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Hilltop Holdings Inc. Announces Financial Results for Fourth Quarter and Full Year 2023

Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced financial results for the fourth quarter and full year 2023. Hilltop produced income to common stockholders of $28.7 million, or $0.44 per diluted share, for the fourth quarter of 2023, compared to $25.6 million, or $0.39 per diluted share, for the fourth quarter of 2022. Income to common stockholders for the full year 2023 was $109.6 million, or $1.69 per diluted share, compared to $113.1 million, or $1.60 per diluted share, for the full year 2022. Hilltop’s financial results for the fourth quarter and full year 2023 included decreases in year-over-year mortgage origination segment net gains from sales of loans and other mortgage production income, a decline in the net interest income within the banking segment, and increases in net revenues within certain of the broker-dealer segment’s business lines.

Hilltop also announced that its Board of Directors declared a quarterly cash dividend of $0.17 per common share, a 6% increase from the prior quarter, payable on February 28, 2024, to all common stockholders of record as of the close of business on February 12, 2024. Additionally, the Hilltop Board of Directors authorized, subject to regulatory approvals or non-objections, a new stock repurchase program through January 2025, under which Hilltop may repurchase, in the aggregate, up to $75.0 million of its outstanding common stock. During 2023, Hilltop paid $5.1 million to repurchase an aggregate of 164,604 shares of its common stock at an average price of $30.95 per share pursuant to the 2023 stock repurchase program, which is inclusive of repurchases during the fourth quarter of 2023. These shares were returned to the pool of authorized but unissued shares of common stock.

Headwinds that began in 2022, and continued through 2023, including the impact of tight housing inventories on mortgage volumes, declining deposit balances, rapid increases in market interest rates and a volatile economic forecast have had an adverse impact on our operating results during 2023. The impacts of such headwinds during 2024 remain uncertain and will depend on developments outside of our control, including, among others, the timing and significance of further changes in U.S. treasury yields and mortgage interest rates, exposure to increasing funding costs, inflationary pressures associated with compensation, occupancy and software costs and labor market conditions, and international armed conflicts and their impact on supply chains.

Jeremy B. Ford, President and CEO of Hilltop, said, “2023 presented a challenging operating environment for Hilltop. Despite the turmoil created by bank failures in the first quarter of 2023, the prudent management of operations at our lines of business and sound stewardship of our balance sheet allowed us to continue to support our clients with exceptional service and end a volatile year with strong capital and liquidity.

“At PlainsCapital Bank, we delivered profitable results in the face of steep competition for deposits and muted loan demand from borrowers. PrimeLending continued to experience a difficult mortgage market as tight inventories and elevated mortgage rates challenged affordability for consumers and production volume. HilltopSecurities offset down markets for our Public Finance and Fixed Income business lines by generating exceptional results from our Structured Finance and Wealth Management platforms. The results at the broker-dealer reflect the value in our diversified offerings at HilltopSecurities.

“As we move into 2024, we will continue to proactively manage costs in this tight operating environment and focus on our conservative, long-term strategy to further build on Hilltop’s franchise value.”

Fourth Quarter 2023 Highlights for Hilltop:

  • The provision for credit losses was $1.3 million during the fourth quarter of 2023, compared to a reversal of credit losses of $40 thousand in the third quarter of 2023 and a provision for credit losses of $3.6 million in the fourth quarter of 2022;
    • The provision for credit losses during the fourth quarter of 2023 reflected a slight build in the allowance related to increases in specific reserves and net portfolio changes, partially offset by improvements to the U.S. economic outlook since the prior quarter within the banking segment.
  • For the fourth quarter of 2023, net gains from sale of loans and other mortgage production income and mortgage loan origination fees within our mortgage origination segment was $69.2 million, compared to $71.1 million in the fourth quarter of 2022, a 2.7% decrease;
    • Mortgage loan origination production volume was $1.8 billion during the fourth quarter of 2023, compared to $2.0 billion in the fourth quarter of 2022;
    • Net gains from mortgage loans sold to third parties decreased to 189 basis points during the fourth quarter of 2023, compared to 199 basis points in the third quarter of 2023.
  • Hilltop’s consolidated annualized return on average assets and return on average stockholders’ equity for the fourth quarter of 2023 were 0.75% and 5.46%, respectively, compared to 0.63% and 4.99%, respectively, for the fourth quarter of 2022;
  • Hilltop’s book value per common share increased to $32.58 at December 31, 2023, compared to $31.91 at September 30, 2023;
  • Hilltop’s total assets were $16.5 billion and $16.4 billion at December 31, 2023 and September 30, 2023, respectively;
  • Loans1, net of allowance for credit losses, were $7.6 billion and $7.7 billion at December 31, 2023 and September 30, 2023, respectively;
  • Non-performing loans were $68.3 million, or 0.76% of total loans, at December 31, 2023, compared to $31.5 million, or 0.34% of total loans, at September 30, 2023;
    • Non-performing loans during the fourth quarter of 2023 increased from the prior period primarily due to the addition of a single non-owner occupied commercial real estate credit relationship within our hotel/motel portfolio industry subsector of $33.3 million.
  • Loans held for sale decreased by 10.9% from September 30, 2023 to $0.9 billion at December 31, 2023;
  • Total deposits were $11.1 billion at each of December 31, 2023 and September 30, 2023;
    • Total estimated uninsured deposits were $4.7 billion, or approximately 42% of total deposits, while estimated uninsured deposits, excluding collateralized deposits of $315.7 million, were $4.4 billion, or approximately 40% of total deposits, at December 31, 2023.
  • Hilltop maintained strong capital levels2 with a Tier 1 Leverage Ratio3 of 12.23% and a Common Equity Tier 1 Capital Ratio of 19.31% at December 31, 2023;
  • Hilltop’s consolidated net interest margin4 decreased to 2.96% for the fourth quarter of 2023, compared to 3.02% in the third quarter of 2023;
  • For the fourth quarter of 2023, noninterest income was $179.0 million, compared to $169.8 million in the fourth quarter of 2022, a 5.4% increase;
  • For the fourth quarter 2023, noninterest expense was $250.8 million, compared to $253.4 million in the fourth quarter of 2022, a 1.0% decrease; and
  • Hilltop’s effective tax rate was 18.7% during the fourth quarter of 2023, compared to 26.6% during the same period in 2022.
    • The effective tax rate for the fourth quarter of 2023 was lower than the applicable statutory rate primarily due to investments in tax-exempt instruments and changes in accumulated tax reserves, partially offset by the impact of nondeductible expenses, non-deductible compensation expense and other permanent adjustments.
_____________________________
1

