Earnings call transcript Q1 2023

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Operator

Ladies and gentlemen, welcome to the Hilltop Holdings First Quarter 2023 Earnings Conference Call and Webcast. My name is Glenn, and I will be the moderator for today’s call. [Operator Instructions]

I will now hand you over to your host, Erik Yohe, Executive Vice President of Hilltop Holdings. Erik, please go ahead.

Erik Yohe

operator. you, Thank

future started, presentation get including statements. sources that statements business certain the concerning credit in allowance as Before liquidity well forward-looking losses, potential are please presentation not today’s strategy, outlook, our that items fact, such items financial referenced statements during condition, impact and preface such for impacts we as note plans, of statements repurchases of stock are as inflation, of rate and dividends changes funding, the our and impacts and of of interest other historical

on These statements and are future current based to nature, uncertainties. management’s their that, are risks subject events by concerning expectations

factors, presentation annual and condition in actual differ SEC. to these recent materially including capital, and our statements most filed from reports of due the in referenced those and Our precautionary results, included our financial the with may statements quarterly variety liquidity a

that this result any upon update is information. the expressly disclaim statements preliminary obligation Please to presented by we new based required a as Except extent time. earlier and information law, note at of to available data the

A this the of to Additionally, certain including share. measures, common these and which is in presentation, includes this website tangible may per ir.hilltop-holdings.com. value measures our non-GAAP equity to be measure at nearest book appendix GAAP tangible found presentation reconciliation the on posted

presentation to and President over the CEO, turn now will Ford. I that, With Jeremy

Jeremy Ford

you, Thank morning. good Erik, and

period of X.X% X.X%. Hilltop income on per reported $XX quarter, average assets share. For net on equity and average was or first the million Return the diluted return for was $X.XX

with very about are quarter, this the in sheet the position volatility and we feel of industry good amount considerable a balance was entered year the strong there past we in. a Although banking

so liquidity can this. managed always funding during capital, environments to through and have We various times continue support potential like rate customers for the our we and long-term our

and granular billion ratio $X XX% deposit liquidity, diversified over a capital base. risk-based in of equity and Tier have X a available we Specifically, common

We health for balance believe and prioritize the create sheet of over opportunities to us and soundness will will continue time. our this

pretax of the $XX.X at loans as of billion PlainsCapital generated increased. or increased generating bank in both million X% X.X%. balances $XX return million of core average Bank annualized and retained a income assets $XXX Average quarter loans PlainsCapital on on Bank assets, mortgage commercial

the growth While clients we as to industry. interest in react rates. turmoil pipeline banking the starting was Average the to higher strong, remained deposits a see are bank stable our despite in relatively slowdown

X% deposits prior bank declined the the but by declined Our approximately levels X% only bank total for from to quarter, immediately customer week deposits our the after. importantly, core until failures

bank an has FHLB had abundance higher-yielding recent declines often in offensive into customers moves Out advances, notable additional the moved sweep not standpoint. deposit we the which customer March. the need deposit Securities have into attrition after cash we seen down These not to utilized at of effects seek from deploy or all of Though projects as caution $XXX were though, not their million our any related did operational alternatives, government as bank Hilltop previously directly we bank. we an purely program liquidity drew occurred, from the an And failures.

not new we utilized need funding and bank future. Fed foresee bank immediate program, – the the We not term do in have a

the loans Credit margin results our and discipline. meaningful quarter credit net with expense bank Fed. the from actions declining produced from in XX% quarter or a and points. interest million expansion, cash over As year with at position quarter the billion we ratio strong charge-off a remained our $X strong of the X basis fourth net average costs loans strong minimal $X.X by bank the entered and of result Overall, a liquidity nonperforming ended during with, our quality bank the at

prices. PrimeLending. Loan low rates under housing and high remain volume high inventory, from home consumers impact mortgage to and persistent because of the Moving pressure to profitability

is As factors or few all well, of relief on challenged. capacity continued opportunities. overall industry occurs, too of many hypercompetitive contend origination these lenders across sale driving and excess Until meaningful of volume, profitability a will pricing some as expansion margins production for gain two environment remain

reductions, In and sale response basis quarter. record projections unprofitable third from executed has the consolidation PrimeLending roughly volumes loans and reduction to Origination adjustments and margin correspondingly targeted fixed branches prior the overall base. billion of in during pandemic cost the circumstances reduce resize of the were XX%. to substantial industry these declined $X.X sold its induced originated to business on volume since taken PrimeLending XX% measures with expense approximate volume highs. Headcount XX% year, XXX in a points. parties of industry gain with line volume in by of

