HOUSTON, Oct. 25, 2017 /PRNewswire/ -- Prosperity
Bancshares, Inc.® (NYSE: PB), the parent company of
Prosperity Bank® (collectively, "Prosperity"), reported
net income for the quarter ended September
30, 2017 of $67.908 million or
$0.98 per diluted common share.
Additionally, nonperforming assets remain low at 0.24% of third
quarter average interest-earning assets.
"Texas accounts for 8.8% of the
U.S. GDP and 8.4% of the U.S. nonfarm employment. It is the
largest exporting state in the U.S. and is home to more than 50
Fortune 500 companies. When a natural disaster such as
Hurricane Harvey strikes several areas of the state, it can have a
far-reaching impact," said David
Zalman, Prosperity's Chairman and Chief Executive
Officer.
"Hurricane Harvey made landfall near Rockport, Texas on Friday, August 25 and continued to impact the
Houston and Beaumont areas through much of the following
week. Within seven days after landfall, we had 91% of
affected banking centers open (86 of 94) and today, every banking
center except one is open for business," continued Zalman.
"Our lenders have visited with every loan relationship we have
in the affected areas in excess of $1
million. The vast majority of our customers affected
had flood insurance and/or business interruption insurance.
We did however make a small provision this quarter given the
increased risk on loan performance and the possibility of some
adverse economic impact from the storm," added Zalman.
"During the first two quarters of 2017, we experienced
approximately 5% annualized organic loan growth, however, given the
distraction of the Hurricane and recovery process, organic loan
growth for the third quarter was approximately 1.9%
annualized. Our fee income was also slightly impacted this
quarter as we waived certain ATM, overdraft and late payment fees
for customers in the affected areas," stated Zalman.
"We are pleased with our results for the third quarter
considering the challenges in some of our areas. The Federal
Reserve Bank of Dallas expects
that the fourth quarter will show a rebound in economic activity
that will more than offset the economic decline in the third
quarter. We are excited about the opportunities we have for
the fourth quarter," concluded Zalman.
Results of Operations for the Three Months Ended
September 30, 2017
Net income was $67.908
million(2) for the three months ended
September 30, 2017 compared with $68.651 million(3) for the same period
in 2016. Net income per diluted common share was $0.98 for the three months ended
September 30, 2017 compared with $0.99 for the same period in 2016. Annualized
returns on average assets, average common equity and average
tangible common equity for the three months ended
September 30, 2017 were 1.22%, 7.20% and 14.83%(1),
respectively. Prosperity's efficiency ratio (excluding credit
loss provisions, net gains and losses on the sale of assets and
taxes) was 41.92%(1) for the three months ended
September 30, 2017.
Net interest income before provision for credit losses for the
three months ended September 30, 2017 was $156.147 million compared with $154.064 million during the same period in 2016,
an increase of $2.083 million or
1.4%. This change was primarily due to an increase in the average
balance and yield on interest-earning assets, partially offset by
an increase in the average rate on interest-bearing liabilities.
Linked quarter net interest income before provision for credit
losses increased $3.916 million or
2.6% to $156.147 million compared
with $152.231 million during the
three months ended June 30, 2017. This increase was primarily
due to an increase in loan discount accretion of $3.415 million.
The net interest margin on a tax equivalent basis was 3.22% for
the three months ended September 30, 2017 compared
with 3.29% for the same period in 2016. This change was
primarily due to an increase in the average rates on
interest-bearing liabilities. On a linked quarter basis, the net
interest margin was 3.22% compared with 3.14% for the three months
ended June 30, 2017. This increase was primarily due to an
increase in loan discount accretion.
Noninterest income was $28.809
million for the three months ended September 30, 2017
compared with $29.684 million for the
same period in 2016, a decrease of $875
thousand or 2.9%. This change was primarily due to a
decrease in mortgage income. On a linked quarter basis, noninterest
income increased $1.029 million or
3.7% compared with the three months ended June 30, 2017. This
change was primarily due to an increase in other noninterest income
and NSF fees.
Noninterest expense was $77.509
million for the three months ended September 30, 2017
compared with $79.476 million for the
same period in 2016, a decrease of $1.967
million or 2.5%. This change was primarily due to a decrease
in amortization of core deposit intangibles and salaries and
benefits. On a linked quarter basis, noninterest expense increased
$1.067 million or 1.4% compared with
the three months ended June 30, 2017. This increase was
primarily due to an increase in salaries and benefits and other
noninterest expense.
Results of Operations for the Nine Months Ended
September 30, 2017
Net income was $205.027
million(4) for the nine months ended
September 30, 2017 compared with $205.673 million(5) for the same
period in 2016. Net income per diluted common share was
$2.95 for the nine months ended
September 30, 2017 and 2016. Annualized returns on average
assets, average common equity and average tangible common equity
for the nine months ended September 30, 2017 were 1.22%, 7.34%
and 15.34%(1), respectively. Prosperity's
efficiency ratio (excluding credit loss provisions, net gains and
losses on the sale of assets and securities and taxes) was
42.42%(1) for the nine months ended September 30,
2017.
Net interest income before provision for credit losses for the
nine months ended September 30, 2017 was $460.813 million compared with $478.788 million for the same period in 2016, a
decrease of $17.975 million or 3.8%.
This change was primarily due to a decrease in loan discount
accretion of $14.308 million.
The net interest margin on a tax equivalent basis for the nine
months ended September 30, 2017 was 3.18% compared
with 3.38% for the same period in 2016. This change was
primarily due to a decrease in loan discount accretion and an
increase in the average rate on interest-bearing liabilities.
Noninterest income was $87.413
million for the nine months ended September 30, 2017
compared with $88.950 million for the
same period in 2016, a decrease of $1.537
million or 1.7%. This change was primarily due to the
net loss on sale of assets and a decrease in brokerage and mortgage
income, partially offset by a gain on sale of securities and an
increase in service charges on deposit accounts.
Noninterest expense was $232.013
million for the nine months ended September 30, 2017
compared with $239.239 million for
the same period in 2016, a decrease of $7.226 million or 3.0%. This change was
primarily due to decreases in salaries and benefits, core deposit
intangibles amortization and communications expense.
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(1)
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Refer to the "Notes
to Selected Financial Data" at the end of this Earnings Release for
a reconciliation of this non-GAAP financial measure to the nearest
GAAP financial measure.
|
(2)
|
Includes purchase
accounting adjustments of $4.903 million, net of tax, primarily
comprised of loan discount accretion of $7.886 million for the
three months ended September 30, 2017.
|
(3)
|
Includes purchase
accounting adjustments of $4.796 million, net of tax, primarily
comprised of loan discount accretion of $7.620 million for the
three months ended September 30, 2016.
|
(4)
|
Includes purchase
accounting adjustments of $10.138 million, net of tax, primarily
comprised of loan discount accretion of $17.110 million for the
nine months ended September 30, 2017.
|
(5)
|
Includes purchase
accounting adjustments of $19.220 million, net of tax, primarily
comprised of loan discount accretion of $31.418 million for the
nine months ended September 30, 2016.
|
Balance Sheet Information
At September 30, 2017, Prosperity had $22.143 billion in total assets, an increase of
$739.219 million or 3.5%, compared
with $21.404 billion at
September 30, 2016.
Loans at September 30, 2017 were $9.911 billion, an increase of $362.888 million or 3.8%, compared with
$9.548 billion at September 30,
2016. Linked quarter loans increased $47.183
million or 0.5% (1.9% annualized) from $9.864 billion at June 30, 2017.
As part of its commercial and industrial lending activities,
Prosperity extends credit to oil and gas production and service
companies. Oil and gas production loans are loans to companies
directly involved in the exploration and/or production of oil and
gas. Oil and gas service loans are loans to companies that provide
services for oil and gas production and exploration. At
September 30, 2017, oil and gas loans totaled $291.827 million or 2.9% of total loans, of which
$106.524 million were to production
companies and $185.303 million were to service companies. This
compares with total oil and gas loans of $308.951 million or
3.2% of total loans at September 30, 2016, of which
$139.913 million were to production
companies and $169.038 million were to service companies. At
June 30, 2017, oil and gas loans totaled $287.815 million or 2.9% of total loans, of which
$115.358 million were production
loans and $172.457 million were
service loans.
Deposits at September 30, 2017 were $16.907 billion, a decrease of $13.933 million or 0.1%, compared with
$16.921 billion at September 30,
2016. Linked quarter deposits decreased $163.054 million or 1.0% from $17.071 billion at June 30, 2017.
Asset Quality
Nonperforming assets totaled $45.823
million or 0.24% of quarterly average interest-earning
assets at September 30, 2017, compared with $60.166 million or 0.32% of quarterly average
interest-earning assets at September 30, 2016, and
$47.618 million or 0.24% of
quarterly average interest-earning assets at June 30,
2017.
The allowance for credit losses was $86.812 million or 0.88% of total loans at
September 30, 2017, $85.585
million or 0.90% of total loans at September 30, 2016
and $83.783 million or 0.85% of total
loans at June 30, 2017. Excluding loans acquired that
are accounted for under FASB Accounting Standards Codification
("ASC") Topics 310-20 and 310-30, the allowance for credit losses
was 0.95%(1) of remaining loans as of September 30,
2017, compared with 1.03%(1) at September 30, 2016
and 0.93%(1) at June 30, 2017.
The provision for credit losses was $6.900 million for the three months ended
September 30, 2017 compared with $2.000
million for the three months ended September 30, 2016
and $2.750 million for the three
months ended June 30, 2017. The provision for credit
losses was $12.325 million for the
nine months ended September 30, 2017 compared with
$22.000 million for the nine months
ended September 30, 2016.
Net charge-offs were $3.871
million for the three months ended September 30, 2017
compared with $241 thousand for the
three months ended September 30, 2016 and $3.062 million for the three months ended
June 30, 2017. Net charge-offs for the third quarter of 2017
were primarily comprised of two commercial and industrial
loans. Net charge-offs were $10.839
million for the nine months ended September 30, 2017
compared with $17.799 million for the
nine months ended September 30, 2016.
Dividend
Prosperity Bancshares, Inc. declared a fourth quarter cash
dividend of $0.36 per share, to be
paid on January 2, 2018 to all shareholders of record as of
December 15, 2017, an increase of
5.9% compared with the third quarter 2017 dividend.
Hurricane Harvey
On August 25, 2017, Hurricane
Harvey came ashore in Rockport,
Texas impacting numerous communities along the Texas Gulf
coast. Prosperity Bank operates 94 banking centers in the
Houston and South Texas areas, which include Beaumont, Corpus
Christi and Victoria. All
except one of those banking centers are currently operational. As
of September 30, 2017, we have experienced manageable
financial impact related to Hurricane Harvey.
Conference Call
Prosperity's management team will host a conference call on
Wednesday, October 25, 2017 at
10:30 a.m. Eastern Time
(9:30 a.m. Central Time) to discuss Prosperity's third quarter
2017 earnings. Individuals and investment professionals may
participate in the call by dialing 877-883-0383. The elite entry
number is 4077605.
Alternatively, individuals may listen to the live webcast of the
presentation by visiting Prosperity's website at
www.prosperitybankusa.com. The webcast may be accessed from
Prosperity's home page by selecting "Presentations & Calls"
from the drop-down menu on the Investor Relations tab and following
the instructions.
