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Mar 31, 2024
Prosperity Q1 2024 Earnings Report
Prosperity Bancshares, Inc. reported first quarter earnings with net income of $110.4 million and diluted earnings per share of $1.18.
Key Takeaways
Prosperity Bancshares, Inc. reported a net income of $110.4 million, or $1.18 per diluted share, for the quarter ended March 31, 2024. The results reflect an increase in net interest margin and strategic acquisitions, including the merger with Lone Star State Bancshares, Inc.
Net income was $110.4 million and diluted earnings per share was $1.18 for first quarter 2024.
Loans, excluding Warehouse Purchase Program loans and loans acquired in the merger of First Bancshares of Texas, Inc, increased $115.8 million or 0.6% during first quarter 2024.
Deposits, excluding public funds deposits, increased $109.8 million during first quarter 2024, with no brokered deposits purchased
Net interest margin increased 4 basis points to 2.79% during first quarter 2024
Prosperity
Prosperity
Forward Guidance
Prosperity Bancshares is focused on maintaining long-term customer relationships, strong asset quality, and shareholder returns. They believe the Texas and Oklahoma economies will outperform most other states.
Positive Outlook
- Focus on long term relationships and customers’ success
- Maintaining strong asset quality and earnings
- Commitment to a fair return to shareholders
- High tangible equity to tangible assets ratio
- Continued sharing of earnings with shareholders through dividends and share repurchases
Challenges Ahead
- No specific negative guidance mentioned in the provided text.
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- No specific negative guidance mentioned in the provided text.