Prosperity Bancshares Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2015. Net income was $70.475 million for the three months ended December 31, 2015 compared with $78.228 million for the same period in 2014. Net income per diluted common share was $1.01 for the three months ended December 31, 2015 compared with $1.12 for the same period in 2014. Net income (excluding purchase accounting adjustments) was $66.147 million for the quarter ended December 31, 2015 compared with $58.499 million for the quarter ended December 31, 2014, an increase of 13.1%. Net income per diluted common share (excluding purchase accounting adjustments) was $0.94 for the three months ended December 31, 2015 compared with $0.84 for the three months ended December 31, 2014, an increase of 11.9%. Income before income taxes was $105,132,000 against $116,745,000 a year ago. Return on average assets was 1.30% against 1.48% a year ago. Return on average common equity was 8.17% against 9.70% a year ago. Return on average tangible common equity was 18.56% against 23.87% a year ago. Net interest income before provision for credit losses for the quarter ended December 31, 2015 was $153.258 million compared with $177.751 million during the same period in 2014. This change was primarily due to a decrease in loan discount accretion of $20.751 million for the quarter ended December 31, 2015 compared with the quarter ended December 31, 2014.

Net income was $286.646 million for the year ended December 31, 2015 compared with $297.441 million for the same period in 2014. Net income per diluted common share was $4.09 for the year ended December 31, 2015 compared with $4.32 for the same period in 2014. Net income (excluding purchase accounting adjustments) was $255.479 million for the year ended December 31, 2015 compared with $236.157 million for the year ended December 31, 2014, an increase of 8.2%. Net income per diluted common share (excluding purchase accounting adjustments) was $3.65 for the year ended December 31, 2015 compared with $3.43 for the year ended December 31, 2014, an increase of 6.4%. Income before income taxes was $430,195,000 against $445,749,000 a year ago. Return on average assets was 1.33% against 1.44% a year ago. Return on average common equity was 8.51% against 9.66% a year ago. Return on average tangible common equity was 19.98% against 24.24% a year ago. Book value per share was $49.45 against $46.50 a year ago. Net interest income before provision for credit losses for the year ended December 31, 2015 was $630.510 million compared with $671.154 million for the same period in 2014. The change was primarily due to a decrease of $43.753 million in loan discount accretion partially offset by lower rates paid on average interest-bearing liabilities for the year ended December 31, 2015.

Net charge-offs were $119,000 for the three months ended December 31, 2015 compared with $3.201 million for the three months ended December 31, 2014 and $5.279 million for the three months ended September 30, 2015.