The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

Prosperity Bancshares, Inc.® Reports Strong First Quarter 2013 Earnings

Wednesday, April 24, 2013

Prosperity Bancshares, Inc.® Reports Strong First Quarter 2013 Earnings

06:05 EDT Wednesday, April 24, 2013

-- First quarter 2013 Earnings Per Share (diluted) increased 11.7% to $0.86 compared with the first quarter 2012
-- Net income increased $12.818 million or 35.1% compared with the first quarter 2012
-- Six acquisitions completed within the past sixteen months
-- Entry into Oklahoma by acquisition of Coppermark Bancshares on April 1, 2013
-- Non-Performing Assets remain low at 0.14% of first quarter Average Earning Assets
-- Deposits increased $3.169 billion or 37.1% compared with the first quarter 2012
-- Loans increased $1.388 billion or 35.8% compared with the first quarter 2012

HOUSTON, April 24, 2013 /PRNewswire/ -- Prosperity Bancshares, Inc.® NYSE: (PB), the parent company of Prosperity Bank®, reported net income for the quarter ended March 31, 2013, of $49.305 million or $0.86 per diluted common share, an increase in net income of $12.818 million or 35.1%, compared with $36.487 million and an increase in diluted earnings per share of 11.7% compared with $0.77 per diluted common share for the same period in 2012. 

"Again I am delighted to be able to announce record earnings of $49.305 million, as well as record earnings per diluted share of $0.86.  Over the last year, our bank has experienced significant growth.  In fact, our assets increased $4.191 billion, or 38%, when compared with the same quarter last year," said David Zalman, Prosperity's Chairman and Chief Executive Officer.

"In addition to a number of other honors we have received over the years, we were recently recognized by SNL, a prestigious provider of bank information and data, as the 2nd best Regional Bank in the nation based on their research. Honors like these could not be achieved without everyone working toward the same goal and for that I appreciate all the hard work by our associates and directors," said Zalman.

"We are very fortunate to be located in a part of the country that has population and job growth occurring at higher rates than many other areas.  The unemployment rate in March for Texas was 6.4% and in the Permian Basin area in West Texas, it was below 4.0%.  This is compared to the National jobless rate of 7.6%.  The Oklahoma area is also doing very well with low unemployment rates, growing population and an overall positive business climate," added Zalman.

"Our goal is to continue to take care of our customers with new and innovative products at fair prices that benefit our customers and help make their life easier," concluded Zalman.

Prosperity's management uses certain non?GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Specifically, Prosperity reviews tangible book value per share, return on average tangible common equity and the tangible equity to tangible assets ratio.  In addition, due to the application of purchase accounting, Prosperity uses certain non-GAAP measures and ratios that exclude the impact of these items to evaluate its allowance for credit losses to total loans (excluding acquired loans accounted for under ASC Topics 310-20 and 310-30).  Prosperity has included in this Earnings Release information relating to these non-GAAP financial measures for the applicable periods presented.  Please refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of these non-GAAP financial measures.

Results of operations for the three months ended March 31, 2013

For the three months ended March 31, 2013, net income was $49.305 million compared with $36.487 million for the same period in 2012.  Net income per diluted common share was $0.86 for the three months ended March 31, 2013 compared with $0.77 for the same period in 2012. Annualized returns on average assets, average common equity and average tangible common equity for the three months ended March 31, 2013 were 1.33%, 9.23% and 22.30%, respectively.  Prosperity's efficiency ratio (excluding, credit loss provisions, net gains and losses on the sale of assets and securities and taxes) was 42.40% for the three months ended March 31, 2013.

Net interest income before provision for credit losses for the quarter ended March 31, 2013, increased 32.1% to $108.082 million compared with $81.846 million during the same period in 2012.  The increase is primarily due to a 42.9% increase in average interest earning assets for the same period.  Linked quarter net interest income before provision for credit losses decreased 0.2% or $219,000 compared with $108.301 million during the three months ended December 31, 2012.  The net interest margin on a tax equivalent basis decreased to 3.42% for the three months ended March 31, 2013, compared with 3.64% for the same period in 2012 and decreased 11 basis points from 3.53% for the three months ended December 31, 2012.   

Non-interest income increased $9.496 million or 68.1% to $23.441 million for the three months ended March 31, 2013, compared with $13.945 million for the same period in 2012.  The increase was primarily due to the acquisition of American State Financial Corporation ("ASB") on July 1, 2012.   Through ASB, Prosperity acquired additional services and products including trust, credit cards and mortgage lending operations.  On a linked quarter basis, non-interest income decreased 2.8% or $665,000.

Non-interest expense increased $15.308 million or 37.8% to $55.767 million for the three months ended March 31, 2013, compared with $40.459 million for the same period in 2012.  The increase is primarily due to additional non-interest expenses associated with ASB. Additionally, total non-interest expense for the three months ended March 31, 2013 included one-time pre-tax merger expenses of $252,000. On a linked quarter basis, non-interest expense decreased 2.1% or $1.201 million.

Average loans increased 37.8% or $1.445 billion to $5.264 billion for the quarter ended March 31, 2013, compared with $3.819 billion for the same period in 2012.  On a linked quarter basis, average loans increased 2.4% or $123.621 million from $5.140 billion at December 31, 2012. Average deposits increased 39.5% to $11.760 billion for the quarter ended March 31, 2013, compared with $8.429 billion for the same period of 2012.  On a linked quarter basis, average deposits increased 4.4% or $500.794 million from $11.259 billion at December 31, 2012.

Loans at March 31, 2013 were $5.263 billion, an increase of $1.388 billion or 35.8%, compared with $3.875 billion at March 31, 2012.  On a linked quarter basis, loans increased $83.084 million or 1.6% (6.4% annualized) from $5.180 billion at December 31, 2012.  Deposits at March 31, 2013 were $11.713 billion, an increase of $3.169 billion or 37.1% compared with $8.544 billion at March 31, 2012.  On a linked quarter basis, deposits increased $71.623 million or 0.6% (2.4% annualized) from $11.642 billion at December 31, 2012. 

