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HOUSTON, July 23, 2025 /PRNewswire/ -- Prosperity Bancshares, Inc.® (NYSE: PB) ("Prosperity Bancshares"), the parent company of Prosperity Bank® (collectively, "Prosperity"), reported net income of $135.2 million for the quarter ended June 30, 2025 compared with $111.6 million for the same period in 2024. Net income per diluted common share was $1.42 for the quarter ended June 30, 2025 compared with $1.17 for the same period in 2024. The annualized return on second quarter average assets was 1.41%. Additionally, loans increased $219.8 million during the second quarter of 2025. Nonperforming assets remain low at 0.33% of second quarter average interest-earning assets.
"I am excited to share that our bank continues to grow, with double digit increases in net income and earnings per share compared with the second quarter of 2024. Our net interest margin also improved to 3.28%, a 24 basis point increase compared with the second quarter of 2024 as our interest-bearing assets continue to reprice. Loans grew $219.8 million during the second quarter of 2025, and we continue to see cautious enthusiasm from our customers. As mentioned in my previous comments, these are the results we expected, and these tailwinds should continue to be positive over the next 12 and 24 months," said David Zalman, Prosperity's Senior Chairman and Chief Executive Officer.
"I am proud to announce that we entered into a definitive agreement with American Bank Holding Company in Corpus Christi to merge. We have followed American Bank closely for more than two decades and have tremendous respect for the bank and for the people that have contributed to its success. Our banks have a complementary footprint, and we are familiar with and remain committed to the communities that American Bank serves, including with both financial products and community support. This combination will strengthen our presence and operations in South Texas and surrounding areas and enhances our presence in Central Texas, including in San Antonio, a highly desirable, high growth area," stated Zalman.
"Texas and Oklahoma continue to shine as more people and companies move to the states because of the business-friendly political structure and no state income tax. Texas was recently rated as the second-best state for business in 2025 by CNBC," continued Zalman.
"Thank you to our customers, shareholders and associates that make all of this possible," concluded Zalman.
Results of Operations for the Three Months Ended June 30, 2025
Net income was $135.2 million(2) for the three months ended June 30, 2025 compared with $111.6 million(3) for the same period in 2024, an increase of $23.6 million or 21.1%. Net income per diluted common share was $1.42 for the three months ended June 30, 2025 compared with $1.17 for the same period in 2024, an increase of 21.4%. The changes were primarily due to an increase in net interest income, a decrease in merger related provision and expenses and lower regulatory assessments and FDIC insurance, partially offset by a decrease in net gain on sale or write-up of securities. On a linked quarter basis, net income was $135.2 million(2) for the three months ended June 30, 2025 compared with $130.2 million(4) for the three months ended March 31, 2025, an increase of $4.9 million or 3.8%. Net income per diluted common share was $1.42 for the three months ended June 30, 2025 compared with $1.37 for the three months ended March 31, 2025. The change was primarily due to an increase in net interest income and a decrease in salaries and benefits. Annualized returns on average assets, average common equity and average tangible common equity for the three months ended June 30, 2025 were 1.41%, 7.13% and 13.44%(1), respectively. Prosperity's efficiency ratio (excluding net gains and losses on the sale, write-down or write-up of assets and securities) was 44.80%(1) for the three months ended June 30, 2025.
Net interest income before provision for credit losses was $267.7 million for the three months ended June 30, 2025 compared with $258.8 million for the same period in 2024, an increase of $8.9 million or 3.5%. The change was primarily due to a decrease in the average balances and average rates on other borrowings and a decrease in the average rates on interest-bearing deposits, partially offset by a decrease in the average rates on loans, a decrease in the average balances on investment securities and a decrease in the average balances and average rates on federal funds sold and other earning assets. Net interest income before provision for credit losses increased $2.3 million to $267.7 million for the three months ended June 30, 2025 compared with $265.4 million for the three months ended March 31, 2025.
The net interest margin on a tax equivalent basis was 3.18% for the three months ended June 30, 2025 compared with 2.94% for the same period in 2024. The change was primarily due to a decrease in the average balances and average rates on other borrowings and a decrease in the average rates on interest-bearing deposits, partially offset by a decrease in the average rates on loans and a decrease in the average balances on investment securities. The net interest margin on a tax equivalent basis was 3.18% for the three months ended June 30, 2025 compared with 3.14% for the three months ended March 31, 2025.
Noninterest income was $43.0 million for the three months ended June 30, 2025 compared with $46.0 million for the same period in 2024, a decrease of $3.0 million or 6.6%. The change was primarily due to a decrease in net gain on sale or write-down of securities, partially offset by an increase in other noninterest income, increase in service charges on deposit accounts and a higher net gain on sale or write-down of assets. Noninterest income was $43.0 million for the three months ended June 30, 2025 compared with $41.3 million for the three months ended March 31, 2025, an increase of $1.7 million or 4.1%.
Noninterest expense was $138.6 million for the three months ended June 30, 2025 compared with $152.8 million for the same period in 2024, a decrease of $14.3 million or 9.3%. The change was primarily due to decreases in regulatory assessment and FDIC insurance, merger related expenses, salaries and benefits and other noninterest expense, which were higher in the second quarter of 2024 due to the merger of Lone Star State Bancshares, Inc. with Prosperity Bancshares and the merger of Lone Star State Bank of West Texas with Prosperity Bank, both effective on April 1, 2024 (collectively, the "Lone Star Merger"). Noninterest expense was $138.6 million for the three months ended June 30, 2025 compared with $140.3 million for the three months ended March 31, 2025, a decrease of $1.7 million or 1.2%.
Results of Operations for the Six Months Ended June 30, 2025
For the six months ended June 30, 2025, net income was $265.4 million(5) compared with $222.0 million(6) for the same period in 2024, an increase of $43.4 million or 19.5%. Net income per diluted common share was $2.79 for the six months ended June 30, 2025 compared with $2.34 for the same period in 2024, an increase of 19.2%. The changes were primarily due to an increase in net interest income, lower merger related provision and expenses, and lower regulatory assessments and FDIC insurance, partially offset by a decrease on net gain on sale or write-up of securities. Returns on average assets, average common equity and average tangible common equity for the six months ended June 30, 2025 were 1.37%, 7.03% and 13.33%(1), respectively.
Net interest income before provision for credit losses for the six months ended June 30, 2025 was $533.1 million compared with $497.0 million for the same period in 2024, an increase of $36.1 million or 7.3%. The change was primarily due to a decrease in the average balances and average rates on other borrowings, a decrease in the average rates on interest-bearing deposits and an increase in the average balances on loans, partially offset by a decrease in the average balances on investment securities.
The net interest margin on a tax equivalent basis for the six months ended June 30, 2025 was 3.16% compared with 2.87% for the same period in 2024. The change was primarily due to a decrease in the average balances and average rates on other borrowings, a decrease in the average rates on interest-bearing deposits, partially offset by a decrease in the average balances on investment securities.
Noninterest income was $84.3 million for the six months ended June 30, 2025 compared with $84.9 million for the same period in 2024, a decrease of $590 thousand or 0.7%.
Noninterest expense was $278.9 million for the six months ended June 30, 2025 compared with $288.7 million for the same period in 2024, a decrease of $9.8 million or 3.4%, primarily due to decreases in regulatory assessment and FDIC insurance, merger related expenses and other noninterest expense.
Balance Sheet Information
Prosperity had $38.417 billion in total assets at June 30, 2025 compared with $39.762 billion at June 30, 2024 and $38.765 billion at March 31, 2025.
Loans were $22.197 billion at June 30, 2025, a decrease of $123.4 million, compared with $22.321 billion at June 30, 2024. Linked quarter loans increased $219.8 million or 1.0% (4.0% annualized) from $21.978 billion at March 31, 2025.
Loans, excluding Warehouse Purchase Program loans, were $20.910 billion at June 30, 2025 compared with $21.239 billion at June 30, 2024, a decrease of $329.5 million or 1.6%, and compared with $20.920 billion at March 31, 2025, a decrease of $9.7 million.
Deposits were $27.473 billion at June 30, 2025, a decrease of $459.7 million or 1.6%, compared with $27.933 billion at June 30, 2024. Linked quarter deposits decreased $553.4 million or 2.0% from $28.027 billion at March 31, 2025, primarily due to a decrease in public fund deposits and business deposits. Prosperity generally experiences seasonality with its public fund deposits, as public fund customers use the tax dollars they receive in December and January throughout the year, resulting in lower deposit balances in the second and third quarters of the year.
The table below provides detail on the impact of loans acquired and deposits assumed in the Lone Star Merger:
Balance Sheet Data (at period end) | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | ||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Loans acquired (including new production since acquisition date): | ||||||||||||||||||||
Lone Star Bank | $ | 905,610 | $ | 976,624 | $ | 1,057,618 | $ | 1,109,783 | $ | 1,084,559 | ||||||||||
Prosperity Bank | ||||||||||||||||||||
Warehouse Purchase Program loans | 1,287,440 | 1,057,893 | 1,080,903 | 1,228,706 | 1,081,403 | |||||||||||||||
All other loans | 20,004,338 | 19,943,053 | 20,010,688 | 20,042,363 | 20,154,853 | |||||||||||||||
Total loans | $ | 22,197,388 | $ | 21,977,570 | $ | 22,149,209 | $ | 22,380,852 | $ | 22,320,815 | ||||||||||
Deposits assumed (including new deposits since acquisition date): | ||||||||||||||||||||
Lone Star Bank | $ | 940,726 | $ | 983,280 | $ | 1,093,536 | $ | 1,136,216 | $ | 1,187,821 | ||||||||||
All other deposits | 26,532,685 | 27,043,519 | 27,287,802 | 26,951,395 | 26,745,265 | |||||||||||||||
Total deposits | $ | 27,473,411 | $ | 28,026,799 | $ | 28,381,338 | $ | 28,087,611 | $ | 27,933,086 | ||||||||||
Excluding loans acquired in the Lone Star Merger and new production at the acquired banking centers since April 1, 2024, loans at June 30, 2025 increased $55.5 million compared with June 30, 2024 and increased $290.8 million compared with March 31, 2025.
Excluding deposits assumed in the Lone Star Merger and new deposits generated at the acquired banking centers since April 1, 2024, deposits at June 30, 2025 decreased by $212.6 million compared with June 30, 2024 and decreased by $510.8 million compared with March 31, 2025.
Asset Quality
Nonperforming assets totaled $110.5 million or 0.33% of quarterly average interest-earning assets at June 30, 2025 compared with $89.6 million or 0.25% of quarterly average interest-earning assets at June 30, 2024 and $81.4 million or 0.24% of quarterly average interest-earning assets at March 31, 2025.
The allowance for credit losses on loans and off-balance sheet credit exposures was $383.7 million at June 30, 2025 compared with $397.5 million at June 30, 2024 and $386.7 million at March 31, 2025. There was no provision for credit losses for the three and six months ended June 30, 2025 compared to $9.1 million provision for credit losses for the three and six months ended June 30, 2024.
The allowance for credit losses on loans was $346.1 million or 1.56% of total loans at June 30, 2025 compared with $359.9 million or 1.61% of total loans at June 30, 2024 and $349.1 million or 1.59% of total loans at March 31, 2025. Excluding Warehouse Purchase Program loans, the allowance for credit losses on loans to total loans was 1.66%(1) at June 30, 2025 compared with 1.69%(1) at June 30, 2024 and 1.67%(1) at March 31, 2025.
