Prosperity Bancshares(PB) Prnewswire·2025-04-23 10:30Core Insights - Prosperity Bancshares reported a net income of 110.4 million in Q1 2024, with diluted earnings per share rising to 1.18 [1][7] - The net interest margin improved to 3.14% in Q1 2025, up from 2.79% in Q1 2024, driven by higher asset repricing [9][11] - The company maintained strong asset quality with nonperforming assets at 0.24% of average interest-earning assets [21] Financial Performance - Net interest income before provision for credit losses was 238.2 million in Q1 2024 [8][11] - Noninterest income rose to 38.9 million in Q1 2024 [10][11] - Noninterest expense increased to 135.8 million in Q1 2024, primarily due to salary increases related to the merger [13][11] Balance Sheet Highlights - Total assets as of March 31, 2025, were 38.757 billion a year earlier [14] - Loans increased to 21.265 billion in Q1 2024, largely due to the merger [15][11] - Deposits reached 27.176 billion in Q1 2024 [16][11] Capital and Asset Quality - The tangible equity to tangible assets ratio was 11.2%, with tangible equity amounting to 349.1 million, representing 1.59% of total loans [23][11] - Net charge-offs for Q1 2025 were 2.1 million in Q1 2024 [24][11] Market Recognition - Prosperity Bancshares has been recognized as one of Forbes' Best Banks since 2010 and was named the "Best Overall Bank in Texas" for 2024-2025 [3][11] - The company was also ranked among "America's Best Regional Banks" by Newsweek in 2025 [3][11] Economic Context - The Texas economy is experiencing solid employment growth and increased sales tax revenue, indicating a favorable economic environment for banking operations [5][11] - Despite uncertainties related to tariffs, management remains optimistic based on customer feedback regarding future outlooks and plans [6][11]