The table below provides detail on loans acquired and deposits assumed in the Texas Bankers, Inc., The Bank Arlington, ASB, Community National Bank ("Community National"), and East Texas Financial Services transactions completed on January 1, 2012, April 1, 2012, July 1, 2012, October 1, 2012 and January 1, 2013, respectively:

Balance Sheet Data (at period end)

(In thousands)

Mar 31, 2013

Dec 31, 2012

Sep 30, 2012

Jun 30, 2012

Mar 31, 2012

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Loans acquired (including new production since respective acquisition dates):

   Texas Bankers, Inc.

$                 23,314

$                     23,803

$               24,229

$               28,421

$               27,053

   The Bank Arlington

22,919

23,308

21,806

22,542

-

   ASB

974,223

1,068,077

1,131,005

-

-

   Community National

61,966

63,940

-

-

-

   East Texas Financial Services

117,863

-

-

-

-

All other

4,062,739

4,000,812

3,902,063

3,899,369

3,847,809

Total loans

$            5,263,024

$                5,179,940

$          5,079,103

$          3,950,332

$          3,874,862

Deposits assumed (including new deposits since respective acquisition dates):

   Texas Bankers, Inc.

$                 67,665

$                     68,965

$               69,818

$               62,739

$               63,681

   The Bank Arlington

28,220

29,842

33,609

33,505

-

   ASB

2,461,485

2,510,855

2,518,178

-

-

   Community National

156,274

160,404

-

-

-

   East Texas Financial Services

98,359

-

-

-

-

All other

8,901,464

8,871,778

8,332,992

8,298,338

8,480,770

Total deposits

$          11,713,467

$              11,641,844

$        10,954,597

$          8,394,582

$          8,544,451

 

As reflected in the table above, loan and deposit growth was impacted by the acquisitions of Texas Bankers, Inc., The Bank Arlington, ASB, Community National and East Texas Financial Services.  Excluding loans acquired in these acquisitions and new production at the acquired banking centers since the respective acquisition dates, loans at March 31, 2013 grew 5.5% compared with March 31, 2012 and 1.5% (6.0% annualized) on a linked quarter basis. Excluding deposits assumed in these acquisitions and new deposits generated at the acquired banking centers since the respective acquisition dates, deposits at March 31, 2013 grew 5.0% compared with March 31, 2012 and 0.3% (1.2% annualized) on a linked quarter basis.

At March 31, 2013, Prosperity had $15.081 billion in total assets, $5.263 billion in loans and $11.713 billion in deposits. Assets, loans and deposits at March 31, 2013 increased by 38.5%, 35.8% and 37.1%, respectively, compared with their respective levels at March 31, 2012.

Asset Quality

Non-performing assets totaled $18.133 million or 0.14% of quarterly average earning assets at March 31, 2013, compared with $14.873 million or 0.16% of quarterly average earning assets at March 31, 2012, and $13.015 million or 0.10% of quarterly average earnings assets at December 31, 2012.  The allowance for credit losses was 1.05% of total loans at March 31, 2013, 1.33% of total loans at March 31, 2012 and 1.01% of total loans at December 31, 2012.  Excluding loans acquired that are accounted for under ASC Topics 310-20 and 310-30, the allowance for credit losses was 1.25% and 1.22% of remaining loans as of March 31, 2013 and December 31, 2012, respectively.  Refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure. 

The provision for credit losses was $2.800 million for the three months ended March 31, 2013 compared to $3.550 million for the linked quarter and $150,000 for the three months ended March 31, 2012.  Net charge offs were $315,000 for the three months ended March 31, 2013 compared to $1.913 million for the linked quarter and $102,000 for the three months ended March 31, 2012.

Conference Call

Prosperity's management team will host a conference call on Wednesday, April 24, 2013 at 10:30 a.m. Eastern Standard Time (9:30 a.m. Central Standard Time) to discuss Prosperity's first quarter 2013 earnings. Individuals and investment professionals may participate in the call by dialing 866-952-1907, the reference code is PBTX.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Prosperity's website at www.prosperitybankusa.com.  The webcast may be accessed directly from Prosperity's home page by clicking the "About Us" tab and then the "Presentations & Calls" link.

Acquisition of Coppermark Bancshares, Inc.

On April 1, 2013, Prosperity completed the previously announced acquisition of Coppermark Bancshares, Inc. and its wholly-owned subsidiary, Coppermark Bank ("Coppermark") headquartered in Oklahoma City, Oklahoma. Coppermark operated nine (9) full-service banking offices; six (6) in Oklahoma City, Oklahoma and surrounding areas and three (3) in the Dallas, Texas area. As of March 31, 2013, Coppermark reported, on a consolidated basis, total assets of $1.2 billion, total loans of $847.6 million and total deposits of $1.1 billion.

Pursuant to the terms of the acquisition agreement, Prosperity issued 3,258,718 shares of Prosperity common stock plus $60.0 million in cash for all outstanding shares of Coppermark Bancshares capital stock, which resulted in a premium of $91.7 million.

Acquisition of East Texas Financial Services, Inc.

On January 1, 2013, Prosperity completed the previously announced acquisition of East Texas Financial Services, Inc. (OTC BB: FFBT) and its wholly-owned subsidiary, First Federal Bank Texas ("Firstbank"). Firstbank operated four (4) banking offices in the Tyler MSA, including three locations in Tyler, Texas and one location in Gilmer, Texas. As of December 31, 2012, East Texas Financial Services reported, on a consolidated basis, total assets of $165.0 million, total loans of $129.3 million and total deposits of $112.3 million.

Pursuant to the terms of the acquisition agreement, Prosperity issued 530,940 shares of Prosperity common stock for all outstanding shares of East Texas Financial Services capital stock, which resulted in a premium of $7.0 million.

Acquisition of Community National Bank

On October 1, 2012, Prosperity completed the previously announced acquisition of Community National Bank, Bellaire, Texas.  Community National operated one (1) banking office in Bellaire, Texas, in the Houston Metropolitan Area. As of September 30, 2012, Community National reported total assets of $183.0 million, total loans of $68.0 million and total deposits of $164.6 million. 

Pursuant to the terms of the acquisition agreement, Prosperity issued 372,282 shares of Prosperity common stock plus $11.4 million in cash for all outstanding shares of Community National capital stock, which resulted in a premium of $10.6 million.

