® (NYSE: PB), the parent company of Prosperity Bank
® (collectively, Prosperity ), reported net income for the quarter ended March 31, 2021 of $133.3 million compared with $130.8 million for the same period in 2020. Net income per diluted common share was $1.44 compared with $1.39 for the same period in 2020 and the annualized return on first quarter average assets was 1.54%. Additionally, deposits increased $1.403 billion or 5.1% (20.5% annualized) during the first quarter 2021 and nonperforming assets remain low at 0.15% of first quarter average interest-earning assets. With the hard work of our entire team, the combination of Prosperity and LegacyTexas has continued to bear fruit, as reflected in our positive results for the first quarter of 2021, said David Zalman, Prosperity s Senior Chairman and Chief Executive Officer.
Prosperity Bancshares, Inc.® Reports Fourth Quarter 2020 Earnings
- Fourth quarter earnings per share (diluted) of $1.48, an increase of 46.5% compared to the fourth quarter 2019
- Fourth quarter net income of $137.1 million
- Deposits increased $901.3 million or 3.4% (13.6% annualized) during the fourth quarter 2020
- Deposits increased $3.161 billion or 13.1% during 2020
- Allowance for credit losses to total loans, excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans, of 1.92%(1)
- Nonperforming assets remain low at 0.20% of fourth quarter average interest-earning assets
- Return (annualized) on fourth quarter average assets of 1.63%
- Returns (annualized) on fourth quarter average common equity of 8.98% and average tangible common equity of 19.57%(1)