Net charge-offs were $3.0 million for the three months ended June 30, 2025 compared with net charge-offs of $4.4 million for the three months ended June 30, 2024 and net charge-offs of $2.7 million for the three months ended March 31, 2025. For the second quarter of 2025, $2.1 million of reserves on resolved purchased credit deteriorated ("PCD") loans without any related charge-offs were released to the general reserve.
Net charge-offs were $5.7 million for the six months ended June 30, 2025 compared with net charge-offs of $6.5 million for the six months ended June 30, 2024. For the six months ended June 30, 2025, $10.4 million of reserves on resolved PCD loans without any related charge-offs were released to the general reserve.
Dividend
Prosperity Bancshares declared a third quarter 2025 cash dividend of $0.58 per share to be paid on October 1, 2025, to all shareholders of record as of September 15, 2025.
Agreement to Acquire American Bank Holding Corporation
On July 18, 2025, Prosperity Bancshares and American Bank Holding Corporation ("American") jointly announced the signing of a definitive merger agreement (the "Merger Agreement") whereby American, a Texas corporation and bank holding company of American Bank, N.A. ("American Bank"), will merge with and into Prosperity Bancshares and American Bank will merge with and into Prosperity Bank. American Bank operates 18 banking offices and 2 loan production offices in South and Central Texas including its main office in Corpus Christi, and banking offices in San Antonio, Austin, Victoria and the greater Corpus Christi area including Port Aransas and Rockport and a loan production office in Houston, Texas. As of March 31, 2025, American, on a consolidated basis, reported total assets of $2.517 billion, total loans of $1.752 billion and total deposits of $2.270 billion.
Under the terms and subject to the conditions of the merger agreement, Prosperity Bancshares will issue 4,439,981 shares of Prosperity Bancshares common stock for all outstanding shares of American common stock, subject to certain potential adjustments. Based on Prosperity Bancshares' closing price of $72.40 on July 16, 2025, the total consideration was valued at approximately $321.5 million. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and approval of the shareholders of American. The transaction is expected to close during the fourth quarter of 2025 or the first quarter of 2026.
Conference Call
Prosperity's management team will host a conference call on Wednesday, July 23, 2025, at 11:30 a.m. Eastern Time (10:30 a.m. Central Time) to discuss Prosperity's second quarter 2025 earnings. Individuals and investment professionals may participate in the call by dialing 877-883-0383 for domestic participants, or 412-902-6506 for international participants. The participant elite entry number is 9928869.
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 from Prosperity's Investor Relations page by selecting "Presentations, Webcasts & Calls" from the menu and following the instructions.
Non-GAAP Financial Measures
Prosperity's management uses certain non-GAAP financial measures to evaluate its performance. Specifically, for internal planning and forecasting purposes, Prosperity reviews each of diluted earnings per share, return on average assets, return on average common equity, and return on average tangible common equity, in each case excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, Federal Deposit Insurance Corporation ("FDIC") special assessment, net of tax, and net gain on the sale or write-up of securities, net of tax; return on average tangible common equity; tangible book value per share; the tangible equity to tangible assets ratio; allowance for credit losses to total loans excluding Warehouse Purchase Program loans; the efficiency ratio, excluding net gains and losses on the sale, write-down or write-up of assets and securities; and the efficiency ratio, excluding net gains and losses on the sale, write-down or write-up of assets and securities, merger related expenses, and FDIC special assessment. Prosperity believes these non-GAAP financial measures provide information useful to investors in understanding Prosperity's financial results and their presentation, together with the accompanying reconciliations, provides a more 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 financial measures provide useful information by excluding certain items that may not be indicative of its core operating earnings and business outlook. These non-GAAP financial measures should not be considered a substitute for, nor of greater importance than, GAAP basis financial measures and results; 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. 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 to the nearest respective GAAP financial measures.
Prosperity Bancshares, Inc. ®
As of June 30, 2025, Prosperity Bancshares, Inc.® is a $38.417 billion Houston, Texas based regional financial holding company providing personal banking services and investments to consumers and businesses throughout Texas and Oklahoma. Founded in 1983, Prosperity believes in a community banking philosophy, taking care of customers, businesses and communities in the areas it serves by providing financial solutions to simplify everyday financial needs. In addition to offering traditional deposit and loan products, Prosperity offers digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, and treasury management.
Prosperity currently operates 283 full-service banking locations: 62 in the Houston area, including The Woodlands; 33 in the South Texas area including Corpus Christi and Victoria; 61 in the Dallas/Fort Worth area; 22 in the East Texas area; 31 in the Central Texas area including Austin and San Antonio; 45 in the West Texas area including Lubbock, Midland-Odessa, Abilene, Amarillo and Wichita Falls; 15 in the Bryan/College Station area; 6 in the Central Oklahoma area; and 8 in the Tulsa, Oklahoma area.
Cautionary Notes on Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains statements regarding the proposed transaction between Prosperity and American; future financial and operating results; benefits and synergies of the transaction; future opportunities for Prosperity; the issuance of common stock of Prosperity contemplated by the Merger Agreement; the expected filing by Prosperity with the Securities and Exchange Commission (the "SEC") of a registration statement on Form S-4 (the "Registration Statement") and a prospectus of Prosperity and a proxy statement of American to be included therein (the "Proxy Statement/Prospectus"); the expected timing of the closing of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions and any other statements about future expectations that constitute forward-looking statements within the meaning of the federal securities laws, including the meaning of the Private Securities Litigation Reform Act of 1995, as amended, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. From time to time, oral or written forward-looking statements may also be included in other information released to the public. Such forward-looking statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as "aim," "anticipate," "believe," "estimate," "expect," "goal," "guidance," "intend," "is anticipated," "is expected," "is intended," "objective," "plan," "projected," "projection," "will affect," "will be," "will continue," "will decrease," "will grow," "will impact," "will increase," "will incur," "will reduce," "will remain," "will result," "would be," variations of such words or phrases (including where the word "could," "may," or "would" is used rather than the word "will" in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. Forward-looking statements include all statements other than statements of historical fact, including forecasts or trends, and are based on current expectations, assumptions, estimates, and projections about Prosperity and its subsidiaries or related to the proposed transaction and are subject to significant risks and uncertainties that could cause actual results to differ materially from the results expressed in such statements.
These forward-looking statements may include information about Prosperity's possible or assumed future economic performance or future results of operations, including future revenues, income, expenses, provision for credit losses, provision for taxes, effective tax rate, earnings per share and cash flows and Prosperity's future capital expenditures and dividends, future financial condition and changes therein, including changes in Prosperity's loan portfolio and allowance for credit losses, changes in deposits, borrowings and the investment securities portfolio, future capital structure or changes therein, as well as the plans and objectives of management for Prosperity's future operations, future or proposed acquisitions, the future or expected effect of acquisitions on Prosperity's operations, results of operations, financial condition, and future economic performance, statements about the anticipated benefits of each of the proposed transactions, and statements about the assumptions underlying any such statement. These forward‑looking statements are not guarantees of future performance and are based on expectations and assumptions Prosperity currently believes to be valid. Because forward-looking statements relate to future results and occurrences, many of which are outside of Prosperity's control, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. 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); the possibility that the anticipated benefits of an acquisition transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of two companies or as a result of the strength of the economy and competitive factors generally; 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, interest rate and commodity price fluctuations; changes in trade policies by the United States or other countries, such as tariffs or retaliatory tariffs; and the effect, impact, potential duration or other implications of weather and climate-related events. Many possible events or factors could adversely affect the future financial results and performance of Prosperity, American or the combined company and could cause those results or performance to differ materially from those expressed in or implied by the forward-looking statements. Such risks and uncertainties include, among others: (1) the risk that the cost savings and synergies from the transaction may not be fully realized or may take longer than anticipated to be realized, (2) disruption to Prosperity's business and to American's business as a result of the announcement and pendency of the transaction, (3) the risk that the integration of American's business and operations into Prosperity, will be materially delayed or will be more costly or difficult than expected, or that Prosperity is otherwise unable to successfully integrate American's business into its own, including as a result of unexpected factors or events, (4) the failure to obtain the necessary approval by the shareholders of American, (5) the ability by each of Prosperity and American to obtain required governmental approvals of the transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect Prosperity after the closing of the transaction or adversely affect the expected benefits of the transaction, (6) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the transaction, (7) the failure of the closing conditions in the Merger Agreement to be satisfied, or any unexpected delay in closing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (8) the dilution caused by the issuance of additional shares of Prosperity's common stock in the transaction, (9) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (10) the outcome of any legal or regulatory proceedings that may be currently pending or later instituted against Prosperity before or after the transaction, or against American, (11) diversion of management's attention from ongoing business operations and (12) general competitive, economic, political and market conditions and other factors that may affect future results of Prosperity and American. Prosperity disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. These and various other factors are discussed in Prosperity's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case filed with the SEC, and other reports and statements Prosperity has filed with the SEC. Copies of the SEC filings for Prosperity may be downloaded from the Internet at no charge from http://www.prosperitybankusa.com.
Additional Information about the Transaction and Where to Find It
Prosperity intends to file with the SEC a Registration Statement on Form S-4 to register the shares of Prosperity common stock to be issued to the shareholders of American in connection with the proposed transaction. The Registration Statement will include a Proxy Statement/Prospectus which will be sent to the shareholders of American in connection with the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY/STATEMENT PROSPECTUS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY, WHEN THEY ARE AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PROSPERITY, AMERICAN AND THE PROPOSED TRANSACTION.
Investors and security holders may obtain free copies of these documents through the website maintained by the SEC at http://www.sec.gov. You will also be able to obtain these documents, when they are filed, free of charge, from Prosperity at http://www.prosperitybankusa.com. Copies of the Proxy Statement/Prospectus can also be obtained, when it becomes available, free of charge, by directing a request by telephone or mail to Prosperity Bancshares, Inc., Prosperity Bank Plaza, 4295 San Felipe, Houston, Texas 77027 Attn: Investor Relations, (281) 269-7199 or to American Bank Holding Corporation, 800 North Shoreline Boulevard, Corpus Christi, Texas 78401, Attn: Stephen Raffaele, (512) 306-5550.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law.
