0001558370-19-011103.txt : 20191118 0001558370-19-011103.hdr.sgml : 20191118 20191118162257 ACCESSION NUMBER: 0001558370-19-011103 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 136 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191118 DATE AS OF CHANGE: 20191118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Hilltop Holdings Inc. CENTRAL INDEX KEY: 0001265131 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 841477939 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-31987 FILM NUMBER: 191227819 BUSINESS ADDRESS: STREET 1: 2323 VICTORY AVENUE STREET 2: SUITE 1400 CITY: DALLAS STATE: TX ZIP: 75219 BUSINESS PHONE: 214.855.2177 MAIL ADDRESS: STREET 1: 2323 VICTORY AVENUE STREET 2: SUITE 1400 CITY: DALLAS STATE: TX ZIP: 75219 FORMER COMPANY: FORMER CONFORMED NAME: AFFORDABLE RESIDENTIAL COMMUNITIES INC DATE OF NAME CHANGE: 20030929 10-Q 1 hth-20190930x10q91d1ac.htm 10-Q
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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, 2019

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)

2323 Victory Avenue, Suite 1400

Dallas, TX

75219

(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 November 18, 2019 was 90,632,962.

HILLTOP HOLDINGS INC.

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2019

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

Schedule I - Insurance Incurred and Cumulative Paid Losses and Allocated Loss and Loss Adjustment Expenses, Net of Reinsurance

52

Item 2.

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

53

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

88

Item 4.

Controls and Procedures

92

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

93

Item 1A.

Risk Factors

93

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

93

Item 6.

Exhibits

94

2

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)

September 30,

December 31,

 

    

2019

    

2018

 

Assets

Cash and due from banks

$

326,129

$

644,073

Federal funds sold

 

423

 

400

Assets segregated for regulatory purposes

83,878

133,993

Securities purchased under agreements to resell

49,998

61,611

Securities:

Trading, at fair value

 

707,268

 

745,466

Available for sale, at fair value (amortized cost of $987,992 and $886,799, respectively)

 

1,003,850

 

875,658

Held to maturity, at amortized cost (fair value of $377,337 and $341,124, respectively)

371,361

351,012

Equity, at fair value

19,494

19,679

 

2,101,973

1,991,815

Loans held for sale

 

1,984,231

 

1,393,246

Loans held for investment, net of unearned income

 

7,321,208

 

6,930,458

Allowance for loan losses

 

(55,604)

 

(59,486)

Loans held for investment, net

 

7,265,604

 

6,870,972

Broker-dealer and clearing organization receivables

 

1,731,979

 

1,440,287

Premises and equipment, net

 

213,757

 

237,373

Operating lease right-of-use assets

121,838

 

Other assets

 

633,794

 

580,362

Goodwill

 

291,435

 

291,435

Other intangible assets, net

 

31,990

 

38,005

Total assets

$

14,837,029

$

13,683,572

Liabilities and Stockholders' Equity

Deposits:

Noninterest-bearing

$

2,732,325

$

2,560,750

Interest-bearing

 

5,998,547

 

5,975,406

Total deposits

 

8,730,872

 

8,536,156

Broker-dealer and clearing organization payables

 

1,546,163

 

1,294,925

Short-term borrowings

 

1,502,755

 

1,065,807

Securities sold, not yet purchased, at fair value

59,249

81,667

Notes payable

 

245,341

 

228,872

Operating lease liabilities

131,133

 

Junior subordinated debentures

 

67,012

 

67,012

Other liabilities

 

471,077

 

435,240

Total liabilities

 

12,753,602

 

11,709,679

Commitments and contingencies (see Notes 13 and 14)

Stockholders' equity:

Hilltop stockholders' equity:

Common stock, $0.01 par value, 125,000,000 shares authorized; 90,629,208 and 93,610,217 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively

 

906

 

936

Additional paid-in capital

 

1,441,604

 

1,489,816

Accumulated other comprehensive income (loss)

 

12,305

 

(8,627)

Retained earnings

602,835

 

466,737

Deferred compensation employee stock trust, net

789

 

825

Employee stock trust (8,508 and 11,672 shares, at cost, at September 30, 2019 and December 31, 2018, respectively)

(170)

 

(217)

Total Hilltop stockholders' equity

 

2,058,269

 

1,949,470

Noncontrolling interests

 

25,158

 

24,423

Total stockholders' equity

 

2,083,427

 

1,973,893

Total liabilities and stockholders' equity

$

14,837,029

$

13,683,572

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,

   

