Prosperity Bancshares Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2013
January 24, 2014 at 04:33 pm IST
Share
Prosperity Bancshares Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended Dec. 31, 2013. For the quarter, the company reported total interest income of $155.751 million compared to $117.719 million a year ago. Net interest income was $145.469 million compared to $108.301 million a year ago. Net income before taxes was $94.170 million compared to $71.889 million a year ago. Net income available to common shareholders was $62.971 million compared to $48.266 million a year ago. Diluted earnings per share were $0.98 compared to $0.86 a year ago. Return on average assets was 1.42% compared to 1.36% a year ago. Return on average common equity was 9.53% compared to 9.28% a year ago. Return on average tangible common equity was 23.97% compared to 22.92% a year ago. Net income available to common shareholders, adjusted was $50.876 million compared to $40.892 million a year ago.
For the year, the company reported total interest income of $539.297 million compared to $419.842 million a year ago. Net interest income was $498.826 million compared to $380.706 million a year ago. Net income before taxes was $329.817 million compared to $251.684 million a year ago. Net income available to common shareholders was $221.398 million compared to $167.901 million a year ago. Diluted earnings per share were $3.66 compared to $3.24 a year ago. Return on average assets was 1.36% compared to 1.35% a year ago. Return on average common equity was 9.31% compared to 9.10% a year ago. Return on average tangible common equity was 22.52% compared to 21.93% a year ago. Book value per share was $42.19 as at Dec. 31, 2013 compared to $37.02 a year ago. Tangible book value per share was $16.27 as at Dec. 31, 2013 compared to $14.49 a year ago. Net income available to common shareholders, adjusted was $185.922 million compared to $154.944 million a year ago.
For the quarter, the company reported net charge-offs of $496,000 compared to $1,913,000 a year ago.
Prosperity Bancshares, Inc. is a regional financial holding company providing personal banking services and investments to consumers and businesses throughout Texas and Oklahoma. The Company's traditional deposit products include certificates of deposit, interest-checking accounts, money market accounts and savings accounts. It also offers digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, and treasury management. It operates around 288 full-service banking locations: 65 in the Houston area, including The Woodlands; 30 in the South Texas area including Corpus Christi and Victoria; 62 in the Dallas/Fort Worth area; 22 in the East Texas area; 31 in the Central Texas area including Austin and San Antonio; 49 in the West Texas area including Lubbock, Midland-Odessa, Abilene, Amarillo and Wichita Falls; 15 in the Bryan/College Station area; 6 in the Central Oklahoma area; and 8 in the Tulsa, Oklahoma area.
Prosperity Bancshares Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2013