Acquisition of American State Financial Corporation

On July 1, 2012, Prosperity completed the previously announced acquisition of American State Financial Corporation and its wholly-owned subsidiary American State Bank.  American State Bank operated thirty-seven (37) full-service banking offices in eighteen (18) counties across West Texas. As of June 30, 2012, ASB, on a consolidated basis, reported total assets of $3.2 billion, total loans of $1.2 billion and total deposits of $2.5 billion.

Pursuant to the terms of the acquisition agreement, Prosperity issued 8,524,835 shares of Prosperity common stock plus $178.5 million in cash for all outstanding shares of American State Financial Corporation capital stock, which resulted in a premium of $240.4 million.

Acquisition of The Bank Arlington

On April 1, 2012, Prosperity completed the previously announced acquisition of The Bank Arlington.  The Bank Arlington operated one (1) banking office in Arlington, Texas, in the Dallas/Fort Worth CMSA. As of March 31, 2012, The Bank Arlington reported total assets of $37.3 million, total loans of $22.8 million and total deposits of $33.2 million.

Pursuant to the terms of the acquisition agreement, Prosperity issued 135,389 shares of Prosperity common stock for all outstanding shares of The Bank Arlington capital stock, which resulted in a premium of $2.8 million.

Acquisition of Texas Bankers, Inc.

On January 1, 2012, Prosperity completed the previously announced acquisition of Texas Bankers, Inc. and its wholly-owned subsidiary, Bank of Texas, Austin, Texas.  The three (3) Bank of Texas banking offices in the Austin, Texas CMSA consisted of a location in Rollingwood, which was consolidated with Prosperity's Westlake location and remains in Bank of Texas' Rollingwood banking office; one banking center in downtown Austin, which was consolidated into Prosperity's downtown Austin location; and another banking center in Thorndale. Prosperity now operates thirty-four (34) banking centers in the Central Texas area including Austin and San Antonio. Texas Bankers, Inc. reported, on a consolidated basis, total assets of $77.0 million, total loans of $27.6 million and total deposits of $70.4 million as of December 31, 2011.

Pursuant to the terms of the acquisition agreement, Prosperity issued 314,953 shares of Prosperity common stock for all outstanding shares of Texas Bankers capital stock which resulted in a premium of $5.2 million.

Prosperity Bancshares, Inc. ®

Prosperity Bancshares Inc. ® is a $15.1 billion Houston, Texas based regional financial holding company, formed in 1983. Operating under a community banking philosophy and seeking to develop broad customer relationships based on service and convenience, Prosperity offers a variety of traditional loan and deposit products to its customers, which consist primarily of small and medium sized businesses and consumers. In addition to established banking products, Prosperity offers a complete line of services including: Internet Banking services at http://www.prosperitybankusa.com, Retail Brokerage Services, MasterMoney Debit Cards, 24 hour voice response banking, Trust and Wealth Management; and Mobile Banking.  Since completing the merger with Coppermark, Prosperity now operates two hundred twenty-four (224) full service banking locations; fifty-nine (59) in the Houston area; twenty (20) in the South Texas area including Corpus Christi and Victoria; thirty-eight (38) in the Dallas/Fort Worth area; twenty-three (23) in the East Texas area; thirty-four (34) in the Central Texas area including Austin and San Antonio; thirty-four (34) in the West Texas area including Lubbock, Midland-Odessa and Abilene; ten (10) in the Bryan/College Station area and six (6) in the Central Oklahoma area.

Bryan/College Station Area -

Downtown

Other South Texas

McKinney

Eastex

Locations -

Bryan

McKinney-Stonebridge

Fairfield

Alice

Bryan-East

Midway

First Colony

Aransas Pass

Bryan-North

Preston Forest

Gessner

Beeville

Caldwell

Preston Road

Gladebrook

Edna

College Station

Red Oak

Harrisburg

Goliad

Greens Prairie

Sachse

Heights

Kingsville

Madisonville

The Colony

Highway 6 West

Mathis

Navasota

Turtle Creek

Hillcroft

Padre Island

Rock Prairie

Westmoreland

Little York

Palacios

Wellborn Road

Medical Center

Port Lavaca

Fort Worth -

Memorial Drive

Portland

Central Texas Area -

Haltom City

Northside

Rockport

Keller

Pasadena

Sinton

Austin -

Roanoke

Pecan Grove

Victoria

183

Stockyards

Piney Point

Victoria-North

Allandale

River Oaks

Cedar Park

Other Dallas/Fort Worth Locations -

Royal Oaks

West Texas Area -

Congress

Arlington

Sugar Land

Lakeway

Azle

SW Medical Center

Abilene -

Liberty Hill

Ennis

Tanglewood

Antilley Road

Northland

Gainesville

Uptown

Barrow Street

Oak Hill

Glen Rose

Waugh Drive

Cypress Street

Parmer Lane

Granbury

West University

Judge Ely

Research Blvd

Mesquite

Woodcreek

Mockingbird

Westlake

Muenster

Sanger

Other Houston Area

Lubbock -

Other Central Texas Locations -

Waxahachie

Locations -

4th Street

Bastrop

Weatherford

Angleton

66th Street

Cuero

Bay City

82nd Street

Dime Box

East Texas Area -

Beaumont

86th Street

Dripping Springs

Cinco Ranch

98th Street

Elgin

Athens

Cleveland

Avenue Q

Flatonia

Athens-South

East Bernard

North University

Georgetown

Blooming Grove

El Campo

Texas Tech Student Union

Gonzales

Canton

Dayton

Hallettsville

Carthage

Galveston

Midland -

Kingsland

Corsicana

Groves

Wadley

La Grange

Crockett

Hempstead

Wall Street

Lexington

Eustace

Hitchcock

Gilmer

New Braunfels

Grapeland

Katy

Odessa -

Pleasanton

Gun Barrel City

Liberty

Grandview

Round Rock

Jacksonville

Magnolia

Grant

San Antonio

Kerens

Mont Belvieu

Kermit Highway

Schulenburg

Longview

Nederland

Parkway

Seguin

Mount Vernon

Needville

Smithville

Palestine

Shadow Creek

Other West Texas Locations -

Thorndale

Rusk

Sweeny

Big Spring

Weimar

Seven Points

Tomball

Brownfield

Yoakum

Teague

Waller

Brownwood

Yorktown

Tyler

West Columbia

Cisco

Tyler-Beckham

Wharton

Comanche

Winnie

Early

Tyler-South Broadway

Wirt

Floydada

Tyler-University

Gorman

Dallas/Fort Worth Area -

Winnsboro

Levelland

Littlefield

Dallas -

Houston Area -

Merkel

Abrams Centre

South Texas Area -

Plainview

Balch Springs

Houston -

San Angelo

Camp Wisdom

Aldine

Corpus Christi -

Slaton

Cedar Hill

Allen Parkway

Airline

Snyder

Central Expressway

Bellaire

Carmel

East Renner

Beltway

Northwest

Oklahoma

Frisco

Clear Lake

Saratoga

23rd Street

Frisco-West

Copperfield

Water Street

Edmond

Independence

Cypress

Expressway

Kiest

I-240

Memorial

Norman

 

