Hilltop Holdings Inc. (NYSE:HTH) Q2 2020 Earnings Conference Call - Final Transcript
Jul 31, 2020 • 09:00 am ET
Good morning. Welcome to the Hilltop Holdings Second Quarter 2020 Earnings Confernce Call. [Operator Instructions]
I would now like to turn the conference over to Erik Yohe, Executive Vice President of Corporate Development. Please go ahead.
Thank you. 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 and the impact and potential impacts of COVID-19 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 report and quarterly report filed with the SEC. 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 would like to turn the presentation over to President and CEO, Jeremy Ford.
Jeremy B. Ford
Thank you, Erik, and good morning. Despite the ongoing pandemic and most of our team working from home, Hilltop had an unbelievable quarter, with record breaking mortgage earnings that more than offset a sizable and judicious reserve build at the Bank.
Before getting into the results of the quarter, I would like to start on Slide 3, and provide an update on our response to the COVID-19 pandemic. From an operation standpoint, we are very fortunate to have realized Hilltop over the past three years by building a robust holding company and integrating the functional departments of our operating companies. This is enabled us to ensure business continuity while prioritizing the health and safety of our employees. We continue to operate with the majority of our employees working remotely, so that essential staff can work safely from our offices. We are tracking all COVID-19 cases to ensure the quarantine of affected employees and to ensure impacted offices are cleaned so that they can get back open as soon as possible.
We are also providing frequent and open communication so that everyone adheres to safety protocols and feel connected. While we did see an increase in employee cases this past quarter, the overall number remains low and has not had a material impact on our businesses. Since the start of the pandemic, we have been in constant contact with our clients to continue to serve their needs, and in particular provide relief and support where required. By partnering with our borrowers that had been impacted by COVID-19, the Bank has provided deferrals on $1 billion of loans of which