Core Points - Prosperity Bancshares reported a net income of $130.1 million for Q4 2024, a 36.2% increase from $95.5 million in Q4 2023, with diluted earnings per share rising to $1.37 from $1.02 [1][5][10] - The company experienced a significant increase in deposits, up by $293.7 million in Q4 2024, while borrowings decreased by $700 million [1][19] - Nonperforming assets decreased to $81.5 million, representing 0.23% of average interest-earning assets, indicating strong asset quality [1][21] Financial Performance - For the year ended December 31, 2024, net income was $479.4 million, a 14.3% increase from $419.3 million in 2023, with earnings per share rising to $5.05 from $4.51 [10][11] - Net interest income before provision for credit losses for 2024 was $1.026 billion, up 7.3% from $956.4 million in 2023, driven by higher loan balances and rates [12] - The net interest margin improved to 2.93% for 2024, compared to 2.78% in 2023, reflecting better loan performance [13] Asset and Deposit Growth - Total assets increased to $39.567 billion as of December 31, 2024, a 2.6% rise from $38.548 billion a year earlier [17] - Loans reached $22.149 billion, a 4.6% increase from $21.181 billion in 2023, primarily due to the merger with Lone Star Bank [18] - Total deposits were $28.381 billion, up 4.4% from $27.180 billion in 2023, with noninterest-bearing deposits comprising 34.5% of total deposits [19][1] Merger Impact - The merger with Lone Star State Bancshares on April 1, 2024, contributed significantly to the growth in loans and deposits [30][31] - The merger resulted in goodwill of $106.7 million as of December 31, 2024, reflecting the strategic expansion of the company's operations [31] Future Outlook - The company expressed optimism about growth prospects in Texas and Oklahoma, citing favorable economic conditions and population growth [2][3] - Prosperity Bancshares has a strong capital position, allowing for potential mergers and acquisitions, stock repurchases, and organic growth without needing additional capital [3]

HOUSTON, Jan. 21, 2025 /PRNewswire/ -- Prosperity Bancshares, Inc.® (the "Company") (NYSE: PB), the parent company of Prosperity Bank®, today announced that its Board of Directors authorized a stock repurchase program under which the Company may repurchase up to 5%, or approximately 4.8 million shares, of its outstanding common stock over a one-year period expiring on January 21, 2026, at the discretion of management. Repurchases under this program may be made from time to time in open market transactions, ...

HOUSTON, Dec. 23, 2024 /PRNewswire/ -- In conjunction with Prosperity Bancshares, Inc.® (NYSE: PB) Fourth Quarter 2024 Earnings Announcement, scheduled before the market opens on Wednesday, January 29, 2025, you are invited to listen to its conference call at 11:30 AM, Eastern Time (10:30 AM, Central Time) on that day. Participants will include members of Prosperity's executive management team.  What: Prosperity Bancshares, Inc.® Fourth Quarter 2024 Earnings Conference Call  When: Wednesday, Januar ...

My last two articles on Prosperity Bancshares (NYSE: PB ) highlighted the potential of this bank and how the price per share was undervalued. Since that time, the stock has outperformed the S&P 500 and isHi there, welcome to my profile. My name is Eugenio Catone, I live in Italy and I am 26 years old. In 2023 I graduated in Business Administration and I am completing my studies. My interest in financial markets started about 5 years ago when I accidentally came across a video about trading. That was the spa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 001-35388 | --- | --- | |-------------------------------------------------------------------------------------|---------------- ...

Shares of Prosperity Bancshares Inc. (PB) gained 1% on better-than-expected third-quarter 2024 earnings. Its adjusted earnings per share (EPS) of $1.34 beat the Zacks Consensus Estimate of $1.30. Moreover, the bottom line compared favorably with adjusted earnings of $1.21 in the prior-year quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Results benefited from an increase in net interest income (NII). Further, a rise in deposits and loans was another positive. Nevertheless, a ...

