Hilltop Holdings Inc. (HTH, Financial) filed Quarterly Report for the period ended 2010-06-30.
Hilltop Holdings Inc. has a market cap of $587.6 million; its shares were traded at around $10.4 with and P/S ratio of 4.6. HTH is in the portfolios of Michael Price of MFP Investors LLC, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates, George Soros of Soros Fund Management LLC.
The $4.8 million decrease in net loss from operations for the six months ended June 30, 2010, as compared to the same period in 2009, is primarily due to a decrease in loss and loss adjustment expenses of $6.1 million, an increase in net premiums earned of $0.4 million, and total realized investment losses of $58,000 for the six months ended June 30, 2010, versus total realized investment losses of $0.8 million for the same period in 2009. This was partially offset by a decrease in income tax benefit of $2.7 million due to lower operating losses for the six months ended June 30, 2010.
Revenue. Revenue for the three months ended June 30, 2010 was $32.9 million, as compared to $31.3 million for the same period in 2009. Net premiums earned were $29.3 million for the three months ended June 30, 2010, as compared to $28.7 million for the same period in 2009. Net investment income was $1.9 million for the three months ended June 30, 2010, as compared to $1.7 million for the same period in 2009. Net realized losses on investments were $51,000 in the three months ended June 30, 2010, compared to a net realized loss of $0.9 million for the same period in 2009. In June 2009, the Company impaired one corporate bond, which resulted in a loss of $0.8 million. Other income was $1.8 million for the three months ended June 30, 2010 and 2009.
General and Administrative Expense. General and administrative expense for the three months ended June 30, 2010 was $2.1 million, as compared to $2.0 million for the three months ended June 30, 2009, an increase of $0.1 million, or 5%. This increase was due to an increase in professional services of $0.5 million, which was offset by decreases in salaries and benefits of $0.1 million and $0.3 million in other administrative expenses.
Income Taxes. The Company had a $1.4 million income tax benefit for the three months ended June 30, 2010, compared to $4.5 million benefit for the same period in 2009. The decrease in income tax benefit of $3.1 million for the three months ended June 30, 2010, compared to the same period in 2009, is due to a decrease in operating loss of $8.8 million, as the effective tax rate remained substantially unchanged.
Preferred Stock Dividend. On July 8, 2010, the HTH board of directors declared a quarterly cash dividend of $0.515625 per share on each of the 5,000,000 outstanding shares of our Series A Preferred Stock, payable July 30, 2010, amounting to $2.6 million. For the quarter ended June 30, 2009, the dividend declared also was $0.515625 per share, or $2.6 million.
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Hilltop Holdings Inc. has a market cap of $587.6 million; its shares were traded at around $10.4 with and P/S ratio of 4.6. HTH is in the portfolios of Michael Price of MFP Investors LLC, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
For the six months ended June 30, 2010, net loss attributable to common stockholders was $7.3 million, or $0.13 per share, as compared to a net loss of $12.1 million, or $0.21 per share, for the same period in 2009. Net loss from operations accounted for $2.1 million of the net loss attributable to common stockholders for the six months ended June 30, 2010, compared to $7.0 million for the six months ended June 30, 2009.The $4.8 million decrease in net loss from operations for the six months ended June 30, 2010, as compared to the same period in 2009, is primarily due to a decrease in loss and loss adjustment expenses of $6.1 million, an increase in net premiums earned of $0.4 million, and total realized investment losses of $58,000 for the six months ended June 30, 2010, versus total realized investment losses of $0.8 million for the same period in 2009. This was partially offset by a decrease in income tax benefit of $2.7 million due to lower operating losses for the six months ended June 30, 2010.
Revenue. Revenue for the three months ended June 30, 2010 was $32.9 million, as compared to $31.3 million for the same period in 2009. Net premiums earned were $29.3 million for the three months ended June 30, 2010, as compared to $28.7 million for the same period in 2009. Net investment income was $1.9 million for the three months ended June 30, 2010, as compared to $1.7 million for the same period in 2009. Net realized losses on investments were $51,000 in the three months ended June 30, 2010, compared to a net realized loss of $0.9 million for the same period in 2009. In June 2009, the Company impaired one corporate bond, which resulted in a loss of $0.8 million. Other income was $1.8 million for the three months ended June 30, 2010 and 2009.
General and Administrative Expense. General and administrative expense for the three months ended June 30, 2010 was $2.1 million, as compared to $2.0 million for the three months ended June 30, 2009, an increase of $0.1 million, or 5%. This increase was due to an increase in professional services of $0.5 million, which was offset by decreases in salaries and benefits of $0.1 million and $0.3 million in other administrative expenses.
Income Taxes. The Company had a $1.4 million income tax benefit for the three months ended June 30, 2010, compared to $4.5 million benefit for the same period in 2009. The decrease in income tax benefit of $3.1 million for the three months ended June 30, 2010, compared to the same period in 2009, is due to a decrease in operating loss of $8.8 million, as the effective tax rate remained substantially unchanged.
Preferred Stock Dividend. On July 8, 2010, the HTH board of directors declared a quarterly cash dividend of $0.515625 per share on each of the 5,000,000 outstanding shares of our Series A Preferred Stock, payable July 30, 2010, amounting to $2.6 million. For the quarter ended June 30, 2009, the dividend declared also was $0.515625 per share, or $2.6 million.
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