Hilltop Holdings Inc. (NYSE:HTH) Q2 2022 Earnings Conference Call July 22, 2022 9:00 AM ET

Company Participants

Erik Yohe - Executive Vice President

Jeremy Ford - President and Chief Executive Officer

Will Furr - Chief Financial Officer

Conference Call Participants

Brady Gailey - KBW

Michael Rose - Raymond James

Brad Milsaps - Piper Sandler

Matt Olney - Stephens

Operator

Good morning and welcome to today’s Hilltop Holdings Second Quarter 2022 Earnings Conference Call. My name is Candice, and I will be your moderator for today’s call. [Operator Instructions]

I would now like to pass the floor over to our host, Erik Yohe, Executive Vice President. You may now begin your presentation.

Erik Yohe

Great. Thank you, Candice. Before we get started, please note that certain statements during today's presentation that are not statements of historical fact, including statements concerning such items as our outlook, business strategy, future plans, financial condition, allowance for credit losses, the impact and potential impacts of COVID-19 or disruptions in the global or national supply chains, stock repurchases and dividends and impacts of interest rate changes, as well as such other items referenced in the preface of our presentation are forward-looking statements.

These statements are based on management's current expectations concerning future events that, by their nature, are subject to risks and uncertainties. Our actual results, capital, liquidity, and financial condition may differ materially from these statements due to a variety of factors, including the precautionary statements referenced in our presentation and those included in our most recent annual and quarterly reports filed with the SEC.

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

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

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

Jeremy Ford

Thank you, Erik, and good morning. For the second quarter, Hilltop reported net income of $33 million or $0.45 per diluted share. Results include non-recurring after-tax expenses of $3.5 million related to the tender offer executed in May. Consolidated return on average assets for the period was 0.8% and return on average equity was 5.8%.