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Try and expense hot chocolate or facial tissue for employees at Prosperity Bancshares, and Chief Financial Officer David Holloway is likely to give you an earful, his boss warns.
March 6 -
Prosperity Bancshares (PB) in Houston is rearranging a number of its management posts.
January 30 -
The acquisitive Prosperity Bancshares in Houston is set to slow its growth following a deal for Tulsa's F&M.
August 29 -
Prosperity Bancshares in Houston rarely participates in auctions, but CEO David Zalman was confident enough of his offer for FVNB to the bank solicit another bid. Zalman won, and Prosperity's investors embraced the result.
July 2 -
Prosperity Bancshares in Houston sees Oklahoma as a nearby, familiar market with ample growth room and pledges more acquisitions after its $194 million deal for Coppermark Bancshares in Oklahoma City.
December 11
Profits at Prosperity Bancshares (PB) in Houston grew by more than a third thanks to recent acquisitions as well as organic loan growth.
The company reported earnings of $67.1 million in the first quarter, a 36% increase from the same period a year earlier. Prosperity's per-share earnings of $1.01 beat the estimates of analysts polled by Bloomberg by 2 cents.
Prosperity's net interest income climbed 33%, to $143.7 million. Its acquisitions of
"Excluding loans acquired in acquisitions, loans at March 31, 2014 grew 8.2% compared with March 31, 2013," Prosperity Chairman and Chief Executive David Zalman said in a press release Wednesday.
Net interest margin climbed 20 basis points, to 3.42%.
Noninterest income rose 22%, to $28.6 million. Prosperity attributed the increase partly to gains from the sale of a credit card- and merchant-processing unit, as well as gains from the sale of real property. Prosperity's expanded customer base as a result of its 2013 acquisitions also drove higher revenue from fees and service charges.
Noninterest expense swelled 27%, to $71 million, largely because of merger-related expenses.
Prosperity slashed its loan-loss provision by 79%, to $600,000. But its net chargeoffs rose 150%, to $786,000.
Meanwhile, the $18.9 billion-asset company completed its acquisition of the Tulsa, Okla.-based