rates pressure interest as mortgage We expect on elevated to the remain inventories continue persist. business low and

a the million The fixed $XX profits by costs revenues. $XXX income quarter the a municipal a revenue for to Our income year’s necessary mortgage business. HilltopSecurities million a first across increase on due from and revenue what these net driven management believe and team volumes has in XX% Pretax areas industry. our actions deposit million both primarily to be growth was $XX offset an structured future. increase were finance in helped at in by slower as for million job improved revenues in wealth to revenues increase issuance of business the from $XX for taking of services sweep trading The in profit down improvement will a quarter. excellent smaller net PrimeLending pretax resize realized market reducing we foreseeable difficult quarter during fixed the last done compared of

X. to Page Moving

in our The the by accumulated million $XX.XX. $X to both levels earlier, with other value a increased during of end book from per value net was strong comprehensive QX ratio book decline common per As capital $X.XX at I tangible tangible XXXX Hilltop Tier a loss capital share and our stated and equity X maintained quarter in of by XX% share income improvement quarter. driven

Though as substantial AOCI completed tangible well declines substantially important by to offer share the we year-over-year, declined driven was it book in in note as value our per is unrealized XXXX. that tender

the diluted book that tender and was slightly value shareholders. tangible significant the believe for size to our deployment of capital pricing value, Although, we drove

were overall shares at quality. year. loans $X.X grew increase and our repurchased quarter, same million positive. $X.XX we period bank and the to an year the the Additionally, – of Hilltop the dividend core of from prior asset start We to improve while is declared during in the the continuing bank bank Securities very which Overall,

was slow the enable have will pace to did but which rates deposit We declines build and declines, of we expected, see the back us once anticipate them actions taken stabilize.

soundness into is Our collective balance paramount of organization put a position robust for team The in at our our time, and this sheet levels. balance the efforts to has with liquidity I are grateful sheet strong fortifying the health and am and it. capital

in our forward, remain and an employee value we and succeed adapt ever-changing diversified ability base, Moving our environment. of the our confident in strength to the of business model,

through With will that, I to financials. presentation walk over now Will the turn the to

William Furr

million Jeremy X XXXX, attributable on common first Thank of income per equating you, $XX.X to reported quarter Hilltop discussed Jeremy. the share. for to $X.XX diluted consolidated start of stockholders that Page I’ll

margins solid was income quarter mortgage remain by the net headwinds year-over-year ongoing volumes growth challenged. offset business in interest During and the as

tax at that estimated GAAP expense the expect certain first reflect range results $X.XX not discrete the reduce The items full is rate period. quarter’s view within remain items of and impact XX% that the overall tax year guidance in per recurring. we tax Further, these prior we XX%. items EPS share, the as do do these Further, to of will

to of change net the portfolio for loan approximately ongoing million X. were portfolio, The the captured, growth improvement year-end impact risk losses of was change. million collective increased Turning changes. million for the are portfolio for to in the million changes by financials of Hilltop’s the as macroeconomic by $X which the which Page offset grades accounted $X outlook credit as in driven $X.X of and allowance by approximately $XX.X updating accounts

of growth for the in GDP the outlook XX, in to portfolio, current be the the credit outlook for $XX.X losses to migration the unemployment that the future credit X.XX% the and credit and yields XXXX. for time, will Allowance and loans allowance continue the note, coming rates, in March loan changes volatile over of of Of trends we net as future believe given HFI could volatility interest growth million ACL macroeconomic could over we total allowance ratio by uncertainties heightened driven to volatility, changes losses regarding be inflation, expect quarters.

higher increased offset first Moving cash versus interest borrowings. the $X.X rates by rate Net million quarter accounting balances, to net income driven equated primarily variable XX% yields of higher were and by interest on on year first somewhat prior $XXX quarter securities by Page or in income which accretion, purchase including loans, X. the million $XX and million, to deposits

