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Prosperity Bancshares (PB) in Houston is rearranging a number of its management posts.
January 30 -
Prosperity Bancshares (PB) in Houston has agreed to buy Coppermark Bancshares in Oklahoma City, Okla., for $193.9 million in cash and stock.
December 10 -
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 reported record profits in the second quarter as two recent acquisitions substantially boosted interest and fee income.
The $21.2 billion-asset company reported net income of $75.5 million for the second quarter, up 40% from the same quarter in 2013. Earnings per share of $1.08 beat estimates of analysts polled by Bloomberg by six cents.
The earnings growth was fueled largely by two deals that increase assets by nearly $5 billion: its April acquisition of
At June 30, loans were up 51% from the prior year, to $9.3 billion, and deposits had increased 38%, to $17.3 billion. Net interest income increased 47%, to $174 million, primarily due to a 31% rise in average interest-earning assets. The net interest margin was up 40 basis points, to 3.83%.
Noninterest income climbed 35% from a year earlier, to $34 million. Prosperity attributed the gain to increased fees and service charges from deposit accounts. A 128% increase in trust income as well as a 433% jump in brokerage income also boosted the noninterest income.
Noninterest expenses increased 45%, to $89 million, as the mergers increased headcount, as well as its occupancy and equipment costs.
Prosperity recorded a quarterly loan loss provision of $6.3 million, compared to $2.6 million a year ago. Net chargeoffs were down 89% from a year earlier, to $155,000.
Prosperity's shares were trading at $60.94 late Friday, down 0.9% from Thursday's closing price.
