Stocks & Financial News
Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts
Hilltop Holdings Inc. Announces Financial Results for First Quarter 2024
DALLAS, April 18, 2024 (BUSINESS WIRE) --
Hilltop Holdings Inc. (NYSE: HTH) ("Hilltop") today announced financial results for the first quarter of 2024. Hilltop produced income to common stockholders of $27.7 million, or $0.42 per diluted share, for the first quarter of 2024, compared to $25.8 million, or $0.40 per diluted share, for the first quarter of 2023. Hilltop's financial results for the first quarter of 2024 included a decline in net interest income, partially offset by a reversal of credit losses due to an improved economic outlook within the banking segment, an increase in net revenues within certain of the broker-dealer segment's business lines, and a decline in other mortgage production income, partially offset by an increase in net gains from sale of loans within the mortgage origination segment.
Hilltop also announced that its Board of Directors declared a quarterly cash dividend of $0.17 per common share payable on May 24, 2024, to all common stockholders of record as of the close of business on May 10, 2024. Additionally, during the first quarter of 2024, Hilltop paid $9.9 million to repurchase an aggregate of 320,042 shares of its common stock at an average price of $31.04 per share pursuant to the 2024 stock repurchase program. These shares were returned to the pool of authorized but unissued shares of common stock.
The impacts of economic headwinds that began in 2022, and continued into 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, "Hilltop's operating results for the first quarter of 2024 reflect a general continuation in market trends that were experienced throughout 2023. The elevated interest rate environment continues to impact our net interest margin primarily through increased borrowing costs. Additionally, a lack of housing inventory and pressured home buying affordability limited mortgage origination volumes. Despite these pressures, Hilltop's robust liquidity position allowed for a return of high-cost deposits.
"During the quarter, PlainsCapital Bank produced an annualized return on average assets of 1.20% highlighting the steady earnings power of the franchise. HilltopSecurities delivered a pre-tax margin of 16% on net revenues of $117 million, primarily due to strong results from the structured finance and wealth management business lines. As previously mentioned, PrimeLending's results remain challenged due to elevated mortgage rates and suboptimal housing inventory across the country. From a consolidated perspective, we will continue to protect our strong balance sheet position and aim to produce results that improve our tangible book value per share over time."
First Quarter 2024 Highlights for Hilltop:
The reversal of credit losses was $2.9 million during the first quarter of 2024, compared to a provision for credit losses of $1.3 million in the fourth quarter of 2023 and a provision for credit losses of $2.3 million in the first quarter of 2023; The reversal of credit losses during the first quarter of 2024 reflected a release in the allowance related to improvements to the U.S. economic outlook since the prior quarter, partially offset by increases in specific reserves within the banking segment. For the first quarter of 2024, net gains from sale of loans and other mortgage production income and mortgage loan origination fees within the mortgage origination segment was $66.6 million, compared to $68.7 million in the first quarter of 2023, a 3.1% decrease; Mortgage loan origination production volume was $1.7 billion during the first quarter of 2024, compared to $1.7 billion in the first quarter of 2023; Net gains from mortgage loans sold to third parties increased to 221 basis points during the first quarter of 2024, compared to 189 basis points in the fourth quarter of 2023. Hilltop's consolidated annualized return on average assets and return on average stockholders' equity for the first quarter of 2024 were 0.74% and 5.23%, respectively, compared to 0.69% and 5.12%, respectively, for the first quarter of 2023; Hilltop's book value per common share increased to $32.66 at March 31, 2024, compared to $32.58 at December 31, 2023; Hilltop's total assets were $16.2 billion and $16.5 billion at March 31, 2024 and December 31, 2023, respectively; Loans(1), net of allowance for credit losses, were $7.6 billion at each of March 31, 2024 and December 31, 2023, respectively; Non-accrual loans were $64.7 million, or 0.73% of total loans, at March 31, 2024, compared to $68.3 million, or 0.76% of total loans, at December 31, 2023; Non-accrual loans at March 31, 2024 included a single non-owner occupied commercial real estate credit relationship within our hotel/motel portfolio industry subsector that was reclassified since the prior period from loans held for investment to loans held for sale. Loans held for sale decreased by 10.8% from December 31, 2023 to $0.8 billion at March 31, 2024; Total deposits were $10.9 billion and $11.1 billion at March 31, 2024 and December 31, 2023, respectively; Total estimated uninsured deposits were $4.8 billion, or approximately 44% of total deposits, while estimated uninsured deposits, excluding collateralized deposits of $360.5 million, were $4.5 billion, or approximately 41% of total deposits, at March 31, 2024. Hilltop maintained strong capital levels(2) with a Tier 1 Leverage Ratio(3) of 12.49% and a Common Equity Tier 1 Capital Ratio of 19.73% at March 31, 2024; Hilltop's consolidated net interest margin(4)decreased to 2.85% for the first quarter of 2024, compared to 2.96% in the fourth quarter of 2023; For the first quarter of 2024, noninterest income was $181.6 million, compared to $162.5 million in the first quarter of 2023, an 11.8% increase; For the first quarter of 2024, noninterest expense was $250.0 million, compared to $250.5 million in the first quarter of 2023, a 0.2% decrease; and Hilltop's effective tax rate was 22.5% during the first quarter of 2024, compared to 11.6% during the same period in 2023. The effective tax rate for the first quarter of 2024 was higher than the applicable statutory rate primarily due to the impact of nondeductible expenses, nondeductible compensation expense and other permanent adjustments, partially offset by the discrete impact of restricted stock vesting during the quarter and investments in tax-exempt instruments.