“Loans” reflect loans held for investment excluding broker-dealer margin loans, net of allowance for credit losses, of $344.1 million and $357.1 million at December 31, 2023 and September 30, 2023, respectively.

2

Capital ratios reflect Hilltop’s decision to elect the transition option as issued by the federal banking regulatory agencies in March 2020 that permits banking institutions to mitigate the estimated cumulative regulatory capital effects from CECL over a five-year transitionary period through December 31, 2024.

3

Based on the end of period Tier 1 capital divided by total average assets during the quarter, excluding goodwill and intangible assets.

4

Net interest margin is defined as net interest income divided by average interest-earning assets.

 

Consolidated Financial and Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

(in 000's)

 

2023

 

2023

 

2023

 

2023

 

2022

Cash and due from banks

 

$

1,858,700

 

 

$

1,513,747

 

 

$

1,584,709

 

 

$

1,764,081

 

 

$

1,579,512

 

Federal funds sold

 

 

650

 

 

 

3,650

 

 

 

650

 

 

 

743

 

 

 

650

 

Assets segregated for regulatory purposes

 

 

57,395

 

 

 

47,491

 

 

 

50,711

 

 

 

36,199

 

 

 

67,737

 

Securities purchased under agreements to resell

 

 

80,011

 

 

 

123,719

 

 

 

143,982

 

 

 

144,201

 

 

 

118,070

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading, at fair value

 

 

515,991

 

 

 

578,901

 

 

 

696,649

 

 

 

692,908

 

 

 

755,032

 

Available for sale, at fair value, net (1)

 

 

1,507,595

 

 

 

1,456,238

 

 

 

1,526,869

 

 

 

1,641,571

 

 

 

1,658,766

 

Held to maturity, at amortized cost, net (1)

 

 

812,677

 

 

 

825,079

 

 

 

847,437

 

 

 

862,280

 

 

 

875,532

 

Equity, at fair value

 

 

321

 

 

 

264

 

 

 

258

 

 

 

231

 

 

 

200

 

 

 

 

2,836,584

 

 

 

2,860,482

 

 

 

3,071,213

 

 

 

3,196,990

 

 

 

3,289,530

 

Loans held for sale

 

 

943,846

 

 

 

1,058,806

 

 

 

1,333,044

 

 

 

1,040,138

 

 

 

982,616

 

Loans held for investment, net of unearned income

 

 

8,079,745

 

 

 

8,204,052

 

 

 

8,354,122

 

 

 

8,192,846

 

 

 

8,092,673

 

Allowance for credit losses

 

 

(111,413

)

 

 

(110,822

)

 

 

(109,306

)

 

 

(97,354

)

 

 

(95,442

)

Loans held for investment, net

 

 

7,968,332

 

 

 

8,093,230

 

 

 

8,244,816

 

 

 

8,095,492

 

 

 

7,997,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker-dealer and clearing organization receivables

 

 

1,573,931

 

 

 

1,460,352

 

 

 

1,474,177

 

 

 

1,560,246

 

 

 

1,038,055

 

Premises and equipment, net

 

 

168,856

 

 

 

172,097

 

 

 

176,574

 

 

 

180,132

 

 

 

184,950

 

Operating lease right-of-use assets

 

 

88,580

 

 

 

93,057

 

 

 

97,979

 

 

 

100,122

 

 

 

102,443

 

Mortgage servicing assets

 

 

96,662

 

 

 

104,951

 

 

 

95,101

 

 

 

103,314

 

 

 

100,825

 

Other assets

 

 

517,545

 

 

 

588,751

 

 

 

588,166

 

 

 

529,438

 

 

 

518,899

 

Goodwill

 

 

267,447

 

 

 

267,447

 

 

 

267,447

 

 

 

267,447

 

 

 

267,447

 

Other intangible assets, net

 

 

8,457

 

 

 

9,078

 

 

 

9,772

 