Non-GAAP Financial Measures
Prosperity's management uses certain non-GAAP financial measures
to evaluate its performance. Specifically, Prosperity reviews
tangible book value per share, return on average tangible common
equity, tangible equity to tangible assets ratio and the efficiency
ratio, excluding net gains and losses on the sale of assets and
securities. Further, as a result of acquisitions and the
related purchase accounting adjustments, Prosperity uses certain
non-GAAP measures and ratios that exclude the impact of these items
to evaluate its allowance for credit losses to total loans
(excluding acquired loans accounted for under ASC Topics 310-20,
"Receivables-Nonrefundable Fees and Other Costs" and 310-30,
"Receivables-Loans and Debt Securities Acquired with
Deteriorated Credit Quality"). Prosperity believes these
non-GAAP financial measures provide information useful to investors
in understanding Prosperity's financial results and that their
presentation, together with the accompanying reconciliations,
provides a more complete understanding of factors and trends
affecting Prosperity's business and allows investors to view
performance in a manner similar to management, the entire financial
services sector, bank stock analysts and bank regulators. Further,
Prosperity believes that these non-GAAP financial measures provide
useful information by excluding certain items that may not be
indicative of its core operating earnings and business
outlook. These non-GAAP financial measures should not be
considered a substitute for, nor of greater importance than, GAAP
basis measures and results; Prosperity strongly encourages
investors to review its consolidated financial statements in their
entirety and not to rely on any single financial measure. Because
non-GAAP financial measures are not standardized, it may not be
possible to compare these financial measures with other companies'
non-GAAP financial measures having the same or similar names.
Please refer to the "Notes to Selected Financial Data" at the end
of this Earnings Release for a reconciliation of these non-GAAP
financial measures to the nearest respective GAAP financial
measures.
Prosperity Bancshares, Inc. ®
As of September 30, 2017, Prosperity Bancshares, Inc.
® is a $22.143 billion
Houston, Texas based regional
financial holding company, formed in 1983. Operating under a
community banking philosophy and seeking to develop broad customer
relationships based on service and convenience, Prosperity offers a
variety of traditional loan and deposit products to its customers,
which consist primarily of small and medium sized businesses and
consumers. In addition to established banking products, Prosperity
offers a complete line of services including: Internet Banking
services at www.prosperitybankusa.com, Retail Brokerage Services,
Credit Cards, MasterMoney Debit Cards, 24 hour voice response
banking, Trust and Wealth Management, Mortgage Services, Cash
Management and Mobile Banking.
As of September 30, 2017, Prosperity operated 243
full-service banking locations: 65 in the Houston area, including The Woodlands; 29 in the South Texas area including Corpus Christi and Victoria; 34 in the Dallas/Fort Worth area; 22 in the East Texas area; 29 in the Central Texas area including Austin and San
Antonio; 34 in the West
Texas area including Lubbock, Midland-Odessa and Abilene; 16 in the Bryan/College Station area, 6 in the
Central Oklahoma area and 8 in the
Tulsa, Oklahoma area.
Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: This release contains, and the
remarks by Prosperity's management on the conference call may
contain, forward-looking statements within the meaning of the
securities laws. Forward-looking statements include all statements
other than statements of historical fact, including forecasts or
trends, and are based on current expectations, assumptions,
estimates and projections about Prosperity Bancshares and its
subsidiaries. These forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties, many of which are outside of Prosperity's control,
which may cause actual results to differ materially from those
expressed or implied by the forward-looking statements. These
risks and uncertainties include but are not limited to whether
Prosperity can: successfully identify acquisition targets and
integrate the businesses of acquired companies and banks; continue
to sustain its current internal growth rate or total growth rate;
provide products and services that appeal to its customers;
continue to have access to debt and equity capital markets; and
achieve its sales objectives. Other risks include, but are
not limited to: the possibility that credit quality could
deteriorate; actions of competitors; changes in laws and
regulations (including changes in governmental interpretations of
regulations and changes in accounting standards); a deterioration
or downgrade in the credit quality and credit agency ratings of the
securities in Prosperity's securities portfolio; customer and
consumer demand, including customer and consumer response to
marketing; effectiveness of spending, investments or programs;
fluctuations in the cost and availability of supply chain
resources; economic conditions, including currency rate, interest
rate and commodity price fluctuations; and weather. These and
various other factors are discussed in Prosperity Bancshares'
Annual Report on Form 10-K for the year ended December 31, 2016 and other reports and
statements Prosperity Bancshares has filed with the SEC. Copies of
the SEC filings for Prosperity Bancshares may be downloaded from
the Internet at no charge from
http://www.prosperitybankusa.com.
Bryan/College
Station Area -
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Fort Worth
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Waugh
Drive
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Taft
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Bryan
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Haltom
City
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Westheimer
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Yoakum
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Bryan-29th
Street
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Keller
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West
University
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Yorktown
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Bryan-East
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Roanoke
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Woodcreek
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Bryan-North
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Stockyards
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West Texas Area
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Caldwell
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Katy
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Abilene
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College
Station
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Other Dallas/Fort
Worth Area
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Cinco
Ranch
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Antilley
Road
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Crescent
Point
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Locations
-
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Katy-Spring
Green
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Barrow
Street
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Hearne
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Arlington
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Cypress
Street
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Huntsville
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Azle
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The Woodlands
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Judge Ely
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Madisonville
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Ennis
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The Woodlands-College
Park
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Mockingbird
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Navasota
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Gainesville
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The
Woodlands-I-45
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New
Waverly
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Glen Rose
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The
Woodlands-Research Forest
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Lubbock
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Rock
Prairie
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Granbury
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4th
Street
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Southwest
Parkway
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Mesquite
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Other Houston
Area
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66th
Street
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Tower
Point
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Muenster
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Locations
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82nd
Street
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Wellborn
Road
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Sanger
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Angleton
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86th
Street
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Waxahachie
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Bay City
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98th
Street
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Central Texas Area
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Weatherford
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Beaumont
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Avenue Q
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Austin
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Cleveland
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North
University
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Allandale
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East Texas Area
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East
Bernard
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Texas Tech Student
Union
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Cedar Park
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Athens
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El Campo
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Congress
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Blooming
Grove
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Dayton
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Midland
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Lakeway
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Canton
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Galveston
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Wadley
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Liberty
Hill
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Carthage
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Groves
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Wall
Street
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Northland
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Corsicana
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Hempstead
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Oak Hill
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Crockett
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Hitchcock
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Odessa
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Research
Blvd
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Eustace
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Liberty
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Grandview
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Westlake
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Gilmer
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Magnolia
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Grant
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Grapeland
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Magnolia
Parkway
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Kermit
Highway
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Other Central
Texas Area
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Gun Barrel
City
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Mont
Belvieu
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Parkway
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Locations
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Jacksonville
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Nederland
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Bastrop
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Kerens
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Needville
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Other West Texas
Area
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Canyon
Lake
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Longview
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Rosenberg
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Locations
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Dime Box
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Mount
Vernon
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Shadow
Creek
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Big Spring
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Dripping
Springs
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Palestine
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Spring
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Brownfield
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Elgin
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Rusk
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Tomball
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Brownwood
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Flatonia
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Seven
Points
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Waller
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Cisco
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Georgetown
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Teague
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West
Columbia
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Comanche
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Gruene
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Tyler-Beckham
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Wharton
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Early
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Kingsland
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Tyler-South
Broadway
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Winnie
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Floydada
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La Grange
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Tyler-University
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Wirt
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Gorman
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Lexington
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Winnsboro
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Levelland
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New
Braunfels
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South Texas Area
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Littlefield
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Pleasanton
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Houston Area
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Corpus Christi
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Merkel
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Round Rock
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Houston
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Calallen
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Plainview
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San
Antonio
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Aldine
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Carmel
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San Angelo
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Schulenburg
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Alief
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Northwest
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Slaton
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Seguin
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Bellaire
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Saratoga
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Snyder
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Smithville
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Beltway
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Timbergate
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Thorndale
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Clear Lake
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Water
Street
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Oklahoma
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Weimar
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Copperfield
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Central Oklahoma
Area-
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Cypress
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Victoria
-
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Oklahoma City
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Dallas/Fort Worth
Area -
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Downtown
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Victoria
Main
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23rd
Street
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Dallas
-
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Eastex
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Victoria-Navarro
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Expressway
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Abrams
Centre
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Fairfield
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Victoria-North
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I-240
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Balch
Springs
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First
Colony
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Memorial
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Camp
Wisdom
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Fry Road
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Other South Texas
Area
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Cedar Hill
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Gessner
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Locations
-
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Other Central
Oklahoma Area
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Dallas – Central
Expressway
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Gladebrook
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Alice
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Locations
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Frisco
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Grand
Parkway
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Aransas
Pass
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Edmond
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Frisco-West
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Heights
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Beeville
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Norman
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Kiest
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Highway 6
West
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Colony
Creek
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McKinney
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Little
York
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Cuero
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Tulsa
Area-
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McKinney-Stonebridge
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Medical
Center
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Edna
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Tulsa
-
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Midway
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Memorial
Drive
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Goliad
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Garnett
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Plano
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Northside
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Gonzales
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Harvard
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Preston
Forest
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Pasadena
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Hallettsville
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Memorial
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Preston
Road
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Pecan
Grove
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Kingsville
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Sheridan
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Red Oak
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Pin Oak
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Mathis
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S. Harvard
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Sachse
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River Oaks
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Padre
Island
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Utica
Tower
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The Colony
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Sugar Land
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Palacios
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Yale
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Turtle
Creek
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SW Medical
Center
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Port
Lavaca
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Westmoreland
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Tanglewood
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Portland
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Other Tulsa Area
Locations -
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The Plaza
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Rockport
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Owasso
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Uptown
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Sinton
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Prosperity
Bancshares, Inc.®
|
Financial
Highlights (Unaudited)
|
(In
thousands)
|
|
|
|
Sep 30,
2017
|
|
|
Jun 30,
2017
|
|
|
Mar 31,
2017
|
|
|
Dec 31,
2016
|
|
|
Sep 30,
2016
|
|
Balance Sheet Data
(at period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
9,911,202
|
|
|
$
|
9,864,019
|
|
|
$
|
9,739,253
|
|
|
$
|
9,622,060
|
|
|
$
|
9,548,314
|
|
Investment
securities(A)
|
|
|
9,410,522
|
|
|
|
9,582,195
|
|
|
|
9,854,120
|
|
|
|
9,726,086
|
|
|
|
8,988,021
|
|
Federal funds
sold
|
|
|
1,007
|
|
|
|
757
|
|
|
|
945
|
|
|
|
1,178
|
|
|
|
630
|
|
Allowance for credit
losses
|
|
|
(86,812)
|
|
|
|
(83,783)
|
|
|
|
(84,095)
|
|
|
|
(85,326)
|
|
|
|
(85,585)
|
|
Cash and due from
banks
|
|
|
302,469
|
|
|
|
321,958
|
|
|
|
324,797
|
|
|
|
436,203
|
|
|
|
341,483
|
|
Goodwill
|
|
|
1,900,845
|
|
|
|
1,900,845
|
|
|
|
1,900,845
|
|
|
|
1,900,845
|
|
|
|
1,900,349
|
|
Core deposit
intangibles, net
|
|
|
40,464
|
|
|
|
42,150
|
|
|
|
43,869
|
|
|
|
45,784
|
|
|
|
48,010
|
|
Other real estate
owned
|
|
|
14,512
|
|
|
|
15,472
|
|
|
|
15,698
|
|
|
|
15,463
|
|
|
|
16,280
|
|
Fixed assets,
net
|
|
|
256,011
|
|
|
|
256,511
|
|
|
|
257,558
|
|
|
|
262,083
|
|
|
|
270,386
|
|
Other
assets
|
|
|
393,043
|
|
|
|
396,419
|
|
|
|
424,429
|
|
|
|
406,696
|
|
|
|
376,156
|
|
Total
assets
|
|
$
|
22,143,263
|
|
|
$
|
22,296,543
|
|
|
$
|
22,477,419
|
|
|
$
|
22,331,072
|
|
|
$
|
21,404,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
5,465,474
|
|
|
$
|
5,397,293
|
|
|
$
|
5,299,264
|
|
|
$
|
5,190,973
|
|
|
$
|
5,159,333
|
|
Interest-bearing
deposits
|
|
|
11,442,002
|
|
|
|
11,673,237
|
|
|
|
11,736,308
|
|
|
|
12,116,329
|
|
|
|
11,762,076
|
|
Total
deposits
|
|
|
16,907,476
|
|
|
|
17,070,530
|
|
|
|
17,035,572
|
|
|
|
17,307,302
|
|
|
|
16,921,409
|
|
Other
borrowings
|
|
|
960,365
|
|
|
|
1,035,506
|
|
|
|
1,270,644
|
|
|
|
990,781
|
|
|
|
425,916
|
|
Securities sold under
repurchase agreements
|
|
|
334,621
|
|
|
|
346,324
|
|
|
|
335,875
|
|
|
|
320,430
|
|
|
|
318,449
|
|
Other
liabilities
|
|
|
159,443
|
|
|
|
107,995
|
|
|
|
146,246
|
|
|
|
70,248
|
|
|
|
143,458
|
|
Total
liabilities
|
|
|
18,361,905
|
|
|
|
18,560,355
|
|
|
|
18,788,337
|
|
|
|
18,688,761
|
|
|
|
17,809,232
|
|
Shareholders'
equity(B)
|
|
|
3,781,358
|
|
|
|
3,736,188
|
|
|
|
3,689,082
|
|
|
|
3,642,311
|
|
|
|
3,594,812
|
|
Total liabilities and
equity
|
|
$
|
22,143,263
|
|
|
$
|
22,296,543
|
|
|
$
|
22,477,419
|
|
|
$
|
22,331,072
|
|
|
$
|
21,404,044
|
|
|
|
(A)
|
Includes $1,635,
$2,871, $2,200, $2,171 and $2,310 in unrealized gains on available
for sale securities for the quarterly periods ended September 30,
2017, June 30, 2017, March 31, 2017, December 31, 2016 and
September 30, 2016, respectively.