_____________________________ 1 "Loans" reflect loans held for investment excluding broker-dealer margin loans, net of allowance for credit losses, of $332.6 million and $344.1 million at March 31, 2024 and December 31, 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.
Consolidated Financial and Other Information
Consolidated Balance Sheets March 31, December 31, September 30, June 30, March 31,
(in 000's) 2024 2023 2023 2023 2023
--------------------------------------------------- -------------------------------------------------- -------------------------------------------------- -------------------------------------------------- -------------------------------------------------- --------------------------------------------------
Cash and due from banks $ 1,710,066 $ 1,858,700 $ 1,513,747 $ 1,584,709 $ 1,764,081
Federal funds sold 650 650 3,650 650 743
Assets segregated for regulatory purposes 70,717 57,395 47,491 50,711 36,199
Securities purchased under agreements to resell 91,608 80,011 123,719 143,982 144,201
Securities:
657,700 515,991 578,901 696,649 692,908
Trading, at fair value
1,480,555 1,507,595 1,456,238 1,526,869 1,641,571
Available for sale, at fair value, net (1)
790,550 812,677 825,079 847,437 862,280
Held to maturity, at amortized cost, net (1)
315 321 264 258 231
Equity, at fair value
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
2,929,120 2,836,584 2,860,482 3,071,213 3,196,990
Loans held for sale 842,324 943,846 1,058,806 1,333,044 1,040,138
Loans held for investment, net of unearned income 8,062,693 8,079,745 8,204,052 8,354,122 8,192,846
Allowance for credit losses (104,231 ) (111,413 ) (110,822 ) (109,306 ) (97,354 )
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
7,958,462 7,968,332 8,093,230 8,244,816 8,095,492
Loans held for investment, net
Broker-dealer and clearing organization receivables 1,473,561 1,573,931 1,460,352 1,474,177 1,560,246
Premises and equipment, net 165,557 168,856 172,097 176,574 180,132
Operating lease right-of-use assets 95,343 88,580 93,057 97,979 100,122
Mortgage servicing assets 95,591 96,662 104,951 95,101 103,314
Other assets 501,244 517,545 588,751 588,166 529,438
Goodwill 267,447 267,447 267,447 267,447 267,447
Other intangible assets, net 7,943 8,457 9,078 9,772 10,544
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
$ 16,209,633 $ 16,466,996 $ 16,396,858 $ 17,138,341 $ 17,029,087
Total assets
==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ====================
Deposits:
$ 3,028,543 $ 3,007,101 $ 3,200,247 $ 3,451,438 $ 3,807,878
Noninterest-bearing
7,855,553 8,056,091 7,902,850 7,712,739 7,289,269
Interest-bearing
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Total deposits 10,884,096 11,063,192 11,103,097 11,164,177 11,097,147
Broker-dealer and clearing organization payables 1,436,462 1,430,734 1,368,064 1,306,646 1,383,317
Short-term borrowings 892,574 900,038 882,999 1,628,637 1,572,794
Securities sold, not yet purchased, at fair value 60,562 34,872 51,527 74,761 51,497
Notes payable 347,273 347,145 347,020 364,531 376,410
Operating lease liabilities 114,518 109,002 114,334 119,999 122,878
Other liabilities 314,718 431,684 422,955 389,336 341,246
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
14,050,203 14,316,667 14,289,996 15,048,087 14,945,289
Total liabilities
Common stock 653 652 652 651 650
Additional paid-in capital 1,049,831 1,054,662 1,052,867 1,050,191 1,044,774
Accumulated other comprehensive loss (119,606 ) (121,505 ) (145,083 ) (131,718 ) (125,461 )
Retained earnings 1,201,013 1,189,222 1,171,250 1,144,624 1,136,901
Deferred compensation employee stock trust, net 115 228 340 450 446
Employee stock trust (142 ) (292 ) (446 ) (599 ) (599 )
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Total Hilltop stockholders' equity 2,131,864 2,122,967 2,079,580 2,063,599 2,056,711
Noncontrolling interests 27,566 27,362 27,282 26,655 27,087
