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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED September 30, 2021
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER: 001-35388
PROSPERITY BANCSHARES, INC.®
(Exact name of registrant as specified in its charter)
Texas |
74-2331986 |
(State or other jurisdiction
of incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Prosperity Bank Plaza |
|
4295 San Felipe, Houston, Texas |
77027 |
(Address of principal executive offices) |
(Zip Code) |
(281) 269-7199
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common stock, par value $1.00 per share |
|
PB |
|
New York Stock Exchange, Inc. |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large Accelerated Filer |
☒ |
|
Accelerated Filer |
☐ |
|
|
|
|
|
Non-accelerated Filer |
☐ |
|
Smaller Reporting Company |
☐ |
|
|
|
|
|
|
|
|
Emerging Growth Company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 1, 2021, there were 92,164,955 outstanding shares of the registrant’s Common Stock, par value $1.00 per share.
PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES
INDEX TO FORM 10-Q
2
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|
|
September 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
(Dollars in thousands, except par value) |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
1,055,386 |
|
|
$ |
1,342,996 |
|
Federal funds sold |
|
|
237 |
|
|
|
553 |
|
Total cash and cash equivalents |
|
|
1,055,623 |
|
|
|
1,343,549 |
|
Available for sale securities, at fair value |
|
|
580,929 |
|
|
|
651,514 |
|
Held to maturity securities, at cost (fair value of $12,186,114 and $8,039,142, respectively) |
|
|
12,048,439 |
|
|
|
7,891,306 |
|
Total securities |
|
|
12,629,368 |
|
|
|
8,542,820 |
|
Loans held for sale |
|
|
10,197 |
|
|
|
46,777 |
|
Loans held for investment |
|
|
16,949,486 |
|
|
|
17,357,788 |
|
Loans held for investment - Warehouse Purchase Program |
|
|
1,998,049 |
|
|
|
2,842,379 |
|
Total loans |
|
|
18,957,732 |
|
|
|
20,246,944 |
|
Less: allowance for credit losses on loans |
|
|
(287,187 |
) |
|
|
(316,068 |
) |
Loans, net |
|
|
18,670,545 |
|
|
|
19,930,876 |
|
Accrued interest receivable |
|
|
71,651 |
|
|
|
82,068 |
|
Goodwill |
|
|
3,231,636 |
|
|
|
3,231,636 |
|
Core deposit intangibles, net |
|
|
64,539 |
|
|
|
73,235 |
|
Bank premises and equipment, net |
|
|
322,799 |
|
|
|
323,572 |
|
Other real estate owned |
|
|
150 |
|
|
|
10,593 |
|
Bank owned life insurance (BOLI) |
|
|
326,830 |
|
|
|
324,356 |
|
Federal Home Loan Bank of Dallas stock |
|
|
8,901 |
|
|
|
8,901 |
|
Other assets |
|
|
130,077 |
|
|
|
187,669 |
|
TOTAL ASSETS |
|
$ |
36,512,119 |
|
|
$ |
34,059,275 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
10,326,489 |
|
|
$ |
9,151,233 |
|
Interest-bearing |
|
|
19,125,163 |
|
|
|
18,209,259 |
|
Total deposits |
|
|
29,451,652 |
|
|
|
27,360,492 |
|
Fed funds purchased and other borrowings |
|
|
— |
|
|
|
— |
|
Securities sold under repurchase agreements |
|
|
440,969 |
|
|
|
389,583 |
|
Subordinated notes |
|
|
— |
|
|
|
— |
|
Accrued interest payable |
|
|
1,499 |
|
|
|
3,462 |
|
Allowance for credit losses on off-balance sheet credit exposures |
|
|
29,947 |
|
|
|
29,947 |
|
Other liabilities |
|
|
242,611 |
|
|
|
145,122 |
|
Total liabilities |
|
|
30,166,678 |
|
|
|
27,928,606 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
— |
|
|
|
— |
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
Preferred stock, $1 par value; 20,000,000 shares authorized; none issued or outstanding |
|
|
— |
|
|
|
— |
|
Common stock, $1 par value; 200,000,000 shares authorized; 92,160,455 shares issued and outstanding at September 30, 2021; 92,570,789 shares issued and outstanding at December 31, 2020 |
|
|
92,161 |
|
|
|
92,571 |
|
Capital surplus |
|
|
3,591,949 |
|
|
|
3,634,140 |
|
Retained earnings |
|
|
2,659,370 |
|
|
|
2,403,189 |
|
Accumulated other comprehensive income —net unrealized gain on available for sale securities, net of tax expense of $521 and $205, respectively |
|
|
1,961 |
|
|
|
769 |
|
Total shareholders’ equity |
|
|
6,345,441 |
|
|
|
6,130,669 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
36,512,119 |
|
|
$ |
34,059,275 |
|
See notes to consolidated financial statements.
