Financial Performance - Prosperity Bancshares reported revenue of $307.61 million for the quarter ended December 2024, reflecting a 12.5% increase year-over-year [1] - Earnings per share (EPS) for the quarter was $1.37, up from $1.19 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $302.8 million by 1.59% [1] - EPS also surpassed the consensus estimate of $1.33 by 3.01% [1] Key Metrics - Net Interest Margin (Tax Equivalent Basis) was 3.1%, matching the average estimate from six analysts [4] - Efficiency Ratio stood at 46.1%, better than the average estimate of 46.7% [4] - Net charge-offs to average loans were 0.1%, consistent with the average estimate [4] - Average balance of total interest-earning assets was $35.08 billion, exceeding the estimated $34.67 billion [4] - Total nonperforming assets were reported at $81.54 million, lower than the estimated $89.39 million [4] - Total nonperforming loans were $75.84 million, compared to the estimated $83.52 million [4] - Tier 1 Leverage Capital Ratio was 10.8%, slightly below the average estimate of 10.9% [4] - Tier 1 Risk-based Capital Ratio was 16.4%, above the estimated 15.8% [4] - Total Risk-based Capital Ratio was 17.7%, exceeding the estimated 17.2% [4] - Total Noninterest Income was $39.84 million, higher than the average estimate of $37.20 million [4] - Net Interest Income was $267.77 million, surpassing the average estimate of $265.02 million [4] - Net Interest Income (Tax Equivalent Basis) was $268.54 million, compared to the average estimate of $267.12 million [4] Stock Performance - Shares of Prosperity Bancshares have returned +6.2% over the past month, outperforming the Zacks S&P 500 composite's +1.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Prosperity Bancshares (PB) came out with quarterly earnings of $1.37 per share, beating the Zacks Consensus Estimate of $1.33 per share. This compares to earnings of $1.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.01%. A quarter ago, it was expected that this financial holding company would post earnings of $1.30 per share when it actually produced earnings of $1.34, delivering a surprise of 3.08%.Over the last four qu ...

PRESS RELEASE For more information contact: Prosperity Bancshares, Inc. Cullen Zalman Prosperity Bank Plaza Executive Vice President – Banking and Corporate Activities 4295 San Felipe 281.269.7199 Houston, Texas 77027 cullen.zalman@prosperitybankusa.com Exhibit 99.1 ® PROSPERITY BANCSHARES, INC. ® REPORTS FOURTH QUARTER 2024 EARNINGS HOUSTON, January 29, 2025. Prosperity Bancshares, Inc. ® (NYSE: PB), the parent company of Prosperity Bank ® (collectively, "Prosperity"), reported net income of $130.1 million ...

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 ...