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains, and the remarks by Prosperity's management on the conference call may contain, forward-looking statements within the meaning of the securities laws that are based on current expectations, assumptions, estimates and projections about Prosperity and its subsidiaries.  These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of Prosperity's control, which may cause actual results to differ materially from those expressed or implied by the forward-looking statements.  These risks and uncertainties include but are not limited to whether Prosperity can: successfully identify acquisition targets and integrate the businesses of acquired companies and banks;  continue to sustain its current internal growth rate or total growth rate; provide products and services that appeal to its customers; continue to have access to debt and equity capital markets; and achieve its sales objectives.  Other risks include, but are not limited to: the possibility that credit quality could deteriorate; actions of competitors; changes in laws and regulations (including changes in governmental interpretations of regulations and changes in accounting standards); a deterioration or downgrade in the credit quality and credit agency ratings of the securities in Prosperity's securities portfolio; customer and consumer demand, including customer and consumer response to marketing; effectiveness of spending, investments or programs; fluctuations in the cost and availability of supply chain resources; economic conditions, including currency rate fluctuations and interest rate fluctuations; and weather.  These and various other factors are discussed in Prosperity's Annual Report on Form 10-K for the year ended December 31, 2012 and other reports and statements Prosperity has filed with the SEC. Copies of the SEC filings for Prosperity Bancshares® may be downloaded from the Internet at no charge from www.prosperitybankusa.com.

Prosperity Bancshares, Inc.®

Financial Highlights (Unaudited)

(In thousands)

 Mar 31, 2013 

 Dec 31, 2012 

 Sep 30, 2012 

 Jun 30, 2012 

 Mar 31, 2012 

Balance Sheet Data

 (at period end)

Total loans(A)

$             5,263,024

$             5,179,940

$             5,079,103

$       3,950,332

$           3,874,862

Investment securities(B)

7,985,811

7,442,065

6,799,513

5,400,044

5,646,529

Federal funds sold 

835

352

302

133

445

Allowance for credit losses

(55,049)

(52,564)

(50,927)

(50,382)

(51,642)

Cash and due from banks

180,577

325,952

207,650

152,678

151,467

Goodwill

1,235,743

1,217,162

1,200,098

932,965

929,161

Core deposit intangibles

26,514

26,159

28,092

17,706

19,301

Other real estate

9,913

7,234

8,846

10,236

7,718

Fixed assets, net

206,829

205,268

201,445

166,273

162,676

Other assets

227,117

232,005

237,997

157,366

149,438

Total assets

$           15,081,314

$           14,583,573

$           13,712,119

$     10,737,351

$          10,889,955

Demand deposits

$             2,995,828

$             3,016,205

$             2,827,748

$       2,083,910

$            2,088,749

Interest bearing deposits

8,717,639

8,625,639

8,126,849

6,310,672

6,455,702

Total deposits

11,713,467

11,641,844

10,954,597

8,394,582

8,544,451

Securities sold under 

     repurchase agreements

470,241

454,502

443,856

122,743

58,481

Federal funds purchased and 

     other borrowings

576,768

256,753

112,017

437,278

527,536

Junior subordinated debentures

85,055

85,055

85,055

85,055

85,055

Other liabilities

86,328

56,030

78,418

53,876

64,899

Total liabilities

12,931,859

12,494,184

11,673,943

9,093,534

9,280,422

Shareholders' equity(C)

2,149,455

2,089,389

2,038,176

1,643,817

1,609,533

Total liabilities and equity

$           15,081,314

$           14,583,573

$          13,712,119

$     10,737,351

$          10,889,955

(A) Net of discount on acquired loans of $74,527, $79,943, $92,832 and $431 at March 31, 2013, December 31, 2012, September 30, 2012 and June 30, 2012, respectively, of which $28,454, $23,754, $27,117 and $0, respectively, relate to loans accounted for under ASC Topic 310-30 (formerly SOP 03-03).  There was no discount outstanding at March 31, 2012.

(B) Includes $12,054, $13,824, $16,991, $17,709 and $19,542, in unrealized gains on available for sale securities for the quarterly periods ending  March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012,  respectively.

(C) Includes $7,835, $8,986, $11,044, $11,511 and $12,702, in after-tax unrealized gains on available for sale securities for the quarterly periods ending March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.

 

Prosperity Bancshares, Inc.®

Financial Highlights (Unaudited)

(In thousands)

Three Months Ended

Mar 31, 2013

Dec 31, 2012

Sep 30, 2012

Jun 30, 2012

Mar 31, 2012

Income Statement Data

Interest income:

Loans(D)

$       81,464

$      82,727

$      80,587

$       54,793

$      53,217

Securities(E)

36,548

34,956

37,025

38,072

38,321

Federal funds sold and other earning assets

19

36

21

9

78

Total interest income

118,031

117,719

117,633

92,874

91,616

Interest expense:

Deposits

8,690

8,217

9,395

8,083

8,791

Junior subordinated debentures

605

631

651

648

663

Securities sold under repurchase agreements

292

294

315

59

37

Other borrowings

362

276

379

418

279

Total interest expense

9,949

9,418

10,740

9,208

9,770

Net interest income

108,082

108,301

106,893

83,666

81,846

Provision for credit losses

2,800

3,550

1,800

600

150

Net interest income after provision for credit losses

105,282

104,751

105,093

83,066

81,696

Non-interest income:

