Prosperity Q3 2022 Earnings Report
Key Takeaways
Prosperity Bancshares, Inc. reported a net income of $135.8 million for the third quarter of 2022, compared to $128.6 million for the same period in 2021. Diluted earnings per share increased to $1.49, up from $1.39 in the prior year. Loans, excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans, increased by $530.8 million.
Third quarter net income of $135.8 million and earnings per share (diluted) of $1.49
Third quarter net income increased $7.3 million or 5.7% compared to the second quarter 2022
Loans, excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans, increased $530.8 million or 3.1% (12.5% annualized) during the third quarter
Nonperforming assets remain low at 0.06% of third quarter average interest-earning assets
Prosperity
Prosperity
Forward Guidance
The board of directors voted to increase the fourth quarter 2022 dividend to $0.55 a share, with the Federal Reserve continuing to raise rates, their net interest margin continues to increase, which improves their earnings.
Positive Outlook
- Increase in dividend to $0.55 a share.
- Net interest margin continues to increase.
- Strong loan growth for the quarter.
- Asset quality continues to be one of the best in banking.
- Individuals and businesses continue to move to Texas and Oklahoma because of lower tax rates and a pro-business political environment.