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Total stockholders' equity 2,159,430 2,150,329 2,106,862 2,090,254 2,083,798
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
_____________________________
Three Months Ended
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Consolidated Income Statements March 31, December 31, September 30, June 30, March 31,
(in 000's, except per share data) 2024 2023 2023 2023 2023
------------------------------------------------------------------- -------------------------------------------------- ---------------------------------------- -------------------------------------------------- ---------------------------------------- ----------------------------------------
Interest income:
$ 134,331 $ 138,096 $ 142,402 $ 138,397 $ 123,379
Loans, including fees
20,561 18,659 17,683 18,515 17,068
Securities borrowed
Securities:
26,241 28,763 27,166 26,719 25,602
Taxable
2,415 2,545 2,464 2,566 3,188
Tax-exempt
26,066 28,704 27,040 27,229 22,190
Other
-------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- --------------------
Total interest income 209,614 216,767 216,755 213,426 191,427
Interest expense:
69,144 68,339 64,290 54,726 35,824
Deposits
19,039 17,247 16,169 16,413 15,346
Securities loaned
11,588 13,495 14,212 17,706 12,444
Short-term borrowings
3,590 3,596 4,026 3,973 3,853
Notes payable
2,632 2,864 2,408 2,342 2,255
Other
-------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- --------------------
Total interest expense 105,993 105,541 101,105 95,160 69,722
Net interest income 103,621 111,226 115,650 118,266 121,705
Provision for (reversal of) credit losses (2,871 ) 1,265 (40 ) 14,836 2,331
-------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- --------------------
Net interest income after provision for (reversal of) credit losses 106,492 109,961 115,690 103,430 119,374
Noninterest income:
40,197 36,387 47,262 48,535 39,966
Net gains from sale of loans and other mortgage production income
26,438 32,844 41,478 41,440 28,777
Mortgage loan origination fees
35,557 33,002 28,044 29,606 31,223
Securities commissions and fees
30,226 35,780 39,662 32,037 26,848
Investment and securities advisory fees and commissions
49,200 40,965 40,403 39,034 35,680
Other
-------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- --------------------
Total noninterest income 181,618 178,978 196,849 190,652 162,494
Noninterest expense:
165,830 160,390 173,195 176,908 167,817
Employees' compensation and benefits
21,912 21,524 21,912 23,025 22,865
Occupancy and equipment, net
9,731 13,170 12,639 12,594 10,697
Professional services
52,550 55,761 52,271 54,450 49,091
Other
-------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- --------------------
Total noninterest expense 250,023 250,845 260,017 266,977 250,470
Income before income taxes 38,087 38,094 52,522 27,105 31,398
Income tax expense 8,565 7,132 13,211 7,167 3,630
-------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- --------------------
Net income 29,522 30,962 39,311 19,938 27,768
Less: Net income attributable to noncontrolling interest 1,854 2,291 2,269 1,805 1,968
-------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- --------------------
Income attributable to Hilltop $ 27,668 $ 28,671 $ 37,042 $ 18,133 $ 25,800
==================== ========== ==================== ==================== ==================== ==================== ========== ==================== ==================== ==================== ==================== ====================
Earnings per common share:
$ 0.42 $ 0.44 $ 0.57 $ 0.28 $ 0.40
Basic
$ 0.42 $ 0.44 $ 0.57 $ 0.28 $ 0.40
Diluted
Cash dividends declared per common share $ 0.17 $ 0.16 $ 0.16 $ 0.16 $ 0.16
Weighted average shares outstanding:
65,200 65,136 65,106 65,025 64,901
Basic
Three Months Ended March 31, 2024
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Segment Results Mortgage All Other and Hilltop