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(1) | Refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. |
(2) | Includes purchase accounting adjustments of $2.8 million, net of tax, primarily comprised of loan discount accretion of $3.1 million for the three months ended June 30, 2025. |
(3) | Includes purchase accounting adjustments of $6.1 million, net of tax, primarily comprised of loan discount accretion of $7.2 million, merger related provision for credit losses of $9.1 million, merger related expenses of $4.4 million, FDIC special assessment of $3.6 million, and net gain on sale or write-up of securities of $10.7 million for the three months ended June 30, 2024. |
(4) | Includes purchase accounting adjustments of $3.2 million, net of tax, primarily comprised of loan discount accretion of $3.3 million for the three months ended March 31, 2025. |
(5) | Includes purchase accounting adjustments of $6.0 million, net of tax, primarily comprised of loan discount accretion of $6.4 million for the six months ended June 30, 2025. |
(6) | Includes purchase accounting adjustments of $8.1 million, net of tax, primarily comprised of loan discount accretion of $9.1 million, merger related provision for credit losses of $9.1 million, merger related expenses of $4.4 million, FDIC special assessment of $3.6 million, and net gain on sale or write-up of securities of $11.0 million for the six months ended June 30, 2024. |
Bryan/College Station Area | Grapevine | Seven Points | Shadow Creek | North University | ||||
Bryan | Grapevine Main | Teague | Spring | Texas Tech Student Union | ||||
Bryan-29th Street | Kiest | Tyler-Beckham | Tomball | |||||
Bryan-East | Lake Highlands | Tyler-South Broadway | Waller | Midland | ||||
Bryan-North | McKinney | Tyler-University | West Columbia | North | ||||
Caldwell | McKinney Eldorado | Winnsboro | Wharton | Wadley | ||||
College Station | McKinney Redbud | Winnie | Wall Street | |||||
Hearne | North Carrolton | Houston Area | Wirt | West | ||||
Huntsville | Park Cities | Houston | ||||||
Madisonville | Plano | Aldine | South Texas Area - | Odessa | ||||
Navasota | Plano-West | Alief | Corpus Christi | Grant | ||||
New Waverly | Preston Forest | Bellaire | Calallen | Kermit Highway | ||||
Rock Prairie | Preston Parker | Beltway | Carmel | Parkway | ||||
Southwest Parkway | Preston Royal | Clear Lake | Northwest | |||||
Tower Point | Red Oak | Copperfield | Saratoga | San Angelo | ||||
Wellborn Road | Richardson | Cypress | Timbergate | College Hills | ||||
Richardson-West | Downtown | Water Street | Sherwood Way | |||||
Central Texas Area | Rosewood Court | Eastex | ||||||
Austin | The Colony | Fairfield | Victoria | Wichita Falls | ||||
Cedar Park | Tollroad | First Colony | Victoria Main | Cattlemans | ||||
Congress | Trinity Mills | Fry Road | Victoria-Navarro | Kell | ||||
Lakeway | Turtle Creek | Gessner | Victoria-North | |||||
Liberty Hill | West 15th Plano | Gladebrook | Victoria Salem | Other West Texas Area | ||||
Northland | West Allen | Grand Parkway | Locations | |||||
Oak Hill | Westmoreland | Heights | Other South Texas Area | Big Spring | ||||
Research Blvd | Wylie | Highway 6 West | Locations | Big Spring - East | ||||
Westlake | Little York | Alice | Brownfield | |||||
Fort Worth | Medical Center | Aransas Pass | Brownwood | |||||
Other Central Texas Area | Haltom City | Memorial Drive | Bay City | Burkburnett | ||||
Locations | Hulen | Northside | Beeville | Byers | ||||
Bastrop | Keller | Pasadena | Colony Creek | Cisco | ||||
Canyon Lake | Museum Place | Pecan Grove | Cuero | Comanche | ||||
Dime Box | Renaissance Square | Pin Oak | East Bernard | Early | ||||
Dripping Springs | Roanoke | River Oaks | Edna | Floydada | ||||
Elgin | Stockyards | Sugar Land | El Campo | Gorman | ||||
Flatonia | SW Medical Center | Goliad | Henrietta | |||||
Fredericksburg | Other Dallas/Fort Worth Area | Tanglewood | Gonzales | Levelland | ||||
Georgetown | Locations | The Plaza | Hallettsville | Littlefield | ||||
Gruene | Arlington | Uptown | Kingsville | Merkel | ||||
Horseshoe Bay | Azle | Waugh Drive | Mathis | Plainview | ||||
Kingsland | Ennis | Westheimer | Padre Island | Slaton | ||||
La Grange | Gainesville | West University | Palacios | Snyder | ||||
Lexington | Glen Rose | Woodcreek | Port Lavaca | |||||
Marble Falls | Granbury | Portland | Oklahoma | |||||
New Braunfels | Grand Prairie | Katy | Rockport | Central Oklahoma Area | ||||
Pleasanton | Jacksboro | Cinco Ranch | Sinton | Oklahoma City | ||||
Round Rock | Mesquite | Katy-Spring Green | Taft | 23rd Street | ||||
San Antonio | Muenster | Yoakum | Expressway | |||||
Schulenburg | Runaway Bay | The Woodlands | Yorktown | I-240 | ||||
Seguin | Sanger | The Woodlands-College Park | Memorial | |||||
Smithville | Waxahachie | The Woodlands-I-45 | West Texas Area | |||||
Thorndale | Weatherford | The Woodlands-Research Forest | Abilene | Other Central Oklahoma Area | ||||
Weimar | Antilley Road | Locations | ||||||
East Texas Area | Other Houston Area | Barrow Street | Edmond | |||||
Dallas/Fort Worth Area | Athens | Locations | Cypress Street | Norman | ||||
Dallas | Blooming Grove | Angleton | Judge Ely | |||||
14th Street Plano | Canton | Beaumont | Mockingbird | Tulsa Area | ||||
Abrams Centre | Carthage | Cleveland | Tulsa | |||||
Addison | Corsicana | Dayton | Amarillo | Garnett | ||||
Allen | Crockett | Galveston | Hillside | Harvard | ||||
Balch Springs | Eustace | Groves | Soncy | Memorial | ||||
Camp Wisdom | Gilmer | Hempstead | Sheridan | |||||
Carrollton | Grapeland | Hitchcock | Lubbock | S. Harvard | ||||
Cedar Hill | Gun Barrel City | Liberty | 4th Street | Utica Tower | ||||
Coppell | Jacksonville | Magnolia | 66th Street | Yale | ||||
East Plano | Kerens | Magnolia Parkway | 82nd Street | |||||
Frisco | Longview | Mont Belvieu | 86th Street | Other Tulsa Area Locations | ||||
Frisco Warren | Mount Vernon | Nederland | 98th Street | Owasso | ||||
Frisco-West | Palestine | Needville | Avenue Q | |||||
Garland | Rusk | Rosenberg | Milwaukee |
Prosperity Bancshares, Inc.® | ||||||||||||||||||||
Financial Highlights (Unaudited) | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | ||||||||||||||||
Balance Sheet Data (at period end) | ||||||||||||||||||||
Loans held for sale | $ | 6,004 | $ | 9,764 | $ | 10,690 | $ | 6,113 | $ | 9,951 | ||||||||||
Loans held for investment | 20,903,944 | 20,909,913 | 21,057,616 | 21,146,033 | 21,229,461 | |||||||||||||||
Loans held for investment - Warehouse Purchase | 1,287,440 | 1,057,893 | 1,080,903 | 1,228,706 | 1,081,403 | |||||||||||||||
Total loans | 22,197,388 | 21,977,570 | 22,149,209 | 22,380,852 | 22,320,815 | |||||||||||||||
Investment securities(A) | 10,608,104 | 10,792,731 | 11,094,424 | 11,300,756 | 11,702,139 | |||||||||||||||
Federal funds sold | 197 | 221 | 292 | 208 | 234 | |||||||||||||||
Allowance for credit losses on loans | (346,084) | (349,101) | (351,805) | (354,397) | (359,852) | |||||||||||||||
Cash and due from banks | 1,304,993 | 1,694,637 | 1,972,175 | 2,209,863 | 1,507,604 | |||||||||||||||
Goodwill | 3,503,127 | 3,503,127 | 3,503,129 | 3,504,388 | 3,504,107 | |||||||||||||||
Core deposit intangibles, net | 58,796 | 62,406 | 66,047 | 70,178 | 74,324 | |||||||||||||||
Other real estate owned | 7,874 | 8,012 | 5,701 | 5,757 | 4,960 | |||||||||||||||
Fixed assets, net | 374,602 | 373,273 | 371,238 | 373,812 | 377,394 | |||||||||||||||
Other assets | 708,355 | 701,799 | 756,328 | 623,903 | 630,569 | |||||||||||||||
Total assets | $ | 38,417,352 | $ | 38,764,675 | $ | 39,566,738 | $ | 40,115,320 | $ | 39,762,294 | ||||||||||
Noninterest-bearing deposits | $ | 9,426,657 | $ | 9,675,915 | $ | 9,798,438 | $ | 9,811,361 | $ | 9,706,505 | ||||||||||
Interest-bearing deposits | 18,046,754 | 18,350,884 | 18,582,900 | 18,276,250 | 18,226,581 | |||||||||||||||
Total deposits | 27,473,411 | 28,026,799 | 28,381,338 | 28,087,611 | 27,933,086 | |||||||||||||||
Other borrowings | 2,900,000 | 2,700,000 | 3,200,000 | 3,900,000 | 3,900,000 | |||||||||||||||
Securities sold under repurchase agreements | 183,572 | 216,086 | 221,913 | 228,896 | 233,689 | |||||||||||||||
Allowance for credit losses on off-balance sheet credit | 37,646 | 37,646 | 37,646 | 37,646 | 37,646 | |||||||||||||||
Other liabilities | 222,987 | 267,083 | 287,346 | 499,918 | 374,429 | |||||||||||||||
Total liabilities | 30,817,616 | 31,247,614 | 32,128,243 | 32,754,071 | 32,478,850 | |||||||||||||||
Shareholders' equity(B) | 7,599,736 | 7,517,061 | 7,438,495 | 7,361,249 | 7,283,444 | |||||||||||||||
Total liabilities and equity | $ | 38,417,352 | $ | 38,764,675 | $ | 39,566,738 | $ | 40,115,320 | $ | 39,762,294 | ||||||||||
(A) | Includes $(1,657), $(1,374), $(2,056), $(1,070) and $(2,007) in unrealized losses on available for sale securities for the quarterly periods ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively. |