Net interest quarter margin basis to versus basis XXX improve points. the points of XXXX, increasing to by continue fourth X

reflects outlook the a for X Fed year. basis remains balance moves to funds and and the during the scenario of first half whereby points [ph] current between XXX stable Our XXXX of

the the rates the NII expect and quarter. intense the during year remainder we and to Further, causing competition deposit will NIM second of declining balances remain begin very for for both

cycle Reserve the given prior As the which expect cycle historically will modeled we betas, we quarterly our we have in XX% current the the from of competitive during deposit XX% exceed update, Federal this do noted at environment. increases

chart, Hilltop Turning liquidity to billion the of at In X. we XX. of highlight maintained Page approximately as sources available $X the March

we our While efforts, other internal we Reserve’s such, it’s program the be that as to plan sources. liquidity source not borrowing window discount our consider below noted leverage of to liquidity, modeling collateralized under a and Federal do

and liquidity remained December over the equated quarter. sources to just of throughout XX stable Further, $X as comparable relatively the first billion

Securities on the subsequent balances we and additional billion FDIC the right those at cash of in the at Hilltop balances Included eligible XX, PlainsCapital, in Hilltop first deposit $XXX million page chart side insured shown the the approximately Reserve. in from of excess and chart reflected Federal through the of deposits during the swept in balances Federal Reserve in are excess our March the maintained quarter, on pages. the $X.X deposits As deposit

$X.X the from Further, Bank quarters, $XXX million we we to at the excess between Federal and next two weeks. of deposits $X borrowed The three billion to a few Home Loan terms with Reserve. Federal maintain billion expect of

we expectations interest-bearing Additionally, the under bottom deposit beta in provide for of date, the deposit changes that move detail and note Federal the continues rates future the on to to some view higher. chart, the short-term left pace in changes rates our Reserve

moving X. Page to I’m

balance average approximately basis, balance level. ending $XX.X X% deposits billion and by ending fourth billion total deposits to quarter the First the by $XXX On approximately declined declined million versus million an XXXX. or prior quarter have are $XX from of quarter $XXX

$XXX approximately the this of favorable note, from or outcome sheet the money within account we’ve as a PlainsCapital retained the the deposit yields. on achieving in as deposits balances customer moved mutual Of balance We in investments million market our private customer while higher at company aiding funds an view treasury bank.

bank these the rates leg as rate through We into could would the deposits back expect over of balances time next that shift the market cycle. adjust

the rate have resulted quarter, interest and higher market we with price decline While during interest and to of decision level each deposits product customers focus given at elasticity that shifted seeking tier significantly level. first seen expected the lag, with interest-bearing a customer our adjustments has as deposit their are we activity higher as to significant costs in coupled rates manage and speed

During liquid the products. our pricing competitive our to across quarter, approach more most adjusted become we deposit

bearing bearing It a will quarter. prior result, costs basis to rose deposit is basis our of an deposit points, from points As expectation interest XX interest XXX in the costs increase approach. the and we’ve Federal during from our our views higher pricing potential rate to on path the and quarters, move made the second third increases stated Reserve of given the updates

deposit balances relationships, over focus balancing competitive remain and with on net on income our focused to we time. continuing position relates while customer prudent long-term costs, it of to interest As our management

short rates pressure as noted deposits earlier, expect intensity environment in for and of medium the the the competition terms. and will challenging continue However, that higher current to we remains

non-interest quarter I’m equated first income the to million. $XXX.X total XXXX for to XX, Page moving of

seen driven related First were and of by challenges higher XXXX, of mortgage and in quarter interest fees supply, overcapacity ongoing has banking rates, across margins in lower versus million history. materially of income move originators levels the by in the the U.S. housing home limited to decreased volumes combination $XX the by inflation, and ongoing mortgage first not driven we’ve recent mortgage terms quarter price the

volumes billion and Further, decreased by refinance or first decreased versus quarter, mortgage XX% $XXX the million prior purchase XX%. volumes by year $X.X or

margins parties gain-on-sale to XXXX, of XX quarter basis margin continued first what basis XXX for the has sold declining decline, third During multi-quarter points. points gain-on-sale the loans been to a

continuing the have buy mortgage the down such, customers we gain-on-sale year are rate. origination as have to And are pressured, sharply been versus their declined period. to margins Our less paying prior see interest fees

gain-on-sale We expect during margins the to they levels, stabilize continue noted by current while the rebound constraints win to not the XXXX, is begun it I clear in will much have at be given earlier. that will marketplace pressured, these and and market that lower how

production volatility period businesses period. services the and Other They’re by finance structured $XX finance volume activity lock to rates, by Securities. important be market primarily and interest It liquidity, Securities income and – income that trading increased both Hilltop business by Hilltop driven lock at improved to million, volatile structured is in recognize fixed at and impacted trends. our from can trading overall

