Exhibit 99.1

 

 

Investor Relations Contact:

 

Isabell Novakov

 

214-252-4029

 

inovakov@plainscapital.com

 

Hilltop Holdings Inc. Announces Financial Results for Fourth Quarter and Full Year 2013

 

DALLAS — (BUSINESS WIRE) March 3, 2014 — Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”), the parent company of PlainsCapital Corporation (“PlainsCapital”), announced financial results for the fourth quarter and full year 2013.  PlainsCapital, through its operating subsidiaries PlainsCapital Bank (the “Bank”), PrimeLending and First Southwest, provides banking, mortgage origination and financial advisory services, respectively.  Hilltop’s insurance subsidiary, National Lloyds Corporation (“NLC”), provides property and casualty insurance.

 

Hilltop produced income to common stockholders of $29.5 million, or $0.34 per diluted share, for the fourth quarter of 2013, compared to $8.6 million, or $0.13 per diluted share, for the fourth quarter of 2012. Income to common stockholders for the third quarter of 2013 was revised to $38.2 million, or $0.43 per diluted share, an increase from previously reported operating results due to adjustments to the preliminary bargain purchase gain associated with the acquisition of substantially all of the assets and assumption of substantially all of the liabilities of First National Bank, Edinburg, Texas, from the Federal Deposit Insurance Corporation, as receiver, on September 13, 2013 (“FNB Transaction”). Income to common stockholders for the full year 2013 was $121.0 million, or $1.40 per diluted share. Hilltop’s annualized return on average assets and return on average equity for the fourth quarter of 2013 were 1.34% and 10.97%, respectively. The return on average assets and return on average equity for the full year 2013 were 1.67% and 11.00%, respectively.

 

“2013 was a strong and rewarding year for Hilltop’s shareholders, employees and customers. The bank’s operating results drove our earnings and every business segment was profitable in 2013. Our mortgage origination and financial advisory businesses performed well in the face of continued challenges in their respective industries. We also were able to effectively deploy excess capital and grow our balance sheet and commercial banking business through the FNB Transaction. This transaction put us in every major Texas market and improved the composition of our balance sheet and funding profile. We enter 2014 optimistic and well-positioned, but cautious given the current headwinds in our operating environments.” said Jeremy Ford, CEO of Hilltop.

 

Fourth Quarter 2013 Highlights for Hilltop:

 

·                  Hilltop’s total assets decreased to $8.9 billion at December 31, 2013, compared to $9.1 billion at September 30, 2013;

·                  Total stockholders’ equity increased by $105.6 million from September 30, 2013 to $1.3 billion at December 31, 2013;

·                  Loans held for investment, net of allowance for loan losses, increased by 2.6% to $4.5 billion (including covered and non-covered loans(1)), and loans held for sale increased by 4.0% to $1.1 billion, from September 30, 2013 to December 31, 2013;

·                  Total deposits decreased by $214.1 million from September 30, 2013 to $6.7 billion at December 31, 2013;

·                  Hilltop was well-capitalized with a Tier 1 Leverage Ratio(2) of 12.81% and Total Capital Ratio of 19.13% at December 31, 2013; and

 


The following information was filed by Hilltop Holdings Inc. (HTH) on Monday, March 3, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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