|
(B)
|
Includes $1,063,
$1,866, $1,430, $1,411 and $1,502 in after-tax unrealized gains on
available for sale securities for the quarterly periods ended
September 30, 2017, June 30, 2017, March 31, 2017, December 31,
2016 and September 30, 2016, respectively.
|
Prosperity
Bancshares, Inc.®
|
Financial
Highlights (Unaudited)
|
(In
thousands)
|
|
|
|
Three Months
Ended
|
|
|
Year-to-Date
|
|
|
|
Sep 30,
2017
|
|
|
Jun 30,
2017
|
|
|
Mar 31,
2017
|
|
|
Dec 31,
2016
|
|
|
Sep 30,
2016
|
|
|
Sep 30,
2017
|
|
|
Sep 30,
2016
|
|
Income Statement
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
121,567
|
|
|
$
|
114,975
|
|
|
$
|
111,710
|
|
|
$
|
115,993
|
|
|
$
|
116,247
|
|
|
$
|
348,252
|
|
|
$
|
359,066
|
|
Securities(C)
|
|
|
50,610
|
|
|
|
52,912
|
|
|
|
53,157
|
|
|
|
48,573
|
|
|
|
48,132
|
|
|
|
156,679
|
|
|
|
151,802
|
|
Federal funds sold and
other earning assets
|
|
|
242
|
|
|
|
160
|
|
|
|
183
|
|
|
|
103
|
|
|
|
81
|
|
|
|
585
|
|
|
|
242
|
|
Total interest
income
|
|
|
172,419
|
|
|
|
168,047
|
|
|
|
165,050
|
|
|
|
164,669
|
|
|
|
164,460
|
|
|
|
505,516
|
|
|
|
511,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
12,376
|
|
|
|
11,441
|
|
|
|
9,908
|
|
|
|
9,478
|
|
|
|
9,396
|
|
|
|
33,725
|
|
|
|
29,647
|
|
Other
borrowings
|
|
|
3,540
|
|
|
|
4,040
|
|
|
|
2,476
|
|
|
|
1,121
|
|
|
|
752
|
|
|
|
10,056
|
|
|
|
1,944
|
|
Securities sold under
repurchase agreements
|
|
|
356
|
|
|
|
335
|
|
|
|
231
|
|
|
|
238
|
|
|
|
248
|
|
|
|
922
|
|
|
|
694
|
|
Junior subordinated
debentures
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
37
|
|
Total interest
expense
|
|
|
16,272
|
|
|
|
15,816
|
|
|
|
12,615
|
|
|
|
10,837
|
|
|
|
10,396
|
|
|
|
44,703
|
|
|
|
32,322
|
|
Net interest
income
|
|
|
156,147
|
|
|
|
152,231
|
|
|
|
152,435
|
|
|
|
153,832
|
|
|
|
154,064
|
|
|
|
460,813
|
|
|
|
478,788
|
|
Provision for credit
losses
|
|
|
6,900
|
|
|
|
2,750
|
|
|
|
2,675
|
|
|
|
2,000
|
|
|
|
2,000
|
|
|
|
12,325
|
|
|
|
22,000
|
|
Net interest income
after provision for credit losses
|
|
|
149,247
|
|
|
|
149,481
|
|
|
|
149,760
|
|
|
|
151,832
|
|
|
|
152,064
|
|
|
|
448,488
|
|
|
|
456,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonsufficient funds
(NSF) fees
|
|
|
8,350
|
|
|
|
7,805
|
|
|
|
8,089
|
|
|
|
8,552
|
|
|
|
8,764
|
|
|
|
24,244
|
|
|
|
24,984
|
|
Credit card, debit
card and ATM card income
|
|
|
6,075
|
|
|
|
6,186
|
|
|
|
5,953
|
|
|
|
5,902
|
|
|
|
5,903
|
|
|
|
18,214
|
|
|
|
17,659
|
|
Service charges on
deposit accounts
|
|
|
5,251
|
|
|
|
5,405
|
|
|
|
5,421
|
|
|
|
4,934
|
|
|
|
4,698
|
|
|
|
16,077
|
|
|
|
13,898
|
|
Trust
income
|
|
|
2,040
|
|
|
|
2,271
|
|
|
|
2,155
|
|
|
|
2,480
|
|
|
|
1,851
|
|
|
|
6,466
|
|
|
|
5,640
|
|
Mortgage
income
|
|
|
854
|
|
|
|
1,107
|
|
|
|
1,266
|
|
|
|
1,690
|
|
|
|
2,143
|
|
|
|
3,227
|
|
|
|
5,386
|
|
Brokerage
income
|
|
|
461
|
|
|
|
427
|
|
|
|
488
|
|
|
|
782
|
|
|
|
1,213
|
|
|
|
1,376
|
|
|
|
3,789
|
|
Bank owned life
insurance income
|
|
|
1,366
|
|
|
|
1,364
|
|
|
|
1,353
|
|
|
|
1,390
|
|
|
|
1,417
|
|
|
|
4,083
|
|
|
|
4,273
|
|
Net gain (loss) on
sale of assets
|
|
|
62
|
|
|
|
(3,783)
|
|
|
|
1,759
|
|
|
|
475
|
|
|
|
37
|
|
|
|
(1,962)
|
|
|
|
1,389
|
|
Gain on sale of
securities
|
|
|
—
|
|
|
|
3,270
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,270
|
|
|
|
—
|
|
Other noninterest
income
|
|
|
4,350
|
|
|
|
3,728
|
|
|
|
4,340
|
|
|
|
3,270
|
|
|
|
3,658
|
|
|
|
12,418
|
|
|
|
11,932
|
|
Total noninterest
income
|
|
|
28,809
|
|
|
|
27,780
|
|
|
|
30,824
|
|
|
|
29,475
|
|
|
|
29,684
|
|
|
|
87,413
|
|
|
|
88,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
|
|
47,866
|
|
|
|
47,343
|
|
|
|
48,444
|
|
|
|
51,231
|
|
|
|
48,328
|
|
|
|
143,653
|
|
|
|
146,666
|
|
Net occupancy and
equipment
|
|
|
5,691
|
|
|
|
5,460
|
|
|
|
5,503
|
|
|
|
5,696
|
|
|
|
5,997
|
|
|
|
16,654
|
|
|
|
17,362
|
|
Credit and debit card,
data processing and software amortization
|
|
|
4,506
|
|
|
|
4,216
|
|
|
|
4,085
|
|
|
|
4,249
|
|
|
|
4,207
|
|
|
|
12,807
|
|
|
|
12,801
|
|
Regulatory assessments
and FDIC insurance
|
|
|
3,455
|
|
|
|
3,548
|
|
|
|
3,549
|
|
|
|
2,424
|
|
|
|
3,434
|
|
|
|
10,552
|
|
|
|
10,311
|
|
Core deposit
intangibles amortization
|
|
|
1,686
|
|
|
|
1,719
|
|
|
|
1,915
|
|
|
|
2,226
|
|
|
|
2,418
|
|
|
|
5,320
|
|
|
|
6,974
|
|
Depreciation
|
|
|
3,050
|
|
|
|
3,051
|
|
|
|
3,103
|
|
|
|
3,170
|
|
|
|
3,289
|
|
|
|
9,204
|
|
|
|
9,924
|
|
Communications
|
|
|
2,618
|
|
|
|
2,664
|
|
|
|
2,702
|
|
|
|
2,771
|
|
|
|
2,870
|
|
|
|
7,984
|
|
|
|
8,790
|
|
Other real estate
expense
|
|
|
110
|
|
|
|
128
|
|
|
|
95
|
|
|
|
378
|
|
|
|
44
|
|
|
|
333
|
|
|
|
136
|
|
Net (gain) loss on
sale of other real estate
|
|
|
(140)
|
|
|
|
(71)
|
|
|
|
(10)
|
|
|
|
(44)
|
|
|
|
(3)
|
|
|
|
(221)
|
|
|
|
330
|
|
Other noninterest
expense
|
|
|
8,667
|
|
|
|
8,384
|
|
|
|
8,676
|
|
|
|
7,047
|
|
|
|
8,892
|
|
|
|
25,727
|
|
|
|
25,945
|
|
Total noninterest
expense
|
|
|
77,509
|
|
|
|
76,442
|
|
|
|
78,062
|
|
|
|
79,148
|
|
|
|
79,476
|
|
|
|
232,013
|
|
|
|
239,239
|
|
Income before income
taxes
|
|
|
100,547
|
|
|
|
100,819
|
|
|
|
102,522
|
|
|
|
102,159
|
|
|
|
102,272
|
|
|
|
303,888
|
|
|
|
306,499
|
|
Provision for income
taxes
|
|
|
32,639
|
|
|
|
32,265
|
|
|
|
33,957
|
|
|
|
33,366
|
|
|
|
33,621
|
|
|
|
98,861
|
|
|
|
100,826
|
|
Net income available
to common shareholders
|
|
$
|
67,908
|
|
|
$
|
68,554
|
|
|
$
|
68,565
|
|
|
$
|
68,793
|
|
|
$
|
68,651
|
|
|
$
|
205,027
|
|
|
$
|
205,673
|
|
|
|
(C)
|
Interest income on
securities was reduced by net premium amortization of $10,115,
$9,403, $9,883, $11,502 and $11,312 for the three-month periods
ended September 30, 2017, June 30, 2017, March 31, 2017, December
31, 2016 and September 30, 2016, respectively, and $29,401 and
$31,972 for the nine-month periods ended September 30, 2017 and
September 30, 2016, respectively.
