10-Q 1 pb-10q_20220331.htm 10-Q pb-10q_20220331.htm
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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 March 31, 2022

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 May 2, 2022, there were 92,182,280 outstanding shares of the registrant’s Common Stock, par value $1.00 per share.  

 

 

8


 

PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

INDEX TO FORM 10-Q

 

PART I—FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

3

 

Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021

3

 

Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021 (unaudited)

4

 

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021 (unaudited)

5

 

Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2022 and 2021 (unaudited)

6

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (unaudited)

7

 

Notes to Consolidated Financial Statements (unaudited)

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

50

Item 4.

Controls and Procedures

50

 

 

PART II—OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 3.

Defaults Upon Senior Securities

51

Item 4.

Mine Safety Disclosures

51

Item 5.

Other Information

51

Item 6.

Exhibits

52

Signatures

53

                                                                                                                                    

 

 

2


 

 

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

 

 

 

 

 

(Dollars in thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

1,560,321

 

 

$

2,547,739

 

Federal funds sold

 

 

274

 

 

 

241

 

Total cash and cash equivalents

 

 

1,560,595

 

 

 

2,547,980

 

Available for sale securities, at fair value

 

 

461,392

 

 

 

514,932

 

Held to maturity securities, at cost (fair value of $13,629,166 and $12,251,213, respectively)

 

 

14,336,735

 

 

 

12,303,969

 

Total securities

 

 

14,798,127

 

 

 

12,818,901

 

Loans held for sale

 

 

2,810

 

 

 

7,274

 

Loans held for investment

 

 

16,720,173

 

 

 

16,833,171

 

Loans held for investment - Warehouse Purchase Program

 

 

1,344,541

 

 

 

1,775,699

 

Total loans

 

 

18,067,524

 

 

 

18,616,144

 

Less: allowance for credit losses on loans

 

 

(285,163

)

 

 

(286,380

)

Loans, net

 

 

17,782,361

 

 

 

18,329,764

 

Accrued interest receivable

 

 

69,544

 

 

 

66,030

 

Goodwill

 

 

3,231,636

 

 

 

3,231,636

 

Core deposit intangibles, net

 

 

59,064

 

 

 

61,684

 

Bank premises and equipment, net

 

 

336,075

 

 

 

319,799

 

Other real estate owned

 

 

1,705

 

 

 

622

 

Bank owned life insurance (BOLI)

 

 

328,211

 

 

 

327,149

 

Federal Home Loan Bank of Dallas stock

 

 

8,901

 

 

 

8,901

 

Other assets

 

 

94,967

 

 

 

121,504

 

TOTAL ASSETS

 

$

38,271,186

 

 

$

37,833,970

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

10,776,652

 

 

$

10,750,034

 

Interest-bearing

 

 

20,291,658

 

 

 

20,021,728

 

Total deposits

 

 

31,068,310

 

 

 

30,771,762

 

Fed funds purchased and other borrowings

 

 

 

 

 

 

Securities sold under repurchase agreements

 

 

440,891

 

 

 

448,099

 

Accrued interest payable

 

 

1,088

 

 

 

1,261

 

Allowance for credit losses on off-balance sheet credit exposures

 

 

29,947

 

 

 

29,947

 

Other liabilities

 

 

226,526

 

 

 

155,665

 

Total liabilities

 

 

31,766,762

 

 

 

31,406,734

 

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; 92,159,730 shares issued and outstanding at March 31, 2022; 92,170,480 shares issued and outstanding at December 31, 2021

 

 

92,160

 

 

 

92,171

 

Capital surplus

 

 

3,597,957

 

 

 

3,595,023

 

Retained earnings

 

 

2,812,636

 

 

 

2,738,233

 

Accumulated other comprehensive income —net unrealized gain on available for sale securities, net of tax expense of $444 and $481, respectively

 

 

1,671

 

 

 

1,809

 

Total shareholders’ equity

 

 

6,504,424

 

 

 

6,427,236

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

38,271,186

 

 

$

37,833,970

 

 

 

See notes to consolidated financial statements.

