- Hilltop Holdings (HTH -6.5%) tumbles after reporting Q1 EPS of $23.8M or $0.26 per share, missing estimates and comparing to $32.4M and $0.39 one year ago.
- Noninterest income of $170.1M fell 20.2% from a year ago thanks to the mortgage slowdown. Noninterest expense of $212.6M fell just 1.1% as the synergy benefits from the First National Bank acquisition are just beginning to get going.
- As for the next acquisition, SWS Group (SWS -4.3%) trades down all the way to $7.20 per share thanks to the cash and stock nature of its sale to Hilltop. Based on Hilltop's March 31 close, the deal was worth $7.88 per share to SWS owners. Hilltop: "We also continue to be excited about our proposed acquisition of SWS."
- Previously: Hilltop Holdings misses by $0.03
- Source: Press Release