 

 

10,544

 

 

 

11,317

 

Total assets

 

$

16,466,996

 

 

$

16,396,858

 

 

$

17,138,341

 

 

$

17,029,087

 

 

$

16,259,282

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

3,007,101

 

 

$

3,200,247

 

 

$

3,451,438

 

 

$

3,807,878

 

 

$

3,968,862

 

Interest-bearing

 

 

8,056,091

 

 

 

7,902,850

 

 

 

7,712,739

 

 

 

7,289,269

 

 

 

7,346,887

 

Total deposits

 

 

11,063,192

 

 

 

11,103,097

 

 

 

11,164,177

 

 

 

11,097,147

 

 

 

11,315,749

 

Broker-dealer and clearing organization payables

 

 

1,430,734

 

 

 

1,368,064

 

 

 

1,306,646

 

 

 

1,383,317

 

 

 

966,470

 

Short-term borrowings

 

 

900,038

 

 

 

882,999

 

 

 

1,628,637

 

 

 

1,572,794

 

 

 

970,056

 

Securities sold, not yet purchased, at fair value

 

 

34,872

 

 

 

51,527

 

 

 

74,761

 

 

 

51,497

 

 

 

53,023

 

Notes payable

 

 

347,145

 

 

 

347,020

 

 

 

364,531

 

 

 

376,410

 

 

 

346,654

 

Operating lease liabilities

 

 

109,002

 

 

 

114,334

 

 

 

119,999

 

 

 

122,878

 

 

 

126,759

 

Other liabilities

 

 

431,684

 

 

 

422,955

 

 

 

389,336

 

 

 

341,246

 

 

 

417,042

 

Total liabilities

 

 

14,316,667

 

 

 

14,289,996

 

 

 

15,048,087

 

 

 

14,945,289

 

 

 

14,195,753

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

652

 

 

 

652

 

 

 

651

 

 

 

650

 

 

 

647

 

Additional paid-in capital

 

 

1,054,662

 

 

 

1,052,867

 

 

 

1,050,191

 

 

 

1,044,774

 

 

 

1,046,331

 

Accumulated other comprehensive loss

 

 

(121,505

)

 

 

(145,083

)

 

 

(131,718

)

 

 

(125,461

)

 

 

(133,531

)

Retained earnings

 

 

1,189,222

 

 

 

1,171,250

 

 

 

1,144,624

 

 

 

1,136,901

 

 

 

1,123,636

 

Deferred compensation employee stock trust, net

 

 

228

 

 

 

340

 

 

 

450

 

 

 

446

 

 

 

481

 

Employee stock trust

 

 

(292

)

 

 

(446

)

 

 

(599

)

 

 

(599

)

 

 

(640

)

Total Hilltop stockholders' equity

 

 

2,122,967

 

 

 

2,079,580

 

 

 

2,063,599

 

 

 

2,056,711

 

 

 

2,036,924

 

Noncontrolling interests

 

 

27,362

 

 

 

27,282

 

 

 

26,655

 

 

 

27,087

 

 

 

26,605

 

Total stockholders' equity

 

 

2,150,329

 

 

 

2,106,862

 

 

 

2,090,254

 

 

 

2,083,798

 

 

 

2,063,529

 

Total liabilities & stockholders' equity

 

$

16,466,996

 

 

$

16,396,858

 

 

$

17,138,341

 

 

$

17,029,087

 

 

$

16,259,282

 

_______________________________
(1)

At December 31, 2023, the amortized cost of the available for sale securities portfolio was $1,621,747, while the fair value of the held to maturity securities portfolio was $731,858.

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

Consolidated Income Statements

 

December 31,

 

September 30,

 

December 31,

 

December 31,

 

December 31,

(in 000's, except per share data)

 

2023

 

2023

 

2022

 

2023

 

2022

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

138,096

 

$

142,402

 

 

$

117,906

 

$

542,274

 

$

416,207

Securities borrowed

 

 

18,659

 

 

17,683

 

 

 

14,162

 

 

71,924

 

 

44,414

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

28,763

 

 

27,166

 

 

 

23,293

 

 

108,250

 

 

75,805

Tax-exempt

 

 

2,545

 

 

2,464

 

 

 

3,002

 

 

10,763

 

 

10,013

Other

 

 

28,704

 

 

27,040

 

 

 

21,611

 

 

105,164

 

 

44,677

Total interest income

 

 

216,767

 

 

216,755

 

 

 

179,974

 

 

838,375

 

 

591,116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

68,339

 

 

64,290

 

 

 

28,238

 

 

223,179

 

 

50,412

Securities loaned

 

 

17,247

 

 

16,169

 

 

 

13,179

 

 

65,175

 

 

38,570

Short-term borrowings

 

 

13,495

 

 

14,212

 

 

 

10,278

 

 

57,857

 

 

20,893

Notes payable

 

 

3,596

 

 

4,026

 

 

 

3,988

 

 

15,448

 

 

16,141

Other

 

 

2,864

 

 

2,408

 

 

 

849

 

 

9,869

 

 

6,125

Total interest expense

 

 

105,541

 

 

101,105

 

 

 

56,532

 

 

371,528

 

 

132,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

111,226

 

 

115,650

 

 

 

123,442

 

 

466,847

 

