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.
Prosperity Bancshares reported a net income of $135.8 million for Q3 2022, marking a 5.7% increase from Q2 2022, with earnings per share of $1.49. Loans, excluding certain programs, rose by $530.8 million or 3.1% (12.5% annualized). The bank's net interest margin increased to 3.11%. A 5.8% dividend increase to $0.55 was also announced. Notably, agreements for mergers with First Bancshares of Texas and Lone Star State Bancshares were signed, projected to elevate total assets over $6 billion.
Prosperity Bancshares, Inc. (NYSE: PB) has declared a quarterly common stock dividend of $0.55 per share for Q4 2022, marking a 5.77% increase from the previous quarter. The dividend is payable on January 3, 2023, to shareholders of record by December 15, 2022. As of June 30, 2022, Prosperity Bancshares is valued at $37.387 billion and operates 272 banking locations across Texas and Oklahoma, providing various financial services including digital banking, loans, and wealth management.
Prosperity Bancshares (NYSE: PB) announced a definitive merger agreement to acquire First Bancshares of Texas for approximately $341.6 million. Prosperity will issue 3,583,370 shares and pay $93.4 million in cash for all outstanding shares of First Bancshares. As of June 30, 2022, First Bancshares had total assets of $2.121 billion. This acquisition enables Prosperity to expand into key markets in Texas, enhancing its branch network and product offerings. The merger, unanimously approved by both companies' boards, is expected to close in Q1 2023, pending regulatory and shareholder approvals.
Prosperity Bancshares (NYSE: PB) announced its acquisition of Lone Star State Bancshares, valued at approximately $228.7 million. The deal includes 2,376,182 shares of Prosperity stock and $64.1 million in cash. Lone Star, with $1.305 billion in assets and $933.5 million in loans, operates five banking offices in West Texas. The merger is expected to enhance Prosperity's presence in the region and improve service offerings. The transaction, approved by both boards, is anticipated to close in Q1 2023, pending regulatory and shareholder approval.
Prosperity Bancshares (NYSE: PB) announced significant changes to its Board of Directors on October 4, 2022, as directors Bruce W. Hunt and George A. Fisk resigned for personal reasons, effective October 5. In their places, Dr. Laura Murillo and Ileana Blanco were appointed as Class II and Class III Directors, respectively. Murillo, the President of the Houston Hispanic Chamber of Commerce, and Blanco, an experienced attorney in commercial litigation, aim to enhance the board's diversity and expertise. Prosperity operates 272 branches primarily in Texas and Oklahoma and emphasizes a community banking philosophy.
Prosperity Bancshares, Inc. (NYSE: PB) has announced its Third Quarter 2022 Earnings Conference Call scheduled for October 26, 2022, at 10:30 AM Central Time. The call will feature discussions from Prosperity's executive management team. Investors can join the call via a designated web link or by calling 1-877-883-0383 (domestic) or 1-412-902-6506 (international) using the Participant Elite Entry Number: 7408913. Prosperity Bancshares, based in Houston, Texas, operates 272 banking locations and serves customers across Texas and Oklahoma, focusing on community banking.
Prosperity Bancshares reported a net income of $128.5 million and earnings per share of $1.40 for Q2 2022, a slight decline from $130.6 million and $1.41 in Q2 2021. Total loans rose by $406.9 million or 2.4% compared to the previous quarter. The allowance for credit losses stood at $313.9 million, maintaining a low rate of 0.07% for nonperforming assets. Prosperity repurchased 981,884 shares during the quarter. Total assets increased to $37.387 billion, reflecting a 3.6% year-over-year growth.
Prosperity Bancshares, Inc. (NYSE: PB) has declared a quarterly dividend of $0.52 per share for Q2 2022, payable on October 3, 2022 to shareholders recorded by September 15, 2022. As of March 31, 2022, the company boasts assets of $38.271 billion and operates 272 banking locations across Texas and Oklahoma. Founded in 1983, Prosperity focuses on community banking, offering a range of services including digital banking, brokerage, and wealth management.
Prosperity Bancshares, Inc. (NYSE: PB) will announce its Second Quarter 2022 Earnings on July 27, 2022, before market opening. A conference call is scheduled for 10:30 AM CT, featuring Prosperity's executive management team. Participants can join via the web or by calling 1-877-883-0383 for domestic listeners or 1-412-902-6506 for international. The call will be archived for later access on Prosperity's website, allowing investors to follow the company's performance and insights.
Prosperity Bancshares reported Q1 2022 net income of $122.3 million or $1.33 per share, down from $133.3 million and $1.44 in Q1 2021. Deposits rose by $296.5 million (1.0%, 3.9% annualized) while loans decreased by 2.9% linked quarter. Nonperforming assets remain low at 0.08% of average interest-earning assets. The allowance for credit losses on loans stands at 1.71%. Prosperity was ranked #6 in Forbes' America's Best Banks for 2022, highlighting its strong performance.
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