Hilltop Holdings Inc. (HTH, Financial) filed Quarterly Report for the period ended 2010-03-31.
Hilltop Holdings Inc. has a market cap of $662.6 million; its shares were traded at around $11.73 with and P/S ratio of 5.14. 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.
Revenue. Revenue for the three months ended March 31, 2010 and 2009 was $31.7 million. Net premiums earned were $28.1 million for the first quarter in 2010, as compared to $28.4 million for the same period in 2009. Net investment income was $1.6 million for the first quarter of 2010, as compared to $1.8 million for the same period in 2009, primarily due to higher yields on cash balances in 2009. We had a net realized gain on investments of $0.1 million in the first quarter of 2010 and 2009. Other income was $1.8 million for the first quarter in 2010, as compared to $1.5 million for the first quarter in 2009, due to an increase in service fees from policies that include wind coverage in hurricane prone areas.
Depreciation and Amortization Expense. Depreciation and amortization expense for the three months ended March 31, 2010 was $463 thousand, as compared to $508 thousand for the three months ended March 31, 2009, a decrease of $45 thousand.
Income Taxes. The Company had a $0.3 million income tax expense for the three months ended March 31, 2010, compared to $0.7 million expense for the same period in 2009. The expense in 2010 is primarily due to the tax expense related to the income from the insurance operations of $4.1 million. The expense in 2009 is primarily due to the tax expense related to the income from the insurance operations of $5.5 million. The decrease is a direct result of the decreased income from operations as the effective tax rate remained substantially unchanged.
Preferred Stock Dividend. On March 17, 2010, the HTH board of directors declared a quarterly cash dividend of $0.5156 per share on each of the 5,000,000 outstanding shares of our Series A Preferred Stock, payable April 30, 2010, amounting to $2.6 million. For the quarter ended March 31, 2009, the dividend declared also was $0.5156 per share, or $2.6 million.
At March 31, 2010, we had approximately $778.2 million of cash and cash equivalents and $139.3 million of investments, as compared to $790.0 million of cash and cash equivalents and $130.0 million of investments as of December 31, 2009.
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Hilltop Holdings Inc. has a market cap of $662.6 million; its shares were traded at around $11.73 with and P/S ratio of 5.14. 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 three months ended March 31, 2010, net loss attributable to common stockholders was $2.1 million, or $0.04 per share, as compared to a net loss of $1.2 million, or $0.02 per share, for the same period in 2009. Income from operations accounted for $0.5 million and $1.4 million for the three months ended March 31, 2010 and 2009, respectively, before the preferred dividend of $2.6 million. Net income from operations decreased by $0.9 million for the three months ended March 31, 2010, as compared to the same period in 2009, primarily due to the increase in loss and loss adjustment expense of $1.5 million. This was partially offset by higher other income of $0.3 million and lower interest expense of $0.3 million.Revenue. Revenue for the three months ended March 31, 2010 and 2009 was $31.7 million. Net premiums earned were $28.1 million for the first quarter in 2010, as compared to $28.4 million for the same period in 2009. Net investment income was $1.6 million for the first quarter of 2010, as compared to $1.8 million for the same period in 2009, primarily due to higher yields on cash balances in 2009. We had a net realized gain on investments of $0.1 million in the first quarter of 2010 and 2009. Other income was $1.8 million for the first quarter in 2010, as compared to $1.5 million for the first quarter in 2009, due to an increase in service fees from policies that include wind coverage in hurricane prone areas.
Depreciation and Amortization Expense. Depreciation and amortization expense for the three months ended March 31, 2010 was $463 thousand, as compared to $508 thousand for the three months ended March 31, 2009, a decrease of $45 thousand.
Income Taxes. The Company had a $0.3 million income tax expense for the three months ended March 31, 2010, compared to $0.7 million expense for the same period in 2009. The expense in 2010 is primarily due to the tax expense related to the income from the insurance operations of $4.1 million. The expense in 2009 is primarily due to the tax expense related to the income from the insurance operations of $5.5 million. The decrease is a direct result of the decreased income from operations as the effective tax rate remained substantially unchanged.
Preferred Stock Dividend. On March 17, 2010, the HTH board of directors declared a quarterly cash dividend of $0.5156 per share on each of the 5,000,000 outstanding shares of our Series A Preferred Stock, payable April 30, 2010, amounting to $2.6 million. For the quarter ended March 31, 2009, the dividend declared also was $0.5156 per share, or $2.6 million.
At March 31, 2010, we had approximately $778.2 million of cash and cash equivalents and $139.3 million of investments, as compared to $790.0 million of cash and cash equivalents and $130.0 million of investments as of December 31, 2009.
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