Non-sufficient funds (NSF) fees

8,509

9,292

9,265

5,167

5,389

Debit card and ATM card income

6,487

6,683

6,246

4,292

3,836

Service charges on deposit accounts

2,931

2,877

3,362

2,432

2,441

Trust income

1,017

915

831

-

-

Mortgage income

991

1,120

1,437

65

59

Bank Owned Life Insurance income

776

1,242

736

345

350

Net gain (loss) on sale of assets

1

(244)

(50)

70

(7)

Net (loss) gain on sale of other real estate

(105)

(113)

(597)

(165)

418

Other non-interest income

2,834

2,334

2,598

1,450

1,459

Total non-interest income

23,441

24,106

23,828

13,656

13,945

Non-interest expense:

Salaries and benefits

33,209

31,980

36,701

23,572

23,252

Core deposit intangibles amortization

1,755

1,932

2,007

1,595

1,695

Net occupancy and equipment

4,278

4,812

4,614

3,492

3,557

Depreciation

2,378

2,491

2,369

2,028

2,035

Debit card, data processing and software amortization

2,570

3,106

2,901

1,906

1,532

Regulatory assessments and FDIC insurance

2,395

2,365

2,107

1,659

1,548

Communications (includes telephone, courier and postage)

2,196

2,381

2,226

1,802

1,748

Other real estate expense

223

465

271

383

691

Other non-interest expense

6,763

7,436

7,046

4,351

4,401

Total non-interest expense

55,767

56,968

60,242

40,788

40,459

Net income before taxes

72,956

71,889

68,679

55,934

55,182

Federal income taxes

23,651

23,623

22,503

18,962

18,695

Net income available to common shareholders

$       49,305

$     48,266

$      46,176

$       36,972

$      36,487

(D) Interest income on loans includes additional interest income related to the accretion of purchase accounting loan discounts of $14,292, $14,523, $11,188 and $756 for the three month periods ended March 31, 2013, December 31, 2012, September 30, 2012, and June 30, 2012, respectively.  There was no loan discount accretion recorded during the three month period ended March 31, 2012.

(E) Interest income on securities was reduced by net premium amortization of $22,710, $23,992, $21,423, $11,755 and $9,719 for the three month periods ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.

 

Prosperity Bancshares, Inc.®

Financial Highlights (Unaudited)

(Dollars and share amounts in thousands, except per share data and market prices)

Three Months Ended

Mar 31, 2013

Dec 31, 2012

Sep 30, 2012

Jun 30, 2012

Mar 31, 2012

Profitability

Net income

$       49,305

$        48,266

$         46,176

$      36,972

$       36,487

Basic earnings per share

$            0.87

$             0.86

$              0.83

$           0.78

$           0.77

Diluted earnings per share

$            0.86

$             0.85

$              0.82

$           0.78

$           0.77

Return on average assets(F) 

1.33%

1.36%

1.32%

1.35%

1.39%

Return on average common equity(F) 

9.23%

9.28%

9.10%

9.06%

9.15%

Return on average tangible common equity(F) (G)

22.30%

22.92%

21.59%

21.70%

22.57%

Tax equivalent net interest margin(H)

3.42%

3.53%

3.52%

3.55%

3.64%

Efficiency ratio(I)

42.40%

42.95%

46.07%

41.94%

42.23%

Liquidity and Capital Ratios

Equity to assets

14.25%

14.33%

14.86%

15.31%

14.78%

Tier 1 risk-based capital

14.77%

14.40%

14.43%

16.42%

15.70%

Total risk-based capital

15.61%

15.22%

15.26%

17.49%

16.80%

Tier 1 leverage capital

7.10%

7.10%

6.92%

7.69%

7.68%

Tangible equity to tangible assets(G)

6.42%

6.34%

6.49%

7.08%

6.65%

Other Data

Shares used in computed earnings per share

Basic

56,988

56,427

55,958

47,456

47,238

Diluted

57,134

56,554

56,093

47,608

47,411

Period end shares outstanding

57,014

56,447

56,058

47,474

47,297

Cash dividends paid per common share

$        0.2150

$         0.2150

$          0.1950

$       0.1950

$       0.1950

Book value per share

$          37.70

$           37.02

$            36.36

$         34.63

$         34.03

Tangible book value per share(G)

$          15.56

$           14.99

$            14.45

$         14.60

$          13.98

Common Stock Market Price

High

$          47.56

$           43.54

$            45.40

$         47.31

$          47.60

Low

42.38

38.56

38.90

39.87

39.66

Period end market price

47.39

42.00

42.62

42.03

45.80

Employees ? FTE

2,304

2,266

2,260

1,666

1,690

(F) Interim periods annualized.

(G) Refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconcilation of this non-GAAP financial measure.

(H) Net interest margin for all periods presented is calculated on an actual 365 day basis or 366 day basis.

(I) Calculated by dividing total non-interest expense, excluding credit loss provisions, by net interest income plus non-interest income, excluding net gains and losses on the sale of securities and assets.  Additionally, taxes are not part of this calculation. 

 

Prosperity Bancshares, Inc.®

Financial Highlights (Unaudited)

(Dollars in thousands)

YIELD ANALYSIS 

Three Months Ended

Mar 31, 2013

Dec 31, 2012

Mar 31, 2012

Average Balance

Interest Earned/ Interest Paid

Average Yield/ Rate

Average Balance

Interest Earned/ Interest Paid

Average Yield/ Rate

Average Balance

Interest Earned/ Interest Paid

Average Yield/ Rate

Interest Earning Assets: 

Loans

$5,263,784

$   1,464

6.28%

(J)

$  5 ,140,163

$   82,727

6.40%

(J)

$  3,818,991

$   53,217

5.60%

Investment securities

7,755,567

36,548

1.91%

(K)

7,228,418

34,956

1.92%

(K)

5,192,257

38,321

2.95%

(K)

Federal funds sold and other

   earning assets

34,793

19

0.22%

75,135

36

0.19%

126,154

78

0.25%

  Total interest earning assets 

13,054,144

$ 18,031

3.67%

12,443,716

$ 117,719

3.76%

9,137,402

$   91,616

4.03%

Allowance for credit losses 

(53,242)

(50,775)

(51,601)

Non-interest earning assets 

1,849,461

1,844,756

1,414,340

  Total assets

$14,850,363

$14,237,697

$10,500,141

Interest Bearing Liabilities: 

