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Prosperity Bancshares Inc - PB STOCK NEWS

Welcome to our dedicated page for Prosperity Bancshares news (Ticker: PB), a resource for investors and traders seeking the latest updates and insights on Prosperity Bancshares stock.

Prosperity Bancshares Inc. (NYSE: PB), headquartered in Houston, Texas, is a prominent regional financial holding company operating under the community banking philosophy. Established in 1983, Prosperity Bancshares, through its subsidiary Prosperity Bank, offers a broad spectrum of retail and commercial banking services to individuals and small to midsize businesses across Texas and Oklahoma. As of March 31, 2024, the company reported total assets of $38.757 billion, making it a significant player in the regional banking sector.

The range of services provided by Prosperity includes traditional deposit and loan products, digital banking solutions, credit and debit cards, mortgage services, trust and wealth management, and treasury management. The company operates 288 full-service banking locations spread across various regions, including the Houston area, South Texas, Dallas/Fort Worth, East Texas, Central Texas, West Texas, Bryan/College Station, Central Oklahoma, and Tulsa, Oklahoma.

Prosperity Bancshares has demonstrated resilience and strategic growth through recent mergers and acquisitions. In May 2023, Prosperity completed the merger with First Bancshares of Texas, Inc., enhancing its market presence in West, North, and Central Texas areas. This was followed by the merger with Lone Star State Bancshares, Inc. on April 1, 2024, further consolidating its footprint in West Texas.

Despite facing challenges such as increased interest expenses and FDIC assessments, Prosperity Bancshares has maintained robust financial health. For the quarter ended March 31, 2024, the company reported a net income of $110.4 million, with an annualized return on average assets of 1.13%. Deposits and loans have shown steady growth, highlighting the company’s strong market position and customer trust.

Prosperity Bancshares continues to prioritize long-term relationships, strong asset quality, and sustainable earnings while delivering value to its shareholders. The company’s strategic focus on mergers and acquisitions, alongside maintaining a high tangible equity to tangible assets ratio, underscores its commitment to growth and profitability.

For more detailed financial performance and operational updates, visit Prosperity Bancshares’ official website or refer to their latest press releases and earnings reports.

News

PROSPERITY BANCSHARES RECEIVES REGULATORY APPROVALS FOR LONE STAR STATE BANCSHARES, INC. ACQUISITION

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Prosperity Bancshares, Inc. (PB) receives regulatory approvals for the acquisition of Lone Star State Bancshares, Inc. The merger is expected to be effective on April 1, 2024, with key executives from Lone Star joining Prosperity Bank. Lone Star locations will operate under their name until October 28, 2024, when they will transition to Prosperity Bank's banking centers.
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PROSPERITY BANCSHARES, INC.® REPORTS FOURTH QUARTER 2023 EARNINGS

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Prosperity Bancshares, Inc. reported a net income of $95.5 million for the fourth quarter of 2023, with diluted earnings per share of $1.02. Excluding special assessments and merger-related expenses, net income was $111.4 million and diluted earnings per share was $1.19. Loans increased by $2.259 billion during 2023, and noninterest-bearing deposits represented 36.0% of total deposits. The net interest margin increased to 2.75% in the fourth quarter of 2023. Nonperforming assets remained low at 0.21% of fourth quarter average interest-earning assets. The pending merger of Lone Star State Bancshares, Inc., Lubbock, Texas was approved, and a 2024 Stock Repurchase Program covering up to 5% of outstanding common stock was announced.
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PROSPERITY BANCSHARES, INC.® ANNOUNCES COMMON STOCK DIVIDEND

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Prosperity Bancshares, Inc.® (NYSE: PB) declared a quarterly common stock dividend of $0.56 per share for Q1 2024, payable on April 1, 2024, to shareholders of record as of March 15, 2024. As of September 30, 2023, the company is a $39.296 billion regional financial holding company based in Houston, Texas, providing personal banking services and investments to consumers and small to medium-sized businesses throughout Texas and Oklahoma. Founded in 1983, Prosperity operates 285 full-service banking locations across various regions.
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PROSPERITY BANCSHARES, INC.® ANNOUNCES STOCK REPURCHASE PROGRAM

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Prosperity Bancshares, Inc. (PB) announced a stock repurchase program of up to 5% of its outstanding common stock over a one-year period. The company may repurchase approximately 4.7 million shares, with the discretion of management. The repurchases can be made in open market transactions and pursuant to any trading plan. The program does not obligate the company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares that will be repurchased. The board may suspend, modify, or terminate the program at any time and for any reason. As of September 30, 2023, Prosperity Bancshares, Inc. is a $39.296 billion Houston, Texas based regional financial holding company providing personal banking services and investments to consumers and small to medium-sized businesses throughout Texas and Oklahoma.
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PROSPERITY BANCSHARES, INC.® INVITES YOU TO JOIN ITS FOURTH QUARTER 2023 EARNINGS CONFERENCE CALL

