Prosperity Q1 2022 Earnings Report
Key Takeaways
Prosperity Bancshares reported a decrease in net income to $122.3 million for Q1 2022, compared to $133.3 million for the same period in 2021. Earnings per diluted share also decreased to $1.33 from $1.44 year-over-year. However, deposits saw an increase of $296.5 million during the quarter.
Net income for the first quarter was $122.3 million, with earnings per share (diluted) at $1.33.
Deposits increased by $296.5 million, representing a 1.0% growth during the first quarter of 2022.
Allowance for credit losses on loans and off-balance sheet credit exposure totaled $315.1 million.
Nonperforming assets remained low, accounting for 0.08% of first quarter average interest-earning assets.
Prosperity
Prosperity
Forward Guidance
Prosperity Bancshares is navigating a complex economic landscape with both opportunities and challenges.
Positive Outlook
- Companies and individuals continue to move to Texas and Oklahoma primarily because of lower tax rates and a favorable pro-business political environment.
- The overall economy remains strong.
- Prosperity has a talented team.
- Prosperity has strong earnings.
- Prosperity has a solid capital position and a fortress balance sheet.
Challenges Ahead
- There are concerns around higher interest rates.
- There are concerns around inflation.
- There are concerns around supply chain issues.
- The war between Russia and Ukraine creates uncertainty.
- Loans were slightly down as we continue to see significant payoffs despite strong loan production.