 

458,975

Provision for (reversal of) credit losses

 

 

1,265

 

 

(40

)

 

 

3,638

 

 

18,392

 

 

8,309

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

 

 

109,961

 

 

115,690

 

 

 

119,804

 

 

448,455

 

 

450,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains from sale of loans and other mortgage production income

 

 

36,387

 

 

47,262

 

 

 

35,949

 

 

172,150

 

 

302,384

Mortgage loan origination fees

 

 

32,844

 

 

41,478

 

 

 

35,198

 

 

144,539

 

 

149,598

Securities commissions and fees

 

 

33,002

 

 

28,044

 

 

 

33,143

 

 

121,875

 

 

139,122

Investment and securities advisory fees and commissions

 

 

35,780

 

 

39,662

 

 

 

30,661

 

 

134,327

 

 

127,399

Other

 

 

40,965

 

 

40,403

 

 

 

34,833

 

 

156,082

 

 

113,957

Total noninterest income

 

 

178,978

 

 

196,849

 

 

 

169,784

 

 

728,973

 

 

832,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employees' compensation and benefits

 

 

160,390

 

 

173,195

 

 

 

167,892

 

 

678,310

 

 

773,688

Occupancy and equipment, net

 

 

21,524

 

 

21,912

 

 

 

23,077

 

 

89,326

 

 

97,115

Professional services

 

 

13,170

 

 

12,639

 

 

 

11,555

 

 

49,100

 

 

48,495

Other

 

 

55,761

 

 

52,271

 

 

 

50,844

 

 

211,573

 

 

207,701

Total noninterest expense

 

 

250,845

 

 

260,017

 

 

 

253,368

 

 

1,028,309

 

 

1,126,999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

38,094

 

 

52,522

 

 

 

36,220

 

 

149,119

 

 

156,127

Income tax expense

 

 

7,132

 

 

13,211

 

 

 

9,642

 

 

31,140

 

 

36,833

Net income

 

 

30,962

 

 

39,311

 

 

 

26,578

 

 

117,979

 

 

119,294

Less: Net income attributable to noncontrolling interest

 

 

2,291

 

 

2,269

 

 

 

1,022

 

 

8,333

 

 

6,160

Income attributable to Hilltop

 

$

28,671

 

$

37,042

 

 

$

25,556

 

$

109,646

 

$

113,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.44

 

$

0.57

 

 

$

0.40

 

$

1.69

 

$

1.61

Diluted

 

$

0.44

 

$

0.57

 

 

$

0.39

 

$

1.69

 

$

1.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.16

 

$

0.16

 

 

$

0.15

 

$

0.64

 

$

0.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

65,136

 

 

65,106

 

 

 

64,602

 

 

65,043

 

 

70,434

Diluted

 

 

65,138

 

 

65,108

 

 

 

64,779

 

 

65,045

 

 

70,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2023

Segment Results

 

 

 

 

 

 

 

Mortgage

 

 

 

 

All Other and

 

Hilltop

(in 000's)

 

Banking

 

Broker-Dealer

 

Origination

 

Corporate

 

Eliminations

 

Consolidated

Net interest income (expense)

 

$

93,133

 

$

13,615

 

 

$

(4,715

)

 

$

(2,985

)

 

$

12,178

 

 

$

111,226

Provision for (reversal of) credit losses

 

 

1,350

 

 

(85

)

 

 

 

 

 

 

 

 

 

 

 

1,265

Noninterest income

 

 

11,784

 

 

106,374

 

 

 

69,185

 

 

 

3,943

 

 

 

(12,308

)

 

 

178,978

Noninterest expense

 

 

55,784

 

 

99,960

 

 

 

80,367

 

 

 

14,881

 

 

 

(147

)

 

 

250,845

Income (loss) before taxes

 

$

47,783

 

$

20,114

 

 

$

(15,897

)

 

$

(13,923

)

 

$

17

 

 

$

38,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

Segment Results

 

 

 

 

 

 

 

Mortgage

 

 

 

 

All Other and

 

Hilltop

(in 000's)

 

Banking

 

Broker-Dealer

 

Origination

 

Corporate

 

Eliminations

 

Consolidated

Net interest income (expense)

 

$

397,936

 

$

52,894

 

 

$

(20,305

)

 

$

(12,961

)

 

$

49,283

 

 

$

466,847

Provision for (reversal of) credit losses

 

 

18,525

 

 

(133

)

 

 

 

 

 

 

 

 

 

 

 

18,392

Noninterest income

 

 

45,830

 

 

403,538

 

 

 

316,840

 

 

 

12,887

 

 

 

(50,122

)

 

 

728,973

Noninterest expense

 

 

226,234

 

 

383,024

 

 

 

359,285

 

 

 

60,631

 

 

 

(865

)

 

 

1,028,309

Income (loss) before taxes

 

$

199,007

 

$

73,541

 

 

$

(62,750

)

 

$

(60,705

)

 

$

26

 

 

$

149,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

December 31,

 

December 31,

Selected Financial Data

 

2023

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hilltop Consolidated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average stockholders' equity

 

 

5.46

%

 

 

7.11

%

 

 

4.99

%

 

 

5.31

%

 

 

5.11

%

Return on average assets

 

 

0.75

%

 

 