|
Prosperity
Bancshares, Inc. ®
|
Financial
Highlights (Unaudited)
|
(Dollars and share
amounts in thousands, except per share data and market
prices)
|
|
|
|
Three Months
Ended
|
|
|
Year-to-Date
|
|
|
|
Sep 30,
2017
|
|
|
Jun 30,
2017
|
|
|
Mar 31,
2017
|
|
|
Dec 31,
2016
|
|
|
Sep 30,
2016
|
|
|
Sep 30,
2017
|
|
|
Sep 30,
2016
|
|
Profitability
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(D) (E)
|
|
$
|
67,908
|
|
|
$
|
68,554
|
|
|
$
|
68,565
|
|
|
$
|
68,793
|
|
|
$
|
68,651
|
|
|
$
|
205,027
|
|
|
$
|
205,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
|
0.98
|
|
|
$
|
0.99
|
|
|
$
|
0.99
|
|
|
$
|
0.99
|
|
|
$
|
0.99
|
|
|
$
|
2.95
|
|
|
$
|
2.95
|
|
Diluted earnings per
share
|
|
$
|
0.98
|
|
|
$
|
0.99
|
|
|
$
|
0.99
|
|
|
$
|
0.99
|
|
|
$
|
0.99
|
|
|
$
|
2.95
|
|
|
$
|
2.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (F)
|
|
|
1.22
|
%
|
|
|
1.22
|
%
|
|
|
1.23
|
%
|
|
|
1.26
|
%
|
|
|
1.27
|
%
|
|
|
1.22
|
%
|
|
|
1.25
|
%
|
Return on average
common equity (F)
|
|
|
7.20
|
%
|
|
|
7.36
|
%
|
|
|
7.45
|
%
|
|
|
7.58
|
%
|
|
|
7.66
|
%
|
|
|
7.34
|
%
|
|
|
7.74
|
%
|
Return on average
tangible common
equity (F) (G)
|
|
|
14.83
|
%
|
|
|
15.39
|
%
|
|
|
15.82
|
%
|
|
|
16.33
|
%
|
|
|
16.79
|
%
|
|
|
15.34
|
%
|
|
|
17.17
|
%
|
Tax equivalent net
interest margin
(D) (H)
|
|
|
3.22
|
%
|
|
|
3.14
|
%
|
|
|
3.20
|
%
|
|
|
3.26
|
%
|
|
|
3.29
|
%
|
|
|
3.18
|
%
|
|
|
3.38
|
%
|
Efficiency ratio
(G) (I)
|
|
|
41.92
|
%
|
|
|
42.34
|
%
|
|
|
43.01
|
%
|
|
|
43.29
|
%
|
|
|
43.26
|
%
|
|
|
42.42
|
%
|
|
|
42.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity and
Capital Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
assets
|
|
|
17.08
|
%
|
|
|
16.76
|
%
|
|
|
16.41
|
%
|
|
|
16.31
|
%
|
|
|
16.80
|
%
|
|
|
17.08
|
%
|
|
|
16.80
|
%
|
Common equity tier 1
capital
|
|
|
15.10
|
%
|
|
|
14.80
|
%
|
|
|
14.45
|
%
|
|
|
14.48
|
%
|
|
|
14.41
|
%
|
|
|
15.10
|
%
|
|
|
14.41
|
%
|
Tier 1 risk-based
capital
|
|
|
15.10
|
%
|
|
|
14.80
|
%
|
|
|
14.45
|
%
|
|
|
14.48
|
%
|
|
|
14.41
|
%
|
|
|
15.10
|
%
|
|
|
14.41
|
%
|
Total risk-based
capital
|
|
|
15.81
|
%
|
|
|
15.49
|
%
|
|
|
15.14
|
%
|
|
|
15.20
|
%
|
|
|
15.14
|
%
|
|
|
15.81
|
%
|
|
|
15.14
|
%
|
Tier 1 leverage
capital
|
|
|
9.15
|
%
|
|
|
8.82
|
%
|
|
|
8.62
|
%
|
|
|
8.68
|
%
|
|
|
8.50
|
%
|
|
|
9.15
|
%
|
|
|
8.50
|
%
|
Period end tangible
equity to period end tangible assets (G)
|
|
|
9.11
|
%
|
|
|
8.81
|
%
|
|
|
8.50
|
%
|
|
|
8.32
|
%
|
|
|
8.46
|
%
|
|
|
9.11
|
%
|
|
|
8.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computing earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
69,485
|
|
|
|
69,487
|
|
|
|
69,480
|
|
|
|
69,482
|
|
|
|
69,478
|
|
|
|
69,484
|
|
|
|
69,738
|
|
Diluted
|
|
|
69,485
|
|
|
|
69,487
|
|
|
|
69,482
|
|
|
|
69,486
|
|
|
|
69,484
|
|
|
|
69,485
|
|
|
|
69,745
|
|
Period end shares
outstanding
|
|
|
69,484
|
|
|
|
69,488
|
|
|
|
69,480
|
|
|
|
69,491
|
|
|
|
69,478
|
|
|
|
69,484
|
|
|
|
69,478
|
|
Cash dividends paid
per common share
|
|
$
|
0.3400
|
|
|
$
|
0.3400
|
|
|
$
|
0.3400
|
|
|
$
|
0.3400
|
|
|
$
|
0.3000
|
|
|
$
|
1.0200
|
|
|
$
|
0.9000
|
|
Book value per common
share
|
|
$
|
54.42
|
|
|
$
|
53.77
|
|
|
$
|
53.10
|
|
|
$
|
52.41
|
|
|
$
|
51.74
|
|
|
$
|
54.42
|
|
|
$
|
51.74
|
|
Tangible book value
per common share (G)
|
|
$
|
26.48
|
|
|
$
|
25.81
|
|
|
$
|
25.11
|
|
|
$
|
24.40
|
|
|
$
|
23.70
|
|
|
$
|
26.48
|
|
|
$
|
23.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Market
Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
$
|
66.75
|
|
|
$
|
71.97
|
|
|
$
|
77.87
|
|
|
$
|
73.68
|
|
|
$
|
56.27
|
|
|
$
|
77.87
|
|
|
$
|
56.27
|
|
Low
|
|
$
|
55.84
|
|
|
$
|
61.29
|
|
|
$
|
65.34
|
|
|
$
|
52.81
|
|
|
$
|
45.94
|
|
|
$
|
55.84
|
|
|
$
|
33.57
|
|
Period end closing
price
|
|
$
|
65.73
|
|
|
$
|
64.24
|
|
|
$
|
69.71
|
|
|
$
|
71.78
|
|
|
$
|
54.89
|
|
|
$
|
65.73
|
|
|
$
|
54.89
|
|
Employees –
FTE
|
|
|
2,993
|
|
|
|
3,037
|
|
|
|
3,033
|
|
|
|
3,035
|
|
|
|
3,071
|
|
|
|
2,993
|
|
|
|
3,071
|
|
Number of banking
centers
|
|
|
243
|
|
|
|
243
|
|
|
|
244
|
|
|
|
245
|
|
|
|
245
|
|
|
|
243
|
|
|
|
245
|
|
|
|
(D)
|
Includes purchase
accounting adjustments for the periods presented as
follows:
|
|
Three Months
Ended
|
|
Year-to-Date
|
|
Sep 30,
2017
|
|
Jun 30,
2017
|
|
Mar 31,
2017
|
|
Dec 31,
2016
|
|
Sep 30,
2016
|
|
Sep 30,
2017
|
|
Sep 30,
2016
|
Loan discount
accretion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASC
310-20
|
$6,361
|
|
$2,755
|
|
$3,270
|
|
$3,956
|
|
$5,296
|
|
$12,386
|
|
$17,792
|
ASC
310-30
|
$1,525
|
|
$1,716
|
|
$1,483
|
|
$3,596
|
|
$2,324
|
|
$4,724
|
|
$13,626
|
Securities
amortization
|
$667
|
|
$745
|
|
$852
|
|
$950
|
|
$1,051
|
|
$2,264
|
|
$3,721
|
Time deposits
amortization
|
$40
|
|
$39
|
|
$99
|
|
$232
|
|
$575
|
|
$178
|
|
$935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(E)
|
Using effective
tax rate of 32.5%, 32.0%, 33.1%, 32.7% and 32.9% for the
three-month periods ended September 30, 2017, June 30, 2017,
March 31, 2017, December 31, 2016 and September 30, 2016,
respectively and 32.5% and 32.9% for the nine-month periods ended
September 30, 2017 and September 30, 2016,
respectively.
|
(F)
|
Interim periods
annualized.
|
(G)
|
Refer to the
"Notes to Selected Financial Data" at the end of this Earnings
Release for a reconciliation of this non-GAAP financial
measure.
|
(H)
|
Net interest
margin for all periods presented is based on average balances on an
actual 365 day or 366 day basis.
|
(I)
|
Calculated by
dividing total noninterest expense, excluding credit loss
provisions, by net interest income plus noninterest income,
excluding net gains and losses on the sale of assets and
securities. Additionally, taxes are not part of this
calculation.