(in 000's) Banking Broker-Dealer Origination Corporate Eliminations Consolidated
----------------------------------------- -------------------------------------------------- -------------------------------------------------- ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ -----------------------------------------------
Net interest income (expense) $ 91,606 $ 12,269 $ (4,252 ) $ (3,103 ) $ 7,101 $ 103,621
Provision for (reversal of) credit losses (2,853 ) (18 ) -- -- -- (2,871 )
Noninterest income 11,903 104,578 66,700 5,785 (7,348 ) 181,618
Noninterest expense 56,020 97,947 78,898 17,384 (226 ) 250,023
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Three Months Ended
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
Selected Financial Data 2024 2023 2023 2023 2023
-------------------------------------------------- ------------------------------ ------------------------------ ------------------------------ ------------------------------ ------------------------------
Hilltop Consolidated:
--------------------------------------------------
Return on average stockholders' equity 5.23 % 5.46 % 7.11 % 3.53 % 5.12 %
Return on average assets 0.74 % 0.75 % 0.94 % 0.47 % 0.69 %
Net interest margin (1) 2.85 % 2.96 % 3.02 % 3.03 % 3.28 %
Net interest margin (taxable equivalent) (2):
2.87 % 2.98 % 3.04 % 3.03 % 3.28 %
As reported
4 bps 4 bps 7 bps 9 bps 6 bps
Impact of purchase accounting
Book value per common share ($) 32.66 32.58 31.91 31.71 31.63
Shares outstanding, end of period (000's) 65,267 65,153 65,170 65,071 65,023
Dividend payout ratio (3) 40.06 % 36.35 % 28.12 % 57.37 % 40.25 %
Banking Segment:
--------------------------------------------------
Net interest margin (1) 3.00 % 2.94 % 3.08 % 3.11 % 3.40 %
Net interest margin (taxable equivalent) (2):
3.00 % 2.95 % 3.09 % 3.11 % 3.41 %
As reported
5 bps 5 bps 8 bps 11 bps 7 bps
Impact of purchase accounting
Accretion of discount on loans ($000's) 1,299 1,202 2,226 3,334 1,870
Net recoveries (charge-offs) ($000's) (4,311 ) (674 ) 1,556 (2,884 ) (419 )
Return on average assets 1.20 % 1.12 % 1.20 % 0.89 % 1.44 %
Fee income ratio 11.5 % 11.2 % 10.5 % 10.0 % 9.6 %
Efficiency ratio 54.1 % 53.2 % 51.4 % 51.2 % 48.4 %
Employees' compensation and benefits ($000's) 32,389 29,420 30,641 30,603 32,681
Broker-Dealer Segment:
--------------------------------------------------
Net revenue ($000's) (4) 116,847 119,989 118,703 113,241 104,498
Employees' compensation and benefits ($000's) 69,457 68,746 69,930 65,290 62,429
Variable compensation expense ($000's) 35,274 39,435 39,929 34,798 30,821
Compensation as a % of net revenue 59.4 % 57.3 % 58.9 % 57.7 % 59.7 %
Pre-tax margin (5) 16.2 % 16.8 % 18.2 % 16.3 % 12.8 %
Mortgage Origination Segment:
--------------------------------------------------
Mortgage loan originations - volume ($000's):
1,548,941 1,698,009 2,091,444 2,301,007 1,607,330
Home purchases
127,545 117,018 152,257 150,643 125,423
Refinancings
---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
1,676,486 1,815,027 2,243,701 2,451,650 1,732,753
Total mortgage loan originations - volume
Mortgage loan sales - volume ($000's) 1,749,857 1,874,001 2,395,357 2,115,706 1,661,521
Net gains from mortgage loan sales (basis points):
221 189 199 207 193
Loans sold to third parties
(5 ) 0 (1 ) (6 ) (7 )
Impact of loans retained by banking segment
---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
216 189 198 201 186
As reported
Mortgage servicing rights asset ($000's) (6) 95,591 96,662 104,951 95,101 103,314
Employees' compensation and benefits ($000's) 52,694 53,766 64,016 70,982 62,355
_____________________________ (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, $0.6 million, $0.1 million and $0.1 million, respectively, for the periods presented and for the banking segment were $0.1 million, $0.2 million, $0.2 million, $0.2 million and $0.2 million, respectively, for 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.