0.94

%

 

 

0.63

%

 

 

0.71

%

 

 

0.69

%

Net interest margin (1)

 

 

2.96

%

 

 

3.02

%

 

 

3.23

%

 

 

3.07

%

 

 

2.87

%

Net interest margin (taxable equivalent) (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported

 

 

2.98

%

 

 

3.04

%

 

 

3.24

%

 

 

3.09

%

 

 

2.88

%

Impact of purchase accounting

 

 

4 bps

 

 

7 bps

 

 

7 bps

 

 

6 bps

 

 

7 bps

Book value per common share ($)

 

 

32.58

 

 

 

31.91

 

 

 

31.49

 

 

 

32.58

 

 

 

31.49

 

Shares outstanding, end of period (000's)

 

 

65,153

 

 

 

65,170

 

 

 

64,685

 

 

 

65,153

 

 

 

64,685

 

Dividend payout ratio (3)

 

 

36.35

%

 

 

28.12

%

 

 

37.92

%

 

 

37.97

%

 

 

37.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Banking Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin (1)

 

 

2.94

%

 

 

3.08

%

 

 

3.42

%

 

 

3.13

%

 

 

3.11

%

Net interest margin (taxable equivalent) (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported

 

 

2.95

%

 

 

3.09

%

 

 

3.43

%

 

 

3.14

%

 

 

3.11

%

Impact of purchase accounting

 

 

5 bps

 

 

8 bps

 

 

8 bps

 

 

7 bps

 

 

9 bps

Accretion of discount on loans ($000's)

 

 

1,202

 

 

 

2,226

 

 

 

2,173

 

 

 

8,632

 

 

 

10,552

 

Net recoveries (charge-offs) ($000's)

 

 

(674

)

 

 

1,556

 

 

 

21

 

 

 

(2,421

)

 

 

(4,219

)

Return on average assets

 

 

1.12

%

 

 

1.20

%

 

 

1.31

%

 

 

1.15

%

 

 

1.19

%

Fee income ratio

 

 

11.2

%

 

 

10.5

%

 

 

9.8

%

 

 

10.3

%

 

 

10.7

%

Efficiency ratio

 

 

53.2

%

 

 

51.4

%

 

 

48.9

%

 

 

51.0

%

 

 

50.8

%

Employees' compensation and benefits ($000's)

 

 

29,420

 

 

 

30,641

 

 

 

34,526

 

 

 

123,345

 

 

 

137,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker-Dealer Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue ($000's) (4)

 

 

119,989

 

 

 

118,703

 

 

 

106,919

 

 

 

456,432

 

 

 

393,540

 

Employees' compensation and benefits ($000's)

 

 

68,746

 

 

 

69,930

 

 

 

60,552

 

 

 

266,395

 

 

 

251,145

 

Variable compensation expense ($000's)

 

 

39,435

 

 

 

39,929

 

 

 

32,042

 

 

 

144,984

 

 

 

138,705

 

Compensation as a % of net revenue

 

 

57.3

%

 

 

58.9

%

 

 

56.6

%

 

 

58.4

%

 

 

63.8

%

Pre-tax margin (5)

 

 

16.8

%

 

 

18.2

%

 

 

18.5

%

 

 

16.1

%

 

 

9.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Origination Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loan originations - volume ($000's):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home purchases

 

 

1,698,009

 

 

 

2,091,444

 

 

 

1,895,731

 

 

 

7,701,758

 

 

 

10,823,002

 

Refinancings

 

 

117,018

 

 

 

152,257

 

 

 

147,511

 

 

 

541,373

 

 

 

1,837,154

 

Total mortgage loan originations - volume

 

 

1,815,027

 

 

 

2,243,701

 

 

 

2,043,242

 

 

 

8,243,131

 

 

 

12,660,156

 

Mortgage loan sales - volume ($000's)

 

 

1,874,001

 

 

 

2,395,357

 

 

 

2,038,990

 

 

 

8,046,585

 

 

 

13,200,471

 

Net gains from mortgage loan sales (basis points):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans sold to third parties

 

 

189

 

 

 

199

 

 

 

211

 

 

 

198

 

 

 

263

 

Impact of loans retained by banking segment

 

 

0

 

 

 

(1

)

 

 

(19

)

 

 

(4

)

 

 

(11

)

As reported

 

 

189

 

 

 

198

 

 

 

192

 

 

 

194

 

 

 

252

 

Mortgage servicing rights asset ($000's) (6)

 

 

96,662

 

 

 

104,951

 

 

 

100,825

 

 

 

96,662

 

 

 

100,825

 

Employees' compensation and benefits ($000's)

 

 

53,766

 

 

 

64,016

 

 

 

64,940

 

 

 

251,119

 

 

 

353,973

 

Variable compensation expense ($000's)

 

 

24,085

 

 

 

33,070

 

 

 

26,724

 

 

 

118,977

 

 

 

183,804

 

_________________________________
(1)

Net interest margin is defined as net interest income divided by average interest-earning assets.