3
PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
(Dollars in thousands, except per share data) |
|
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
213,821 |
|
|
$ |
244,255 |
|
|
$ |
663,699 |
|
|
$ |
734,270 |
|
Securities |
|
|
46,217 |
|
|
|
38,033 |
|
|
|
128,602 |
|
|
|
130,091 |
|
Federal funds sold and other earning assets |
|
|
302 |
|
|
|
144 |
|
|
|
993 |
|
|
|
902 |
|
Total interest income |
|
|
260,340 |
|
|
|
282,432 |
|
|
|
793,294 |
|
|
|
865,263 |
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
11,578 |
|
|
|
22,458 |
|
|
|
44,228 |
|
|
|
82,745 |
|
Other borrowings |
|
|
— |
|
|
|
52 |
|
|
|
— |
|
|
|
3,517 |
|
Securities sold under repurchase agreements |
|
|
195 |
|
|
|
309 |
|
|
|
518 |
|
|
|
1,403 |
|
Subordinated notes |
|
|
— |
|
|
|
1,500 |
|
|
|
— |
|
|
|
4,499 |
|
Total interest expense |
|
|
11,773 |
|
|
|
24,319 |
|
|
|
44,746 |
|
|
|
92,164 |
|
NET INTEREST INCOME |
|
|
248,567 |
|
|
|
258,113 |
|
|
|
748,548 |
|
|
|
773,099 |
|
PROVISION FOR CREDIT LOSSES |
|
|
— |
|
|
|
10,000 |
|
|
|
— |
|
|
|
20,000 |
|
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES |
|
|
248,567 |
|
|
|
248,113 |
|
|
|
748,548 |
|
|
|
753,099 |
|
NONINTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonsufficient funds (NSF) fees |
|
|
7,962 |
|
|
|
7,156 |
|
|
|
21,209 |
|
|
|
22,244 |
|
Credit card, debit card and ATM card income |
|
|
8,837 |
|
|
|
8,315 |
|
|
|
25,786 |
|
|
|
23,052 |
|
Service charges on deposit accounts |
|
|
6,115 |
|
|
|
5,920 |
|
|
|
18,155 |
|
|
|
17,814 |
|
Trust income |
|
|
2,467 |
|
|
|
2,502 |
|
|
|
7,580 |
|
|
|
7,406 |
|
Mortgage income |
|
|
1,396 |
|
|
|
2,958 |
|
|
|
7,617 |
|
|
|
6,788 |
|
Brokerage income |
|
|
861 |
|
|
|
628 |
|
|
|
2,367 |
|
|
|
1,862 |
|
Net gain (loss) on sale or write down of assets |
|
|
255 |
|
|
|
(528 |
) |
|
|
(68 |
) |
|
|
(4,858 |
) |
Other |
|
|
6,752 |
|
|
|
7,973 |
|
|
|
21,563 |
|
|
|
20,679 |
|
Total noninterest income |
|
|
34,645 |
|
|
|
34,924 |
|
|
|
104,209 |
|
|
|
94,987 |
|
NONINTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
78,412 |
|
|
|
75,068 |
|
|
|
234,060 |
|
|
|
231,459 |
|
Net occupancy and equipment |
|
|
8,165 |
|
|
|
8,644 |
|
|
|
24,044 |
|
|
|
26,814 |
|
Credit and debit card, data processing and software amortization |
|
|
9,103 |
|
|
|
8,776 |
|
|
|
26,054 |
|
|
|
31,887 |
|
Regulatory assessments and FDIC insurance |
|
|
2,497 |
|
|
|
2,512 |
|
|
|
7,837 |
|
|
|
7,191 |
|
Core deposit intangibles amortization |
|
|
2,878 |
|
|
|
3,270 |
|
|
|
8,696 |
|
|
|
9,926 |
|
Depreciation |
|
|
4,524 |
|
|
|
4,605 |
|
|
|
13,577 |
|
|
|
13,971 |
|
Communications |
|
|
3,013 |
|
|
|
3,027 |
|
|
|
8,894 |
|
|
|
9,546 |
|
Net other real estate expense (income) |
|
|
34 |
|
|
|
121 |
|
|
|
(2,250 |
) |
|
|
81 |
|
Merger related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,018 |