March 31, December 31, September 30, June 30, March 31,
Capital Ratios 2024 2023 2023 2023 2023
------------------------------------------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Tier 1 capital (to average assets):
11.00 % 10.55 % 10.62 % 10.28 % 10.69 %
PlainsCapital
12.49 % 12.23 % 11.92 % 11.47 % 11.82 %
Hilltop
Common equity Tier 1 capital (to risk-weighted assets):
15.87 % 15.44 % 15.31 % 14.48 % 14.97 %
PlainsCapital
19.73 % 19.32 % 18.60 % 17.61 % 17.99 %
Hilltop
Tier 1 capital (to risk-weighted assets):
15.87 % 15.44 % 15.31 % 14.48 % 14.97 %
PlainsCapital
19.73 % 19.32 % 18.60 % 17.61 % 17.99 %
Hilltop
Total capital (to risk-weighted assets):
17.06 % 16.58 % 16.45 % 15.56 % 15.94 %
PlainsCapital
March 31, December 31, September 30, June 30, March 31,
Non-Performing Assets Portfolio Data 2024 2023 2023 2023 2023
----------------------------------------------------- ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------
Loans accounted for on a non-accrual basis ($000's):
Commercial real estate:
$ 34,661 $ 36,440 $ 2,375 $ 2,456 $ 1,038
Non-owner occupied
4,846 5,098 4,964 1,096 935
Owner occupied
12,165 9,502 10,190 21,442 10,807
Commercial and industrial
698 3,480 760 593 199
Construction and land development
12,363 13,801 13,202 13,360 14,387
1-4 family residential
3 6 7 9 12
Consumer
-- -- -- -- --
Broker-dealer
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Non-accrual loans ($000's) $ 64,736 $ 68,327 $ 31,498 $ 38,956 $ 27,378
Non-accrual loans as a % of total loans ($000's) 0.73 % 0.76 % 0.34 % 0.40 % 0.30 %
Other real estate owned ($000's) 5,254 5,095 5,386 3,481 3,202
Other repossessed assets ($000's) 472 -- -- -- --
Non-performing assets ($000's) 70,462 73,422 36,884 42,437 30,580
Non-performing assets as a % of total assets ($000's) 0.43 % 0.45 % 0.22 % 0.25 % 0.18 %
_____________________________
Three Months Ended March 31,
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2024 2023
------------------------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------------------------
Average Interest Annualized Average Interest Annualized
Net Interest Margin (Taxable Equivalent) Details (1) Outstanding Earned Yield or Outstanding Earned Yield or
Balance or Paid Rate Balance or Paid Rate
-------------------------------------------------- ---------------------------------------- -------------------- -------------------------------------------------- ---------------------------------------- --------------------
Assets
Interest-earning assets
$ 802,098 $ 11,655 5.81 % $ 815,393 $ 10,724 5.26 %
Loans held for sale
7,835,647 122,676 6.28 % 7,894,668 112,655 5.79 %
Loans held for investment, gross (2)
2,619,081 26,241 4.01 % 2,813,734 25,602 3.64 %
Investment securities - taxable
293,420 2,992 4.08 % 412,543 3,286 3.19 %
Investment securities - non-taxable (3)
94,108 1,631 6.95 % 163,601 2,368 5.87 %
Federal funds sold and securities purchased under agreements to resell
1,458,784 19,245 5.29 % 1,480,323 16,116 4.42 %
Interest-bearing deposits in other financial institutions
1,442,870 20,561 5.64 % 1,419,797 17,068 4.81 %
Securities borrowed
39,885 5,190 52.19 % 63,219 3,706 23.77 %
Other
-------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
14,585,893 210,191 5.78 % 15,063,278 191,525 5.16 %
Interest-earning assets, gross (3)
(110,583 ) (97,060 )
Allowance for credit losses
-------------------- ---------- -------------------- -------------------- ---------- --------------------
14,475,310 14,966,218
Interest-earning assets, net
1,522,337 1,336,908
Noninterest-earning assets
-------------------- ---------- -------------------- -------------------- ---------- --------------------
Total assets $ 15,997,647 $ 16,303,126
==================== ========== ==================== ==================== ========== ====================
Liabilities and Stockholders' Equity
Interest-bearing liabilities
$ 7,748,633 $ 69,144 3.58 % $ 7,239,556 $ 35,824 2.01 %
Interest-bearing deposits
1,401,975 19,039 5.45 % 1,323,857 15,346 4.70 %
Securities loaned
1,327,889 17,810 5.38 % 1,490,075 18,552 5.05 %
Notes payable and other borrowings
-------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
10,478,497 105,993 4.06 % 10,053,488 69,722 2.81 %
Total interest-bearing liabilities
Noninterest-bearing liabilities
2,951,357 3,789,757
Noninterest-bearing deposits
420,355 390,107
Other liabilities
-------------------- ---------- -------------------- -------------------- ---------- --------------------
13,850,209 14,233,352
Total liabilities
2,120,494 2,043,157
Stockholders' equity
26,944 26,617
Noncontrolling interest
-------------------- ---------- -------------------- -------------------- ---------- --------------------
Total liabilities and stockholders' equity $ 15,997,647 $ 16,303,126
==================== =