(2)

Net interest margin (taxable equivalent), a non-GAAP measure, is defined as taxable equivalent net interest income divided by average interest-earning assets. Taxable equivalent adjustments are based on the applicable 21% federal income tax rate for all periods presented. The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest margins for all earning assets, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. The taxable equivalent adjustments to interest income for Hilltop (consolidated) were $0.6 million, $0.6 million, $0.3 million, $2.7 million and $1.6 million, respectively, for the periods presented and for the banking segment were $0.2 million, $0.2 million, $0.2 million, $0.7 million and $0.8 million for each of the periods presented.

(3)

Dividend payout ratio is defined as cash dividends declared per common share divided by basic earnings per common share.

(4)

Net revenue is defined as the sum of total broker-dealer net interest income and total broker-dealer noninterest income.

(5)

Pre-tax margin is defined as income before income taxes divided by net revenue.

(6)

Reported on a consolidated basis and therefore does not include mortgage servicing rights assets related to loans serviced for the banking segment, which are eliminated in consolidation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

Capital Ratios

 

2023

 

2023

 

2023

 

2023

 

2022

Tier 1 capital (to average assets):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PlainsCapital

 

 

10.55

%

 

 

10.62

%

 

 

10.28

%

 

 

10.69

%

 

 

10.26

%

Hilltop

 

 

12.23

%

 

 

11.92

%

 

 

11.47

%

 

 

11.82

%

 

 

11.47

%

Common equity Tier 1 capital (to risk-weighted assets):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PlainsCapital

 

 

15.43

%

 

 

15.31

%

 

 

14.48

%

 

 

14.97

%

 

 

14.98

%

Hilltop

 

 

19.31

%

 

 

18.60

%

 

 

17.61

%

 

 

17.99

%

 

 

18.23

%

Tier 1 capital (to risk-weighted assets):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PlainsCapital

 

 

15.43

%

 

 

15.31

%

 

 

14.48

%

 

 

14.97

%

 

 

14.98

%

Hilltop

 

 

19.31

%

 

 

18.60

%

 

 

17.61

%

 

 

17.99

%

 

 

18.23

%

Total capital (to risk-weighted assets):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PlainsCapital

 

 

16.57

%

 

 

16.45

%

 

 

15.56

%

 

 

15.94

%

 

 

15.91

%

Hilltop

 

 

22.33

%

 

 

21.54

%

 

 

20.41

%

 

 

20.75

%

 

 

20.98

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

Non-Performing Assets Portfolio Data

 

2023

 

2023

 

2023

 

2023

 

2022

Loans accounted for on a non-accrual basis ($000's):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

36,440

 

 

 

2,375

 

 

 

2,456

 

 

 

1,038

 

 

 

1,250

 

Owner occupied

 

 

5,098

 

 

 

4,964

 

 

 

1,096

 

 

 

935

 

 

 

3,019

 

Commercial and industrial

 

 

9,502

 

 

 

10,190

 

 

 

21,442

 

 

 

10,807

 

 

 

9,095

 

Construction and land development

 

 

3,480

 

 

 

760

 

 

 

593

 

 

 

199

 

 

 

198

 

1-4 family residential

 

 

13,801

 

 

 

13,202

 

 

 

13,360

 

 

 

14,387

 

 

 

15,941

 

Consumer

 

 

6

 

 

 

7

 

 

 

9

 

 

 

12

 

 

 

14

 

Broker-dealer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

68,327

 

 

 

31,498

 

 

 

38,956

 

 

 

27,378

 

 

 

29,517

 

Troubled debt restructurings included in accruing loans held for investment ($000's) (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

803

 

Non-performing loans ($000's) (1)

 

 

68,327

 

 

 

31,498

 

 

 

38,956

 

 

 

27,378

 

 

 

30,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans as a % of total loans ($000's) (1)

 

 

0.76

%

 

 

0.34

%

 

 

0.40

%

 

 

0.30

%

 

 

0.33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other real estate owned ($000's)

 

 

5,095

 

 

 

5,386

 

 

 

3,481

 

 

 

3,202

 

 

 

2,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other repossessed assets ($000's)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets ($000's) (1)

 

 

73,422

 

 

 

36,884

 

 

 

42,437

 

 

 

30,580

 

 

 

32,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets as a % of total assets ($000's) (1)

 

 

0.45

%

 

 

0.22

%

 

 

0.25

%

 

 

0.18

%

 

 

0.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans past due 90 days or more and still accruing ($000's) (2)

 

 

115,090

 

 

 

106,346

 

 

 

130,036

 

 

 

114,523

 

 

 

92,099

 

________________________________
(1)

Effective January 1, 2023, we adopted Accounting Standards Update (“ASU”) 2022-02 which eliminated the recognition and measurement guidance on troubled debt restructurings for creditors. Therefore, we no longer present troubled debt restructurings as a component of non-performing loans and assets.

