Hilltop Holdings Inc. (HTH - Free Report) reported second-quarter 2016 operating earnings per share of 32 cents, which missed the Zacks Consensus Estimate of 38 cents. Earnings were up 6.67% year over year led by higher non-interest income and a decline in total interest expense.
Net interest income dipped 0.3% year over year to $100.4 million. Non-interest income increased 14.8% year over year to $346 million.
Hilltop incurred provision for loan losses of $28.9 million compared with $0.2 million in the year-ago quarter. Total interest expenses came in at $13.8 million, down 7.9% from the year-ago quarter. Non-interest expenses increased 4% year over year to $367.4 million due to higher employee and compensation benefits.
Financial Update
As of Jun 30, 2016, Hilltop’s cash and due from banks was $584 million, almost unchanged year over year.
As of Jun 30, 2016, total shareholders’ equity was $1.8 billion, up 7.1% year over year. Total assets were $13.1 billion as of the same date, up 4.8% from $12.5 billion as of Jun 30, 2015.
Total liabilities increased 4.6% year over year to $11.3 billion as of Jun 30, 2016. Total deposits increased 4.4% year over year to $7.1 billion.
Hilltop’s annualized return on average assets and return on average equity at the end of the reported quarter were 1.05% and 7.07%, respectively, compared with 0.97% and 7.12% as of Jun 30, 2015.
Profitability Metrics
As of Jun 30, 2016, Hilltop’s book value was $18.20 per share, up 8.2% year over year. Net interest margin increased to 3.77% at the end of the second quarter from 3.67% as of Mar 31, 2016.
Zacks Rank and Other Stocks
Hilltop presently carries a Zacks Rank #4 (Sell). Some better-ranked stocks include CenterState Banks, Inc. , Southern National Bancorp of Virginia Inc. and Trustmark Corporation (TRMK - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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Hilltop Holdings Inc. (HTH - Free Report) reported second-quarter 2016 operating earnings per share of 32 cents, which missed the Zacks Consensus Estimate of 38 cents. Earnings were up 6.67% year over year led by higher non-interest income and a decline in total interest expense.
Net interest income dipped 0.3% year over year to $100.4 million. Non-interest income increased 14.8% year over year to $346 million.
Hilltop incurred provision for loan losses of $28.9 million compared with $0.2 million in the year-ago quarter. Total interest expenses came in at $13.8 million, down 7.9% from the year-ago quarter. Non-interest expenses increased 4% year over year to $367.4 million due to higher employee and compensation benefits.
Financial Update
As of Jun 30, 2016, Hilltop’s cash and due from banks was $584 million, almost unchanged year over year.
As of Jun 30, 2016, total shareholders’ equity was $1.8 billion, up 7.1% year over year. Total assets were $13.1 billion as of the same date, up 4.8% from $12.5 billion as of Jun 30, 2015.
Total liabilities increased 4.6% year over year to $11.3 billion as of Jun 30, 2016. Total deposits increased 4.4% year over year to $7.1 billion.
Hilltop’s annualized return on average assets and return on average equity at the end of the reported quarter were 1.05% and 7.07%, respectively, compared with 0.97% and 7.12% as of Jun 30, 2015.
Profitability Metrics
As of Jun 30, 2016, Hilltop’s book value was $18.20 per share, up 8.2% year over year. Net interest margin increased to 3.77% at the end of the second quarter from 3.67% as of Mar 31, 2016.
Zacks Rank and Other Stocks
Hilltop presently carries a Zacks Rank #4 (Sell). Some better-ranked stocks include CenterState Banks, Inc. , Southern National Bancorp of Virginia Inc. and Trustmark Corporation (TRMK - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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