Interest bearing demand deposits

$  2,659,489

$     2,210

0.34%

$   2,328,969

$     1,803

0.31%

$  1,694,240

$     2,063

0.49%

Savings and money market deposits

3,790,416

2,829

0.30%

3,600,109

2,580

0.29%

2,792,348

2,589

0.37%

Certificates and other time deposits 

2,370,499

3,651

0.62%

2,366,155

3,834

0.64%

1,971,071

4,139

0.84%

Securities sold under repurchase

    agreements 

448,542

292

0.26%

459,998

294

0.25%

53,304

37

0.28%

Federal funds purchased and other

   borrowings 

358,120

362

0.41%

272,239

276

0.40%

272,760

279

0.41%

Junior subordinated debentures 

85,055

605

2.88%

85,055

631

2.95%

85,055

663

3.14%

  Total interest bearing liabilities 

9,712,121

9,949

0.42%

(L)

9,112,525

9,418

0.41%

(L)

6,868,778

9,770

0.57%

(L)

Non-interest bearing liabilities: 

Non-interest bearing demand deposits

2,939,621

2,963,998

1,970,942

Other liabilities 

62,716

80,085

65,137

  Total liabilities

12,714,458

12,156,608

8,904,857

Shareholders' equity 

2,135,905

2,081,089

1,595,284

  Total liabilities and shareholders' equity 

$14,850,363

$ 14,237,697

$10,500,141

Net Interest Income and  Margin 

$108,082

3.36%

$ 108,301

3.46%

$   81,846

3.60%

Non-GAAP to GAAP reconciliation:

Tax equivalent adjustment

2,125

2,099

896

Net Interest Income and Margin

     (tax equivalent basis)

$ 110,207

3.42%

$ 110,400

3.53%

$   82,742

3.64%

(J) Yield on loans was impacted by additional interest income related to the accretion of purchase accounting loan discounts of $14,292, $14,523, $11,188 and $756 for the three month periods ended March 31, 2013, December 31, 2012, September 30, 2012 and June 30, 2012, respectively.  There was no loan discount accretion recorded during the three month period ended March 31, 2012.

(K) Yield on securities was impacted by net premium amortization of $22,710, $23,992, $21,423, $11,755 and $9,719 for the three month periods ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.

(L) Total cost of funds, including non-interest bearing deposits, was 0.32%, 0.31% and 0.44% for the three months ended March 31, 2013, December 31, 2012 and March 31, 2012, respectively.

 

Prosperity Bancshares, Inc.®

Financial Highlights (Unaudited)

(Dollars in thousands)

Three Months Ended

Mar 31, 2013

Dec 31, 2012

Sep 30, 2012

Jun 30, 2012

Mar 31, 2012

Adjustment to Loan Yield (M)

$       81,464

$        82,727

$     80,587

$      54,793

$      53,217

Interest on loans, as reported

   Less: Purchase accounting adjustment-loan discount accretion

(14,292)

(14,523)

(11,188)

(756)

-

Interest on loans without discount accretion

$       67,172

$         68,204

$       69,399

$       54,037

$        53,217

Average loans

$   5,263,784

$     5,140,163

$   5,169,101

$  3,914,352

$   3,818,991

Loan yield without discount accretion

5.18%

5.28%

5.34%

5.55%

5.60%

Loan yield, as reported

6.28%

6.40%

6.20%

5.63%

5.60%

Three Months Ended

Mar 31, 2013

Dec 31, 2012

Sep 30, 2012

Jun 30, 2012

Mar 31, 2012

Adjustment to Securities Yield (M)

$       36,548

$         34,956

$       37,025

$       38,072

$        38,321

Interest on securities, as reported

   Add:  Purchase accounting adjustment-securities amortization

3,106

3,540

3,451

-

-

Interest on securities including amortization (N)

$       39,654

$         38,496

$       40,476

$       38,072

$        38,321

Average securities

$   7,755,567

$    7,228,418

$   7,106,871

$  5,635,810

$    5,192,257

Securities yield including amortization (N)

2.07%

2.12%

2.28%

2.72%

2.97%

Securities yield, as reported

1.91%

1.92%

2.08%

2.70%

2.95%

Net Interest Margin (tax equivalent basis, excluding

   purchase accounting adjustments to yield)

3.08%

3.18%

3.16%

3.52%

3.64%

Net Interest Margin (tax equivalent basis), as reported

3.42%

3.53%

3.52%

3.55%

3.64%

(M)  Non-GAAP financial measure.

(N)  In connection with the acquisition, ASB sold $574.0 million in securities yielding approximately 3.61% prior to July 1, 2012 and Prosperity reinvested those funds after acquisition date at a yield of approximately 1.70%. ASB recorded a gain of $44.2 million related to the sale of these securities which resulted in a lower fair value of the securities portfolio acquired from ASB. If included in the table above, this transaction would have resulted in increased interest on securities and increased securities yield on an adjusted basis for each quarter following July 1, 2012.

 

Prosperity Bancshares, Inc.®

Financial Highlights (Unaudited)

Three Months Ended

 Mar 31, 2013 

 Dec 31, 2012 

 Sep 30, 2012 

 Jun 30, 2012 

 Mar 31, 2012 

YIELD TREND

Interest Earning Assets: 

Loans(J)

6.28%

6.40%

6.20%

5.63%

5.60%

Investment securities(K) 

1.91%

1.92%

2.08%

2.70%

2.95%

Federal funds sold and other earning assets

0.22%

0.19%

0.16%

0.17%

0.25%

  Total interest earning assets 

3.67%

3.76%

3.80%

3.90%

4.03%

Interest Bearing Liabilities: 

Interest bearing demand deposits

0.34%

0.31%

0.41%

0.49%

0.49%

Savings and money market deposits

0.30%

0.29%

0.34%

0.35%

0.37%

Certificates and other time deposits 

0.62%

0.64%

0.69%

0.76%

0.84%

Securities sold under repurchase agreements

0.26%

0.25%

0.29%

0.24%

0.28%

Federal funds purchased and other borrowings 

0.41%

0.40%

0.29%

0.28%

0.41%

Junior subordinated debentures 

2.88%

2.95%

3.04%

3.06%

3.14%

  Total interest bearing liabilities 

0.42%

0.41%

0.47%

0.52%

0.57%

Net Interest Margin 

3.36%

3.46%

3.45%

3.52%

3.60%

Net Interest Margin (tax equivalent)

