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, 2023 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 PROSPERITY BANCSHARES, INC.® | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ...

Financial Data and Key Metrics Changes - The Board of Directors approved an increase in the fourth quarter 2023 dividend to $0.56 per share from $0.55 per share, reflecting confidence in the company and markets [13] - Net income for Q3 2023 was $112 million, down from $135 million in Q3 2022, with net income per diluted share at $1.20 compared to $1.49 in the same period last year [14] - Tangible capital increased by $243 million from September 30, 2022, to September 30, 2023, after paying $203 million in dividends and repurchasing $72 million of common stock [14] - The net interest margin on a tax-equivalent basis was 2.72% for Q3 2023, stable compared to 2.73% in Q2 2023, but down from 3.11% in Q3 2022 [15][29] Business Line Data and Key Metrics Changes - Loans totaled $21.4 billion on September 30, 2023, a decrease of $221 million or 1% from June 30, 2023, but an increase of $2.9 billion or 15.8% compared to September 30, 2022 [16] - Non-interest income was $38.7 million for Q3 2023, compared to $39.7 million in Q2 2023 and $34.7 million in Q3 2022 [30] - Non-interest expense decreased to $135.7 million in Q3 2023 from $145.9 million in Q2 2023, primarily due to merger-related expenses [30] Market Data and Key Metrics Changes - Deposits were $27.3 billion on September 30, 2023, a decrease of $68 million from June 30, 2023, and down $2 billion or 6.8% from September 30, 2022 [17][18] - Non-performing assets totaled $69 million, or 20 basis points of quarterly average interest-earning assets, compared to $62 million or 18 basis points in Q2 2023 [19][32] Company Strategy and Development Direction - The company is focused on optimizing its balance sheet and expects net interest margin to improve over the next 6 to 24 months as assets reprice to market rates [15][22] - The company is committed to the acquisition of Lone Star Bank shares, pending regulatory approvals, and is exploring further M&A opportunities [27][88] - The company anticipates continued consolidation in the banking industry due to increased costs and regulatory burdens [28] Management's Comments on Operating Environment and Future Outlook - Management noted that while loan growth is moderating, the Texas and Oklahoma economies are benefiting from relocations, which could drive future growth [22] - The management expressed confidence in the stability of their asset quality and reserves, despite potential macroeconomic challenges [99][102] - Management indicated that they are cautious about the future but believe their current reserve levels are appropriate [102] Other Important Information - The efficiency ratio improved to 48.7% for Q3 2023 from 53.2% in Q2 2023, indicating better cost management [31] - The company expects non-interest expense for Q4 2023 to be in the range of $134 million to $136 million, excluding a special FDIC assessment expected to add $10 million annually [30][111] Q&A Session Summary Question: What is the outlook for net interest margin (NIM)? - Management believes NIM has bottomed out and expects a moderate increase in Q4 2023, driven by balance sheet optimization and loan repricing [41][63] Question: What are the expectations for loan production and growth? - Loan production is expected to be low to mid-single digits for the next year, with some restrictions on lending due to deposit relationships [82][84] Question: Can you provide an update on the Lone Star acquisition? - The company is still working with regulators for approval on the Lone Star deal and remains committed to completing the transaction [88] Question: How is the company managing expenses in the current environment? - The company anticipates a 2% to 3% increase in expenses for 2024, excluding special assessments, while implementing automation initiatives to mitigate costs [110] Question: What is the current state of credit quality in commercial real estate? - Management reported stable credit quality in commercial real estate, particularly in multifamily and office sectors, with no significant issues observed [99][100]

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 Third Quarter Highlights • Deposits, excluding public fund deposits, increased $259.9 million, with no brokered deposits purchased • Loans, excluding Warehouse Purchase Program loans and loans acquired in the Merger, increased $111.1 million during third quarter 2023 • Nonperforming assets to average earning assets remain low at 0.20% or $69.5 million • Pending merger with Lone Star State Bancshares, Inc. | --- | --- | --- | ...

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 (State or other jurisdiction of incorporation or organization) Prosperity Bank Plaza 4295 San Felipe, Houston, Texas 77027 (Address of principal executive offices) (Zip Code) FOR THE QUARTERLY PERIOD ENDED June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSIT ...