(B) | Includes $(1,309), $(1,085), $(1,624), $(845) and $(1,586) in after-tax unrealized losses on available for sale securities for the quarterly periods ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively. |
Prosperity Bancshares, Inc.® | ||||||||||||||||||||||||||||
Financial Highlights (Unaudited) | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Three Months Ended | Year-to-Date | |||||||||||||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Jun 30, | Jun 30, | ||||||||||||||||||||||
Income Statement Data | ||||||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||
Loans | $ | 325,490 | $ | 319,023 | $ | 333,055 | $ | 337,451 | $ | 336,428 | $ | 644,513 | $ | 642,656 | ||||||||||||||
Securities(C) | 57,836 | 57,886 | 58,260 | 59,617 | 62,428 | 115,722 | 128,849 | |||||||||||||||||||||
Federal funds sold and other earning assets | 9,438 | 15,896 | 19,630 | 20,835 | 14,095 | 25,334 | 23,360 | |||||||||||||||||||||
Total interest income | 392,764 | 392,805 | 410,945 | 417,903 | 412,951 | 785,569 | 794,865 | |||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||
Deposits | 93,790 | 95,597 | 102,050 | 107,758 | 106,124 | 189,387 | 198,816 | |||||||||||||||||||||
Other borrowings | 30,101 | 30,492 | 39,620 | 46,792 | 46,282 | 60,593 | 95,228 | |||||||||||||||||||||
Securities sold under repurchase agreements | 1,151 | 1,334 | 1,501 | 1,662 | 1,759 | 2,485 | 3,791 | |||||||||||||||||||||
Total interest expense | 125,042 | 127,423 | 143,171 | 156,212 | 154,165 | 252,465 | 297,835 | |||||||||||||||||||||
Net interest income | 267,722 | 265,382 | 267,774 | 261,691 | 258,786 | 533,104 | 497,030 | |||||||||||||||||||||
Provision for credit losses | — | — | — | — | 9,066 | — | 9,066 | |||||||||||||||||||||
Net interest income after provision for credit losses | 267,722 | 265,382 | 267,774 | 261,691 | 249,720 | 533,104 | 487,964 | |||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||
Nonsufficient funds (NSF) fees | 8,885 | 9,147 | 9,960 | 9,016 | 8,153 | 18,032 | 16,441 | |||||||||||||||||||||
Credit card, debit card and ATM card income | 9,761 | 8,739 | 9,443 | 9,620 | 9,384 | 18,500 | 18,245 | |||||||||||||||||||||
Service charges on deposit accounts | 7,645 | 7,408 | 6,992 | 6,664 | 6,436 | 15,053 | 12,842 | |||||||||||||||||||||
Trust income | 3,859 | 3,601 | 3,514 | 3,479 | 3,601 | 7,460 | 7,757 | |||||||||||||||||||||
Mortgage income | 965 | 1,009 | 779 | 962 | 745 | 1,974 | 1,355 | |||||||||||||||||||||
Brokerage income | 1,225 | 1,262 | 1,063 | 1,258 | 1,186 | 2,487 | 2,421 | |||||||||||||||||||||
Bank owned life insurance income | 1,985 | 2,115 | 2,020 | 2,028 | 1,885 | 4,100 | 3,932 | |||||||||||||||||||||
Net gain (loss) on sale or write-down of assets | 1,414 | (235) | 584 | 3,178 | (903) | 1,179 | (938) | |||||||||||||||||||||
Net gain on sale or write-up of securities | — | — | — | 224 | 10,723 | — | 11,021 | |||||||||||||||||||||
Other noninterest income | 7,243 | 8,255 | 5,482 | 4,670 | 4,793 | 15,498 | 11,797 | |||||||||||||||||||||
Total noninterest income | 42,982 | 41,301 | 39,837 | 41,099 | 46,003 | 84,283 | 84,873 | |||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||||
Salaries and benefits | 87,296 | 89,476 | 88,631 | 88,367 | 89,584 | 176,772 | 175,355 | |||||||||||||||||||||
Net occupancy and equipment | 9,168 | 9,146 | 8,957 | 9,291 | 8,915 | 18,314 | 17,538 | |||||||||||||||||||||
Credit and debit card, data processing and software | 12,056 | 11,422 | 12,342 | 11,985 | 11,998 | 23,478 | 22,973 | |||||||||||||||||||||
Regulatory assessments and FDIC insurance | 5,508 | 5,789 | 5,789 | 5,726 | 10,317 | 11,297 | 15,855 | |||||||||||||||||||||
Core deposit intangibles amortization | 3,610 | 3,641 | 4,131 | 4,146 | 4,156 | 7,251 | 7,393 | |||||||||||||||||||||
Depreciation | 4,779 | 4,774 | 4,791 | 4,741 | 4,836 | 9,553 | 9,522 | |||||||||||||||||||||
Communications | 3,507 | 3,473 | 3,450 | 3,360 | 3,485 | 6,980 | 6,887 | |||||||||||||||||||||
Other real estate expense | 204 | 140 | 255 | 12 | 69 | 344 | 256 | |||||||||||||||||||||
Net (gain) loss on sale or write-down of other real estate | (222) | (30) | (610) | (97) | 31 | (252) | (107) | |||||||||||||||||||||
Merger related expenses | — | — | — | 63 | 4,381 | — | 4,381 | |||||||||||||||||||||
Other noninterest expense | 12,659 | 12,470 | 13,809 | 12,744 | 15,070 | 25,129 | 28,637 | |||||||||||||||||||||
Total noninterest expense | 138,565 | 140,301 | 141,545 | 140,338 | 152,842 | 278,866 | 288,690 | |||||||||||||||||||||
Income before income taxes | 172,139 | 166,382 | 166,066 | 162,452 | 142,881 | 338,521 | 284,147 | |||||||||||||||||||||
Provision for income taxes | 36,984 | 36,157 | 35,990 | 35,170 | 31,279 | 73,141 | 62,119 | |||||||||||||||||||||
Net income available to common shareholders | $ | 135,155 | $ | 130,225 | $ | 130,076 | $ | 127,282 | $ | 111,602 | $ | 265,380 | $ | 222,028 | ||||||||||||||
(C) | Interest income on securities was reduced by net premium amortization of $4,926, $5,027, $5,609, $5,574 and $5,831 for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $9,953 and $11,653 for the six months ended June 30, 2025 and 2024, respectively. |
Prosperity Bancshares, Inc. ® | ||||||||||||||||||||||||||||
Financial Highlights (Unaudited) | ||||||||||||||||||||||||||||
(Dollars and share amounts in thousands, except per share data and market prices) | ||||||||||||||||||||||||||||
Three Months Ended | Year-to-Date | |||||||||||||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Jun 30, | Jun 30, | ||||||||||||||||||||||
Profitability | ||||||||||||||||||||||||||||
Net income (D) (E) | $ | 135,155 | $ | 130,225 | $ | 130,076 | $ | 127,282 | $ | 111,602 | $ | 265,380 | $ | 222,028 | ||||||||||||||
Basic earnings per share | $ | 1.42 | $ | 1.37 | $ | 1.37 | $ | 1.34 | $ | 1.17 | $ | 2.79 | $ | 2.34 | ||||||||||||||
Diluted earnings per share | $ | 1.42 | $ | 1.37 | $ | 1.37 | $ | 1.34 | $ | 1.17 | $ | 2.79 | $ | 2.34 | ||||||||||||||
Return on average assets (F)(J) | 1.41 | % | 1.34 | % | 1.31 | % | 1.28 | % | 1.12 | % | 1.37 | % | 1.13 | % | ||||||||||||||
Return on average common equity (F)(J) | 7.13 | % | 6.94 | % | 7.00 | % | 6.93 | % | 6.10 | % | 7.03 | % | 6.15 | % | ||||||||||||||
Return on average tangible common | 13.44 | % | 13.23 | % | 13.50 | % | 13.50 | % | 11.81 | % | 13.33 | % | 11.93 | % | ||||||||||||||
Tax equivalent net interest margin (D) (E) (H) | 3.18 | % | 3.14 | % | 3.05 | % | 2.95 | % | 2.94 | % | 3.16 | % | 2.87 | % | ||||||||||||||
Efficiency ratio (G) (I)(K) | 44.80 | % | 45.71 | % | 46.10 | % | 46.87 | % | 51.82 | % | 45.26 | % | 50.49 | % | ||||||||||||||
Liquidity and Capital Ratios | ||||||||||||||||||||||||||||
Equity to assets | 19.78 | % | 19.39 | % | 18.80 | % | 18.35 | % | 18.32 | % | 19.78 | % | 18.32 | % | ||||||||||||||
Common equity tier 1 capital | 17.10 | % | 16.92 | % | 16.42 | % | 15.84 | % | 15.42 | % | 17.10 | % | 15.42 | % | ||||||||||||||
Tier 1 risk-based capital | 17.10 | % | 16.92 | % | 16.42 | % | 15.84 | % | 15.42 | % | 17.10 | % | 15.42 | % | ||||||||||||||
Total risk-based capital | 18.35 | % | 18.17 | % | 17.67 | % | 17.09 | % | 16.67 | % | 18.35 | % | 16.67 | % | ||||||||||||||
Tier 1 leverage capital | 11.62 | % | 11.20 | % | 10.82 | % | 10.52 | % | 10.29 | % | 11.62 | % | 10.29 | % | ||||||||||||||
Period end tangible equity to period end | 11.58 | % | 11.23 | % | 10.75 | % | 10.36 | % | 10.24 | % | 11.58 | % | 10.24 | % | ||||||||||||||
Other Data | ||||||||||||||||||||||||||||
Weighted-average shares used in computing | ||||||||||||||||||||||||||||
Basic | 95,277 | 95,266 | 95,264 | 95,261 | 95,765 | 95,271 | 94,735 | |||||||||||||||||||||
Diluted | 95,277 | 95,266 | 95,264 | 95,261 | 95,765 | 95,271 | 94,735 | |||||||||||||||||||||
Period end shares outstanding | 95,277 | 95,258 | 95,275 | 95,261 | 95,262 | 95,277 | 95,262 | |||||||||||||||||||||
Cash dividends paid per common share | $ | 0.58 | $ | 0.58 | $ | 0.58 | $ | 0.56 | $ | 0.56 | $ | 1.16 | $ | 1.12 | ||||||||||||||
Book value per common share | $ | 79.76 | $ | 78.91 | $ | 78.07 | $ | 77.27 | $ | 76.46 | $ | 79.76 | $ | 76.46 | ||||||||||||||
Tangible book value per common share (G) | $ | 42.38 | $ | 41.48 | $ | 40.61 | $ | 39.75 | $ | 38.89 | $ | 42.38 | $ | 38.89 | ||||||||||||||
Common Stock Market Price | ||||||||||||||||||||||||||||
High | $ | 74.56 | $ | 82.75 | $ | 86.76 | $ | 74.87 | $ | 66.18 | $ | 82.75 | $ | 68.88 | ||||||||||||||
Low | $ | 61.57 | $ | 68.96 | $ | 68.94 | $ | 58.66 | $ | 57.16 | $ | 61.57 | $ | 57.16 | ||||||||||||||
Period end closing price | $ | 70.24 | $ | 71.37 | $ | 75.35 | $ | 72.07 | $ | 61.14 | $ | 70.24 | $ | 61.14 | ||||||||||||||
Employees – FTE (excluding overtime) | 3,921 | 3,898 | 3,916 | 3,896 | 3,902 | 3,921 | 3,902 | |||||||||||||||||||||
Number of banking centers | 283 | 284 | 283 | 287 | 288 | 283 | 288 | |||||||||||||||||||||
