Hilltop Holdings reports Q3 EPS 46c, consensus 37c

Reports Q3 NII $105.6M, consensus $107.05M. Book value per common share increased to $33.51 at September 30 from $32.86 at June 30. Q3 net interest margin decreased to 2.84% vs. 2.90% in Q2. CEO Jeremy Ford said, “Hilltop continues to demonstrate operational strength despite challenging mortgage conditions and the transitioning interest rate environment. During the quarter, PlainsCapital Bank and HilltopSecurities both increased profitability on a sequential basis, while PrimeLending’s results were impacted by lower origination volume and a negative mortgage servicing rights asset fair value mark to market adjustment. As we enter the anticipated rate cutting cycle, we are focused on strategically lowering funding costs, managing asset yields and optimizing total earning assets. We will continue to execute on our long-term strategy of serving our customers, compounding stockholder value and prudently stewarding our capital.”