XX. year same by first fee versus the the decrease period to period million $XXX generation driven revenue quarter quarter expenses PrimeLending, in $XX million to was were to lower The Page compared the from prior to variable at decline Turning prior the which in the compensation in approximately linked prior decreased was year. by $XX million. Non-interest same expenses year in

expenses, expenses, declined the decline prior the non-compensation first table Additionally, which captured right slide, variable versus the as volumes production upper in production particularly of in expenses related other in quarter mortgage are year. the

support streamlining in headcount expect and we the stable helping ongoing operations productivity ongoing as improving throughput will lower than offset forward, focused related efforts remain continue and persist to market. other franchise, inflationary across to Looking improve our relatively the compensation variable that pressures to expenses our the

Page XX. to Turning

with of grew family by one by particularly fourth driven originated first quarter by XXXX growth, prior of loan in On First estate equated improving PrimeLending. stable and quarter million $X.X real the the average to to loans HFI versus in HFI relatively four loans levels. retention year period ending billion a XXXX, commercial $XXX quarter commercial basis, the mortgages

of to Given the market to $XX XXXX. including substantially to the $XXX sheet, quarter expect impacted X conditions, for mortgage on mortgage to yield from has the reduce remainder our loans million holding levels four million quarter value million substantially between retention one per economic current family which curve, inverted the and balance $XX we the of per

this the we and full growth slow do balance second loan loan production expect for to of commercial year the we to In addition, begin of full X% average Currently, expecting year quarter X% in are throughout XXXX. the XXXX.

our an segments interest and portfolio. that clients portfolio causes and slowdown expected the progress prevailing utilization we portfolio, NPAs could Turning on of we concern estate, the to have outsize Page economic trends XX. the show the In this are loan impact remained the a graph the in has we higher in lower see reducing first has watching any with and right quality through in in do Credit which throughout closely rates, solid rates upper certain our into year. negative commercial while quarter, potentially made activity in real XXXX, of page, continued our not

the As loss page, at the is shown bank bottom the on right including credit at coverage the the mortgage warehouse ended X.XX%, the graph, allowance lending. quarter first of for

Turning XX. to Page

economy. As a we market and the lot health to the quarter of of interest move the the regarding be in overall XXXX, uncertainty into there of inflation, rates, second continues

to for new with shareholder customer times pleased franchise to moderate delivering and delivered on supporting we teammates maintaining profile communities team We’re long-term attracting our the serve, our franchise, risk like our customers great our our delivering remain work value. the our service across to has a position that and clients, focused company where these,

we current of we current the outlook our market to as assessment table, updates calls. our future in we the our markets and quarterly As reflects and economy XXXX for on respond, the participate. is outlook provide business adjust Further, where noted the changes will our to

section for of Operator, to and the that you we’ll Q&A comments concludes our turn back the call the call. prepared

Operator

Instructions] We have now Brady from from Brady, KBW. Gailey your you. is question first Thank comes [Operator line our open.

Brady Gailey

morning, Brady. guys. it’s Yes, Good

Jeremy Ford

morning. Good

Brady Gailey

there. So headwinds I I with the know exist mortgage. wanted that to start just

last get at an bank. quarters, pretty it’s loss for opportunity at there notable non-variable If at reduce mortgage three that business to you even? the the expect thoughts to been are expense Is to back at position what of least break should of further continued black. when look expenses to rightsizing see a your point a unit mortgage and Or we get out on red and into the that the

William Furr

Brady, it’s Will.

quarters in last the been issue. a year for You few challenging mortgage It’s highlight business. really the

of portion of portion the does franchise will And As long-term we it’s continue that franchise first, we solely over market evaluate a be. noting, years robust business it, sure when advantage it to significant are making it’s we as a – are maintain we that worth to significant and take on our evaluating been has it a and that focused rebound.

to I acutely actions came year did to given April to substantial the we continue going cost. profitability point take be reduce quarter – certainly, in fixed is full I’d in, where early your the first around think to challenging, and profitability, for to March say

