Prosperity Bancshares Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 24, 2018 at 11:30 am
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Prosperity Bancshares Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $171,839,000 compared to $164,669,000 a year ago. Net interest income was $156,050,000 compared to $153,832,000 a year ago. Net interest income after provision for credit losses was $154,050,000 compared to $151,832,000 a year ago. Income before income taxes was $102,182,000 compared to $102,159,000 a year ago. Net income available to common shareholders was $67,138,000 compared to $68,793,000 a year ago. Basic and diluted earnings per share were $0.97 compared to $0.99 a year ago. Return on average assets was 1.20% against 1.26% a year ago. Return on average common equity was 7.04% against 7.58% a year ago. Return on average tangible common equity was 14.31% against 16.33% a year ago.
For the year, the company reported total interest income of $677,355,000 compared to $675,779,000 a year ago. Net interest income was $616,863,000 compared to $632,620,000 a year ago. Net interest income after provision for credit losses was $602,538,000 compared to $608,620,000 a year ago. Income before income taxes was $406,070,000 compared to $408,658,000 a year ago. Net income available to common shareholders was $272,165,000 compared to $274,466,000 a year ago. Basic and diluted earnings per share were $3.92 compared to $3.94 a year ago. Return on average assets was 1.22% against 1.25% a year ago. Return on average common equity was 7.26% against 7.69% a year ago. Return on average tangible common equity was 15.06% against 16.95% a year ago. Book value per share was $55.03 as on December 31, 2017 against $52.41 as on December 31, 2016. Tangible book value per share was $27.12 as on December 31, 2017 against $24.40 as on December 31, 2016.
Net charge-offs were $4.771 million for the three months ended December 31, 2017 compared with $2.259 million for the three months ended December 31, 2016 and $3.871 million for the three months ended September 30, 2017. Net charge-offs for the fourth quarter of 2017 were primarily comprised of two commercial and industrial loans.
Prosperity Bancshares, Inc. is a regional financial holding company providing personal banking services and investments to consumers and businesses throughout Texas and Oklahoma. The Company's traditional deposit products include certificates of deposit, interest-checking accounts, money market accounts and savings accounts. It also offers digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, and treasury management. It operates around 288 full-service banking locations: 65 in the Houston area, including The Woodlands; 30 in the South Texas area including Corpus Christi and Victoria; 62 in the Dallas/Fort Worth area; 22 in the East Texas area; 31 in the Central Texas area including Austin and San Antonio; 49 in the West Texas area including Lubbock, Midland-Odessa, Abilene, Amarillo and Wichita Falls; 15 in the Bryan/College Station area; 6 in the Central Oklahoma area; and 8 in the Tulsa, Oklahoma area.
Prosperity Bancshares Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017