Stocks dropped from a record as traders assessed corporate earnings, economic data showing potential inflation pressures and hawkish remarks from a Federal Reserve official. The dollar climbed.
The S&P 500 trimmed its biggest monthly advance since November, with energy and technology shares leading losses on Friday. Twitter Inc. sank as the social media company posted a sluggish start to the year in its advertising business. Despite living up to Wall Streetâs profit expectations, Chevron Corp. slid after disappointing investors who were anticipating a revival of buybacks.
Signs of excess risk taking in markets show itâs time to start debating a reduction in bond purchases, said Robert Kaplan, president of the Dallas Fed, breaking ranks with Chairman Jerome Powell. Data showed personal incomes soared in March by the most in monthly records back to 1946, powered by fiscal stimulus. A key measure of consumer prices that the Fed officially uses for its target had the biggest
Fed s Kaplan wants to talk taper, breaks ranks with Powell bondbuyer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bondbuyer.com Daily Mail and Mail on Sunday newspapers.
Operator
Good morning, and welcome to the Prosperity Bancshares, Inc. First Quarter 2021 Earnings Conference Call. [Operator Instructions]
I would now like to turn the conference over to Charlotte Rasche, Senior Executive Vice President and General Counsel. Please go ahead.
Charlotte M. Rasche
Executive Vice President/General Counsel
Thank you. Good morning, ladies and gentlemen, and welcome to Prosperity Bancshares First Quarter 2021 Earnings Conference Call. This call is being broadcast live over the Internet at prosperitybankusa.com and will be available for replay for the next several weeks. I m Charlotte Rasche, Executive Vice President and General Counsel of Prosperity Bancshares. And here with me today is David Zalman, Senior Chairman and Chief Executive Officer; H. E. Tim Timanus, Jr., Chairman; Asylbek Osmonov, Chief Financial Officer; Eddie Safady, Vice Chairman; Kevin Hanigan, President and Chief Operating Officer; Randy Hester, Chief Lending Officer; Merle Karnes,
® (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.
Slight weakness in three- to 10-years as FOMC hangs over bondbuyer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bondbuyer.com Daily Mail and Mail on Sunday newspapers.