Objectively, the and would level of expect to dynamics expect year or of rate break continue to XXXX, even level position are. for the balance market where move we be the loss the to given we run better, a decline at just us a for to where

a given are third think in and challenges perspective, we’ll recover win the and that quarter much the steps point of leadership again, and some with comments. and is at by Prime in volume level continue we and again gain I sale tried every the cover overall handle team that quarter. I unsustainable a points challenge. reducing focus every as a think each in to real on But on I’ve as improving kind think We as from overall got on we’ve how marketplace. the with But sale at margins market make makes to gain cost to a gain being well basis sale again, we careful in at or here sit to my front – prudent XXX loss the and the profitability we the the a one month parties on of dynamics

Jeremy Ford

that business. is is on bottom margins And out the that this I’m capacity hopeful of and really over pulled the being the

we us You would profitable. not are is Wells with like last seeing quarter and still believe but to M&A that other some turning, everything lead in – activity some it’s the the and Fargo that cycle are

Brady Gailey

quarter, the to in meaningful first there valuation? was And adjustment Okay. MSR any the

William Furr

Yes. the We $X.X really about negative a to had adjustment million MSR, reflecting. of value the

I market’s to on the and with MSR think short-term. the refi valuation the books rates the current a higher a that to a X.X% rate to that propensity loans into believe you are view in X%, view Fed’s going lower move have going going if are the going the

yes. So That’s That a we did that pretax, was make adjustment. valuation a pretax.

Brady Gailey

And is number, Pretax me? million, net hear Did the okay. of guys $X.X that you hedges?

William Furr

net hedges. was It of Yes. Yes.

Jeremy Ford

correct. That’s

Brady Gailey

Okay. then was tax still XX% to I Yes, hedges. sticking of XX% rate. you’re on final net the question it in All know abnormally to the is quarter, first the my And low right. just guidance.

about So ticks XX% that the to I would rest the don’t am that for thinking kind like, – to rate know, that of effective of year. Is tax right? the I suggest that XX% up

William Furr

yes, XX.X%. the effective to first I down mean, tax did I rate historically the so quarter, well, the discrete think items bring –

run last rate. second we you expecting saw XX% probably the is normal what year half as think XX% to I of is are

from items historically compensation always the effective perspective related through. is to some due of normally an go low rate tax quarter that First stock

to end bring the bring for will would ETR. a said, quarters, forward of will lower in below recurring for for that likely historically the three trend and XX% year. us – it’s we range full So remaining us that XX% in the expect the That but

Brady Gailey

mean tough – favor is out just more, excess that that’s know given backdrop, tough guys capital. right that I know now, to in tends one And of the you I still times. buy also Okay. have I stuff Hilltop M&A but

possibility how that an on a maybe thinking just today? update So and about M&A you’re is

Jeremy Ford

doing Well, Sure. we’re still quarter a that mean M&A. I And I was interested last clearly in change. think sea

business. interested in the are prices, change still in currency. it strategic doing our us And better deals with on our that in just fits balance, We’re positions for market

Brady Gailey

All right, great. Thanks guys.

Jeremy Ford

Thanks.

Operator

you, Brady. Thank and my apologies,

line open. Sandler. comes Our Brad from next Piper from now your Milsaps Brad, is question

Brad Milsaps

good Hi, morning guys.

Jeremy Ford

Good morning.

William Furr

morning. Good

Brad Milsaps

I my I Am on bit – segment. if the Am Thanks change just coming could taking question. little through? broker-dealer for I Okay. curious the guidance coming about talk in Yes. you was a

of sort kind or quarter more you’re last this really curious strength in feeling function as seeing guess of Just really a the year. is hanging revenues range. that first I of you revenues areas had it about low better

growth a little So of change kind bit. the throws the curious But guidance? seeing year-over-year of about to it and just broker-dealer kind kind in think how what off the of you’re

Jeremy Ford

before and I throughout necessarily year. we’re quarter. those was on of had some rely quarter really persist in the talk to But our strong we’ve speak opposite for revenue, know just and the environment, me to quarter. the had quarter, let all, Yes, persistent this was sweep we and last muted $XX quarter that year, what don’t we But is been million the first then guidance. up really think, a to specifically a it gains Will the of challenging some – rate is first had really has and the given to the I finance This first going quarter, in structured trading which

the So several businesses momentum we performing good HilltopSecurities other the revenue and rest the really – feel year. the next at throughout and do well about of

William Furr

I Brad, covers it. that think And

expected. show primary services But Jeremy revenue and coupled revenue that’s the in contributor with, stronger mentioned, retail as the you’ll broker-dealer. increase up in we to first the overall So sweep items a quarter the outlook, see might have the in at the than clearing otherwise really

Brad Milsaps

primary the expense of least expense or if curious sources to I comparison saves not into quarter kind know most expenses? notice Or I just sources are of kind is Prime? back maybe basis, franchise? we’re really Or a down really the the coming on to maybe just – that’s of at of expenses, the you did across delve linked But of it just the the of the the conversation. at that at Will, What could And best kind the too bank.