Prosperity Bancshares, Inc. (NYSE:PB) Q2 2023 Earnings Conference Call July 26, 2023 11:30 AM ET Company Participants Charlotte Rasche - Executive Vice President & General Counsel David Zalman - Senior Chairman & Chief Executive Officer Asylbek Osmonov - Chief Financial Officer Tim Timanus - Chairman Kevin Hanigan - President & Chief Operating Officer Conference Call Participants Michael Rose - Raymond James Peter Winter - D.A. Davidson Dave Rochester - Compass Point Brady Gailey - KBW Manan Gosalia - Morga ...

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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION FOR THE QUARTERLY PERIOD ENDED March 31, 2023 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 PROSPERITY BANCSHARES, INC.® (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...

Prosperity Bancshares, Inc. (NYSE:PB) Q1 2023 Earnings Conference Call April 26, 2023 11:30 AM ET Company Participants Charlotte Rasche - Executive Vice President & General Counsel David Zalman - Senior Chairman & Chief Executive Officer Asylbek Osmonov - Chief Financial Officer Tim Timanus - Chairman Kevin Hanigan - President & Chief Operating Officer Conference Call Participants Brady Gailey - KBW Peter Winter - D.A. Davidson Brad Milsaps - Piper Sandler Michael Rose - Raymond James Brett Rabatin - Hovde ...

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains, and the remarks by Prosperity's management at the annual meeting may contain, forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, 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 release ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended December 31, 2022 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 PROSPERITY BANCSHARES, INC.® (Exact name of registrant as specified in its charter) | TEXAS | 74-2331986 | | --- | --- | | (Sta ...

Financial Data and Key Metrics Changes - The annualized return on average assets for Q4 2022 was 1.47%, and the annualized return on average tangible common equity was 16.2% [10] - Net income for Q4 2022 was $137.9 million, an increase of 8.7% compared to $126 million in Q4 2021 [11] - Net income per diluted common share for Q4 2022 was $1.51, up 9.4% from $1.38 in Q4 2021 [11] - Total deposits decreased to $28.5 billion, a decline of 7.3% from $30.8 billion in Q4 2021 [13] - The efficiency ratio improved to 40.8% for Q4 2022, compared to 42.8% in Q4 2021 [12] Business Line Data and Key Metrics Changes - Loans excluding Warehouse Purchase Program and PPP loans increased to $18 billion, up 8.5% from $16.7 billion in Q4 2021 [12] - Net interest income before provision for credit losses for Q4 2022 was $256.1 million, an increase of 4.6% from $244.8 million in Q4 2021 [19] - Noninterest income for Q4 2022 was $37.7 million, compared to $35.8 million in Q4 2021 [112] Market Data and Key Metrics Changes - The company expects growth in loans to continue into 2023, driven by strong consumer spending, particularly in tourism, restaurant, and hospitality sectors [17] - The economies in Texas and Oklahoma are anticipated to outperform other states due to lower tax rates and a business-friendly environment [18] Company Strategy and Development Direction - The company is excited about its pending merger with First Bancshares of Texas and Lone Star State Bancshares, which will add approximately $3 billion in assets and increase market share in West Texas [16] - The company aims to focus on loan growth rather than bond purchases, indicating a preference for increasing the loan portfolio [134] Management's Comments on Operating Environment and Future Outlook - Management believes that the net interest margin will continue to increase over the next several years as the bond portfolio reprices to higher yields [18] - The company is optimistic about loan growth, projecting mid-single digit to high single-digit growth for 2023 [140] Other Important Information - The allowance for credit losses on loans was $311 million at December 31, 2022, compared to $316 million at the end of 2021 [15] - Non-performing assets totaled $27 million, representing 8 basis points of quarterly average interest-earning assets [14] Q&A Session Summary Question: What is the outlook for net interest margin? - Management indicated that while the net interest margin may be flat in the short term, significant increases are expected in the long term as the bond portfolio reprices higher [127][130] Question: How is the company managing deposit pressures? - Management noted that they have good relationships with public fund customers and are managing deposit rates carefully to retain deposits [28][60] Question: What is the company's strategy regarding M&A? - The company plans to remain active in M&A, particularly looking for opportunities during market dislocations, while being cautious about the impact of AOCI on larger deals [145][147]