0001558370-20-008791.txt : 20200807 0001558370-20-008791.hdr.sgml : 20200807 20200730200444 ACCESSION NUMBER: 0001558370-20-008791 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 121 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200730 DATE AS OF CHANGE: 20200730 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: 201062708 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 10-Q 1 hth-20200630x10q.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 June 30, 2020

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 July 30, 2020 was 90,223,676.

HILLTOP HOLDINGS INC.

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2020

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

Item 2.

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

53

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

98

Item 4.

Controls and Procedures

102

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

103

Item 1A.

Risk Factors

103

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

105

Item 6.

Exhibits

106

2

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)

June 30,

December 31,

 

    

2020

    

2019

 

Assets

Cash and due from banks

$

1,655,492

$

433,626

Federal funds sold

 

385

 

394

Assets segregated for regulatory purposes

194,626

157,436

Securities purchased under agreements to resell

161,457

59,031

Securities:

Trading, at fair value

 

648,037

 

689,576

Available for sale, at fair value, net (amortized cost of $1,061,096 and 899,817, respectively)

 

1,091,348

 

911,493

Held to maturity, at amortized cost, net (fair value of $359,542 and $388,930, respectively)

343,198

386,326

Equity, at fair value

122

166

 

2,082,705

1,987,561

Loans held for sale

 

2,592,307

 

2,106,361

Loans held for investment, net of unearned income

 

7,849,904

 

7,381,400

Allowance for credit losses

 

(156,383)

 

(61,136)

Loans held for investment, net

 

7,693,521

 

7,320,264

Broker-dealer and clearing organization receivables

 

1,222,627

 

1,780,280

Premises and equipment, net

 

210,975

 

210,375

Operating lease right-of-use assets

119,954

 

114,320

Other assets

 

709,246

 

460,258

Goodwill

 

267,447

 

267,447

Other intangible assets, net

 

23,374

 

26,666

Assets of discontinued operations

248,429

Total assets

$

16,934,116

$

15,172,448

Liabilities and Stockholders' Equity

Deposits:

Noninterest-bearing

$

3,467,500

$

2,769,556

Interest-bearing

 

8,182,098

 

6,262,658

Total deposits

 

11,649,598

 

9,032,214

Broker-dealer and clearing organization payables

 

1,158,628

 

1,605,518

Short-term borrowings

 

720,164

 

1,424,010

Securities sold, not yet purchased, at fair value

55,340

43,817

Notes payable

 

450,158

 

256,269

Operating lease liabilities

131,411

 

125,619

Junior subordinated debentures

 

67,012

 

67,012

Other liabilities

 

409,672

 

348,519

Liabilities of discontinued operations

140,674

Total liabilities

 

14,641,983

 

13,043,652

Commitments and contingencies (see Notes 13 and 14)

Stockholders' equity:

Hilltop stockholders' equity:

Common stock, $0.01 par value, 125,000,000 shares authorized; 90,222,156 and 90,640,944 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

902

 

906

Additional paid-in capital

 

1,439,686

 

1,445,233

Accumulated other comprehensive income

 

23,813

 

11,419

Retained earnings

797,331

 

644,860

Deferred compensation employee stock trust, net

778

 

776

Employee stock trust (7,539 and 7,794 shares, at cost, at June 30, 2020 and December 31, 2019, respectively)

(150)

 

(155)

Total Hilltop stockholders' equity

 

2,262,360

 

2,103,039

Noncontrolling interests

 

29,773

 

25,757

Total stockholders' equity

 

2,292,133

 

2,128,796

Total liabilities and stockholders' equity

$

16,934,116

$

15,172,448

See accompanying notes.

3

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

    

2020

    

2019

    

2020

    

2019

 

Interest income:

Loans, including fees

$

107,860

$

114,325

$

219,028

$

225,195

Securities borrowed

12,883

15,517

26,210

32,376

Securities:

Taxable

 

11,698

 

13,778

 

27,393

 

28,434

Tax-exempt

 

1,539

 

1,513

 

3,149

 

3,011

Other

 

951

 

3,867

 

4,026

 

8,922

Total interest income

 

134,931

 

149,000

 

279,806

 

297,938

Interest expense:

Deposits

 

11,947

 

18,036

 

27,071

 

35,142

Securities loaned

10,796

13,470

22,073

 

28,208

Short-term borrowings

 

2,367

 

6,897

 

7,111

 

12,368

Notes payable

 

3,768

 

2,165

 

6,186

 

4,346

Junior subordinated debentures

 

705

 