(D) | Includes purchase accounting adjustments for the periods presented as follows: |
Three Months Ended | Year-to-Date | ||||||||||||
Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Jun 30, 2025 | Jun 30, 2024 | |||||||
Loan discount accretion | |||||||||||||
Non-PCD | $2,486 | $2,615 | $2,761 | $3,616 | $4,797 | $5,101 | $6,109 | ||||||
PCD | $638 | $677 | $850 | $1,212 | $2,394 | $1,315 | $2,942 | ||||||
Securities net accretion | $409 | $705 | $528 | $555 | $564 | $1,114 | $1,125 | ||||||
Time deposits | $(2) | $(9) | $(21) | $(40) | $4 | $(11) | $(93) | ||||||
(E) | Using effective tax rate of 21.5%, 21.7%, 21.7%, 21.6% and 21.9% for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and 21.6% and 21.9% for the six months ended June 30, 2025 and 2024, respectively. |
(F) | Interim periods annualized. |
(G) | Refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. |
(H) | Net interest margin for all periods presented is based on average balances on an actual 365-day or 366-day basis. |
(I) | Calculated by dividing total noninterest expense, excluding credit loss provisions, by net interest income plus noninterest income, excluding net gains and losses on the sale, write-down or write-up of assets and securities. Additionally, taxes are not part of this calculation. |
(J) | For calculations of the annualized returns on average assets, average common equity and average tangible common equity excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, FDIC special assessment, net of tax, and net gain on sale or write-up of securities, net of tax refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. |
(K) | For calculations of the efficiency ratio excluding merger related expenses and FDIC special assessment refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of these non-GAAP financial measures to the nearest respective GAAP financial measures. |
Prosperity Bancshares, Inc.® | |||||||||||||||||||||||||||||||
Financial Highlights (Unaudited) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||
YIELD ANALYSIS | Three Months Ended | ||||||||||||||||||||||||||||||
Jun 30, 2025 | Mar 31, 2025 | Jun 30, 2024 | |||||||||||||||||||||||||||||
Average | Interest | Average | (L) | Average | Interest | Average | (L) | Average | Interest | Average | (L) | ||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||
Loans held for sale | $ | 9,813 | $ | 166 | 6.79 % | $ | 7,570 | $ | 127 | 6.80 % | $ | 8,446 | $ | 149 | 7.10 % | ||||||||||||||||
Loans held for investment | 20,907,400 | 306,671 | 5.88 % | 20,959,226 | 305,068 | 5.90 % | 21,328,824 | 319,361 | 6.02 % | ||||||||||||||||||||||
Loans held for investment - Warehouse | 1,179,307 | 18,653 | 6.34 % | 876,086 | 13,828 | 6.40 % | 917,026 | 16,918 | 7.42 % | ||||||||||||||||||||||
Total loans | 22,096,520 | 325,490 | 5.91 % | 21,842,882 | 319,023 | 5.92 % | 22,254,296 | 336,428 | 6.08 % | ||||||||||||||||||||||
Investment securities | 10,867,856 | 57,836 | 2.13 % | (M) | 11,017,400 | 57,886 | 2.13 % | (M) | 12,179,074 | 62,428 | 2.06 % | (M) | |||||||||||||||||||
Federal funds sold and other earning assets | 841,933 | 9,438 | 4.50 % | 1,443,220 | 15,896 | 4.47 % | 1,026,251 | 14,095 | 5.52 % | ||||||||||||||||||||||
Total interest-earning assets | 33,806,309 | 392,764 | 4.66 % | 34,303,502 | 392,805 | 4.64 % | 35,459,621 | 412,951 | 4.68 % | ||||||||||||||||||||||
Allowance for credit losses on loans | (348,310) | (350,715) | (332,904) | ||||||||||||||||||||||||||||
Noninterest-earning assets | 4,933,215 | 5,004,291 | 4,822,131 | ||||||||||||||||||||||||||||
Total assets | $ | 38,391,214 | $ | 38,957,078 | $ | 39,948,848 | |||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 4,807,864 | $ | 8,859 | 0.74 % | $ | 5,224,796 | $ | 9,019 | 0.70 % | $ | 4,839,194 | $ | 9,133 | 0.76 % | ||||||||||||||||
Savings and money market deposits | 8,944,897 | 45,796 | 2.05 % | 9,007,286 | 45,645 | 2.06 % | 9,084,051 | 50,252 | 2.22 % | ||||||||||||||||||||||
Certificates and other time deposits | 4,366,510 | 39,135 | 3.59 % | 4,426,521 | 40,933 | 3.75 % | 4,400,922 | 46,739 | 4.27 % | ||||||||||||||||||||||
Other borrowings | 2,717,583 | 30,101 | 4.44 % | 2,776,667 | 30,492 | 4.45 % | 3,900,000 | 46,282 | 4.77 % | ||||||||||||||||||||||
Securities sold under repurchase | 194,577 | 1,151 | 2.37 % | 217,945 | 1,334 | 2.48 % | 258,637 | 1,759 | 2.74 % | ||||||||||||||||||||||
Total interest-bearing liabilities | 21,031,431 | 125,042 | 2.38 % | (N) | 21,653,215 | 127,423 | 2.39 % | (N) | 22,482,804 | 154,165 | 2.76 % | (N) | |||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 9,508,845 | 9,504,540 | 9,780,211 | ||||||||||||||||||||||||||||
Allowance for credit losses on off-balance | 37,646 | 37,646 | 36,729 | ||||||||||||||||||||||||||||
Other liabilities | 227,002 | 255,876 | 327,847 | ||||||||||||||||||||||||||||
Total liabilities | 30,804,924 | 31,451,277 | 32,627,591 | ||||||||||||||||||||||||||||
Shareholders' equity | 7,586,290 | 7,505,801 | 7,321,257 | ||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 38,391,214 | $ | 38,957,078 | $ | 39,948,848 | |||||||||||||||||||||||||
Net interest income and margin | $ | 267,722 | 3.18 % | $ | 265,382 | 3.14 % | $ | 258,786 | 2.94 % | ||||||||||||||||||||||
Non-GAAP to GAAP reconciliation: | |||||||||||||||||||||||||||||||
Tax equivalent adjustment | 574 | 587 | 800 | ||||||||||||||||||||||||||||
Net interest income and margin | $ | 268,296 | 3.18 % | $ | 265,969 | 3.14 % | $ | 259,586 | 2.94 % | ||||||||||||||||||||||
(L) | Annualized and based on an actual 365-day or 366-day basis. |
(M) | Yield on securities was impacted by net premium amortization of $4,926, $5,027 and $5,831 for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. |
(N) | Total cost of funds, including noninterest bearing deposits, was 1.64%, 1.66% and 1.92% for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. |
Prosperity Bancshares, Inc.® | |||||||||||||||||||||
Financial Highlights (Unaudited) | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
YIELD ANALYSIS | Year-to-Date | ||||||||||||||||||||
Jun 30, 2025 | Jun 30, 2024 | ||||||||||||||||||||
Average | Interest | Average | (O) | Average | Interest | Average | (O) | ||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans held for sale | $ | 8,698 | $ | 293 | 6.79 % | $ | 6,957 | $ | 241 | 6.97 % | |||||||||||
Loans held for investment | 20,933,170 | 611,739 | 5.89 % | 20,872,069 | 612,034 | 5.90 % | |||||||||||||||
Loans held for investment - Warehouse | 1,028,534 | 32,481 | 6.37 % | 818,838 | 30,381 | 7.46 % | |||||||||||||||
Total loans | 21,970,402 | 644,513 | 5.92 % | 21,697,864 | 642,656 | 5.96 % | |||||||||||||||
Investment securities | 10,942,215 | 115,722 | 2.13 % | (P) | 12,436,171 | 128,849 | 2.08 % | (P) | |||||||||||||
Federal funds sold and other earning assets | 1,140,915 | 25,334 | 4.48 % | 849,546 | 23,360 | 5.53 % | |||||||||||||||
Total interest-earning assets | 34,053,532 | 785,569 | 4.65 % | 34,983,581 | 794,865 | 4.57 % | |||||||||||||||
Allowance for credit losses on loans | (349,506) | (332,306) | |||||||||||||||||||
Noninterest-earning assets | 4,967,987 | 4,790,888 | |||||||||||||||||||
Total assets | $ | 38,672,013 | $ | 39,442,163 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Interest-bearing demand deposits | $ | 5,015,178 | $ | 17,878 | 0.72 % | $ | 4,991,390 | $ | 17,556 | 0.71 % | |||||||||||
Savings and money market deposits | 8,975,919 | 91,441 | 2.05 % | 8,986,565 | 97,404 | 2.18 % | |||||||||||||||
Certificates and other time deposits | 4,396,350 | 80,068 | 3.67 % | 4,042,369 | 83,856 | 4.17 % | |||||||||||||||
Other borrowings | 2,746,961 | 60,593 | 4.45 % | 3,991,566 | 95,228 | 4.80 % | |||||||||||||||
Securities sold under repurchase agreements | 206,197 | 2,485 | 2.43 % | 277,537 | 3,791 | 2.75 % | |||||||||||||||
Total interest-bearing liabilities | 21,340,605 | 252,465 | 2.39 % | (Q) | 22,289,427 | 297,835 | 2.69 % | (Q) | |||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||
Noninterest-bearing demand deposits | 9,506,704 | 9,611,730 | |||||||||||||||||||
Allowance for credit losses on off-balance | 37,646 | 36,616 | |||||||||||||||||||
Other liabilities | 240,789 | 283,139 | |||||||||||||||||||
Total liabilities | 31,125,744 | 32,220,912 | |||||||||||||||||||
Shareholders' equity | 7,546,269 | 7,221,251 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 38,672,013 | $ | 39,442,163 | |||||||||||||||||
Net interest income and margin | $ | 533,104 | 3.16 % | $ | 497,030 | 2.86 % | |||||||||||||||
Non-GAAP to GAAP reconciliation: | |||||||||||||||||||||
Tax equivalent adjustment | 1,161 | 1,608 | |||||||||||||||||||
Net interest income and margin | $ | 534,265 | 3.16 % | $ | 498,638 | 2.87 % | |||||||||||||||
(O) | Based on an actual 365-day or 366-day basis. |
(P) | Yield on securities was impacted by net premium amortization of $9,953 and $11,653 for the six months ended June 30, 2025 and 2024, respectively. |