|
Prosperity
Bancshares, Inc.®
|
Financial
Highlights (Unaudited)
|
(Dollars in
thousands)
|
|
|
YIELD
ANALYSIS
|
|
Three Months
Ended
|
|
|
|
|
Sep 30,
2017
|
|
|
Jun 30,
2017
|
|
|
Sep 30,
2016
|
|
|
|
|
Average
Balance
|
|
|
Interest
Earned/
Interest
Paid
|
|
|
Average
Yield/
Rate
|
|
(J)
|
Average
Balance
|
|
|
Interest
Earned/
Interest
Paid
|
|
|
Average
Yield/
Rate
|
|
(J)
|
Average
Balance
|
|
|
Interest
Earned/
Interest
Paid
|
|
|
Average
Yield/
Rate
|
|
(J)
|
Interest-Earning
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
9,888,922
|
|
|
$
|
121,567
|
|
|
|
4.88%
|
|
|
$
|
9,797,793
|
|
|
$
|
114,975
|
|
|
|
4.71%
|
|
|
$
|
9,601,628
|
|
|
$
|
116,247
|
|
|
|
4.82%
|
|
|
Investment
securities
|
|
|
9,526,215
|
|
|
|
50,610
|
|
|
|
2.11%
|
|
(K)
|
|
9,817,781
|
|
|
|
52,912
|
|
|
|
2.16%
|
|
(K)
|
|
9,203,253
|
|
|
|
48,132
|
|
|
|
2.08%
|
|
(K)
|
Federal funds sold
and other earning assets
|
|
|
77,337
|
|
|
|
242
|
|
|
|
1.24%
|
|
|
|
84,497
|
|
|
|
160
|
|
|
|
0.76%
|
|
|
|
72,171
|
|
|
|
81
|
|
|
|
0.45%
|
|
|
Total interest-earning
assets
|
|
|
19,492,474
|
|
|
|
172,419
|
|
|
|
3.51%
|
|
|
|
19,700,071
|
|
|
|
168,047
|
|
|
|
3.42%
|
|
|
|
18,877,052
|
|
|
|
164,460
|
|
|
|
3.47%
|
|
|
Allowance for credit
losses
|
|
|
(84,047)
|
|
|
|
|
|
|
|
|
|
|
|
(84,100)
|
|
|
|
|
|
|
|
|
|
|
|
(84,476)
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets
|
|
|
2,801,852
|
|
|
|
|
|
|
|
|
|
|
|
2,838,242
|
|
|
|
|
|
|
|
|
|
|
|
2,804,773
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
22,210,279
|
|
|
|
|
|
|
|
|
|
|
$
|
22,454,213
|
|
|
|
|
|
|
|
|
|
|
$
|
21,597,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits
|
|
$
|
3,601,116
|
|
|
$
|
3,003
|
|
|
|
0.33%
|
|
|
$
|
3,749,395
|
|
|
$
|
2,748
|
|
|
|
0.29%
|
|
|
$
|
3,858,821
|
|
|
$
|
2,280
|
|
|
|
0.24%
|
|
|
Savings and money
market deposits
|
|
|
5,658,569
|
|
|
|
5,259
|
|
|
|
0.37%
|
|
|
|
5,520,346
|
|
|
|
4,827
|
|
|
|
0.35%
|
|
|
|
5,610,342
|
|
|
|
3,753
|
|
|
|
0.27%
|
|
|
Certificates and
other time deposits
|
|
|
2,270,114
|
|
|
|
4,114
|
|
|
|
0.72%
|
|
|
|
2,296,425
|
|
|
|
3,866
|
|
|
|
0.68%
|
|
|
|
2,492,889
|
|
|
|
3,363
|
|
|
|
0.54%
|
|
|
Other
borrowings
|
|
|
1,099,583
|
|
|
|
3,540
|
|
|
|
1.28%
|
|
|
|
1,460,238
|
|
|
|
4,040
|
|
|
|
1.11%
|
|
|
|
532,301
|
|
|
|
752
|
|
|
|
0.56%
|
|
|
Securities sold under
repurchase agreements
|
|
|
344,177
|
|
|
|
356
|
|
|
|
0.41%
|
|
|
|
324,804
|
|
|
|
335
|
|
|
|
0.41%
|
|
|
|
331,254
|
|
|
|
248
|
|
|
|
0.30%
|
|
|
Total interest-bearing
liabilities
|
|
|
12,973,559
|
|
|
|
16,272
|
|
|
|
0.50%
|
|
(L)
|
|
13,351,208
|
|
|
|
15,816
|
|
|
|
0.48%
|
|
(L)
|
|
12,825,607
|
|
|
|
10,396
|
|
|
|
0.32%
|
|
(L)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
|
5,361,362
|
|
|
|
|
|
|
|
|
|
|
|
5,290,142
|
|
|
|
|
|
|
|
|
|
|
|
5,070,094
|
|
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
|
102,046
|
|
|
|
|
|
|
|
|
|
|
|
87,074
|
|
|
|
|
|
|
|
|
|
|
|
118,881
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
18,436,967
|
|
|
|
|
|
|
|
|
|
|
|
18,728,424
|
|
|
|
|
|
|
|
|
|
|
|
18,014,582
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
3,773,312
|
|
|
|
|
|
|
|
|
|
|
|
3,725,789
|
|
|
|
|
|
|
|
|
|
|
|
3,582,767
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
22,210,279
|
|
|
|
|
|
|
|
|
|
|
$
|
22,454,213
|
|
|
|
|
|
|
|
|
|
|
$
|
21,597,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
and margin
|
|
|
|
|
|
$
|
156,147
|
|
|
|
3.18%
|
|
|
|
|
|
|
$
|
152,231
|
|
|
|
3.10%
|
|
|
|
|
|
|
$
|
154,064
|
|
|
|
3.25%
|
|
|
Non-GAAP to GAAP
reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent
adjustment
|
|
|
|
|
|
|
1,940
|
|
|
|
|
|
|
|
|
|
|
|
1,989
|
|
|
|
|
|
|
|
|
|
|
|
1,930
|
|
|
|
|
|
|
Net interest income
and margin (tax equivalent basis)
|
|
|
|
|
|
$
|
158,087
|
|
|
|
3.22%
|
|
|
|
|
|
|
$
|
154,220
|
|
|
|
3.14%
|
|
|
|
|
|
|
$
|
155,994
|
|
|
|
3.29%
|
|
|
|
|
(J)
|
Annualized
and based on an actual 365 day or 366 day basis.
|
(K)
|
Yield on
securities was impacted by net premium amortization of $10,115,
$9,403 and $11,312 for the three-month periods ended September 30,
2017, June 30, 2017 and September 30, 2016,
respectively.
|
(L)
|
Total cost
of funds, including noninterest bearing deposits, was 0.35%, 0.34%
and 0.23% for the three months ended September 30, 2017, June 30,
2017 and September 30, 2016, respectively.
|
Prosperity
Bancshares, Inc.®
|
Financial
Highlights (Unaudited)
|
(Dollars in
thousands)
|
|
|
YIELD
ANALYSIS
|
|
Year-to-Date
|
|
|
|
|
Sep 30,
2017
|
|
|
Sep 30,
2016
|
|
|
|
|
Average
Balance
|
|
|
Interest
Earned/
Interest
Paid
|
|
|
Average
Yield/
Rate
|
|
(M)
|
Average
Balance
|
|
|
Interest
Earned/
Interest
Paid
|
|
|
Average
Yield/
Rate
|
|
(M)
|
Interest-Earning
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
9,777,432
|
|
|
$
|
348,252
|
|
|
|
4.76%
|
|
|
$
|
9,653,891
|
|
|
$
|
359,066
|
|
|
|
4.97%
|
|
|
Investment
securities
|
|
|
9,735,912
|
|
|
|
156,679
|
|
|
|
2.15%
|
|
(N)
|
|
9,422,744
|
|
|
|
151,802
|
|
|
|
2.15%
|
|
(N)
|
Federal funds sold
and other earning assets
|
|
|
80,651
|
|
|
|
585
|
|
|
|
0.97%
|
|
|
|
73,608
|
|
|
|
242
|
|
|
|
0.44%
|
|
|
Total interest-earning
assets
|
|
|
19,593,995
|
|
|
|
505,516
|
|
|
|
3.45%
|
|
|
|
19,150,243
|
|
|
|
511,110
|
|
|
|
3.57%
|
|
|
Allowance for credit
losses
|
|
|
(84,391)
|
|
|
|
|
|
|
|
|
|
|
|
(83,801)
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets
|
|
|
2,838,422
|
|
|
|
|
|
|
|
|
|
|
|
2,856,117
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
22,348,026
|
|
|
|
|
|
|
|
|
|
|
$
|
21,922,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits
|
|
$
|
3,826,963
|
|
|
$
|
8,338
|
|
|
|
0.29%
|
|
|
$
|
4,135,579
|
|
|
$
|
7,633
|
|
|
|
0.25%
|
|
|
Savings and money
market deposits
|
|
|
5,572,534
|
|
|
|
13,673
|
|
|
|
0.33%
|
|
|
|
5,721,341
|
|
|
|
11,470
|
|
|
|
0.27%
|
|
|
Certificates and
other time deposits
|
|
|
2,310,777
|
|
|
|
11,714
|
|
|
|
0.68%
|
|
|
|
2,529,353
|
|
|
|
10,544
|
|
|
|
0.56%
|
|
|
Other
borrowings
|
|
|
1,227,652
|
|
|
|
10,056
|
|
|
|
1.10%
|
|
|
|
461,491
|
|
|
|
1,944
|
|
|
|
0.56%
|
|
|
Securities sold under
repurchase agreements
|
|
|
325,606
|
|
|
|
922
|
|
|
|
0.38%
|
|
|
|
319,948
|
|
|
|
694
|
|
|
|
0.29%
|
|
|
Junior subordinated
debentures
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
2,591
|
|
|
|
37
|
|
|
|
1.91%
|
|
|
Total interest-bearing
liabilities
|
|
|
13,263,532
|
|
|
|
44,703
|
|
|
|
0.45%
|
|
(O)
|
|
13,170,303
|
|
|
|
32,322
|
|
|
|
0.33%
|
|
(O)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
|
5,264,649
|
|
|
|
|
|
|
|
|
|
|
|
5,085,041
|
|
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
|
93,463
|
|
|
|
|
|
|
|
|
|
|
|
122,076
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
18,621,644
|
|
|
|
|
|
|
|
|
|
|
|
18,377,420
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
3,726,382
|
|
|
|
|
|
|
|
|
|
|
|
3,545,139
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
22,348,026
|
|
|
|
|
|
|
|
|
|
|
$
|
21,922,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
and margin
|
|
|
|
|
|
$
|
460,813
|
|
|
|
3.14%
|
|
|
|
|
|
|
$
|
478,788
|
|
|
|
3.34%
|
|
|
Non-GAAP to GAAP
reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent
adjustment
|
|
|
|
|
|
|
5,924
|
|
|
|
|
|
|
|
|
|
|
|
5,734
|
|
|
|
|
|
|
Net interest income
and margin (tax equivalent basis)
|
|
|
|
|
|
$
|
466,737
|
|
|
|
3.18%
|
|
|
|
|
|
|
$
|
484,522
|
|
|
|
3.38%
|
|
|
|
|
(M)
|
Annualized and
based on an actual 365 or 366 day basis.
|
(N)
|
Yield on
securities was impacted by net premium amortization of $29,401 and
$31,972 for the nine-month periods ended September 30, 2017 and
2016, respectively.
|
(O)
|
Total cost of
funds, including noninterest bearing deposits, was 0.32% and 0.24%
for the nine-month periods ended September 30, 2017 and 2016,
respectively.
|
Prosperity
Bancshares, Inc.®
|
Financial
Highlights (Unaudited)
|
(Dollars in
thousands)
|
|
|
Three Months
Ended
|
|
|
Sep 30,
2017
|
|
|
Jun 30,
2017
|
|
|
Mar 31,
2017
|
|
|
Dec 31,
2016
|
|
|
Sep 30,
2016
|
|
YIELD TREND
(P)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
4.88
|
%
|
|
|
4.71
|
%
|
|
|
4.70
|
%
|
|
|
4.83
|
%
|
|
|
4.82
|
%
|
Investment securities
(Q)
|
|
2.11
|
%
|
|
|
2.16
|
%
|
|
|
2.18
|
%
|
|
|
2.07
|
%
|
|
|
2.08
|
%
|
Federal funds sold
and other earning assets
|
|
1.24
|
%
|
|
|
0.76
|
%
|
|
|
0.92
|
%
|
|
|
0.39
|
%
|
|
|
0.45
|
%
|
Total interest-earning
assets
|
|
3.51
|
%
|
|
|
3.42
|
%
|
|
|
3.42
|
%
|
|
|
3.45
|
%
|
|
|
3.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits
|
|
0.33
|
%
|
|
|
0.29
|
%
|
|
|
0.25
|
%
|
|
|
0.23
|
%
|
|
|
0.24
|
%
|
Savings and money
market deposits
|
|
0.37
|
%
|
|
|
0.35
|
%
|
|
|
0.26
|
%
|
|
|
0.26
|
%
|
|
|
0.27
|
%
|
Certificates and
other time deposits
|
|
0.72
|
%
|
|
|
0.68
|
%
|
|
|
0.64
|
%
|
|
|
0.61
|
%
|
|
|
0.54
|
%
|
Other
borrowings
|
|
1.28
|
%
|
|
|
1.11
|
%
|
|
|
0.89
|
%
|
|
|
0.63
|
%
|
|
|
0.56
|
%
|
Securities sold under
repurchase agreements
|
|
0.41
|
%
|
|
|
0.41
|
%
|
|
|
0.31
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
Total interest-bearing
liabilities
|
|
0.50
|
%
|
|
|
0.48
|
%
|
|
|
0.38
|
%
|
|
|
0.34
|
%
|
|
|
0.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin
|
|
3.18
|
%
|
|
|
3.10
|
%
|
|
|
3.16
|
%
|
|
|
3.22
|
%
|
|
|
3.25
|
%
|
Net Interest Margin
(tax equivalent)
|
|
3.22
|
%
|
|
|
3.14
|
%
|
|
|
3.20
|
%
|
|
|
3.26
|
%
|
|
|
3.29
|
%
|
|
|
(P)
|
Annualized and
based on average balances on an actual 365 day or 366 day
basis.