986

 

1,555

 

1,987

Other

 

790

 

162

 

916

 

314

Total interest expense

 

30,373

 

41,716

 

64,912

 

82,365

Net interest income

 

104,558

 

107,284

 

214,894

 

215,573

Provision for (reversal of) credit losses

 

66,026

 

(672)

 

100,575

 

279

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

 

38,532

 

107,956

 

114,319

 

215,294

Noninterest income:

Net gains from sale of loans and other mortgage production income

 

295,317

 

131,173

 

445,803

 

227,312

Mortgage loan origination fees

 

45,341

 

33,409

 

73,895

 

55,282

Securities commissions and fees

 

34,234

 

34,142

 

74,303

 

70,111

Investment and securities advisory fees and commissions

29,120

 

22,859

 

52,300

 

43,019

Other

 

64,113

 

55,120

 

93,537

 

96,942

Total noninterest income

 

468,125

 

276,703

 

739,838

 

492,666

Noninterest expense:

Employees' compensation and benefits

 

276,893

 

212,959

 

473,249

 

399,655

Occupancy and equipment, net

 

26,174

 

27,938

 

45,696

 

55,717

Professional services

 

15,737

 

13,773

 

30,535

 

27,882

Other

 

51,405

 

49,418

 

102,630

 

99,581

Total noninterest expense

 

370,209

 

304,088

 

652,110

 

582,835

Income from continuing operations before income taxes

 

136,448

 

80,571

 

202,047

 

125,125

Income tax expense

 

31,808

 

18,526

 

46,956

 

28,663

Income from continuing operations

104,640

62,045

155,091

96,462

Income (loss) from discontinued operations, net of income taxes

30,775

(2,254)

33,926

3,106

Net income

 

135,415

 

59,791

 

189,017

 

99,568

Less: Net income attributable to noncontrolling interest

 

6,939

 

1,980

 

10,905

 

2,971

Income attributable to Hilltop

$

128,476

$

57,811

$

178,112

$

96,597

Earnings per common share:

Basic:

Earnings from continuing operations

$

1.08

$

0.64

$

1.60

$

1.00

Earnings (losses) from discontinued operations

0.34

(0.02)

0.37

0.03

$

1.42

$

0.62

$

1.97

$

1.03

Diluted:

Earnings from continuing operations

$

1.08

$

0.64

$

1.60

$

1.00

Earnings (losses) from discontinued operations

0.34

(0.02)

0.37

0.03

$

1.42

$

0.62

$

1.97

$

1.03

Weighted average share information:

Basic

 

90,164

 

93,399

 

90,337

 

93,533

Diluted

 

90,164

 

93,418

 

90,337

 

93,534

See accompanying notes.

4

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

    

2020

   

2019

   

2020

   

2019

Net income

$

135,415

$

59,791

$

189,017

$

99,568

Other comprehensive income:

Change in fair value of cash flow hedges, net of tax of $(110), $0, $(1,043) and $0, respectively

(377)

(3,577)

Net unrealized gains on securities available for sale, net of tax of $927, $2,574, $4,653 and $4,782, respectively

 

3,245

 

8,924

 

15,850

 

16,473

Reclassification adjustment for gains included in net income, net of tax of $2, $0, $36 and $5, respectively

 

6

 

 

121

 

16

Comprehensive income

 

138,289

 

68,715

 

201,411

 

116,057

Less: comprehensive income attributable to noncontrolling interest

 

6,939

 

1,980

 

10,905

 

2,971

Comprehensive income applicable to Hilltop

$

131,350

$

66,735

$

190,506

$

113,086

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, March 31, 2019

93,821

$

938

$

1,491,585

$

(1,062)

$

499,452

$

827

11

$

(213)

$

1,991,527

$

23,604

$

2,015,131

Net income

57,811

57,811

1,980

59,791

Other comprehensive income

8,924

8,924

8,924

Stock-based compensation expense

2,385

2,385

2,385

Common stock issued to board members

7

141

141

141

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

162

2

(1,013)

(1,011)

(1,011)

Repurchases of common stock

(1,215)

(12)

(19,499)

(5,469)

(24,980)

(24,980)

Dividends on common stock ($0.08 per share)

(7,519)

(7,519)

(7,519)

Deferred compensation plan

(39)

(2)

42

3

3

Net cash distributed to noncontrolling interest

(1,060)

(1,060)

Balance, June 30, 2019

92,775

$

928

$

1,473,599

$

7,862

$

544,275

$

788

9

$

(171)

$

2,027,281