(2)

Loans past due 90 days or more and still accruing were primarily comprised of loans held for sale and guaranteed by U.S. government agencies, including loans that are subject to repurchase, or have been repurchased, by PrimeLending.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

 

2023

 

 

2022

 

 

 

 

Average

 

Interest

 

Annualized

 

Average

 

Interest

 

Annualized

 

 

 

Outstanding

 

Earned

 

Yield or

 

Outstanding

 

Earned

 

Yield or

 

Net Interest Margin (Taxable Equivalent) Details (1)

 

Balance

 

or Paid

 

Rate

 

Balance

 

or Paid

 

Rate

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

$

841,715

 

 

$

13,239

 

6.29

%

$

882,322

 

 

$

11,634

 

5.27

%

Loans held for investment, gross (2)

 

 

7,902,814

 

 

 

124,857

 

6.27

%

 

7,774,350

 

 

 

106,271

 

5.42

%

Investment securities - taxable

 

 

2,629,808

 

 

 

28,763

 

4.37

%

 

2,843,881

 

 

 

23,293

 

3.28

%

Investment securities - non-taxable (3)

 

 

313,714

 

 

 

3,157

 

12.08

%

 

354,207

 

 

 

3,286

 

3.71

%

Federal funds sold and securities purchased under agreements to resell

 

 

153,785

 

 

 

2,082

 

5.37

%

 

161,632

 

 

 

2,173

 

5.33

%

Interest-bearing deposits in other financial institutions

 

 

1,646,885

 

 

 

21,948

 

5.29

%

 

1,749,902

 

 

 

15,751

 

3.57

%

Securities borrowed

 

 

1,371,092

 

 

 

18,659

 

5.33

%

 

1,350,873

 

 

 

14,162

 

4.10

%

Other

 

 

48,120

 

 

 

4,675

 

38.54

%

 

56,196

 

 

 

3,686

 

26.02

%

Interest-earning assets, gross (3)

 

 

14,907,933

 

 

 

217,380

 

5.79

%

 

15,173,363

 

 

 

180,256

 

4.71

%

Allowance for credit losses

 

 

(110,832

)

 

 

 

 

 

 

 

(92,344

)

 

 

 

 

 

 

Interest-earning assets, net

 

 

14,797,101

 

 

 

 

 

 

 

 

15,081,019

 

 

 

 

 

 

 

Noninterest-earning assets

 

 

1,473,839

 

 

 

 

 

 

 

 

1,637,202

 

 

 

 

 

 

 

Total assets

 

$

16,270,940

 

 

 

 

 

 

 

$

16,718,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

7,966,770

 

 

$

68,339

 

3.40

%

$

7,154,802

 

 

$

28,238

 

1.57

%

Securities loaned

 

 

1,324,887

 

 

 

17,247

 

5.16

%

 

1,274,038

 

 

 

13,179

 

4.10

%

Notes payable and other borrowings

 

 

1,439,297

 

 

 

19,955

 

5.50

%

 

1,355,809

 

 

 

15,114

 

4.42

%

Total interest-bearing liabilities

 

 

10,730,954

 

 

 

105,541

 

3.90

%

 

9,784,649

 

 

 

56,531

 

2.29

%

Noninterest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

3,096,244

 

 

 

 

 

 

 

 

4,222,143

 

 

 

 

 

 

 

Other liabilities

 

 

335,307

 

 

 

 

 

 

 

 

652,900

 

 

 

 

 

 

 

Total liabilities

 

 

14,162,505

 

 

 

 

 

 

 

 

14,659,692

 

 

 

 

 

 

 

Stockholders’ equity

 

 

2,081,833

 

 

 

 

 

 

 

 

2,032,194

 

 

 

 

 

 

 

Noncontrolling interest

 

 

26,602

 

 

 

 

 

 

 

 

26,335

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

16,270,940

 

 

 

 

 

 

 

$

16,718,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income (3)

 

 

 

 

$

111,839

 

 

 

 

 

 

$

123,725

 

 

 

Net interest spread (3)

 

 

 

 

 

 

 

1.89

%

 

 

 

 

 

 

2.42

%

Net interest margin (3)

 

 

 

 

 

 

 

2.98

%

 

 

 

 

 

 

3.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

 

 

Average

 

Interest

 

Annualized

 

Average

 

Interest

 

Annualized

 

 

 

Outstanding

 

Earned

 

Yield or

 

Outstanding

 

Earned

 

Yield or

 

Net Interest Margin (Taxable Equivalent) Details (1)

 

Balance

 

or Paid

 

Rate

 

Balance

 

or Paid

 

Rate

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

$

944,470

 

 

$

53,736

 

5.69

%

$

1,221,235

 

 

$

52,315

 

4.28

%

Loans held for investment, gross (2)

 

 

7,950,878

 

 

 

488,538

 

6.23

%

 

7,840,848

 

 

 

363,892

 

4.71

%

Investment securities - taxable

 

 

2,726,763

 

 

 

108,250

 

3.97

%

 

2,819,282

 

 

 

75,805

 

2.69

%

Investment securities - non-taxable (3)

 

 

363,493

 

 

 

13,463

 

3.70

%

 

310,315

 

 

 

11,608

 

3.74

%

Federal funds sold and securities purchased under agreements to resell

 

 

145,696

 

 

 

8,954

 

6.15

%

 

162,575

 

 

 

4,098

 

2.52

%

Interest-bearing deposits in other financial institutions

 

 

1,597,865

 

 

 

79,657

 

4.99

%

 

2,306,960

 

 

 

31,705

 

1.37

%

Securities borrowed

 

 

1,409,765

 

 

 

71,924

 

5.03

%

 

1,298,276

 

 

 

44,414

 

3.37

%

Other

 

 

65,912

 

 

 

16,554

 

25.11

%

 

55,280

 

 

 

8,873

 

16.05

%

Interest-earning assets, gross (3)