 

3


 

 

PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

 

(Dollars in thousands, except per share data)

 

INTEREST INCOME:

 

 

 

 

 

 

 

 

Loans, including fees

 

$

193,025

 

 

$

233,075

 

Securities

 

 

55,011

 

 

 

38,677

 

Federal funds sold and other earning assets

 

 

847

 

 

 

351

 

Total interest income

 

 

248,883

 

 

 

272,103

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

Deposits

 

 

8,754

 

 

 

17,362

 

Securities sold under repurchase agreements

 

 

185

 

 

 

159

 

Total interest expense

 

 

8,939

 

 

 

17,521

 

NET INTEREST INCOME

 

 

239,944

 

 

 

254,582

 

PROVISION FOR CREDIT LOSSES

 

 

 

 

 

 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

 

239,944

 

 

 

254,582

 

NONINTEREST INCOME:

 

 

 

 

 

 

 

 

Nonsufficient funds (NSF) fees

 

 

8,124

 

 

 

6,687

 

Credit card, debit card and ATM card income

 

 

8,179

 

 

 

8,031

 

Service charges on deposit accounts

 

 

6,211

 

 

 

5,978

 

Trust income

 

 

2,703

 

 

 

2,837

 

Mortgage income

 

 

455

 

 

 

3,307

 

Brokerage income

 

 

892

 

 

 

711

 

Net gain (loss) on sale or write down of assets

 

 

689

 

 

 

(79

)

Other

 

 

7,869

 

 

 

6,536

 

Total noninterest income

 

 

35,122

 

 

 

34,008

 

NONINTEREST EXPENSE:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

79,411

 

 

 

80,037

 

Net occupancy and equipment

 

 

7,848

 

 

 

7,833

 

Credit and debit card, data processing and software amortization

 

 

8,849

 

 

 

8,233

 

Regulatory assessments and FDIC insurance

 

 

2,850

 

 

 

2,670

 

Core deposit intangibles amortization

 

 

2,620

 

 

 

2,931

 

Depreciation

 

 

4,547

 

 

 

4,540

 

Communications

 

 

2,919

 

 

 

2,899

 

Net other real estate income

 

 

(407

)

 

 

(643

)

Other

 

 

11,213

 

 

 

10,576

 

Total noninterest expense

 

 

119,850

 

 

 

119,076

 

INCOME BEFORE INCOME TAXES

 

 

155,216

 

 

 

169,514

 

PROVISION FOR INCOME TAXES

 

 

32,890

 

 

 

36,205

 

NET INCOME

 

$

122,326

 

 

$

133,309

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

 

Basic

 

$

1.33

 

 

$

1.44

 

Diluted

 

$

1.33

 

 

$

1.44

 

 

See notes to consolidated financial statements.

 

4


 

 

PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

 

(Dollars in thousands)

 

Net income

 

$

122,326

 

 

$

133,309

 

Other comprehensive loss, before tax:

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

Change in unrealized losses during the period

 

 

(175

)

 

 

(4

)

Total other comprehensive loss

 

 

(175

)

 

 

(4

)

Deferred tax benefit related to other comprehensive loss

 

 

37

 

 

 

1

 

Other comprehensive loss, net of tax

 

 

(138

)

 

 

(3

)

Comprehensive income

 

$

122,188

 

 

$

133,306

 

 

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)

 

BALANCE AT DECEMBER 31, 2020

 

 

92,570,789

 

 

$

92,571

 

 

$

3,634,140

 

 

$

2,403,189

 

 

$

769

 

 

$

6,130,669

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

133,309

 

 

 

 

 

 

 

133,309

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

(3

)

Common stock issued in connection with the issuance of restricted stock awards, net

 

 

357,750

 

 

 

358

 

 

 

(358

)

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation expense

 

 

 

 

 

 

 

 

 

 

3,406

 

 

 

 

 

 

 

 

 

 

 

3,406

 

Cash dividends declared, $0.49 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,535

)

 

 

 

 

 

 

(45,535

)

BALANCE AT MARCH 31, 2021

 

 

92,928,539

 