|
Other |
|
|
11,189 |
|
|
|
11,896 |
|
|
|
33,170 |
|
|
|
38,135 |
|
Total noninterest expense |
|
|
119,815 |
|
|
|
117,919 |
|
|
|
354,082 |
|
|
|
377,028 |
|
INCOME BEFORE INCOME TAXES |
|
|
163,397 |
|
|
|
165,118 |
|
|
|
498,675 |
|
|
|
471,058 |
|
PROVISION FOR INCOME TAXES |
|
|
34,807 |
|
|
|
35,054 |
|
|
|
106,165 |
|
|
|
79,245 |
|
NET INCOME |
|
$ |
128,590 |
|
|
$ |
130,064 |
|
|
$ |
392,510 |
|
|
$ |
391,813 |
|
EARNINGS PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.39 |
|
|
$ |
1.40 |
|
|
$ |
4.23 |
|
|
$ |
4.20 |
|
Diluted |
|
$ |
1.39 |
|
|
$ |
1.40 |
|
|
$ |
4.23 |
|
|
$ |
4.20 |
|
See notes to consolidated financial statements.
4
PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
(Dollars in thousands) |
|
Net income |
|
$ |
128,590 |
|
|
$ |
130,064 |
|
|
$ |
392,510 |
|
|
$ |
391,813 |
|
Other comprehensive income (loss), before tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized gains (losses) during the period |
|
|
1,089 |
|
|
|
1,325 |
|
|
|
1,509 |
|
|
|
(1,204 |
) |
Total other comprehensive income (loss) |
|
|
1,089 |
|
|
|
1,325 |
|
|
|
1,509 |
|
|
|
(1,204 |
) |
Deferred tax (expense) benefit related to other comprehensive income (loss) |
|
|
(229 |
) |
|
|
(278 |
) |
|
|
(317 |
) |
|
|
253 |
|
Other comprehensive income (loss), net of tax |
|
|
860 |
|
|
|
1,047 |
|
|
|
1,192 |
|
|
|
(951 |
) |
Comprehensive income |
|
$ |
129,450 |
|
|
$ |
131,111 |
|
|
$ |
393,702 |
|
|
$ |
390,862 |
|
See notes to consolidated financial statements.
5
PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
Total |
|
|
|
Common Stock |
|
|
Capital |
|
|
Retained |
|
|
Comprehensive |
|
|
Shareholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Surplus |
|
|
Earnings |
|
|
Income (Loss) |
|
|
Equity |
|
|
|
(In thousands, except share and per share data) |
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AT JUNE 30, 2021 |
|
|
92,934,789 |
|
|
$ |
92,935 |
|
|
$ |
3,640,266 |
|
|
$ |
2,576,035 |
|
|
$ |
1,101 |
|
|
$ |
6,310,337 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
128,590 |
|
|
|
|
|
|
|
128,590 |
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
860 |
|
|
|
860 |
|
Common stock issued in connection with the issuance of restricted stock awards, net |
|
|
(7,200 |
) |
|
|
(7 |
) |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
Common stock repurchase |
|
|
(767,134 |
) |
|
|
(767 |
) |
|
|
(51,322 |
) |
|
|
|
|
|
|
|
|
|
|
(52,089 |
) |
Stock based compensation expense |
|
|
|
|
|
|
|
|
|
|
2,998 |
|
|
|
|
|
|
|
|
|
|
|
2,998 |
|
Cash dividends declared, $0.49 per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(45,255 |
) |
|
|
|
|
|
|
(45,255 |
) |
BALANCE AT SEPTEMBER 30, 2021 |
|
|
92,160,455 |
|
|
$ |
92,161 |
|
|
$ |
3,591,949 |
|
|
$ |
2,659,370 |
|
|
$ |
1,961 |
|
|
$ |
6,345,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|