(Q) | Total cost of funds, including noninterest bearing deposits, was 1.65% and 1.88% for the six months ended June 30, 2025 and 2024, respectively. |
Prosperity Bancshares, Inc.® | |||||||||||||||||||
Financial Highlights (Unaudited) | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||
YIELD TREND (R) | |||||||||||||||||||
Interest-Earning Assets: | |||||||||||||||||||
Loans held for sale | 6.79 | % | 6.80 | % | 6.68 | % | 6.89 | % | 7.10 | % | |||||||||
Loans held for investment | 5.88 | % | 5.90 | % | 5.93 | % | 5.97 | % | 6.02 | % | |||||||||
Loans held for investment - Warehouse Purchase | 6.34 | % | 6.40 | % | 6.66 | % | 7.27 | % | 7.42 | % | |||||||||
Total loans | 5.91 | % | 5.92 | % | 5.97 | % | 6.04 | % | 6.08 | % | |||||||||
Investment securities (S) | 2.13 | % | 2.13 | % | 2.06 | % | 2.04 | % | 2.06 | % | |||||||||
Federal funds sold and other earning assets | 4.50 | % | 4.47 | % | 4.80 | % | 5.41 | % | 5.52 | % | |||||||||
Total interest-earning assets | 4.66 | % | 4.64 | % | 4.66 | % | 4.70 | % | 4.68 | % | |||||||||
Interest-Bearing Liabilities: | |||||||||||||||||||
Interest-bearing demand deposits | 0.74 | % | 0.70 | % | 0.70 | % | 0.77 | % | 0.76 | % | |||||||||
Savings and money market deposits | 2.05 | % | 2.06 | % | 2.10 | % | 2.23 | % | 2.22 | % | |||||||||
Certificates and other time deposits | 3.59 | % | 3.75 | % | 4.06 | % | 4.24 | % | 4.27 | % | |||||||||
Other borrowings | 4.44 | % | 4.45 | % | 4.73 | % | 4.77 | % | 4.77 | % | |||||||||
Securities sold under repurchase agreements | 2.37 | % | 2.48 | % | 2.58 | % | 2.72 | % | 2.74 | % | |||||||||
Total interest-bearing liabilities | 2.38 | % | 2.39 | % | 2.60 | % | 2.78 | % | 2.76 | % | |||||||||
Net Interest Margin | 3.18 | % | 3.14 | % | 3.04 | % | 2.94 | % | 2.94 | % | |||||||||
Net Interest Margin (tax equivalent) | 3.18 | % | 3.14 | % | 3.05 | % | 2.95 | % | 2.94 | % | |||||||||
(R) | Annualized and based on average balances on an actual 365-day or 366-day basis. |
(S) | Yield on securities was impacted by net premium amortization of $4,926, $5,027, $5,609, $5,574 and $5,831 for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively. |
Prosperity Bancshares, Inc.® | ||||||||||||||||||||
Financial Highlights (Unaudited) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | ||||||||||||||||
Balance Sheet Averages | ||||||||||||||||||||
Loans held for sale | $ | 9,813 | $ | 7,570 | $ | 8,571 | $ | 7,913 | $ | 8,446 | ||||||||||
Loans held for investment | 20,907,400 | 20,959,226 | 21,038,694 | 21,107,139 | 21,328,824 | |||||||||||||||
Loans held for investment - Warehouse Purchase | 1,179,307 | 876,086 | 1,137,113 | 1,114,681 | 917,026 | |||||||||||||||
Total loans | 22,096,520 | 21,842,882 | 22,184,378 | 22,229,733 | 22,254,296 | |||||||||||||||
Investment securities | 10,867,856 | 11,017,400 | 11,265,535 | 11,612,193 | 12,179,074 | |||||||||||||||
Federal funds sold and other earning assets | 841,933 | 1,443,220 | 1,628,050 | 1,531,788 | 1,026,251 | |||||||||||||||
Total interest-earning assets | 33,806,309 | 34,303,502 | 35,077,963 | 35,373,714 | 35,459,621 | |||||||||||||||
Allowance for credit losses on loans | (348,310) | (350,715) | (353,560) | (358,237) | (332,904) | |||||||||||||||
Cash and due from banks | 294,379 | 326,066 | 317,420 | 304,911 | 295,077 | |||||||||||||||
Goodwill | 3,503,127 | 3,503,128 | 3,505,030 | 3,504,300 | 3,482,448 | |||||||||||||||
Core deposit intangibles, net | 60,739 | 64,293 | 68,167 | 72,330 | 59,979 | |||||||||||||||
Other real estate | 8,749 | 7,105 | 6,778 | 5,339 | 3,071 | |||||||||||||||
Fixed assets, net | 374,486 | 374,448 | 373,561 | 375,626 | 377,369 | |||||||||||||||
Other assets | 691,735 | 729,251 | 632,040 | 611,219 | 604,187 | |||||||||||||||
Total assets | $ | 38,391,214 | $ | 38,957,078 | $ | 39,627,399 | $ | 39,889,202 | $ | 39,948,848 | ||||||||||
Noninterest-bearing deposits | $ | 9,508,845 | $ | 9,504,540 | $ | 9,829,912 | $ | 9,680,785 | $ | 9,780,211 | ||||||||||
Interest-bearing demand deposits | 4,807,864 | 5,224,796 | 4,845,174 | 4,774,975 | 4,839,194 | |||||||||||||||
Savings and money market deposits | 8,944,897 | 9,007,286 | 8,915,410 | 8,908,315 | 9,084,051 | |||||||||||||||
Certificates and other time deposits | 4,366,510 | 4,426,521 | 4,552,445 | 4,564,232 | 4,400,922 | |||||||||||||||
Total deposits | 27,628,116 | 28,163,143 | 28,142,941 | 27,928,307 | 28,104,378 | |||||||||||||||
Other borrowings | 2,717,583 | 2,776,667 | 3,332,609 | 3,900,000 | 3,900,000 | |||||||||||||||
Securities sold under repurchase agreements | 194,577 | 217,945 | 231,240 | 242,813 | 258,637 | |||||||||||||||
Allowance for credit losses on off-balance sheet | 37,646 | 37,646 | 37,646 | 37,646 | 36,729 | |||||||||||||||
Other liabilities | 227,002 | 255,876 | 454,298 | 433,171 | 327,847 | |||||||||||||||
Shareholders' equity | 7,586,290 | 7,505,801 | 7,428,665 | 7,347,265 | 7,321,257 | |||||||||||||||
Total liabilities and equity | $ | 38,391,214 | $ | 38,957,078 | $ | 39,627,399 | $ | 39,889,202 | $ | 39,948,848 | ||||||||||
Prosperity Bancshares, Inc.® | |||||||||||||||||||||||||||||||||||
Financial Highlights (Unaudited) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||||||||||||||||||
Period End Balances | |||||||||||||||||||||||||||||||||||
Loan Portfolio | |||||||||||||||||||||||||||||||||||
Commercial and | $ | 1,897,117 | 8.6 | % | $ | 1,915,124 | 8.7 | % | $ | 1,962,111 | 8.8 | % | $ | 1,970,844 | 8.8 | % | $ | 2,023,531 | 9.1 | % | |||||||||||||||
Warehouse purchase | 1,287,440 | 5.8 | % | 1,057,893 | 4.8 | % | 1,080,903 | 4.9 | % | 1,228,706 | 5.5 | % | 1,081,403 | 4.8 | % | ||||||||||||||||||||
Construction, land | 2,873,238 | 12.9 | % | 2,845,082 | 13.0 | % | 2,859,281 | 12.9 | % | 2,814,521 | 12.6 | % | 2,828,372 | 12.7 | % | ||||||||||||||||||||
1-4 family residential | 7,530,816 | 33.9 | % | 7,576,350 | 34.5 | % | 7,581,450 | 34.2 | % | 7,557,858 | 33.8 | % | 7,496,485 | 33.6 | % | ||||||||||||||||||||
Home equity | 869,370 | 3.9 | % | 896,529 | 4.1 | % | 906,139 | 4.1 | % | 919,676 | 4.1 | % | 930,428 | 4.2 | % | ||||||||||||||||||||
Commercial real estate | 5,827,645 | 26.3 | % | 5,783,410 | 26.3 | % | 5,800,985 | 26.2 | % | 5,869,687 | 26.2 | % | 5,961,884 | 26.7 | % | ||||||||||||||||||||
Agriculture (includes | 1,029,250 | 4.6 | % | 1,013,960 | 4.6 | % | 1,033,546 | 4.7 | % | 1,033,224 | 4.6 | % | 1,037,361 | 4.6 | % | ||||||||||||||||||||
Consumer and other | 368,747 | 1.7 | % | 378,821 | 1.7 | % | 378,817 | 1.7 | % | 413,548 | 1.8 | % | 340,611 | 1.5 | % | ||||||||||||||||||||
Energy | 513,765 | 2.3 | % | 510,401 | 2.3 | % | 545,977 | 2.5 | % | 572,788 | 2.6 | % | 620,740 | 2.8 | % | ||||||||||||||||||||
Total loans | $ | 22,197,388 | $ | 21,977,570 | $ | 22,149,209 | $ | 22,380,852 | $ | 22,320,815 | |||||||||||||||||||||||||
Deposit Types | |||||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 9,426,657 | 34.3 | % | $ | 9,675,915 | 34.5 | % | $ | 9,798,438 | 34.5 | % | $ | 9,811,361 | 34.9 | % | $ | 9,706,505 | 34.7 | % | |||||||||||||||
Interest-bearing DDA | 4,708,251 | 17.1 | % | 4,931,769 | 17.6 | % | 5,182,035 | 18.3 | % | 4,800,758 | 17.1 | % | 4,762,730 | 17.1 | % | ||||||||||||||||||||
Money market | 6,302,770 | 23.0 | % | 6,339,509 | 22.6 | % | 6,229,022 | 21.9 | % | 6,166,792 | 22.0 | % | 6,180,769 | 22.1 | % | ||||||||||||||||||||
Savings | 2,667,859 | 9.7 | % | 2,703,736 | 9.7 | % | 2,685,496 | 9.5 | % | 2,707,982 | 9.6 | % | 2,765,197 | 9.9 | % | ||||||||||||||||||||
Certificates and other | 4,367,874 | 15.9 | % | 4,375,870 | 15.6 | % | 4,486,347 | 15.8 | % | 4,600,718 | 16.4 | % | 4,517,885 | 16.2 | % | ||||||||||||||||||||
Total deposits | $ | 27,473,411 | $ | 28,026,799 | $ | 28,381,338 | $ | 28,087,611 | $ | 27,933,086 | |||||||||||||||||||||||||
Loan to Deposit Ratio | 80.8 | % | 78.4 | % | 78.0 | % | 79.7 | % | 79.9 | % | |||||||||||||||||||||||||
Prosperity Bancshares, Inc.® | |||||||||||||||||||||||||||||||||||
Financial Highlights (Unaudited) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Construction Loans | |||||||||||||||||||||||||||||||||||
Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | |||||||||||||||||||||||||||||||
Single family residential construction | $ | 696,569 | 24.2 | % | $ | 727,417 | 25.6 | % | $ | 778,067 | 27.2 | % | $ | 836,571 | 29.7 | % | $ | 940,381 | 33.2 | % | |||||||||||||||
Land development | 227,254 | 7.9 | % | 225,784 | 7.9 | % | 260,158 | 9.1 | % | 256,571 | 9.1 | % | 241,639 | 8.5 | % | ||||||||||||||||||||
Raw land | 248,380 | 8.7 | % | 261,918 | 9.2 | % | 278,892 | 9.7 | % | 263,411 | 9.4 | % | 291,112 | 10.3 | % | ||||||||||||||||||||
Residential lots | 217,835 | 7.6 | % | 219,115 | 7.7 | % | 209,850 | 7.3 | % | 217,920 | 7.7 | % | 222,343 | 7.9 | % | ||||||||||||||||||||
Commercial lots | 55,176 | 1.9 | % | 56,343 | 2.0 | % | 59,044 | 2.1 | % | 58,472 | 2.1 | % | 60,264 | 2.1 | % | ||||||||||||||||||||