Financial Data and Key Metrics Changes - Prosperity Bancshares reported net income of $127 million for Q3 2024, an increase from $112 million in Q3 2023, representing an 11.7% increase in net income per diluted common share to $1.34 [6][8] - The net interest margin on a tax-equivalent basis improved to 2.95% for Q3 2024, up from 2.72% in Q3 2023 [6][12] - Tangible capital increased by $218 million from September 30, 2023, to September 30, 2024, despite paying $212 million in dividends and repurchasing $75 million of common stock [5][6] Business Line Data and Key Metrics Changes - Loans totaled $22.3 billion at September 30, 2024, an increase of $948 million or 4.4% compared to $21.4 billion at the same time last year [6][8] - Deposits reached $28 billion, up $774 million or 2.8% from $27.3 billion a year earlier [8][9] - Non-interest income for Q3 2024 was $41.1 million, compared to $38.7 million in Q3 2023, but down from $46 million in Q2 2024 [12][13] Market Data and Key Metrics Changes - Non-performing assets totaled $89.9 million, representing 25 basis points of quarterly average interest-earning assets, compared to $69.5 million or 20 basis points a year ago [9][14] - The allowance for credit losses on loans was $392 million at September 30, 2024, indicating a stable credit quality environment [9][10] Company Strategy and Development Direction - The company plans to focus on improving net interest margins and is optimistic about future growth opportunities in Texas and Oklahoma due to population influx and economic conditions [10][11] - Management indicated readiness for potential M&A opportunities that align with the company's growth strategy, emphasizing the importance of quality assets and strong management teams in any acquisition [10][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a net interest margin of 3% by year-end 2024, contingent on interest rate stability [18][19] - The company anticipates low single-digit loan growth in the near term, with potential for mid-single-digit growth in 2025, depending on the regulatory environment and interest rate cuts [46][48] Other Important Information - The efficiency ratio improved to 46.9% for Q3 2024, down from 51.8% in Q2 2024, indicating better operational efficiency [13] - The company has not purchased any broker deposits during recent market turbulence, focusing instead on stabilizing core deposits [9][10] Q&A Session Summary Question: What is the outlook for net interest margin (NIM)? - Management expects to exit 2024 with a NIM of 3%, with projections for 2025 averaging 3.27% [18][19][32] Question: How are deposit costs expected to change? - Management indicated that deposit costs should decrease as CDs reprice, with a beta of 22 basis points for every 100 basis points decrease in rates [24][25][27] Question: What is the outlook for loan growth? - Management anticipates low single-digit loan growth in the near term, with potential for mid-single-digit growth in 2025, influenced by the regulatory environment and interest rates [46][48] Question: Is the company considering M&A opportunities? - Management is open to M&A if it enhances the company's position and shareholder value, but the focus remains on organic growth and improving net interest margins [34][36][50]

For the quarter ended September 2024, Prosperity Bancshares (PB) reported revenue of $302.79 million, up 8.8% over the same period last year. EPS came in at $1.34, compared to $1.20 in the year-ago quarter.The reported revenue represents a surprise of +0.99% over the Zacks Consensus Estimate of $299.83 million. With the consensus EPS estimate being $1.30, the EPS surprise was +3.08%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to d ...

Prosperity Bancshares (PB) came out with quarterly earnings of $1.34 per share, beating the Zacks Consensus Estimate of $1.30 per share. This compares to earnings of $1.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.08%. A quarter ago, it was expected that this financial holding company would post earnings of $1.20 per share when it actually produced earnings of $1.22, delivering a surprise of 1.67%.Over the last four qu ...

The upcoming report from Prosperity Bancshares (PB) is expected to reveal quarterly earnings of $1.30 per share, indicating an increase of 8.3% compared to the year-ago period. Analysts forecast revenues of $299.83 million, representing an increase of 7.8% year over year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 1.8% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Befo ...