2019

    

2018

   

2019

    

2018

 

Interest income:

Loans, including fees

$

119,580

$

113,535

$

344,775

$

317,403

Securities borrowed

21,010

16,346

53,386

50,132

Securities:

Taxable

 

15,764

 

11,994

 

46,064

 

35,463

Tax-exempt

 

1,576

 

1,717

 

4,587

 

5,186

Other

 

4,026

 

4,734

 

13,240

 

13,542

Total interest income

 

161,956

 

148,326

 

462,052

 

421,726

Interest expense:

Deposits

 

18,887

 

12,353

 

54,029

 

31,164

Securities loaned

17,889

13,984

46,097

 

42,798

Short-term borrowings

 

8,166

 

7,831

 

20,534

 

18,340

Notes payable

 

2,715

 

2,702

 

7,985

 

7,636

Junior subordinated debentures

 

955

 

955

 

2,942

 

2,695

Other

 

132

 

160

 

446

 

484

Total interest expense

 

48,744

 

37,985

 

132,033

 

103,117

Net interest income

 

113,212

 

110,341

 

330,019

 

318,609

Provision (recovery) for loan losses

 

47

 

(371)

 

326

 

(1,838)

Net interest income after provision (recovery) for loan losses

 

113,165

 

110,712

 

329,693

 

320,447

Noninterest income:

Net gains from sale of loans and other mortgage production income

 

157,050

 

116,243

 

384,362

 

354,488

Mortgage loan origination fees

 

37,782

 

27,004

 

93,064

 

76,948

Securities commissions and fees

 

34,426

 

36,968

 

104,537

 

114,005

Investment and securities advisory fees and commissions

28,685

 

23,487

 

71,704

 

63,806

Net insurance premiums earned

 

32,654

 

34,185

 

99,323

 

102,605

Other

 

50,804

 

31,810

 

153,750

 

72,422

Total noninterest income

 

341,401

 

269,697

 

906,740

 

784,274

Noninterest expense:

Employees' compensation and benefits

 

235,197

 

205,575

 

640,838

 

588,807

Occupancy and equipment, net

 

27,202

 

29,015

 

83,444

 

84,695

Professional services

 

24,346

 

27,984

 

71,041

 

78,959

Loss and loss adjustment expenses

 

14,677

 

18,712

 

54,584

 

58,653

Other

 

48,687

 

54,425

 

152,964

 

171,316

Total noninterest expense

 

350,109

 

335,711

 

1,002,871

 

982,430

Income before income taxes

 

104,457

 

44,698

 

233,562

 

122,291

Income tax expense

 

22,750

 

7,600

 

52,287

 

26,122

Net income

 

81,707

 

37,098

 

181,275

 

96,169

Less: Net income attributable to noncontrolling interest

 

2,289

 

1,293

 

5,260

 

2,843

Income attributable to Hilltop

$

79,418

$

35,805

$

176,015

$

93,326

Earnings per common share:

Basic

$

0.87

$

0.38

$

1.89

$

0.98

Diluted

$

0.86

$

0.38

$

1.89

$

0.98

Weighted average share information:

Basic

 

91,745

 

94,554

 

92,931

 

95,264

Diluted

 

91,824

 

94,610

 

92,959

 

95,355

See accompanying notes.

4

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

   

2019

    

2018

   

2019

   

2018

 

Net income

$

81,707

$

37,098

$

181,275

$

96,169

Other comprehensive income:

Net unrealized gains (losses) on securities available for sale, net of tax of $1,238, $(847), $6,030 and $(3,335), respectively

 

6,468

 

(2,900)

 

22,973

 

(11,751)

Reclassification adjustment for gains included in net income, net of tax of $(531), $7, $(536) and $7, respectively

 

(2,025)

 

24

 

(2,041)

 

24

Comprehensive income

 

86,150

 

34,222

 

202,207

 

84,442

Less: comprehensive income attributable to noncontrolling interest

 

2,289

 

1,293

 

5,260

 

2,843

Comprehensive income applicable to Hilltop

$

83,861

$

32,929

$

196,947

$

81,599

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, 2018

94,571

$

946

$

1,502,105

$

(11,846)

$

419,683

$

857

11

$

(252)

$

1,911,493

$

4,920

$

1,916,413

Net income

35,805

35,805

1,293

37,098

Other comprehensive loss

(2,876)

(2,876)

(2,876)

Stock-based compensation expense

2,176

2,176

2,176

Common stock issued to board members

12

265

265

265

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