the United States Securities and Exchange Commission (the “Commission”) the following response to the Staff’s comment in a letter to the Company dated December 19, 2023. For your convenience, we have repeated the comment prior to the response. 

 

Form 10-Q for the Quarterly Period Ended September 30, 2023

 

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

Loan Portfolio, page 73

 

1.We note the tabular disclosure on page 73 detailing the composition of your gross loan portfolio, which includes commercial real estate (“CRE”). Given the significance of CRE in your total loan portfolio, please revise your disclosures, in future filings, to further disaggregate the composition of your CRE loan portfolio by borrower type (e.g., by office, hotel, multifamily, etc.), geographic concentrations and other characteristics (e.g., current weighted average and/or range of loan-to-value ratios, occupancy rates, etc.) material to an investor’s understanding of your CRE loan portfolio. In addition, revise to describe the specific details of any risk management policies, procedures or other actions undertaken by management in response to the current environment.

 

Response:

 

We acknowledge the Staff’s comment. In future filings, we will further disaggregate the composition of our CRE loan portfolio and discuss in more detail our risk management policies, procedures or other actions undertaken by management in response to the current environment. The following are proposed revisions to the Loan Portfolio section (and specifically the Banking Segment subsection) in future filings based on our September 30, 2023 Form 10-Q (additions/revisions to current disclosures are underlined).

 

 

 

 

United States Securities and Exchange Commission

January 10, 2024

Page 2

 

[MD&A, page 73]

 

Loan Portfolio

 

Consolidated loans held for investment are detailed in the table below, classified by portfolio segment (in thousands).

 

   September 30,   December 31, 
   2023   2022 
Commercial real estate:          
Non-owner occupied  $1,878,163   $1,870,552 
Owner occupied   1,407,736    1,375,321 
Commercial and industrial   1,662,737    1,639,980 
Construction and land development   1,088,701    980,896 
1-4 family residential   1,783,259    1,767,099 
Consumer   26,212    27,602 
Broker-dealer   357,244    431,223 
Loans held for investment, gross   8,204,052    8,092,673 
Allowance for credit losses   (110,822)   (95,442)
Loans held for investment, net of allowance  $8,093,230   $7,997,231 

 

Banking Segment

 

The loan portfolio constitutes the primary earning asset of the banking segment and typically offers the best alternative for obtaining the maximum interest spread above the banking segment’s cost of funds. The overall economic strength of the banking segment generally parallels the quality and yield of its loan portfolio.

 

As discussed in more detail within the section captioned “Financial Condition – Allowance for Credit Losses on Loans” set forth in Part II, Item 7 of our 2022 Form 10-K, the banking segment’s credit policies emphasize strong underwriting and governance standards and early detection of potential problem credits in order to develop and implement action plans on a timely basis to mitigate potential losses. These formal credit policies and procedures provide the banking segment with a framework for consistent underwriting and a basis for sound credit decisions. The banking segment strives to avoid the risk of concentrations of credit in any particular industry, collateral type, location, or with any individual customer or counterparty.

 

To manage the credit risks associated with its loan portfolio, management may, depending upon current or anticipated economic conditions and related exposures, apply enhanced risk management measures to loans through analysis of a specific borrower’s financial condition, including cash flow, collateral values, and guarantees, among other credit factors. Given the current market dynamics, including economic uncertainties, the rapid increase in market interest rates since 2022, and a deteriorating outlook for commercial real estate markets, management has heightened its specific review procedures of credits maturing in the next six to twelve months as well as those credits associated with real estate.

 

The banking segment’s total loans held for investment, net of the allowance for credit losses, were $8.7 billion and $8.5 billion at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023, the banking segment’s loan portfolio included warehouse lines of credit extended to PrimeLending and its ABAs of $1.6 billion, of which $1.0 billion was drawn. At December 31, 2022, amounts drawn on the available warehouse lines of credit was $0.9 billion. Amounts advanced against the warehouse lines of credit are eliminated from net loans held for investment on our consolidated balance sheets. The banking segment does not generally participate in syndicated loan transactions and has no foreign loans in its portfolio.

 

 

 

 

United States Securities and Exchange Commission

January 10, 2024

Page 3

 

A significant portion of the banking segment’s loan portfolio at September 30, 2023 consisted of commercial real estate loans secured by properties. Such loans can involve high principal loan amounts, and the repayment of these loans is dependent, in large part, on a borrower’s ongoing business operations or on income generated from the properties that are leased to third parties. The table below sets forth the banking segment’s commercial real estate loan portfolio, by portfolio industry sector and collateral location as of September 30, 2023 (in thousands).