|
(Q)
|
Yield on
securities was impacted by net premium amortization of
$10,115, $9,403, $9,883, $11,502 and $11,312 for the
three-month periods ended September 30, 2017, June 30, 2017, March
31, 2017, December 31, 2016 and September 30, 2016,
respectively.
|
Prosperity
Bancshares, Inc.®
|
Financial
Highlights (Unaudited)
|
(Dollars in
thousands)
|
|
|
|
Three Months
Ended
|
|
|
|
Sep 30,
2017
|
|
|
Jun 30,
2017
|
|
|
Mar 31,
2017
|
|
|
Dec 31,
2016
|
|
|
Sep 30,
2016
|
|
Balance Sheet
Averages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
9,888,922
|
|
|
$
|
9,797,793
|
|
|
$
|
9,642,877
|
|
|
$
|
9,557,712
|
|
|
$
|
9,601,628
|
|
Investment
securities
|
|
|
9,526,215
|
|
|
|
9,817,781
|
|
|
|
9,867,491
|
|
|
|
9,338,903
|
|
|
|
9,203,253
|
|
Federal funds sold
and other earning assets
|
|
|
77,337
|
|
|
|
84,497
|
|
|
|
80,150
|
|
|
|
106,214
|
|
|
|
72,171
|
|
Total interest-earning
assets
|
|
|
19,492,474
|
|
|
|
19,700,071
|
|
|
|
19,590,518
|
|
|
|
19,002,829
|
|
|
|
18,877,052
|
|
Allowance for credit
losses
|
|
|
(84,047)
|
|
|
|
(84,100)
|
|
|
|
(85,037)
|
|
|
|
(85,347)
|
|
|
|
(84,476)
|
|
Cash and due from
banks
|
|
|
225,574
|
|
|
|
228,518
|
|
|
|
262,794
|
|
|
|
248,735
|
|
|
|
226,621
|
|
Goodwill
|
|
|
1,900,845
|
|
|
|
1,900,845
|
|
|
|
1,900,845
|
|
|
|
1,900,337
|
|
|
|
1,903,418
|
|
Core deposit
intangibles, net
|
|
|
41,314
|
|
|
|
42,957
|
|
|
|
44,762
|
|
|
|
46,895
|
|
|
|
43,790
|
|
Other real
estate
|
|
|
15,262
|
|
|
|
15,871
|
|
|
|
15,669
|
|
|
|
15,826
|
|
|
|
16,041
|
|
Fixed assets,
net
|
|
|
256,809
|
|
|
|
257,229
|
|
|
|
260,716
|
|
|
|
267,952
|
|
|
|
272,058
|
|
Other
assets
|
|
|
362,048
|
|
|
|
392,822
|
|
|
|
391,200
|
|
|
|
359,033
|
|
|
|
342,845
|
|
Total
assets
|
|
$
|
22,210,279
|
|
|
$
|
22,454,213
|
|
|
$
|
22,381,467
|
|
|
$
|
21,756,260
|
|
|
$
|
21,597,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
5,361,362
|
|
|
$
|
5,290,142
|
|
|
$
|
5,140,010
|
|
|
$
|
5,214,656
|
|
|
$
|
5,070,094
|
|
Interest-bearing
demand deposits
|
|
|
3,601,116
|
|
|
|
3,749,395
|
|
|
|
4,136,260
|
|
|
|
3,861,952
|
|
|
|
3,858,821
|
|
Savings and money
market deposits
|
|
|
5,658,569
|
|
|
|
5,520,346
|
|
|
|
5,537,355
|
|
|
|
5,471,109
|
|
|
|
5,610,342
|
|
Certificates and
other time deposits
|
|
|
2,270,114
|
|
|
|
2,296,425
|
|
|
|
2,366,857
|
|
|
|
2,434,565
|
|
|
|
2,492,889
|
|
Total
deposits
|
|
|
16,891,161
|
|
|
|
16,856,308
|
|
|
|
17,180,482
|
|
|
|
16,982,282
|
|
|
|
17,032,146
|
|
Other
borrowings
|
|
|
1,099,583
|
|
|
|
1,460,238
|
|
|
|
1,123,396
|
|
|
|
712,126
|
|
|
|
532,301
|
|
Securities sold under
repurchase agreements
|
|
|
344,177
|
|
|
|
324,804
|
|
|
|
307,433
|
|
|
|
318,367
|
|
|
|
331,254
|
|
Other
liabilities
|
|
|
102,046
|
|
|
|
87,074
|
|
|
|
91,157
|
|
|
|
111,083
|
|
|
|
118,881
|
|
Shareholders'
equity
|
|
|
3,773,312
|
|
|
|
3,725,789
|
|
|
|
3,678,999
|
|
|
|
3,632,402
|
|
|
|
3,582,767
|
|
Total liabilities and
equity
|
|
$
|
22,210,279
|
|
|
$
|
22,454,213
|
|
|
$
|
22,381,467
|
|
|
$
|
21,756,260
|
|
|
$
|
21,597,349
|
|
Prosperity
Bancshares, Inc.®
|
Financial
Highlights (Unaudited)
|
(Dollars in
thousands)
|
|
|
|
Sep 30,
2017
|
|
|
Jun 30,
2017
|
|
|
Mar 31,
2017
|
|
|
Dec 31,
2016
|
|
|
Sep 30,
2016
|
|
Period End
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
$
|
1,180,570
|
|
|
11.9
|
%
|
|
$
|
1,201,748
|
|
|
12.2
|
%
|
|
$
|
1,287,216
|
|
|
13.2
|
%
|
|
$
|
1,254,900
|
|
|
13.0
|
%
|
|
$
|
1,233,108
|
|
|
12.9
|
%
|
Construction, land
development and other land loans
|
|
|
1,453,535
|
|
|
14.7
|
%
|
|
|
1,383,539
|
|
|
14.0
|
%
|
|
|
1,326,685
|
|
|
13.6
|
%
|
|
|
1,263,923
|
|
|
13.1
|
%
|
|
|
1,205,820
|
|
|
12.6
|
%
|
1-4 family
residential
|
|
|
2,449,051
|
|
|
24.7
|
%
|
|
|
2,432,348
|
|
|
24.7
|
%
|
|
|
2,424,533
|
|
|
24.9
|
%
|
|
|
2,439,348
|
|
|
25.3
|
%
|
|
|
2,427,616
|
|
|
25.5
|
%
|
Home
equity
|
|
|
284,076
|
|
|
2.9
|
%
|
|
|
283,729
|
|
|
2.9
|
%
|
|
|
281,298
|
|
|
2.9
|
%
|
|
|
278,483
|
|
|
2.9
|
%
|
|
|
279,836
|
|
|
2.9
|
%
|
Commercial real
estate (includes multi-family residential)
|
|
|
3,295,001
|
|
|
33.2
|
%
|
|
|
3,309,227
|
|
|
33.5
|
%
|
|
|
3,226,978
|
|
|
33.1
|
%
|
|
|
3,162,109
|
|
|
32.9
|
%
|
|
|
3,158,569
|
|
|
33.1
|
%
|
Agriculture (includes
farmland)
|
|
|
692,516
|
|
|
7.0
|
%
|
|
|
699,228
|
|
|
7.1
|
%
|
|
|
662,797
|
|
|
6.8
|
%
|
|
|
672,336
|
|
|
7.0
|
%
|
|
|
664,080
|
|
|
7.0
|
%
|
Consumer and
other
|
|
|
264,626
|
|
|
2.7
|
%
|
|
|
266,385
|
|
|
2.7
|
%
|
|
|
262,301
|
|
|
2.7
|
%
|
|
|
266,422
|
|
|
2.8
|
%
|
|
|
270,334
|
|
|
2.8
|
%
|
Energy
|
|
|
291,827
|
|
|
2.9
|
%
|
|
|
287,815
|
|
|
2.9
|
%
|
|
|
267,445
|
|
|
2.8
|
%
|
|
|
284,539
|
|
|
3.0
|
%
|
|
|
308,951
|
|
|
3.2
|
%
|
Total loans
|
|
$
|
9,911,202
|
|
|
|
|
|
$
|
9,864,019
|
|
|
|
|
|
$
|
9,739,253
|
|
|
|
|
|
$
|
9,622,060
|
|
|
|
|
|
$
|
9,548,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit
Types
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
DDA
|
|
$
|
5,465,474
|
|
|
32.3
|
%
|
|
$
|
5,397,293
|
|
|
31.6
|
%
|
|
$
|
5,299,264
|
|
|
31.1
|
%
|
|
$
|
5,190,973
|
|
|
30.0
|
%
|
|
$
|
5,159,333
|
|
|
30.5
|
%
|
Interest-bearing
DDA
|
|
|
3,645,754
|
|
|
21.6
|
%
|
|
|
3,702,910
|
|
|
21.7
|
%
|
|
|
3,845,061
|
|
|
22.6
|
%
|
|
|
4,215,671
|
|
|
24.3
|
%
|
|
|
3,749,018
|
|
|
22.1
|
%
|
Money
market
|
|
|
3,273,110
|
|
|
19.4
|
%
|
|
|
3,451,803
|
|
|
20.2
|
%
|
|
|
3,370,055
|
|
|
19.8
|
%
|
|
|
3,368,599
|
|
|
19.5
|
%
|
|
|
3,468,639
|
|
|
20.5
|
%
|
Savings
|
|
|
2,264,959
|
|
|
13.4
|
%
|
|
|
2,240,126
|
|
|
13.1
|
%
|
|
|
2,189,822
|
|
|
12.8
|
%
|
|
|
2,125,854
|
|
|
12.3
|
%
|
|
|
2,074,169
|
|
|
12.3
|
%
|
Certificates and
other time deposits
|
|
|
2,258,179
|
|
|
13.3
|
%
|
|
|
2,278,398
|
|
|
13.4
|
%
|
|
|
2,331,370
|
|
|
13.7
|
%
|
|
|
2,406,205
|
|
|
13.9
|
%
|
|
|
2,470,250
|
|
|
14.6
|
%
|
Total
deposits
|
|
$
|
16,907,476
|
|
|
|
|
|
$
|
17,070,530
|
|
|
|
|
|
$
|
17,035,572
|
|
|
|
|
|
$
|
17,307,302
|
|
|
|
|
|
$
|
16,921,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan to Deposit
Ratio
|
|
|
58.6
|
%
|
|
|
|
|
|
57.8
|
%
|
|
|
|
|
|
57.2
|
%
|
|
|
|
|
|
55.6
|
%
|
|
|
|
|
|
56.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prosperity
Bancshares, Inc.®
|
Financial
Highlights (Unaudited)
|
(Dollars in
thousands)
|
|
Construction
Loans
|
|
|
Sep 30,
2017
|
|
|
Jun 30,
2017
|
|
|
Mar 31,
2017
|
|
|
Dec 31,
2016
|
|
|
Sep 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single family
residential construction
|
|
$
|
386,891
|
|
|
26.6
|
%
|
|
$
|
410,164
|
|
|
29.6
|
%
|
|
$
|
411,553
|
|
|
30.9
|
%
|
|
$
|
396,794
|
|
|
31.3
|
%
|
|
$
|
390,397
|
|
|
32.3
|
%
|
Land
development
|
|
|
77,202
|
|
|
5.3
|
%
|
|
|
79,641
|
|
|
5.8
|
%
|
|
|
83,475
|
|
|
6.3
|
%
|
|
|
76,275
|
|
|
6.0
|
%
|
|
|
77,789
|
|
|
6.4
|
%
|
Raw land
|
|
|
191,563
|
|
|
13.1
|
%
|
|
|
200,122
|
|
|
14.4
|
%
|
|
|
183,453
|
|
|
13.8
|
%
|
|
|
194,267
|
|
|
15.3
|
%
|
|
|
170,640
|
|
|
14.1
|
%
|
Residential
lots
|
|
|
128,109
|
|
|
8.8
|
%
|
|
|
130,919
|
|
|
9.4
|
%
|
|
|
129,389
|
|
|
9.7
|
%
|
|
|
130,096
|
|
|
10.3
|
%
|
|
|
131,589
|
|
|
10.9
|
%
|
Commercial
lots
|
|
|
113,692
|
|
|
7.8
|
%
|
|
|
83,104
|
|
|
6.0
|
%
|
|
|
84,705
|
|
|
6.4
|
%
|
|
|
75,625
|
|
|
6.0
|
%
|
|
|
84,862
|
|
|
7.0
|
%
|
Commercial
construction and other
|
|
|
558,649
|
|
|
38.4
|
%
|
|
|
482,347
|
|
|
34.8
|
%
|
|
|
437,083
|
|
|
32.9
|
%
|
|
|
394,040
|
|
|
31.1
|
%
|
|
|
353,942
|
|
|
29.3
|
%
|
Net unaccreted
discount
|
|
|
(2,571)
|
|
|
|
|
|
|
(2,758)
|
|
|
|
|
|
|
(2,973)
|
|
|
|
|
|
|
(3,174)
|
|
|
|
