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Jun 30, 2024
Prosperity Q2 2024 Earnings Report
Reported net income and diluted earnings per share, driven by increased net interest income and a gain on Visa Class B-1 stock exchange, offset by merger-related provisions and expenses, and a FDIC special assessment.
Key Takeaways
Prosperity Bancshares reported a net income of $111.6 million for Q2 2024, with diluted earnings per share of $1.17. The results were impacted by merger-related activities and a FDIC special assessment, alongside gains from a Visa Class B-1 stock exchange.
Completed the merger of Lone Star State Bancshares, Inc. on April 1, 2024.
Net income of $111.6 million and diluted earnings per share of $1.17 for second quarter 2024.
Net interest margin increased 15 basis points to 2.94% during second quarter 2024.
Loans increased $1.06 billion or 5.0% during second quarter 2024.
Prosperity
Prosperity
Forward Guidance
Prosperity is optimistic about the future and confident in their ability to create meaningful long-term value for shareholders.
Positive Outlook
- Texas continues to shine as more people and companies move to the state because of the business-friendly political structure and no state income tax
- Focus on building core customer relationships
- Maintaining sound asset quality
- Operating the bank in an efficient manner
- Investing in ever-changing technology and product distribution channels