Commercial construction and other | 1,428,985 | 49.7 | % | 1,355,587 | 47.6 | % | 1,274,619 | 44.6 | % | 1,183,127 | 42.0 | % | 1,074,361 | 38.0 | % | ||||||||||||||||||||
Net unaccreted discount | (961) | (1,082) | (1,349) | (1,551) | (1,728) | ||||||||||||||||||||||||||||||
Total construction loans | $ | 2,873,238 | $ | 2,845,082 | $ | 2,859,281 | $ | 2,814,521 | $ | 2,828,372 | |||||||||||||||||||||||||
Non-Owner Occupied Commercial Real Estate Loans by Metropolitan Statistical Area (MSA) as of June 30, 2025 | ||||||||||||||||||||||||||||
Houston | Dallas | Austin | OK City | Tulsa | Other (T) | Total | ||||||||||||||||||||||
Collateral Type | ||||||||||||||||||||||||||||
Shopping center/retail | $ | 332,171 | $ | 249,400 | $ | 59,338 | $ | 15,472 | $ | 13,024 | $ | 330,419 | $ | 999,824 | ||||||||||||||
Commercial and industrial buildings | 133,239 | 105,706 | 22,278 | 33,130 | 12,339 | 274,479 | 581,171 | |||||||||||||||||||||
Office buildings | 114,815 | 269,275 | 130,691 | 45,270 | 4,330 | 86,538 | 650,919 | |||||||||||||||||||||
Medical buildings | 82,882 | 16,788 | 1,657 | 42,053 | 27,437 | 71,247 | 242,064 | |||||||||||||||||||||
Apartment buildings | 122,871 | 128,913 | 64,053 | 10,615 | 13,530 | 208,395 | 548,377 | |||||||||||||||||||||
Hotel | 108,149 | 117,048 | 30,555 | 13,625 | — | 180,617 | 449,994 | |||||||||||||||||||||
Other | 174,929 | 58,816 | 20,314 | 6,182 | 6,973 | 97,515 | 364,729 | |||||||||||||||||||||
Total | $ | 1,069,056 | $ | 945,946 | $ | 328,886 | $ | 166,347 | $ | 77,633 | $ | 1,249,210 | $ | 3,837,078 | (U) | |||||||||||||
Acquired Loans | |||||||||||||||||||||||||||||||||||
Non-PCD Loans | PCD Loans | Total Acquired Loans | |||||||||||||||||||||||||||||||||
Balance at | Balance at | Balance at | Balance at | Balance at | Balance at | Balance at | Balance at | Balance at | |||||||||||||||||||||||||||
Loan marks: | |||||||||||||||||||||||||||||||||||
Acquired banks (V) | $ | 368,247 | $ | 13,536 | $ | 12,813 | $ | 327,842 | $ | 5,620 | $ | 5,237 | $ | 696,089 | $ | 19,156 | $ | 18,050 | |||||||||||||||||
Lone Star Bank (W) | 20,378 | 11,714 | 9,953 | 4,558 | 1,093 | 838 | 24,936 | 12,807 | 10,791 | ||||||||||||||||||||||||||
Total | 388,625 | 25,250 | 22,766 | 332,400 | 6,713 | 6,075 | 721,025 | 31,963 | 28,841 | ||||||||||||||||||||||||||
Acquired portfolio loan | |||||||||||||||||||||||||||||||||||
Acquired banks (V) | 13,307,853 | 1,281,901 | 1,223,988 | 1,317,564 | 380,484 | 342,617 | 14,625,417 | 1,662,385 | 1,566,605 | ||||||||||||||||||||||||||
Lone Star Bank (W) | 1,016,128 | 645,440 | 562,614 | 59,109 | 47,559 | 44,526 | 1,075,237 | 692,999 | 607,140 | ||||||||||||||||||||||||||
Total | 14,323,981 | 1,927,341 | 1,786,602 | 1,376,673 | 428,043 | 387,143 | 15,700,654 | (X) | 2,355,384 | 2,173,745 | |||||||||||||||||||||||||
Acquired portfolio loan | $ | 13,935,356 | $ | 1,902,091 | $ | 1,763,836 | $ | 1,044,273 | $ | 421,330 | $ | 381,068 | $ | 14,979,629 | $ | 2,323,421 | $ | 2,144,904 | |||||||||||||||||
(T) | Includes other MSA and non-MSA regions. |
(U) | Represents a portion of total commercial real estate loans of $5.828 billion as of June 30, 2025. |
(V) | Includes Bank Arlington, American State Bank, Community National Bank, First Federal Bank Texas, Coppermark Bank, First Victoria National Bank, The F&M Bank & Trust Company, Tradition Bank and LegacyTexas Bank. |
(W) | The Merger was completed on April 1, 2024 and resulted in the addition of $1.075 billion in loans with related purchase accounting adjustments of $24.9 million at acquisition date, which were subject to subsequent fair value adjustments. |
(X) | Actual principal balances acquired. |
Prosperity Bancshares, Inc.® | |||||||||||||||||||||||||||
Financial Highlights (Unaudited) | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Three Months Ended | Year-to-Date | ||||||||||||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Jun 30, | Jun 30, | |||||||||||||||||||||
Asset Quality | |||||||||||||||||||||||||||
Nonaccrual loans | $ | 102,031 | $ | 73,287 | $ | 73,647 | $ | 83,969 | $ | 84,175 | $ | 102,031 | $ | 84,175 | |||||||||||||
Accruing loans 90 or more days past due | 576 | 91 | 2,189 | 20 | 322 | 576 | 322 | ||||||||||||||||||||
Total nonperforming loans | 102,607 | 73,378 | 75,836 | 83,989 | 84,497 | 102,607 | 84,497 | ||||||||||||||||||||
Repossessed assets | 6 | 29 | 4 | 177 | 113 | 6 | 113 | ||||||||||||||||||||
Other real estate | 7,874 | 8,012 | 5,701 | 5,757 | 4,960 | 7,874 | 4,960 | ||||||||||||||||||||
Total nonperforming assets | $ | 110,487 | $ | 81,419 | $ | 81,541 | $ | 89,923 | $ | 89,570 | $ | 110,487 | $ | 89,570 | |||||||||||||
Nonperforming assets: | |||||||||||||||||||||||||||
Commercial and industrial (includes energy) | $ | 27,680 | $ | 8,966 | $ | 10,080 | $ | 13,642 | $ | 16,340 | $ | 27,680 | $ | 16,340 | |||||||||||||
Construction, land development and other land | 1,859 | 1,952 | 4,481 | 4,053 | 4,895 | 1,859 | 4,895 | ||||||||||||||||||||
1-4 family residential (includes home equity) | 50,501 | 42,481 | 44,824 | 36,660 | 33,935 | 50,501 | 33,935 | ||||||||||||||||||||
Commercial real estate (includes multi-family | 12,865 | 12,257 | 18,861 | 32,803 | 31,776 | 12,865 | 31,776 | ||||||||||||||||||||
Agriculture (includes farmland) | 17,547 | 15,725 | 3,208 | 2,686 | 2,550 | 17,547 | 2,550 | ||||||||||||||||||||
Consumer and other | 35 | 38 | 87 | 79 | 74 | 35 | 74 | ||||||||||||||||||||
Total | $ | 110,487 | $ | 81,419 | $ | 81,541 | $ | 89,923 | $ | 89,570 | $ | 110,487 | $ | 89,570 | |||||||||||||
Number of loans/properties | 392 | 363 | 368 | 346 | 349 | 392 | 349 | ||||||||||||||||||||
Allowance for credit losses on loans | $ | 346,084 | $ | 349,101 | $ | 351,805 | $ | 354,397 | $ | 359,852 | $ | 346,084 | $ | 359,852 | |||||||||||||
Net charge-offs (recoveries): | |||||||||||||||||||||||||||
Commercial and industrial (includes energy) | $ | 1,044 | $ | 330 | $ | 405 | $ | 3,309 | $ | 2,777 | $ | 1,374 | $ | 3,060 | |||||||||||||
Construction, land development and other land | (3) | (156) | 294 | 378 | 109 | (159) | 107 | ||||||||||||||||||||
1-4 family residential (includes home equity) | 342 | 1,051 | 180 | 409 | 425 | 1,393 | 882 | ||||||||||||||||||||
Commercial real estate (includes multi-family | 55 | 178 | 362 | 258 | (381) | 233 | (398) | ||||||||||||||||||||
Agriculture (includes farmland) | (14) | — | 5 | (116) | 214 | (14) | 237 | ||||||||||||||||||||
Consumer and other | 1,593 | 1,301 | 1,346 | 1,217 | 1,224 | 2,894 | 2,623 | ||||||||||||||||||||
Total | $ | 3,017 | $ | 2,704 | $ | 2,592 | $ | 5,455 | $ | 4,368 | $ | 5,721 | $ | 6,511 | |||||||||||||
Asset Quality Ratios | |||||||||||||||||||||||||||
Nonperforming assets to average interest-earning | 0.33 | % | 0.24 | % | 0.23 | % | 0.25 | % | 0.25 | % | 0.32 | % | 0.26 | % | |||||||||||||
Nonperforming assets to loans and other real | 0.50 | % | 0.37 | % | 0.37 | % | 0.40 | % | 0.40 | % | 0.50 | % | 0.40 | % | |||||||||||||
Net charge-offs to average loans (annualized) | 0.05 | % | 0.05 | % | 0.05 | % | 0.10 | % | 0.08 | % | 0.05 | % | 0.06 | % | |||||||||||||
Allowance for credit losses on loans to total loans | 1.56 | % | 1.59 | % | 1.59 | % | 1.58 | % | 1.61 | % | 1.56 | % | 1.61 | % | |||||||||||||
Allowance for credit losses on loans to total | 1.66 | % | 1.67 | % | 1.67 | % | 1.68 | % | 1.69 | % | 1.66 | % | 1.69 | % | |||||||||||||
Prosperity Bancshares, Inc.®
Notes to Selected Financial Data (Unaudited)
(Dollars and share amounts in thousands, except per share data)
NOTES TO SELECTED FINANCIAL DATA
Prosperity's management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Specifically, for internal planning and forecasting purposes, Prosperity reviews each of diluted earnings per share, return on average assets, return on average common equity, and return on average tangible common equity, in each case excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, FDIC special assessment, net of tax, and net gain on sale or write-up of securities, net of tax; return on average tangible common equity; tangible book value per share; the tangible equity to tangible assets ratio; allowance for credit losses to total loans excluding Warehouse Purchase Program loans; the efficiency ratio, excluding net gains and losses on the sale, write-down or write-up of assets and securities; and the efficiency ratio, excluding net gains and losses on the sale, write-down or write-up of assets and securities, merger related expenses and FDIC special assessment. In addition, due to the application of purchase accounting, Prosperity uses certain non-GAAP financial measures and ratios that exclude the impact of these items to evaluate its allowance for credit losses to total loans (excluding Warehouse Purchase Program loans). Prosperity has included information below relating to these non-GAAP financial measures for the applicable periods presented.