|
|
|
(3,399)
|
|
|
|
|
Total construction
loans
|
|
$
|
1,453,535
|
|
|
|
|
|
$
|
1,383,539
|
|
|
|
|
|
$
|
1,326,685
|
|
|
|
|
|
$
|
1,263,923
|
|
|
|
|
|
$
|
1,205,820
|
|
|
|
|
Non-Owner Occupied
Commercial Real Estate Loans by Metropolitan Statistical Area (MSA)
as of September 30, 2017
|
|
|
Houston
|
|
|
Dallas
|
|
|
Austin
|
|
|
OK
City
|
|
|
Tulsa
|
|
|
Other
(R)
|
|
|
Total
|
|
|
Collateral
Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shopping
center/retail
|
$
|
204,773
|
|
|
$
|
45,312
|
|
|
$
|
43,688
|
|
|
$
|
17,104
|
|
|
$
|
26,848
|
|
|
$
|
147,194
|
|
|
$
|
484,919
|
|
|
Commercial and
industrial buildings
|
|
114,851
|
|
|
|
31,259
|
|
|
|
13,732
|
|
|
|
11,897
|
|
|
|
22,817
|
|
|
|
72,087
|
|
|
|
266,643
|
|
|
Office
buildings
|
|
67,660
|
|
|
|
125,295
|
|
|
|
22,912
|
|
|
|
44,935
|
|
|
|
12,294
|
|
|
|
75,298
|
|
|
|
348,394
|
|
|
Medical
buildings
|
|
54,878
|
|
|
|
8,884
|
|
|
|
45
|
|
|
|
12,058
|
|
|
|
7,984
|
|
|
|
68,686
|
|
|
|
152,535
|
|
|
Apartment
buildings
|
|
23,697
|
|
|
|
12,144
|
|
|
|
17,957
|
|
|
|
20,987
|
|
|
|
5,570
|
|
|
|
81,590
|
|
|
|
161,945
|
|
|
Hotel
|
|
42,700
|
|
|
|
31,599
|
|
|
|
13,322
|
|
|
|
28,817
|
|
|
|
—
|
|
|
|
111,617
|
|
|
|
228,055
|
|
|
Other
|
|
46,830
|
|
|
|
7,911
|
|
|
|
14,407
|
|
|
|
11,903
|
|
|
|
4,670
|
|
|
|
58,803
|
|
|
|
144,524
|
|
|
Total
|
$
|
555,389
|
|
|
$
|
262,404
|
|
|
$
|
126,063
|
|
|
$
|
147,701
|
|
|
$
|
80,183
|
|
|
$
|
615,275
|
|
|
$
|
1,787,015
|
|
(S)
|
Acquired
Loans
|
|
|
|
Acquired Loans
Accounted for
Under ASC
310-20
|
|
|
Acquired Loans
Accounted for
Under ASC
310-30
|
|
|
Total Loans
Accounted for
Under ASC 310-20
and 310-30
|
|
|
|
Balance
at
Acquisition
Date
|
|
|
Balance
at
Jun 30, 2017
|
|
|
Balance
at
Sep
30, 2017
|
|
|
Balance
at
Acquisition
Date
|
|
|
Balance
at
Jun 30, 2017
|
|
|
Balance
at
Sep
30, 2017
|
|
|
Balance
at
Acquisition
Date
|
|
|
Balance
at
Jun 30, 2017
|
|
|
Balance
at
Sep
30, 2017
|
|
Loan
marks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired banks
(T)
|
|
$
|
229,080
|
|
|
$
|
29,359
|
|
|
$
|
22,997
|
|
|
$
|
142,128
|
|
|
$
|
18,580
|
|
|
$
|
17,040
|
|
|
$
|
371,208
|
|
|
$
|
47,939
|
|
|
$
|
40,037
|
|
Acquired portfolio
loan balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired banks
(T)
|
|
|
5,690,998
|
|
|
|
892,604
|
|
|
|
796,477
|
|
|
|
275,221
|
|
|
|
43,507
|
|
|
|
40,367
|
|
|
|
5,966,219
|
|
(U)
|
|
936,111
|
|
|
|
836,844
|
|
Acquired portfolio
loan balances less loan marks
|
|
$
|
5,461,918
|
|
|
$
|
863,245
|
|
|
$
|
773,480
|
|
|
$
|
133,093
|
|
|
$
|
24,927
|
|
|
$
|
23,327
|
|
|
$
|
5,595,011
|
|
|
$
|
888,172
|
|
|
$
|
796,807
|
|
|
|
(R)
|
Includes
other MSA and non-MSA regions.
|
(S)
|
Represents a
portion of total commercial real estate loans of $3.295 billion as
of September 30, 2017.
|
(T)
|
Includes Bank of
Texas, Bank Arlington, American State Bank, Community National
Bank, First Federal Bank Texas, Coppermark Bank, First Victoria
National Bank, The F&M Bank & Trust Company and Tradition
Bank.
|
(U)
|
Actual
principal balances acquired.
|
Prosperity
Bancshares, Inc.®
|
Financial
Highlights (Unaudited)
|
(Dollars in
thousands)
|
|
|
Three Months
Ended
|
|
|
Year-to-Date
|
|
|
Sep 30,
2017
|
|
|
Jun 30,
2017
|
|
|
Mar 31,
2017
|
|
|
Dec 31,
2016
|
|
|
Sep 30,
2016
|
|
|
Sep 30,
2017
|
|
|
Sep 30,
2016
|
|
Asset
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
26,267
|
|
|
$
|
30,517
|
|
|
$
|
24,360
|
|
|
$
|
31,642
|
|
|
$
|
43,451
|
|
|
$
|
26,267
|
|
|
$
|
43,451
|
|
Accruing loans 90 or
more days past due
|
|
4,934
|
|
|
|
1,613
|
|
|
|
880
|
|
|
|
956
|
|
|
|
399
|
|
|
|
4,934
|
|
|
|
399
|
|
Total nonperforming
loans
|
|
31,201
|
|
|
|
32,130
|
|
|
|
25,240
|
|
|
|
32,598
|
|
|
|
43,850
|
|
|
|
31,201
|
|
|
|
43,850
|
|
Repossessed
assets
|
|
110
|
|
|
|
16
|
|
|
|
261
|
|
|
|
241
|
|
|
|
36
|
|
|
|
110
|
|
|
|
36
|
|
Other real
estate
|
|
14,512
|
|
|
|
15,472
|
|
|
|
15,698
|
|
|
|
15,463
|
|
|
|
16,280
|
|
|
|
14,512
|
|
|
|
16,280
|
|
Total nonperforming
assets
|
$
|
45,823
|
|
|
$
|
47,618
|
|
|
$
|
41,199
|
|
|
$
|
48,302
|
|
|
$
|
60,166
|
|
|
$
|
45,823
|
|
|
$
|
60,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial (includes energy)
|
$
|
22,241
|
|
|
$
|
25,628
|
|
|
$
|
18,743
|
|
|
$
|
24,537
|
|
|
$
|
26,848
|
|
|
$
|
22,241
|
|
|
$
|
26,848
|
|
Construction, land
development and other land loans
|
|
847
|
|
|
|
1,572
|
|
|
|
1,461
|
|
|
|
1,766
|
|
|
|
1,711
|
|
|
|
847
|
|
|
|
1,711
|
|
1-4 family residential
(includes home equity)
|
|
3,781
|
|
|
|
4,156
|
|
|
|
4,070
|
|
|
|
4,119
|
|
|
|
4,450
|
|
|
|
3,781
|
|
|
|
4,450
|
|
Commercial real estate
(includes multi-family residential)
|
|
18,208
|
|
|
|
15,454
|
|
|
|
16,235
|
|
|
|
17,167
|
|
|
|
26,680
|
|
|
|
18,208
|
|
|
|
26,680
|
|
Agriculture (includes
farmland)
|
|
635
|
|
|
|
676
|
|
|
|
534
|
|
|
|
542
|
|
|
|
248
|
|
|
|
635
|
|
|
|
248
|
|
Consumer and
other
|
|
111
|
|
|
|
132
|
|
|
|
156
|
|
|
|
171
|
|
|
|
229
|
|
|
|
111
|
|
|
|
229
|
|
Total
|
$
|
45,823
|
|
|
$
|
47,618
|
|
|
$
|
41,199
|
|
|
$
|
48,302
|
|
|
$
|
60,166
|
|
|
$
|
45,823
|
|
|
$
|
60,166
|
|
Number of
loans/properties
|
|
113
|
|
|
|
121
|
|
|
|
139
|
|
|
|
158
|
|
|
|
158
|
|
|
|
113
|
|
|
|
158
|
|
Allowance for credit
losses at end of period
|
$
|
86,812
|
|
|
$
|
83,783
|
|
|
$
|
84,095
|
|
|
$
|
85,326
|
|
|
$
|
85,585
|
|
|
$
|
86,812
|
|
|
$
|
85,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial (includes energy)
|
$
|
3,225
|
|
|
$
|
2,531
|
|
|
$
|
3,495
|
|
|
$
|
3,161
|
|
|
$
|
(107)
|
|
|
$
|
9,251
|
|
|
$
|
8,398
|
|
Construction, land
development and other land loans
|
|
(2)
|
|
|
|
(60)
|
|
|
|
(65)
|
|
|
|
(1,922)
|
|
|
|
(368)
|
|
|
|
(127)
|
|
|
|
(579)
|
|
1-4 family residential
(includes home equity)
|
|
12
|
|
|
|
95
|
|
|
|
(95)
|
|
|
|
(82)
|
|
|
|
48
|
|
|
|
12
|
|
|
—
|
|
Commercial real estate
(includes multi-family residential)
|
|
(3)
|
|
|
|
—
|
|
|
|
133
|
|
|
|
41
|
|
|
|
(1)
|
|
|
|
130
|
|
|
|
255
|
|
Agriculture (includes
farmland)
|
|
—
|
|
|
|
(29)
|
|
|
|
(65)
|
|
|
|
305
|
|
|
|
(45)
|
|
|
|
(94)
|
|
|
|
6,262
|
|
Consumer and
other
|
|
639
|
|
|
|
525
|
|
|
|
503
|
|
|
|
756
|
|
|
|
714
|
|
|
|
1,667
|
|
|
|
3,463
|
|
Total
|
$
|
3,871
|
|
|
$
|
3,062
|
|
|
$
|
3,906
|
|
|
$
|
2,259
|
|
|
$
|
241
|
|
|
$
|
10,839
|
|
|
$
|
17,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to average interest-earning assets
|
|
0.24
|
%
|
|
|
0.24
|
%
|
|
|
0.21
|
%
|
|
|
0.25
|
%
|
|
|
0.32
|
%
|
|
|
0.23
|
%
|
|
|
0.31
|
%
|
Nonperforming assets
to loans and other real estate
|
|
0.46
|
%
|
|
|
0.48
|
%
|
|
|
0.42
|
%
|
|
|
0.50
|
%
|
|
|
0.63
|
%
|
|
|
0.46
|
%
|
|
|
0.63
|
%
|
Net charge-offs to
average loans (annualized)
|
|
0.16
|
%
|
|
|
0.13
|
%
|
|
|
0.16
|
%
|
|
|
0.09
|
%
|
|
|
0.01
|
%
|
|
|
0.15
|
%
|
|
|
0.25
|
%
|
Allowance for credit
losses to total loans
|
|
0.88
|
%
|
|
|
0.85
|
%
|
|
|
0.86
|
%
|
|
|
0.89
|
%
|
|
|
0.90
|
%
|
|
|
0.88
|
%
|
|
|
0.90
|
%
|
Allowance for credit
losses to total loans (excluding acquired loans accounted for under
ASC Topics 310-20 and 310-30) (G)
|
|
0.95
|
%
|
|
|
0.93
|
%
|
|
|
0.96
|
%
|
|
|
1.00
|
%
|
|
|
1.03
|
%
|
|
|
0.95
|
%
|
|
|
1.03
|
%
|
Prosperity
Bancshares, Inc.®
|
Notes to Selected
Financial Data (Unaudited)
|
(Dollars and share
amounts in thousands, except per share data)
|
|
Consolidated
Financial Highlights
|
|
NOTES TO SELECTED
FINANCIAL DATA
|
Prosperity's
management uses certain non-GAAP (generally accepted accounting
principles) financial measures to evaluate its performance.
