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Exhibit 99.1
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Investor Relations Contact: |
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Erik Yohe Hilltop Holdings Inc. |
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200 Crescent Court |
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Suite 1330 |
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Dallas, TX 75201 |
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(214) 855-2177 |
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ir@hilltop-holdings.com |
Hilltop Holdings Inc. Announces Financial Results for 2012
DALLAS(BUSINESS WIRE) Mar. 15, 2013 Hilltop Holdings Inc. (NYSE: HTH) (Hilltop), the parent company of PlainsCapital Corporation (PlainsCapital) and NLASCO, Inc., its insurance subsidiary, announced financial results for 2012. PlainsCapital, through its operating subsidiaries: PlainsCapital Bank, PrimeLending and First Southwest, provides banking, mortgage origination and financial advisory services.
Hilltop completed its acquisition of PlainsCapital on November 30, 2012. As a result of the acquisition, the operating results of Hilltop for the year ended December 31, 2012 include PlainsCapitals operating results since December 1, 2012 and reflect the following:
· Hilltops total assets grew to $7.3 billion at December 31, 2012 compared to $0.9 billion at the end of 2011;
· Total stockholders equity increased 75 percent in 2012 to $1.1 billion at December 31, 2012;
· With the addition of PlainsCapital, Hilltop held $3.1 billion in Loans Held for Investment, net of Allowance for Loan Losses, and $1.4 billion in Loans Held for Sale at December 31, 2012;
· The operating results for 2012 was a net loss of $5.9 million, versus a net loss of $6.5 million for 2011;
· Diluted loss per common share for 2012 was $0.10, compared to diluted loss per common share of $0.12 for 2011;
· Certain items included in net loss for 2012 resulted from purchase accounting, compensation expense-related to retention agreements and acquisition-related expenses associated with the PlainsCapital transaction. The pre-tax effects of these items include compensation expense of $8.9 million, specific acquisition-related expenses of $6.6 million, net accretion on acquired earning assets and liabilities of $6.1 million and amortization of identifiable intangibles of $0.8 million. The after-tax impact of these items was to increase the 2012 net loss by $7.7 million;
· Hilltop is well capitalized with a Tier 1 Leverage Ratio(1) of 13.08% and Total Capital Ratio of 17.81%; and
· Post-acquisition Hilltop maintains over $200 million of freely usable cash.
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Hilltop Holdings Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Hilltop Holdings Inc. provided additional information to their SEC Filing as exhibits
Ticker: HTH
CIK: 1265131
Form Type: 10-K Annual Report
Accession Number: 0001104659-13-021261
Submitted to the SEC: Fri Mar 15 2013 4:20:17 PM EST
Accepted by the SEC: Fri Mar 15 2013
Period: Monday, December 31, 2012
Industry: State Commercial Banks