Three Months Ended | Year-to-Date | |||||||||||||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Jun 30, | Jun 30, | ||||||||||||||||||||||
Reconciliation of diluted earnings per share to diluted | ||||||||||||||||||||||||||||
Diluted earnings per share (unadjusted) | $ | 1.42 | $ | 1.37 | $ | 1.37 | $ | 1.34 | $ | 1.17 | $ | 2.79 | $ | 2.34 | ||||||||||||||
Net income | $ | 135,155 | $ | 130,225 | $ | 130,076 | $ | 127,282 | $ | 111,602 | $ | 265,380 | $ | 222,028 | ||||||||||||||
Merger related provision for credit losses, net of tax(Z) | — | — | — | — | 7,162 | — | 7,162 | |||||||||||||||||||||
Merger related expenses, net of tax(Z) | — | — | — | 50 | 3,461 | — | 3,461 | |||||||||||||||||||||
FDIC special assessment, net of tax(Z) | — | — | — | — | 2,807 | — | 2,807 | |||||||||||||||||||||
Net gain on sale or write-up of securities, net of tax(Z) | — | — | — | (177) | (8,472) | — | (8,707) | |||||||||||||||||||||
Net income excluding merger related provision for credit | $ | 135,155 | $ | 130,225 | $ | 130,076 | $ | 127,155 | $ | 116,560 | $ | 265,380 | $ | 226,751 | ||||||||||||||
Weighted average diluted shares outstanding | 95,277 | 95,266 | 95,264 | 95,261 | 95,765 | 95,271 | 94,735 | |||||||||||||||||||||
Merger related provision for credit losses, net of tax, per | $ | — | $ | — | $ | — | $ | — | $ | 0.07 | $ | — | $ | 0.07 | ||||||||||||||
Merger related expenses, net of tax, per diluted common | $ | — | $ | — | $ | — | $ | — | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||||
FDIC special assessment, net of tax, per diluted common | $ | — | $ | — | $ | — | $ | — | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||||||
Net gain on sale or write-up of securities, net of tax, per | $ | — | $ | — | $ | — | $ | — | $ | (0.09) | $ | — | $ | (0.09) | ||||||||||||||
Diluted earnings per share excluding merger related provision | $ | 1.42 | $ | 1.37 | $ | 1.37 | $ | 1.34 | $ | 1.22 | $ | 2.79 | $ | 2.39 | ||||||||||||||
Reconciliation of return on average assets to return on | ||||||||||||||||||||||||||||
Return on average assets (unadjusted) | 1.41 | % | 1.34 | % | 1.31 | % | 1.28 | % | 1.12 | % | 1.37 | % | 1.13 | % | ||||||||||||||
Net income excluding merger related provision for credit | $ | 135,155 | $ | 130,225 | $ | 130,076 | $ | 127,155 | $ | 116,560 | $ | 265,380 | $ | 226,751 | ||||||||||||||
Average total assets | $ | 38,391,214 | $ | 38,957,078 | $ | 39,627,399 | $ | 39,889,202 | $ | 39,948,848 | $ | 38,672,013 | $ | 39,442,163 | ||||||||||||||
Return on average assets excluding merger related provision | 1.41 | % | 1.34 | % | 1.31 | % | 1.28 | % | 1.17 | % | 1.37 | % | 1.15 | % | ||||||||||||||
(Z) Calculated assuming a federal tax rate of 21.0%. | ||||||||||||||||||||||||||||
Three Months Ended | Year-to-Date | |||||||||||||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Jun 30, | Jun 30, | ||||||||||||||||||||||
Reconciliation of return on average common equity to | ||||||||||||||||||||||||||||
Return on average common equity (unadjusted) | 7.13 | % | 6.94 | % | 7.00 | % | 6.93 | % | 6.10 | % | 7.03 | % | 6.15 | % | ||||||||||||||
Net income excluding merger related provision for credit | $ | 135,155 | $ | 130,225 | $ | 130,076 | $ | 127,155 | $ | 116,560 | $ | 265,380 | $ | 226,751 | ||||||||||||||
Average shareholders' equity | $ | 7,586,290 | $ | 7,505,801 | $ | 7,428,665 | $ | 7,347,265 | $ | 7,321,257 | $ | 7,546,269 | $ | 7,221,251 | ||||||||||||||
Return on average common equity excluding merger related | 7.13 | % | 6.94 | % | 7.00 | % | 6.92 | % | 6.37 | % | 7.03 | % | 6.28 | % | ||||||||||||||
Reconciliation of return on average common equity to | ||||||||||||||||||||||||||||
Net income | $ | 135,155 | $ | 130,225 | $ | 130,076 | $ | 127,282 | $ | 111,602 | $ | 265,380 | $ | 222,028 | ||||||||||||||
Average shareholders' equity | $ | 7,586,290 | $ | 7,505,801 | $ | 7,428,665 | $ | 7,347,265 | $ | 7,321,257 | $ | 7,546,269 | $ | 7,221,251 | ||||||||||||||
Less: Average goodwill and other intangible assets | (3,563,866) | (3,567,421) | (3,573,197) | (3,576,630) | (3,542,427) | (3,565,634) | (3,500,542) | |||||||||||||||||||||
Average tangible shareholders' equity | $ | 4,022,424 | $ | 3,938,380 | $ | 3,855,468 | $ | 3,770,635 | $ | 3,778,830 | $ | 3,980,635 | $ | 3,720,709 | ||||||||||||||
Return on average tangible common equity (F) | 13.44 | % | 13.23 | % | 13.50 | % | 13.50 | % | 11.81 | % | 13.33 | % | 11.93 | % | ||||||||||||||
Reconciliation of return on average common equity to | ||||||||||||||||||||||||||||
Net income excluding merger related provision for credit | $ | 135,155 | $ | 130,225 | $ | 130,076 | $ | 127,155 | $ | 116,560 | $ | 265,380 | $ | 226,751 | ||||||||||||||
Average shareholders' equity | $ | 7,586,290 | $ | 7,505,801 | $ | 7,428,665 | $ | 7,347,265 | $ | 7,321,257 | $ | 7,546,269 | $ | 7,221,251 | ||||||||||||||
Less: Average goodwill and other intangible assets | (3,563,866) | (3,567,421) | (3,573,197) | (3,576,630) | (3,542,427) | (3,565,634) | (3,500,542) | |||||||||||||||||||||
Average tangible shareholders' equity | $ | 4,022,424 | $ | 3,938,380 | $ | 3,855,468 | $ | 3,770,635 | $ | 3,778,830 | $ | 3,980,635 | $ | 3,720,709 | ||||||||||||||
Return on average tangible common equity excluding merger | 13.44 | % | 13.23 | % | 13.50 | % | 13.49 | % | 12.34 | % | 13.33 | % | 12.19 | % | ||||||||||||||
Reconciliation of book value per share to tangible book | ||||||||||||||||||||||||||||
Shareholders' equity | $ | 7,599,736 | $ | 7,517,061 | $ | 7,438,495 | $ | 7,361,249 | $ | 7,283,444 | $ | 7,599,736 | $ | 7,283,444 | ||||||||||||||
Less: Goodwill and other intangible assets | (3,561,923) | (3,565,533) | (3,569,176) | (3,574,566) | (3,578,431) | (3,561,923) | (3,578,431) | |||||||||||||||||||||
Tangible shareholders' equity | $ | 4,037,813 | $ | 3,951,528 | $ | 3,869,319 | $ | 3,786,683 | $ | 3,705,013 | $ | 4,037,813 | $ | 3,705,013 | ||||||||||||||
Period end shares outstanding | 95,277 | 95,258 | 95,275 | 95,261 | 95,262 | 95,277 | 95,262 | |||||||||||||||||||||
Tangible book value per share | $ | 42.38 | $ | 41.48 | $ | 40.61 | $ | 39.75 | $ | 38.89 | $ | 42.38 | $ | 38.89 | ||||||||||||||
Reconciliation of equity to assets ratio to period end | ||||||||||||||||||||||||||||
Tangible shareholders' equity | $ | 4,037,813 | $ | 3,951,528 | $ | 3,869,319 | $ | 3,786,683 | $ | 3,705,013 | $ | 4,037,813 | $ | 3,705,013 | ||||||||||||||
Total assets | $ | 38,417,352 | $ | 38,764,675 | $ | 39,566,738 | $ | 40,115,320 | $ | 39,762,294 | $ | 38,417,352 | $ | 39,762,294 | ||||||||||||||
Less: Goodwill and other intangible assets | (3,561,923) | (3,565,533) | (3,569,176) | (3,574,566) | (3,578,431) | (3,561,923) | (3,578,431) | |||||||||||||||||||||
Tangible assets | $ | 34,855,429 | $ | 35,199,142 | $ | 35,997,562 | $ | 36,540,754 | $ | 36,183,863 | $ | 34,855,429 | $ | 36,183,863 | ||||||||||||||
Period end tangible equity to period end tangible assets ratio | 11.58 | % | 11.23 | % | 10.75 | % | 10.36 | % | 10.24 | % | 11.58 | % | 10.24 | % | ||||||||||||||
Three Months Ended | Year-to-Date | |||||||||||||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Jun 30, | Jun 30, | ||||||||||||||||||||||
Reconciliation of allowance for credit losses to total loans | ||||||||||||||||||||||||||||
Allowance for credit losses on loans | $ | 346,084 | $ | 349,101 | $ | 351,805 | $ | 354,397 | $ | 359,852 | $ | 346,084 | $ | 359,852 | ||||||||||||||
Total loans | $ | 22,197,388 | $ | 21,977,570 | $ | 22,149,209 | $ | 22,380,852 | $ | 22,320,815 | $ | 22,197,388 | $ | 22,320,815 | ||||||||||||||
Less: Warehouse Purchase Program loans | (1,287,440) | (1,057,893) | (1,080,903) | (1,228,706) | (1,081,403) | (1,287,440) | (1,081,403) | |||||||||||||||||||||
Total loans less Warehouse Purchase Program | $ | 20,909,948 | $ | 20,919,677 | $ | 21,068,306 | $ | 21,152,146 | $ | 21,239,412 | $ | 20,909,948 | $ | 21,239,412 | ||||||||||||||
Allowance for credit losses on loans to total loans excluding | 1.66 | % | 1.67 | % | 1.67 | % | 1.68 | % | 1.69 | % | 1.66 | % | 1.69 | % | ||||||||||||||
Reconciliation of efficiency ratio to efficiency ratio | ||||||||||||||||||||||||||||
Noninterest expense | $ | 138,565 | $ | 140,301 | $ | 141,545 | $ | 140,338 | $ | 152,842 | $ | 278,866 | $ | 288,690 | ||||||||||||||
Net interest income | $ | 267,722 | $ | 265,382 | $ | 267,774 | $ | 261,691 | $ | 258,786 | $ | 533,104 | $ | 497,030 | ||||||||||||||
Noninterest income | 42,982 | 41,301 | 39,837 | 41,099 | 46,003 | 84,283 | 84,873 | |||||||||||||||||||||
Less: net gain (loss) on sale or write-down of assets | 1,414 | (235) | 584 | 3,178 | (903) | 1,179 | (938) | |||||||||||||||||||||
Less: net gain on sale or write-up of securities | — | — | — | 224 | 10,723 | — | 11,021 | |||||||||||||||||||||
Noninterest income excluding net gains and losses on the sale, | 41,568 | 41,536 | 39,253 | 37,697 | 36,183 | 83,104 | 74,790 | |||||||||||||||||||||
Total income excluding net gains and losses on the sale, | $ | 309,290 | $ | 306,918 | $ | 307,027 | $ | 299,388 | $ | 294,969 | $ | 616,208 | $ | 571,820 | ||||||||||||||
Efficiency ratio, excluding net gains and losses on the sale, | 44.80 | % | 45.71 | % | 46.10 | % | 46.87 | % | 51.82 | % | 45.26 | % | 50.49 | % | ||||||||||||||
Reconciliation of efficiency ratio to efficiency ratio, | ||||||||||||||||||||||||||||
Noninterest expense | $ | 138,565 | $ | 140,301 | $ | 141,545 | $ | 140,338 | $ | 152,842 | $ | 278,866 | $ | 288,690 | ||||||||||||||
Less: merger related expenses | — | — | — | 63 | 4,381 | — | 4,381 | |||||||||||||||||||||
Less: FDIC special assessment | — | — | — | — | 3,554 | — | 3,554 | |||||||||||||||||||||
Noninterest expense excluding merger related expenses and | $ | 138,565 | $ | 140,301 | $ | 141,545 | $ | 140,275 | $ | 144,907 | $ | 278,866 | $ | 280,755 | ||||||||||||||
Net interest income | $ | 267,722 | $ | 265,382 | $ | 267,774 | $ | 261,691 | $ | 258,786 | $ | 533,104 | $ | 497,030 | ||||||||||||||
Noninterest income | 42,982 | 41,301 | 39,837 | 41,099 | 46,003 | 84,283 | 84,873 | |||||||||||||||||||||
Less: net gain (loss) on sale or write down of assets | 1,414 | (235) | 584 | 3,178 | (903) | 1,179 | (938) | |||||||||||||||||||||
Less: net gain on sale or write-up of securities | — | — | — | 224 | 10,723 | — | 11,021 | |||||||||||||||||||||
Noninterest income excluding net gains and losses on the sale, | 41,568 | 41,536 | 39,253 | 37,697 | 36,183 | 83,104 | 74,790 | |||||||||||||||||||||
Total income excluding net gains and losses on the sale, | $ | 309,290 | $ | 306,918 | $ | 307,027 | $ | 299,388 | $ | 294,969 | $ | 616,208 | $ | 571,820 | ||||||||||||||
Efficiency ratio, excluding net gains and losses on the sale, | 44.80 | % | 45.71 | % | 46.10 | % | 46.85 | % | 49.13 | % | 45.26 | % | 49.10 | % | ||||||||||||||
SOURCE Prosperity Bancshares, Inc.
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