Specifically, Prosperity reviews tangible book value per share,
return on average tangible common equity, the tangible equity to
tangible assets ratio and the efficiency ratio, excluding net gains
and losses on the sale of assets and securities, for internal
planning and forecasting purposes. In addition, due to the
application of purchase accounting, Prosperity uses certain
non-GAAP measures and ratios that exclude the impact of these items
to evaluate its allowance for credit losses to total loans
(excluding acquired loans accounted for under ASC Topics 310-20 and
310-30). Prosperity has included information below relating to
these non-GAAP financial measures for the applicable periods
presented.
|
|
|
|
Three Months
Ended
|
|
|
Year-to-Date
|
|
|
|
Sep 30,
2017
|
|
|
Jun 30,
2017
|
|
|
Mar 31,
2017
|
|
|
Dec 31,
2016
|
|
|
Sep 30,
2016
|
|
|
Sep 30,
2017
|
|
|
Sep 30,
2016
|
|
Reconciliation of
return on average common equity to return on average tangible
common equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
67,908
|
|
|
$
|
68,554
|
|
|
$
|
68,565
|
|
|
$
|
68,793
|
|
|
$
|
68,651
|
|
|
$
|
205,027
|
|
|
$
|
205,673
|
|
Average shareholders'
equity
|
|
$
|
3,773,312
|
|
|
$
|
3,725,789
|
|
|
$
|
3,678,999
|
|
|
$
|
3,632,402
|
|
|
$
|
3,582,767
|
|
|
$
|
3,726,382
|
|
|
$
|
3,545,139
|
|
Less: Average
goodwill and other intangible assets
|
|
|
(1,942,159)
|
|
|
|
(1,943,802)
|
|
|
|
(1,945,607)
|
|
|
|
(1,947,232)
|
|
|
|
(1,947,208)
|
|
|
|
(1,943,843)
|
|
|
|
(1,948,229)
|
|
Average tangible
shareholders' equity
|
|
$
|
1,831,153
|
|
|
$
|
1,781,987
|
|
|
$
|
1,733,392
|
|
|
$
|
1,685,170
|
|
|
$
|
1,635,559
|
|
|
$
|
1,782,539
|
|
|
$
|
1,596,910
|
|
Return on average
tangible common equity (F)
|
|
|
14.83
|
%
|
|
|
15.39
|
%
|
|
|
15.82
|
%
|
|
|
16.33
|
%
|
|
|
16.79
|
%
|
|
|
15.34
|
%
|
|
|
17.17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
book value per share to tangible book value per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
$
|
3,781,358
|
|
|
$
|
3,736,188
|
|
|
$
|
3,689,082
|
|
|
$
|
3,642,311
|
|
|
$
|
3,594,812
|
|
|
$
|
3,781,358
|
|
|
$
|
3,594,812
|
|
Less: Goodwill and
other intangible assets
|
|
|
(1,941,309)
|
|
|
|
(1,942,995)
|
|
|
|
(1,944,714)
|
|
|
|
(1,946,629)
|
|
|
|
(1,948,359)
|
|
|
|
(1,941,309)
|
|
|
|
(1,948,359)
|
|
Tangible shareholders'
equity
|
|
$
|
1,840,049
|
|
|
$
|
1,793,193
|
|
|
$
|
1,744,368
|
|
|
$
|
1,695,682
|
|
|
$
|
1,646,453
|
|
|
$
|
1,840,049
|
|
|
$
|
1,646,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end shares
outstanding
|
|
|
69,484
|
|
|
|
69,488
|
|
|
|
69,480
|
|
|
|
69,491
|
|
|
|
69,478
|
|
|
|
69,484
|
|
|
|
69,478
|
|
Tangible book value
per share:
|
|
$
|
26.48
|
|
|
$
|
25.81
|
|
|
$
|
25.11
|
|
|
$
|
24.40
|
|
|
$
|
23.70
|
|
|
$
|
26.48
|
|
|
$
|
23.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
equity to assets ratio to period end tangible equity to period end
tangible assets ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
$
|
1,840,049
|
|
|
$
|
1,793,193
|
|
|
$
|
1,744,368
|
|
|
$
|
1,695,682
|
|
|
$
|
1,646,453
|
|
|
$
|
1,840,049
|
|
|
$
|
1,646,453
|
|
Total
assets
|
|
$
|
22,143,263
|
|
|
$
|
22,296,543
|
|
|
$
|
22,477,419
|
|
|
$
|
22,331,072
|
|
|
$
|
21,404,044
|
|
|
$
|
22,143,263
|
|
|
$
|
21,404,044
|
|
Less: Goodwill and
other intangible assets
|
|
|
(1,941,309)
|
|
|
|
(1,942,995)
|
|
|
|
(1,944,714)
|
|
|
|
(1,946,629)
|
|
|
|
(1,948,359)
|
|
|
|
(1,941,309)
|
|
|
|
(1,948,359)
|
|
Tangible
assets
|
|
$
|
20,201,954
|
|
|
$
|
20,353,548
|
|
|
$
|
20,532,705
|
|
|
$
|
20,384,443
|
|
|
$
|
19,455,685
|
|
|
$
|
20,201,954
|
|
|
$
|
19,455,685
|
|
Period end tangible
equity to period end tangible assets ratio:
|
|
|
9.11
|
%
|
|
|
8.81
|
%
|
|
|
8.50
|
%
|
|
|
8.32
|
%
|
|
|
8.46
|
%
|
|
|
9.11
|
%
|
|
|
8.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
allowance for credit losses to total loans to allowance for credit
losses to total loans, excluding acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses
|
|
$
|
86,812
|
|
|
$
|
83,783
|
|
|
$
|
84,095
|
|
|
$
|
85,326
|
|
|
$
|
85,585
|
|
|
$
|
86,812
|
|
|
$
|
85,585
|
|
Total
loans
|
|
$
|
9,911,202
|
|
|
$
|
9,864,019
|
|
|
$
|
9,739,253
|
|
|
$
|
9,622,060
|
|
|
$
|
9,548,314
|
|
|
$
|
9,911,202
|
|
|
$
|
9,548,314
|
|
Less: Fair value of
acquired loans (acquired portfolio loan balances less loan
marks)
|
|
$
|
796,807
|
|
|
$
|
888,172
|
|
|
$
|
991,894
|
|
|
$
|
1,107,293
|
|
|
$
|
1,230,466
|
|
|
$
|
796,807
|
|
|
$
|
1,230,466
|
|
Total loans less
acquired loans
|
|
$
|
9,114,395
|
|
|
$
|
8,975,847
|
|
|
$
|
8,747,359
|
|
|
$
|
8,514,767
|
|
|
$
|
8,317,848
|
|
|
$
|
9,114,395
|
|
|
$
|
8,317,848
|
|
Allowance for credit
losses to total loans, excluding acquired loans (non-GAAP
basis)
|
|
|
0.95
|
%
|
|
|
0.93
|
%
|
|
|
0.96
|
%
|
|
|
1.00
|
%
|
|
|
1.03
|
%
|
|
|
0.95
|
%
|
|
|
1.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
efficiency ratio to efficiency ratio, excluding net gains and
losses on the sale of assets and securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
$
|
77,509
|
|
|
$
|
76,442
|
|
|
$
|
78,062
|
|
|
$
|
79,148
|
|
|
$
|
79,476
|
|
|
$
|
232,013
|
|
|
$
|
239,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
156,147
|
|
|
$
|
152,231
|
|
|
$
|
152,435
|
|
|
$
|
153,832
|
|
|
$
|
154,064
|
|
|
$
|
460,813
|
|
|
$
|
478,788
|
|
Noninterest
income
|
|
|
28,809
|
|
|
|
27,780
|
|
|
|
30,824
|
|
|
|
29,475
|
|
|
|
29,684
|
|
|
|
87,413
|
|
|
|
88,950
|
|
Less: net gain (loss)
on sale of assets
|
|
|
62
|
|
|
|
(3,783)
|
|
|
|
1,759
|
|
|
|
475
|
|
|
|
37
|
|
|
|
(1,962)
|
|
|
|
1,389
|
|
Less: gain on sale of
securities
|
|
|
—
|
|
|
|
3,270
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,270
|
|
|
|
—
|
|
Noninterest income,
excluding net gains and losses on the sale of assets and
securities
|
|
|
28,747
|
|
|
|
28,293
|
|
|
|
29,065
|
|
|
|
29,000
|
|
|
|
29,647
|
|
|
|
86,105
|
|
|
|
87,561
|
|
Total income,
excluding net gains and losses on the sale of assets and
securities
|
|
$
|
184,894
|
|
|
$
|
180,524
|
|
|
$
|
181,500
|
|
|
$
|
182,832
|
|
|
$
|
183,711
|
|
|
$
|
546,918
|
|
|
$
|
566,349
|
|
Efficiency ratio,
excluding net gains and losses on the sale of assets and
securities
|
|
|
41.92
|
%
|
|
|
42.34
|
%
|
|
|
43.01
|
%
|
|
|
43.29
|
%
|
|
|
43.26
|
%
|
|
|
42.42
|
%
|
|
|
42.24
|
%
|
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SOURCE Prosperity Bancshares, Inc.