 

$

92,929

 

 

$

3,637,188

 

 

$

2,490,963

 

 

$

766

 

 

$

6,221,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE AT DECEMBER 31, 2021

 

 

92,170,480

 

 

$

92,171

 

 

$

3,595,023

 

 

$

2,738,233

 

 

$

1,809

 

 

$

6,427,236

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

122,326

 

 

 

 

 

 

 

122,326

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(138

)

 

 

(138

)

Common stock issued in connection with the issuance of restricted stock awards, net

 

 

(10,750

)

 

 

(11

)

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation expense

 

 

 

 

 

 

 

 

 

 

2,923

 

 

 

 

 

 

 

 

 

 

 

2,923

 

Cash dividends declared, $0.52 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(47,923

)

 

 

 

 

 

 

(47,923

)

BALANCE AT MARCH 31, 2022

 

 

92,159,730

 

 

$

92,160

 

 

$

3,597,957

 

 

$

2,812,636

 

 

$

1,671

 

 

$

6,504,424

 

 

See notes to consolidated financial statements.

6


 

PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

 

(Dollars in thousands)

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

122,326

 

 

$

133,309

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and core deposit intangibles amortization

 

 

7,167

 

 

 

7,471

 

Provision for credit losses

 

 

 

 

 

 

Net amortization of premium on investments

 

 

12,857

 

 

 

12,844

 

Net gain on sale of other real estate and repossessed assets

 

 

(621

)

 

 

(887

)

Net (gain) loss on sale or write down of premises and equipment

 

 

(689

)

 

 

79

 

Net accretion of discount on loans

 

 

(5,195

)

 

 

(16,341

)

Net amortization of premium on deposits

 

 

(100

)

 

 

(507

)

Net gain on sale of loans

 

 

(387

)

 

 

(3,029

)

Proceeds from sale of loans held for sale

 

 

20,076

 

 

 

110,602

 

Originations of loans held for sale

 

 

(15,225

)

 

 

(82,777

)

Stock based compensation expense

 

 

2,923

 

 

 

3,406

 

Decrease in accrued interest receivable and other assets

 

 

24,688

 

 

 

50,582

 

Increase in accrued interest payable and other liabilities

 

 

67,862

 

 

 

15,995

 

Net cash provided by operating activities

 

 

235,682

 

 

 

230,747

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from maturities and principal paydowns of held to maturity securities

 

 

587,597

 

 

 

697,733

 

Purchase of held to maturity securities

 

 

(2,633,276

)

 

 

(2,268,954

)

Proceeds from maturities and principal paydowns of available for sale securities

 

 

1,553,419

 

 

 

313,192

 

Purchase of available for sale securities

 

 

(1,499,998

)

 

 

(300,000

)

Originations of Warehouse Purchase Program loans

 

 

(5,967,528

)

 

 

(10,595,636

)

Proceeds from pay-offs of Warehouse Purchase Program loans

 

 

6,398,686

 

 

 

11,165,626

 

Net decrease in loans held for investment

 

 

115,339

 

 

 

20,125

 

Purchase of bank premises and equipment

 

 

(23,289

)

 

 

(8,020

)

Proceeds from sale of bank premises, equipment and other real estate

 

 

3,894

 

 

 

10,968

 

Proceeds from insurance claims

 

 

572

 

 

 

1,783

 

Net cash used in investing activities

 

 

(1,464,584

)

 

 

(963,183

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Net increase in noninterest-bearing deposits

 

 

26,618

 

 

 

669,212

 

Net increase in interest-bearing deposits

 

 

270,030

 

 

 

733,908

 

Net increase in securities sold under repurchase agreements

 

 

(7,208

)

 

 

(12,477

)

Payments of cash dividends

 

 

(47,923

)

 

 

(45,535

)

Net cash provided by financing activities

 

 

241,517

 

 

 

1,345,108

 

 

 

 

 

 

 

 

 

 

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

 

 

(987,385

)

 

 

612,672

 

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

 

2,547,980

 

 

 

1,343,549

 

CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

1,560,595

 

 

$