![]() Net income for the fourth quarter of 2020 had no provision for credit losses, reflected a $3.3 million decrease in interest expense and a $6.5 million decrease in loan discount accretion compared to the net income for the third quarter of 2020. Net income per diluted common share was $1.48 for the three months ended December 31, 2020 compared with $1.40 for the three months ended September 30, 2020, an increase of 5.7%. Net income was $137.1 million (2) for the three months ended December 31, 2020 compared with $130.1 million (4) for the three months ended September 30, 2020, an increase of $7.0 million or 5.4%. Net income for the fourth quarter of 2019 included $46.4 million of merger related expenses, or $0.43 (1) per diluted common share. Net income per diluted common share was $1.48 for the three months ended December 31, 2020 compared with $1.01 for the same period in 2019, an increase of 46.5%. Net income was $137.1 million (2) for the three months ended December 31, 2020 compared with $86.1 million (3) for the same period in 2019, an increase of $51.0 million or 59.2%. Results of Operations for the Three Months Ended December 31, 2020 "Again, I would like to thank all our customers, shareholders and associates for their dedication and support of our company," concluded Zalman. However, a steeper yield curve could help to mitigate both issues," added Zalman. "We expect that we will face several challenges over the next few years, such as higher tax rates that will affect income and continued low interest rates that will affect our net interest margin. We believe Texas will have a higher growth rate and outperform other states over the next several years," continued Zalman. The Federal Reserve Bank of Dallas has projected a nationwide 5% GDP growth by year-end 2021 and an unemployment rate of 4.5%, noting that the first half of the year will be slower, with an expected increase in the second half of the year. Companies continue to move to Texas, with HP and Oracle announcing a headquarters move and other companies, such as Tesla, announcing a major expansion into Texas. ![]() " Texas and Oklahoma continue to benefit from a pro-business attitude. We ended the year with $59.6 million in nonperforming assets compared with $69.5 million at September 30, 2020, a 14.3% decrease," said David Zalman, Prosperity's Senior Chairman and Chief Executive Officer. ![]() Asset quality continued to improve with nonperforming assets at 0.20% of fourth quarter average earning assets. Also, during 2020 we had organic deposit growth of $3.161 billion, a 13.1% increase. Much of the success is attributed to the dedicated associates of Prosperity and LegacyTexas who helped make our combination with LegacyTexas successful. "Prosperity Bancshares reported some of the best results in our history, with net income of $137.1 million for the fourth quarter of 2020 and $528.9 million for the full year. ("LegacyTexas") merged with Prosperity Bancshares and LegacyTexas Bank merged with Prosperity Bank (collectively, the "Merger"). On November 1, 2019, LegacyTexas Financial Group, Inc. Additionally, deposits increased $901.3 million or 3.4% (13.6% annualized) during the fourth quarter 2020 and nonperforming assets remain low at 0.20% of fourth quarter average interest-earning assets with an annualized return on fourth quarter average assets of 1.63%. Excluding merger related expenses, the earnings per diluted common share was $1.44 (1) for the fourth quarter 2019. Net income per diluted common share was $1.48 compared with $1.01 for the same period in 2019, which is net of merger related expenses of $0.43 (1) per diluted common share. ® (NYSE: PB), the parent company of Prosperity Bank ® (collectively, "Prosperity"), reported net income for the quarter ended December 31, 2020 of $137.1 million compared with $86.1 million for the same period in 2019. 27, 2021 /PRNewswire/ - Prosperity Bancshares, Inc.
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