 

 

15,204,842

 

 

 

841,076

 

5.53

%

 

16,014,771

 

 

 

592,710

 

3.70

%

Allowance for credit losses

 

 

(103,975

)

 

 

 

 

 

 

 

(92,828

)

 

 

 

 

 

 

Interest-earning assets, net

 

 

15,100,867

 

 

 

 

 

 

 

 

15,921,943

 

 

 

 

 

 

 

Noninterest-earning assets

 

 

1,404,393

 

 

 

 

 

 

 

 

1,488,970

 

 

 

 

 

 

 

Total assets

 

$

16,505,260

 

 

 

 

 

 

 

$

17,410,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

7,711,570

 

 

$

223,179

 

2.89

%

$

7,561,501

 

 

$

50,412

 

0.67

%

Securities loaned

 

 

1,331,443

 

 

 

65,175

 

4.90

%

 

1,184,498

 

 

 

38,570

 

3.26

%

Notes payable and other borrowings

 

 

1,579,170

 

 

 

83,174

 

5.27

%

 

1,293,133

 

 

 

43,158

 

3.34

%

Total interest-bearing liabilities

 

 

10,622,183

 

 

 

371,528

 

3.50

%

 

10,039,132

 

 

 

132,140

 

1.32

%

Noninterest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

3,441,437

 

 

 

 

 

 

 

 

4,455,779

 

 

 

 

 

 

 

Other liabilities

 

 

351,938

 

 

 

 

 

 

 

 

675,628

 

 

 

 

 

 

 

Total liabilities

 

 

14,415,558

 

 

 

 

 

 

 

 

15,170,539

 

 

 

 

 

 

 

Stockholders’ equity

 

 

2,063,174

 

 

 

 

 

 

 

 

2,213,733

 

 

 

 

 

 

 

Noncontrolling interest

 

 

26,528

 

 

 

 

 

 

 

 

26,641

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

16,505,260

 

 

 

 

 

 

 

$

17,410,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income (3)

 

 

 

 

$

469,548

 

 

 

 

 

 

$

460,570

 

 

 

Net interest spread (3)

 

 

 

 

 

 

 

2.03

%

 

 

 

 

 

 

2.38

%

Net interest margin (3)

 

 

 

 

 

 

 

3.09

%

 

 

 

 

 

 

2.88

%

_____________________________

(1)

Information presented on a consolidated basis.

(2)

Average balance includes non-accrual loans.

(3)

Presented on a taxable-equivalent basis with annualized taxable equivalent adjustments based on the applicable 21% federal income tax rate for the periods presented. The adjustment to interest income was $0.6 million and $0.3 million for the three months ended December 31, 2023 and 2022, respectively, and $2.7 million and $1.6 million for the year ended December 31, 2023 and 2022, respectively.

 

Conference Call Information

Hilltop will host a live webcast and conference call at 8:00 AM Central (9:00 AM Eastern) on Friday, January 26, 2024. Hilltop President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr will review fourth quarter and full year 2023 financial results. Interested parties can access the conference call by dialing 1-888-886-7786 (North America) or 1-416-764-8658 (International) and then using the access code 16475706. The conference call also will be webcast simultaneously on Hilltop’s Investor Relations website (http://ir.hilltop-holdings.com).

About Hilltop

Hilltop Holdings is a Dallas-based financial holding company. Its primary line of business is to provide business and consumer banking services from offices located throughout Texas through PlainsCapital Bank. PlainsCapital Bank’s wholly owned subsidiary, PrimeLending, provides residential mortgage lending throughout the United States. Hilltop Holdings’ broker-dealer subsidiaries, Hilltop Securities Inc. and Momentum Independent Network Inc., provide a full complement of securities brokerage, institutional and investment banking services in addition to clearing services and retail financial advisory. At December 31, 2023, Hilltop employed approximately 3,900 people and operated approximately 336 locations in 48 states. Hilltop Holdings’ common stock is listed on the New York Stock Exchange under the symbol “HTH.” Find more information at Hilltop-Holdings.com, PlainsCapital.com, PrimeLending.com and HilltopSecurities.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements anticipated in such statements. Forward-looking statements speak only as of the date they are made and, except as required by law, we do not assume any duty to update forward-looking statements. Such forward-looking statements include, but are not limited to, statements concerning such things as our plans, objectives, strategies, expectations, intentions and other statements that are not statements of historical fact, and may be identified by words such as “anticipates,” “believes,” “building,” “continue,” “could,” “drive,” “estimates,” “expects,” “extent,” “focus,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plan,” “position,” “probable,” “progressing,” “projects,” “prudent,” “seeks,” “should,” “target,” “view,” “will” or “would” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: (i) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (ii) effectiveness of our data security controls in the face of cyber attacks and any legal, reputational and financial risks following a cybersecurity incident; (iii) changes in general economic, market and business conditions in areas or markets where we compete, including changes in the price of crude oil; (iv) changes in the interest rate environment; (v) risks associated with concentration in real estate related loans and (vi) disruptions to the economy and financial services industry, risks associated with uninsured deposits and responsive measures by federal or state governments or banking regulators, including increases in the cost of our deposit insurance assessments. For further discussion of such factors, see the risk factors described in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other reports that are filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement.

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