3.42%

3.53%

3.52%

3.55%

3.64%

 

 

Prosperity Bancshares, Inc.®

Financial Highlights (Unaudited)

(In thousands)

Three Months Ended

Mar 31, 2013

Dec 31, 2012

Sep 30, 2012

Jun 30, 2012

Mar 31, 2012

Balance Sheet Averages

Total loans

$      5,263,784

$     5,140,163

$   5,169,101

$    3,914,352

$    3,818,991

Investment securities

7,755,567

7,228,418

7,106,871

5,635,810

5,192,257

Federal funds sold and

     other earning assets

34,793

75,135

53,111

20,916

126,154

Total interest earning assets

13,054,144

12,443,716

12,329,083

9,571,078

9,137,402

Allowance for credit losses

(53,242)

(50,775)

(53,944)

(50,746)

(51,601)

Cash and due from banks

206,990

198,797

206,124

134,055

157,979

Goodwill

1,226,332

1,211,596

1,157,330

932,112

928,417

Core Deposit Intangibles (CDI)

25,244

27,108

17,280

18,465

20,102

Other real estate

11,789

9,571

11,600

10,178

8,640

Fixed assets, net

207,517

206,869

192,542

165,784

163,190

Other assets

171,589

190,815

145,244

138,263

136,012

Total assets

$     14,850,363

$    14,237,697

$  14,005,259

$   10,919,189

$   10,500,141

Non-interest bearing deposits

$       2,939,621

$      2,963,998

$     2,760,405

$     2,069,965

$     1,970,942

Interest bearing demand deposits

2,659,489

2,328,969

2,181,928

1,706,176

1,694,240

Savings and money market deposits

3,790,416

3,600,109

3,516,601

2,779,524

2,792,348

Certificates and other time deposits

2,370,499

2,366,155

2,387,279

1,880,096

1,971,071

Total deposits

11,760,025

11,259,231

10,846,213

8,435,761

8,428,601

Securities sold under

     repurchase agreements

448,542

459,998

438,410

98,968

53,304

Federal funds purchased and

     other borrowings

358,120

272,239

512,739

610,499

272,760

Junior subordinated debentures

85,055

85,055

85,055

85,055

85,055

Other liabilities

62,716

80,085

92,873

56,742

65,137

Shareholders' equity

2,135,905

2,081,089

2,029,969

1,632,164

1,595,284

Total liabilities and equity

$     14,850,363

$    14,237,697

$  14,005,259

$   10,919,189

$   10,500,141

 

Prosperity Bancshares, Inc.®

Financial Highlights (Unaudited)

(Dollars in thousands)

Mar 31, 2013

Dec 31, 2012

Sep 30, 2012

Jun 30, 2012

Mar 31, 2012

Period End Balances

Loan Portfolio

Commercial and other

$     760,531

14.5%

$      798,882

15.4%

$        792,247

15.6%

$       491,907

12.5%

$      475,860

12.3%

Construction

575,307

10.9%

550,768

10.6%

496,417

9.8%

466,884

11.8%

484,295

12.5%

1-4 family residential

1,338,936

25.5%

1,255,765

24.3%

1,213,872

23.9%

1,084,936

27.4%

1,036,318

26.7%

Home equity

203,815

3.9%

186,801

3.6%

183,844

3.6%

154,147

3.9%

149,597

3.9%

Commercial real estate

1,993,518

37.8%

1,990,642

38.4%

1,976,112

38.9%

1,484,787

37.6%

1,473,925

38.0%

Agriculture (includes farmland)

286,789

5.4%

285,637

5.5%

304,134

6.0%

192,462

4.9%

178,474

4.6%

Consumer

104,128

2.0%

111,445

2.2%

112,477

2.2%

75,209

1.9%

76,393

2.0%

Total loans

$    5,263,024

$    5,179,940

$     5,079,103

$    3,950,332

$    3,874,862

Deposit Types

Non-interest bearing DDA

$    2,995,828

25.6%

$    3,016,205

25.9%

$     2,827,748

25.8%

$    2,083,910

24.8%

$    2,088,749

24.4%

Interest bearing DDA

2,521,998

21.5%

2,626,331

22.6%

2,208,568

20.2%

1,684,492

20.1%

1,671,760

19.6%

Money Market

2,509,501

21.4%

2,362,454

20.3%

2,303,680

21.0%

2,206,220

26.3%

2,312,107

27.1%

Savings

1,345,044

11.5%

1,293,552

11.1%

1,276,271

11.7%

581,480

6.9%

554,211

6.5%

Certificates and other time deposits

2,341,096

20.0%

2,343,302

20.1%

2,338,330

21.3%

1,838,480

21.9%

1,917,624

22.4%

Total deposits

$  11,713,467

$  11,641,844

$   10,954,597

$    8,394,582

$    8,544,451

Loan to Deposit Ratio

44.9%

44.5%

46.4%

47.1%

45.3%

Construction Loans

Single family residential

   construction

$      177,218

30.6%

$       161,401

29.2%

$        150,959

30.1%

$       143,600

30.8%

$       142,584

29.4%

Land development

42,520

7.4%

42,199

7.6%

38,075

7.6%

39,704

8.5%

41,177

8.5%

Raw land

46,672

8.1%

58,794

10.6%

47,620

9.5%

51,070

10.9%

63,006

13.0%

Residential lots

93,598

16.2%

92,697

16.8%

97,445

19.4%

86,201

18.5%

88,054

18.2%

Commercial lots

64,394

11.2%

63,716

11.5%

63,418

12.7%

49,454

10.6%

51,642

10.7%

Commercial construction and

   other

153,047

26.5%

134,427

24.3%

103,677

20.7%

96,855

20.7%

97,832

20.2%

Net unaccreted discount

(2,142)

(2,466)

(4,777)

-

-

Total construction loans

$      575,307

$       550,768

$        496,417

$       466,884

$       484,295

 

Prosperity Bancshares, Inc.®

Financial Highlights (Unaudited)

(Dollars in thousands)