Rhea-AI Summary
Prosperity Bancshares, Inc.® (NYSE: PB) is a $39.296 billion Houston, Texas-based regional financial holding company providing personal banking services and investments to consumers and small to medium-sized businesses throughout Texas and Oklahoma. Founded in 1983, Prosperity operates 285 full-service banking locations and offers traditional deposit and loan products, digital banking solutions, credit and debit cards, mortgage services, treasury management solutions, and wealth management services, including trust and retail brokerage.
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PROSPERITY BANCSHARES, INC.® REPORTS THIRD QUARTER 2023 EARNINGS

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Prosperity Bancshares, Inc. reports net income of $112.2 million for Q3 2023, a decrease compared to the same period last year. Dividend increased by 1.82% to $0.56 per share for Q4 2023. Deposits increased by $259.9 million in Q3 2023. Nonperforming assets remain low at 0.20% of average interest-earning assets. Pending merger with Lone Star State Bancshares, Inc. announced.
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PROSPERITY BANCSHARES, INC.® INCREASES COMMON STOCK DIVIDEND

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Prosperity Bancshares, Inc. increases common stock dividend
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PROSPERITY BANCSHARES, INC.® INVITES YOU TO JOIN ITS THIRD QUARTER 2023 EARNINGS CONFERENCE CALL

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Prosperity Bancshares, Inc.® invites you to join its Third Quarter 2023 Earnings Conference Call on October 25, 2023.
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PROSPERITY BANCSHARES, INC.® REPORTS SECOND QUARTER 2023 EARNINGS

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Prosperity Bancshares, Inc. (NYSE: PB) reported net income of $86.9 million and diluted earnings per share of $0.94 for the second quarter of 2023, impacted by merger-related charges. Loans increased by $1.970 billion or 10.6%, deposits increased by $376.7 million or 1.4%. Nonperforming assets remain low at 0.18% of second quarter average interest-earning assets. The company completed the merger of First Bancshares of Texas, Inc. and FirstCapital Bank of Texas, N.A., and has a pending merger of Lone Star State Bancshares, Inc., Lubbock, Texas.
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PROSPERITY BANCSHARES, INC.® ANNOUNCES COMMON STOCK DIVIDEND

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Prosperity Bancshares, Inc. declares a quarterly common stock dividend of $0.55 per share for Q3 2023.
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FAQ

What is the current stock price of Prosperity Bancshares (PB)?

The current stock price of Prosperity Bancshares (PB) is $82.5 as of November 15, 2024.

What is the market cap of Prosperity Bancshares (PB)?

The market cap of Prosperity Bancshares (PB) is approximately 7.7B.

What services does Prosperity Bancshares Inc. provide?

Prosperity Bancshares offers retail and commercial banking services, including traditional deposit and loan products, digital banking solutions, credit and debit cards, mortgage services, trust and wealth management, and treasury management.

Where is Prosperity Bancshares Inc. located?

Prosperity Bancshares Inc. is headquartered in Houston, Texas, and operates 288 full-service banking locations across Texas and Oklahoma.

What recent mergers has Prosperity Bancshares Inc. completed?

In May 2023, Prosperity Bancshares completed the merger with First Bancshares of Texas, Inc. and in April 2024, it merged with Lone Star State Bancshares, Inc.

How did Prosperity Bancshares Inc. perform in the first quarter of 2024?

Prosperity Bancshares reported a net income of $110.4 million for the first quarter of 2024 with an annualized return on average assets of 1.13%.

What is the company’s strategic focus?

Prosperity Bancshares focuses on maintaining strong asset quality, long-term relationships, sustainable earnings, and executing strategic mergers and acquisitions to drive growth.

How can I get more detailed financial information about Prosperity Bancshares Inc.?

For detailed financial performance and updates, visit Prosperity Bancshares’ official website or refer to their latest press releases and earnings reports.

What is the company’s approach to community banking?

Prosperity Bancshares believes in a community banking philosophy, aiming to provide financial solutions that simplify everyday financial needs for customers, businesses, and communities in the areas it serves.

What was the impact of the FDIC special assessment on Prosperity Bancshares in 2023?

In 2023, Prosperity incurred a Federal Deposit Insurance Corporation (FDIC) special assessment of $19.9 million to recover costs associated with protecting uninsured depositors after the closures of Silicon Valley Bank and Signature Bank.

What are some key financial metrics for Prosperity Bancshares?

As of March 31, 2024, Prosperity Bancshares reported total assets of $38.757 billion, loans of $21.265 billion, and deposits of $27.176 billion.

How does Prosperity Bancshares return value to shareholders?

Prosperity Bancshares returns value to shareholders through dividends and share repurchases. In 2023, the total capital return to shareholders through dividends and share repurchases was $278 million.

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Prosperity Bancshares Inc

NYSE:PB

PB Rankings

#1008 Ranked by Market Cap
#1113 Ranked by Dividends

PB Stock Data

7.71B
95.27M
4.21%
82.74%
1.47%
Banks - Regional
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