 

               Brownsville-                     
   Dallas-           Harlingen-           Other     
Commercial Real Estate  Fort Worth   Austin   Houston   McAllen   San Antonio   Lubbock   Texas   Outside Texas   Total 
Non-owner occupied:                                             
Office  $149,640   $182,655   $54,292   $17,592   $25,542   $7,967   $64,700   $333   $502,721 
Retail   147,082    73,107    26,842    19,929    9,196    12,969    38,921    8,963    337,009 
Hotel/Motel   51,164    25,220    73,638    21,132    381    18,885    41,759    13,942    246,121 
Multifamily   11,523    11,143    47,095    54,615    -    16,825    57,465    10,578    209,244 
Industrial   115,354    52,218    11,403    5,448    3,159    720    22,709    434    211,445 
All other   107,654    60,491    27,013    16,168    21,192    52,830    51,394    34,881    371,623 
    582,417    404,834    240,283    134,884    59,470    110,196    276,948    69,131    1,878,163 
Owner occupied:                                             
Office  $126,231   $73,007   $24,454   $14,861   $35,643   $9,358   $10,679   $4,035   $298,268 
Retail   12,373    15,750    3,384    1,131    197    179    4,050    1,017    38,081 
Industrial   173,255    37,697    34,346    8,666    13,241    6,813    33,346    21,052    328,416 
All other   339,457    60,929    88,620    22,324    49,356    15,000    155,700    11,585    742,971 
    651,316    187,383    150,804    46,982    98,437    31,350    203,775    37,689    1,407,736 
Total commercial real estate loans  $1,233,733   $592,217   $391,087   $181,866   $157,907   $141,546   $480,723   $106,820   $3,285,899 

 

At September 30, 2023, the banking segment had loan concentrations (loans to borrowers engaged in similar activities) that exceeded 10% of total loans in its real estate portfolio. The areas of concentration within our real estate portfolio were non-construction commercial real estate loans, non-construction residential real estate loans, and construction and land development loans, which represented 41.9%, 22.8% and 13.9%, respectively, of the banking segment’s total loans held for investment at September 30, 2023. The banking segment’s loan concentrations were within regulatory guidelines at September 30, 2023.

 

In addition, the Bank’s loan portfolio includes collateralized loans extended to businesses that depend on the energy industry, including those within the exploration and production, field services, pipeline construction and transportation sectors. Crude oil prices remain uncertain given future supply and demand for oil are influenced by international armed conflicts, return to business travel, new energy policies and government regulation, and the pace of transition towards renewable energy resources. At September 30, 2023, the Bank’s energy loan exposure was approximately $53 million of loans held for investment with unfunded commitment balances of approximately $12 million. The allowance for credit losses on the Bank’s energy portfolio was $0.1 million, or 0.3% of loans held for investment at September 30, 2023.

 

The following table provides information regarding the maturities of the banking segment’s gross loans held for investment, net of unearned income (in thousands).

 

   September 30, 2023 
   Due Within   Due From One   Due from Five   Due After     
   One Year   To Five Years   To Fifteen Years   Fifteen Years   Total 
Commercial real estate  $828,253   $1,438,622   $956,910   $62,114   $3,285,899 
Commercial and industrial   2,190,430    311,231    144,789    —    2,646,450 
Construction and land development   879,115    167,897    40,658    1,031    1,088,701 
1-4 family residential   128,782    421,775    446,128    786,574    1,783,259 
Consumer   13,607    12,231    360    14    26,212 
Total  $4,040,187   $2,351,756   $1,588,845   $849,733   $8,830,521 
                          
Fixed rate loans  $1,754,624   $1,702,763   $1,330,703   $849,733   $5,637,823 
Floating rate loans   2,285,563    648,993    258,142    —    3,192,698 
Total  $4,040,187   $2,351,756   $1,588,845   $849,733   $8,830,521 

 

 

 

 

United States Securities and Exchange Commission

January 10, 2024

Page 4

 

In the table above, commercial and industrial includes amounts advanced against the warehouse lines of credit extended to PrimeLending. Floating rate loans that have reached their applicable rate floor or ceiling are classified as fixed rate loans rather than floating rate loans. As of September 30, 2023, floating rate loans totaling $761 million had reached their applicable rate floor and were expected to reprice, subject to their scheduled repricing timing and frequency terms. The majority of floating rate loans carry an interest rate tied to a SOFR rate or The Wall Street Journal Prime Rate, as published in The Wall Street Journal.

 

If any members of the Commission have any questions concerning the response above or desire further information or clarification in connection therewith, he or she should contact the undersigned at (214) 855-2171.

 

  Very truly yours,
   
  /s/ WILLIAM B. FURR
   
  William B. Furr
  Chief Financial Officer

 

CGP:cp

 

cc:Jee Yeon Ahn
 Lory Empie
 U.S. Securities and Exchange Commission

 

 

 

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