Three Months Ended

Mar 31, 2013

Dec 31, 2012

Sep 30, 2012

Jun 30, 2012

Mar 31, 2012

Asset Quality

Non-accrual loans

$   7,529

$   5,382

$   5,063

$   1,624

$  7,142

Accruing loans 90 or more

days past due

642

331

-

-

-

Restructured loans

-

-

132

-

-

Total non-performing loans

8,171

5,713

5,195

1,624

7,142

Repossessed assets

49

68

10

13

13

Other real estate

9,913

7,234

8,846

10,236

7,718

  Total non-performing assets

$ 18,133

$  13,015

$ 14,051

$ 11,873

$ 14,873

Non-performing assets:

Commercial

$   3,896

$   1,568

$   1,599

$      394

$      690

Construction

3,678

3,522

3,182

4,056

4,116

1-4 family (including home equity)

3,746

3,081

3,089

2,284

3,207

Commercial real estate (including multi-family)

5,533

2,608

4,671

5,077

6,773

Agriculture 

1,183

1,463

1,476

44

67

Consumer and other

97

773

34

18

20

Total 

$ 18,133

$  3,015

$ 14,051

$ 11,873

$ 14,873

Number of loans/properties

124

116

119

88

101

Allowance for credit losses at

end of period

$ 55,049

$ 52,564

$ 50,927

$ 50,382

$  51,642

Net charge-offs:

Commercial

$        59

$      205

$    (511)

$      180

$       (15)

Construction

(56)

21

155

1,179

22

1-4 family (including home equity)

102

65

251

90

50

Commercial real estate (including 

multi-family)

(57)

1,012

800

296

18

Agriculture

(7)

70

(30)

(3)

-

Consumer and other

274

540

590

118

27

Total 

$      315

$  1,913

$   1,255

$   1,860

$      102

Asset Quality Ratios

Non-performing assets to

     average earning assets

0.14%

0.10%

0.11%

0.12%

0.16%

Non-performing assets to loans

     and other real estate

0.34%

0.25%

0.28%

0.30%

0.38%

Net charge-offs to

     average loans  (annualized)

0.02%

0.15%

0.08%

0.20%

0.00%

Allowance for credit losses to

     total loans

1.05%

1.01%

1.00%

1.28%

1.33%

Allowance for credit losses to

total loans (excluding acquired loans)(G)

1.25%

1.22%

1.27%

     N/A

     N/A

Prosperity Bancshares, Inc.®

Notes to Selected Financial Data (Unaudited)

(Dollars and share amounts in thousands, except per share data)

Consolidated Financial Highlights

NOTES TO SELECTED FINANCIAL DATA

Prosperity's management uses certain non?GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Specifically, Prosperity reviews tangible book value per share, return on average tangible common equity and the tangible equity to tangible assets ratio for internal planning and forecasting purposes. In addition, due to the application of purchase accounting, Prosperity uses certain non-GAAP measures and ratios that exclude the impact of these items to evaluate its allowance for credit losses to total loans (excluding acquired loans accounted for under ASC Topics 310-20 and 310-30). Prosperity has included in this Earnings Release information relating to these non-GAAP financial measures for the applicable periods presented. Prosperity believes these non-GAAP financial measures provide information useful to investors in understanding Prosperity's financial results and Prosperity believes that its presentation, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting Prosperity's business and allows investors to view performance in a manner similar to management, the entire financial services sector, bank stock analysts and bank regulators. Further, Prosperity believes that these non-GAAP measures provide useful information by excluding certain items that may not be indicative of its core operating earnings and business outlook. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Prosperity strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

 

 

Three Months Ended

 Mar 31, 2013 

 Dec 31, 2012 

 Sep 30, 2012 

 Jun 30, 2012 

 Mar 31, 2012 

Return on average tangible common equity:

Net income

$            49,305

$          48,266

$          46,176

$          36,972

$          36,487

Average shareholders' equity

2,135,905

2,081,089

2,029,969

1,632,164

1,595,284

Less: Average goodwill and other intangible assets

(1,251,576)

(1,238,704)

(1,174,610)

(950,577)

(948,519)

       Average tangible shareholders' equity

$          884,329

$         842,385

$        855,359

$        681,587

$        646,765

Return on average tangible common  equity:

22.30%

22.92%

21.59%

21.70%

22.57%

Tangible book value per share:

Shareholders' equity

$       2,149,455

$      2,089,389

$     2,038,176

$     1,643,817

$     1,609,533

Less: Goodwill and other intangible assets

(1,262,257)

(1,243,321)

(1,228,190)

(950,671)

(948,462)

         Tangible shareholders' equity

$          887,199

$         846,068

$        809,986

$        693,146

$        661,071

Period end shares outstanding

57,014

56,447

56,058

47,474

47,297

Tangible book value per share:

$             15.56

$            14.99

$            14.45

$            14.60

$            13.98

Tangible equity to tangible assets ratio:

Tangible shareholders' equity

$          887,199

$         846,068

$        809,986

$        693,146

$        661,071

Total assets

$     15,081,314

$    14,583,573

$    13,712,119

$    10,737,351

$    10,889,955

Less: Goodwill and other intangible assets

(1,262,257)

(1,243,321)

(1,228,190)

(950,671)

(948,462)

       Tangible assets

$     13,819,058

$    13,340,252

$    12,483,929

$     9,786,680

$     9,941,493

Tangible equity to tangible assets ratio:

6.42%

6.34%

6.49%

7.08%

6.65%

Prosperity Bancshares, Inc.®Notes to Selected Financial Data (Unaudited)(Dollars in thousands)

Mar 31, 2013

Dec 31, 2012

Allowance for credit losses to total loans, excluding acquired loans:

Allowance for credit losses

$            55,049

$          52,564

Total loans

$       5,263,024

$      5,179,940

Less: acquired loans accounted for under ASC Topics        

       310-20 and 310-30 (does not include new production)

$          853,751

$         887,953

Total loans less acquired loans

$       4,409,273

$      4,291,987

Allowance for credit losses to total loans, excluding

       acquired loans (non-GAAP basis)

1.25%

1.22%

 

SOURCE Prosperity Bancshares, Inc.

For further information: David Zalman, Chairman and Chief Executive Officer, 281.269.7199, david.zalman@prosperitybankusa.com

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

Digital Business Solutions
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections