Prosperity Bancshares(US:PB)2024-04-24 16:57Financial Performance - Prosperity's assets reached $38.8 billion, with total loans of $21.3 billion and deposits of $27.2 billion as of March 31, 2024 [4] - Net income for the three months ended March 31, 2024, was $110.4 million, with diluted earnings per share of $1.18 [14] - The net interest margin increased by 4 basis points to 2.79% in the first quarter of 2024 [14] - The company repurchased 567,692 shares of common stock during the first quarter of 2024 [4] Asset Quality & Capitalization - The allowance for credit losses on loans and off-balance sheet credit exposure totaled $366.7 million [4] - The allowance for credit losses to total loans, excluding the Warehouse Purchase Program, was 1.62% [14] - The common equity tier 1 ratio stood at 15.78%, and the leverage ratio was 10.37% as of March 31, 2024 [14] - Annualized net charge-offs (recoveries) / quarterly average loans was 0.04% [4] Strategic Developments & Market Presence - Prosperity completed its merger with Lone Star State Bancshares, Inc on April 1, 2024 [14] - The company has a strong presence in Texas and Oklahoma, operating with $38.8 billion in total assets [15] - Prosperity has been recognized as one of Forbes America's Best Banks since 2010, consistently ranking in the Top 10 for 14 consecutive years [6]