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Jun 30, 2023
Prosperity Q2 2023 Earnings Report
Reported net income of $86.9 million and diluted earnings per share of $0.94 for the second quarter, impacted by merger related charges.
Key Takeaways
Prosperity Bancshares, Inc. reported a net income of $86.9 million for the quarter ended June 30, 2023. The results were impacted by merger-related charges. Loans, excluding Warehouse Purchase Program loans, increased by $1.970 billion during the second quarter of 2023, primarily due to the Merger.
Net income of $86.9 million and diluted earnings per share of $0.94 for second quarter 2023; excluding merger related provision and expenses of $31.4 million, diluted earnings per share of $1.21
Loans, excluding Warehouse Purchase Program loans, increased $1.970 billion or 10.6% during second quarter 2023
Deposits increased $376.7 million or 1.4% during the second quarter 2023
Nonperforming assets remain low at 0.18% of second quarter average interest-earning assets
Forward Guidance
Based on models, Prosperity show their net interest margin improving in a 12 month and 24-month time period to more normal levels.
Positive Outlook
- Strong capital position
- Liquidity
- Earnings
- Strong cost controls
- Sound asset quality
Challenges Ahead
- Net income was impacted by merger related charges
- Earnings remain strong but are lower than previous quarters
- Cost of funds has increased faster than earning assets have repriced
- If rates increase more than we anticipate, this could change
- Timing differences
Historical Earnings Impact
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Avg. Return Before/After Earnings
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