August 01, 2014 6:42 PM ET

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Company Overview of PlainsCapital Corporation

Company Overview

As of November 30, 2012, PlainsCapital Corporation was acquired by PlainsCapital Corporation. PlainsCapital Corporation operates as the holding company for PlainsCapital Bank that provides business and consumer banking services primarily in Texas. Its Banking segment offers deposit products, including savings, checking, interest-bearing checking, money market, and certificates of deposit; and loans, such as lines and letters of credit, equipment loans and leases, agricultural and commercial real estate loans, home improvement and home equity loans, and credit cards, as well as loans for purchasing and carrying securities. This segment also provides treasury management, depository, credit, as...

2323 Victory Avenue

Suite 1400

Dallas, TX 75219

United States

Founded in 1987

3,400 Employees

Phone:

214-252-4000

Key Executives for PlainsCapital Corporation

PlainsCapital Corporation does not have any Key Executives recorded.

PlainsCapital Corporation Key Developments

PlainsCapital Corporation Declares Cash Dividend, Payable on September 28, 2012

On September 13, 2012, the executive committee of the board of directors of PlainsCapital Corporation declared a cash dividend payable on September 28, 2012 to common shareholders of record as of the close of business on September 14, 2012. The dividend declared was $0.06 per share of original common stock, par value $0.001 per share.

PlainsCapital Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Announces Amendments to Loan Agreements

PlainsCapital Corporation reported earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company's net interest income was $49,985,000 against $45,185,000 a year ago. Income before income taxes was $42,194,000 against $23,606,000 a year ago. Consolidated net income was $26,232,000 or $0.72 per diluted share against $15,614,000 or $0.42 per diluted share a year ago. For the six months, the company's net interest income was $99,194,000 against $87,610,000 a year ago. The increase for both periods was due to increases in average loan volumes within the company's banking segment and decreases in market interest rates paid on deposits. Income before income taxes was $75,186,000 against $35,830,000 a year ago. Consolidated net income was $47,970,000 or $1.32 per diluted share against $23,330,000 or $0.60 per diluted share a year ago. Returns on average assets and average shareholders' equity were 1.63% and 17.38%, respectively, compared to 0.87% and 10.28% for the six months ended June 30, 2011. On July 30, 2012, in connection with the company's existing $17.7 million term loan with JPM, the company and JPM entered into that certain Twelfth Amendment to Amended and Restated Loan Agreement and that certain Seventh Amended and Restated Promissory Note, amending the company's obligations pursuant to the First Term Loan. The First Term Loan amendments, among other things: (i) reduce the principal amount of the First Term Loan from $17.7 million to $14.2 million to reflect certain principal payments made by the company in accordance with the First Term Loan; and (ii) extend the maturity date of the First Term Loan from July 31, 2012 until July 31, 2013. In addition, pursuant to the First Term Loan Amendments, a principal installment payment in the amount of $885,000, as well as accrued interest on the First Term Loan, is payable quarterly, commencing on September 1, 2012, and all outstanding principal and interest is due and payable in full on the maturity date. On July 30, 2012, in connection with the company's then-outstanding $5.0 million revolving line of credit with JPM, the company and JPM entered into that certain Renewal, Extension and Modification Agreement and that certain Fifth Amended and Restated Promissory Note, amending the company's obligations pursuant to JPM. As of July 30, 2012, the company had an outstanding principal balance under JPM of $5.0 million. The Revolver Amendments, among other things, extend the maturity date of the Revolver from July 31, 2012 until July 31, 2013. Interest due on any amounts outstanding under the Revolver is payable quarterly, commencing on September 1, 2012, and all outstanding principal and interest is due and payable in full on the maturity date. On July 30, 2012, the company and JPM entered into that certain Renewal, Extension and Modification Agreement and that certain Fourth Amended and Restated Promissory Note, amending the terms of the company's existing $2.5 million term loan. The Second Term Loan Amendments, among other things: (i) reduce the principal amount of the Second Term Loan from $2.5 million to $2.0 million to reflect a principal payment made by the company in accordance with the Second Term Loan; and (ii) extend the maturity date of the Second Term Loan from July 31, 2012 until July 31, 2013. In addition, pursuant to the Second Term Loan Amendments, the company is required to pay an annual installment payment of $500,000, commencing February 1, 2013, on the principal amounts outstanding under the Second Term Loan. Interest due on any amounts outstanding under the Second Term Loan is payable semi-annually, commencing on August 1, 2012, and all outstanding principal and interest is due and payable in full on the maturity date.

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