Financial Performance - For the quarter ended September 30, 2024, net income available to common shareholders was $127.3 million or $1.34 per diluted common share, an increase from $112.2 million or $1.20 per diluted common share for the same period in 2023, representing a 13.5% increase[162] - The annualized return on average common equity for the quarter ended September 30, 2024, was 6.93%, compared to 6.39% for the same period in 2023, indicating improved profitability[163] - Net interest income before the provision for credit losses for the quarter ended September 30, 2024, was $261.7 million, an increase of $22.2 million or 9.3% compared to $239.5 million for the same period in 2023[165] - Interest income on loans for the quarter ended September 30, 2024, was $337.5 million, an increase of $28.8 million or 9.3% compared to $308.7 million for the same period in 2023[166] - Noninterest income rose to $41.1 million for the three months ended September 30, 2024, an increase of $2.4 million or 6.1% from $38.7 million in the same period last year[189] - Noninterest expense totaled $140.3 million for the quarter ended September 30, 2024, reflecting an increase of $4.7 million or 3.5% compared to $135.7 million in the prior year[192] - Income tax expense for Q3 2024 was $35.2 million, an increase of $4.8 million or 15.7% compared to Q3 2023[194] - The Company’s net income for the period was $349.3 million, contributing to the increase in shareholders' equity[269] Asset and Liability Management - Total assets increased to $40.12 billion as of September 30, 2024, up by $1.57 billion or 4.1% from $38.55 billion at December 31, 2023[152] - Total loans rose to $22.38 billion, reflecting an increase of $1.20 billion or 5.7% compared to $21.18 billion at December 31, 2023[152] - Total deposits reached $28.09 billion, an increase of $907.8 million or 3.3% from $27.18 billion at December 31, 2023[152] - Total shareholders' equity grew to $7.36 billion, up by $281.9 million or 4.0% from $7.08 billion at December 31, 2023[152] - The carrying cost of securities decreased to $11.30 billion at September 30, 2024, down by $1.50 billion or 11.7% from $12.80 billion at December 31, 2023[242] - Securities represented 28.2% of total assets at September 30, 2024, compared to 33.2% at December 31, 2023[242] - Cash and cash equivalents significantly increased to $2.21 billion, up by $1.75 billion or 382.1% from $458.4 million at December 31, 2023[256] Mergers and Acquisitions - The merger with Lone Star State Bancshares, effective April 1, 2024, added $1.38 billion in total assets, $1.08 billion in total loans, and $1.24 billion in total deposits[153] - The acquisition of First Bancshares of Texas, effective May 1, 2023, contributed $2.14 billion in total assets, $1.65 billion in total loans, and $1.71 billion in total deposits[155] - Goodwill recognized from the Lone Star merger was $108.0 million as of September 30, 2024[154] - Goodwill from the First Bancshares merger totaled $164.8 million, including final fair value adjustments[156] Credit Quality and Allowance for Credit Losses - The allowance for credit losses on loans was $341,659, compared to $303,518 in the previous year[178] - Nonperforming assets increased by $17.3 million to $89.9 million as of September 30, 2024, compared to $72.7 million at December 31, 2023[210] - Nonperforming assets represented 0.40% of total loans and other real estate at September 30, 2024, up from 0.34% at December 31, 2023[212] - The allowance for credit losses on loans was 422.0% of total nonperforming loans as of September 30, 2024, compared to 468.9% at December 31, 2023[212] - The provision for credit losses was $10,727 thousand for originated loans and $(2,804) thousand for acquired loans, resulting in a total provision of $7,923 thousand[229] - The allowance for credit losses on loans increased to $354.4 million at September 30, 2024, up by $22.0 million or 6.6% from $332.4 million at December 31, 2023[234] Capital and Regulatory Ratios - The Company's CET1 capital ratio was 15.84% as of September 30, 2024, significantly above the minimum required ratio of 4.50%[272] - The total capital ratio for the Company was 17.09% as of September 30, 2024, exceeding the minimum required ratio of 8.00%[272] - The Bank's total capital ratio was 17.04% as of September 30, 2024, also above the minimum required ratio of 8.00%[272] - The Company has a capital conservation buffer requirement of 2.5% under Basel III Capital Rules, which it exceeds comfortably[270] Operational Efficiency - The company focuses on internal growth, efficient operations, and strategic acquisitions as key components of its growth strategy[151] - The company operates 287 full-service banking locations across Texas and Oklahoma as of September 30, 2024[148] Loan Portfolio - Total loans held for investment increased to $72.1 billion as of September 30, 2024, compared to $58.9 billion in the previous year[182] - Loans held for investment reached $21,312,440, with interest earned of $928,973, reflecting a yield of 5.82%[178] - The loan portfolio includes $18.32 billion in originated loans and $1.31 billion in re-underwritten acquired loans[197] - Commercial and industrial loans are primarily secured by short-term assets and involve higher credit risk compared to residential mortgage loans[198] - The Company provides agriculture loans for short-term livestock and crop production, evaluating borrowers based on historical profitability and financial capacity[205] Interest Rate and Margin - The net interest margin on a tax-equivalent basis for the quarter ended September 30, 2024, was 2.95%, an increase of 23 basis points compared to 2.72% for the same period in 2023[169] - The net interest margin improved to 2.85% for the nine months ended September 30, 2024, compared to 2.78% in the prior year[178] - The net interest rate spread was 1.88%, down from 1.97% in the previous year[178] Other Financial Metrics - The average interest-bearing deposits to total average deposits ratio increased to 65.3% for the first nine months of 2024, compared to 62.4% for the same period in 2023[248] - The Bank Term Funding Program balance outstanding was $3.90 billion as of September 30, 2024, with an interest rate of 4.76%[250] - The Company had outstanding commitments to extend credit of $4.04 billion as of September 30, 2024[254]

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]