William Furr

at I as we expenses saves as is a environment. job to business the bank That for we’re we Prime. the that profitability have a think processes that over as very from HilltopSecurities. we’ve are managing meet the otherwise perspective. series to improve we’re work kind Again, for right say the across. occurred doing expense the reevaluate core with continued, of doing evaluate productivity of in where But the team what’s nice throughput, improvements same enhancements time there. I are the we inflationary doing a market have we and continue would there been large across said, we preponderance size to exactly looking across productivity – a and processes pretty But and of and can

from it’s where PrimeLending. across the have So headcount cost come seen of been saves preponderance overall of we’ve but kind the the franchise productivity declines and improvement,

Brad Milsaps

sort maybe you that that low how have I TCE on about a you you me then it. follow-up things for final think just toughest historically just would potentially proactive the look have mean, on have to one marks Can when M&A, sector. a And you on talk because might bond Got portfolio. guys to question about bank really of of Brady’s take for been buying

buyer guys typically You to of it put can work. a deal cash lot a in are or make a cash

not opportunities may or on different or that’s be gone kind everything and this might on you may environment approach see. of your how not curious everything’s given – in of kind Just

Jeremy Ford

– out target perspective, could get balance strong Sure. have nature been to there. like transact by the stock. we stocks a issues drifted it’s solve where better of a Well, be is of we’ve combined whether and overhang sheet value, of past from or certainly always we and just entity kind a balance can lot of that book can sheet that where ability our cash our feel very have tangible a potential that’s for this And around

Brad Milsaps

more a is up, it tend vogue like? certainly you but would curious what banks you to I lot might in what just be. or were Jeremy, drawing ideal like? if mean you might of curious, look kind have look Texas it criteria smaller kind kind that CRE of just necessarily an obviously And right candidate in of not elsewhere Would your be what it look now, would

Jeremy Ford

Well, – business. better And we’re on it mean, make top be I going sheet what’s market. also environment, and Texas look, a be to in careful the potential think would this be balance but also of not on stay to I working we from in credit to would think hard in standpoint. standpoint, from And a going it liquidity I be similar patient and to fit a are strategic just

Brad Milsaps

Okay. Thank you, guys. Great.

Jeremy Ford

Thank you.

Operator

you. Thank

line We have from from Stephens, comes your Thomas now our question open. Wendler next Inc. Thomas, is

Thomas Wendler

Hey, morning, good everyone.

Jeremy Ford

morning. Good

William Furr

Good morning.

Thomas Wendler

quarter this Lots pieces excess moving of in liquidity.

liquidity you’re the to idea kind of levels deposits bringing excess of looking the on We’re us an hold on moving the sweep and some from of forward? balance borrowings FHLB. Can sheet give you what

William Furr

will Fed. hold comments, Yes. billion the deposits at This between of my $X.X $X and are objectively, noted billion in I to we as looking

manage so an abundance an to out we the And levels caution we’ll operating necessarily we have need. of levers that of manage not that’s that. and The that levels to do level really the do

around banking something But as uncertainty occur. here to today uncertainty the the else make in sure were economy, segment, nimble sit the agile we potentially around and with we’re we to the want event

Thomas Wendler

one for one then final you. me. Thank And

your think program? in – from a in little just we buyback give expecting. of were the your appetite here than buyback me your an you idea were I less Can you active

Jeremy Ford

Sure.

open And bit recall, pretty we XX-K little do a narrow. I if first kind then were So of quarter, the filed liquidity and given you quarter, I our Since was repurchase just and… going $XX for sheets while authorization, share got left, activity clearly window but our the filed to of cautiously state window. proceed balance mean, our was we late there, think trying we to we so then, in million an the we’re still of had about where

Thomas Wendler

Thank right. questions. you for my All answering

Jeremy Ford

you. Thank

Operator

Thank you.

call. this no and the Ladies line. for on further you have concludes We gentlemen, Thank today’s questions joining.

You disconnect your lines. may now

Hilltop (HTH) 21 Apr 232023 Q1 Earnings call transcript