Hilltop Holdings Inc. Declares Quarterly Cash Dividend, Payable on May 31, 2018; Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018
April 26, 2018 at 05:10 pm EDT
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Hilltop Holdings Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.07 per common share, payable on May 31, 2018, to all common stockholders of record as of the close of business on May 15, 2018.
The company reported consolidated earnings results for the first quarter ended March 31, 2018. For the quarter ended March 31, 2018, the company reported total interest income of $133,360,000 against $108,241,000 a year ago. Net interest income was $103,420,000 compared to $92,100,000 a year ago. Income before income taxes was $32,168,000 compared to $41,342,000 a year ago. Income attributable to the company was $24,441,000 or $0.25 per basic and diluted share compared to $26,434,000 or $0.27 per diluted share a year ago. Return on average assets and return on average equity for the first quarter of 2018 were 0.77% and 5.19%, respectively, compared to 0.88% and 5.73%, respectively, for the first quarter of 2017. Book value per common share was $20.02 as on March 31, 2018 compared to $19.17 as on March 31, 2017.
The company expects full year 2018 GAAP effective tax rate to be between 23% and 25% with variability driven by the impact of state taxes throughout the year.
Hilltop Holdings Inc. is a diversified financial holding company. The Company operates through three segments: banking, broker-dealer, and mortgage origination. The banking segment includes the operations of PlainsCapital Bank (the Bank). The banking segment primarily provides business and consumer banking services from offices located throughout Texas and generates revenue from its portfolio of earning assets. The broker-dealer segment includes the operations of Securities Holdings, which operates through its wholly owned subsidiaries, Hilltop Securities, Momentum Independent Network and Hilltop Securities Asset Management, LLC. This segment offers investment advisory and securities brokerage services. The mortgage origination segment includes the operations of PrimeLending, which offers a variety of loan products. This segment includes origination and servicing of loans and selling these loans in the secondary market.
Hilltop Holdings Inc. Declares Quarterly Cash Dividend, Payable on May 31, 2018; Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018