10-Q 1 pb-10q_20220630.htm 10-Q pb-10q_20220630.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 June 30, 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 August 1, 2022, there were 91,213,046 outstanding shares of the registrant’s Common Stock, par value $1.00 per share.  

 

 

 

 

PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

INDEX TO FORM 10-Q

 

PART I—FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

3

 

Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021

3

 

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)

4

 

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)

5

 

Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)

6

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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

31

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

55

Item 4.

Controls and Procedures

55

 

 

PART II—OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

56

Item 1A.

Risk Factors

56

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 3.

Defaults Upon Senior Securities

56

Item 4.

Mine Safety Disclosures

56

Item 5.

Other Information

56

Item 6.

Exhibits

57

Signatures

58

                                                                                                                                    

 

 

2

 

 

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

 

 

 

 

 

(Dollars in thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

393,716

 

 

$

2,547,739

 

Federal funds sold

 

 

201

 

 

 

241

 

Total cash and cash equivalents

 

 

393,917

 

 

 

2,547,980

 

Available for sale securities, at fair value

 

 

509,717

 

 

 

514,932

 

Held to maturity securities, at cost (fair value of $12,999,193 and $12,251,213, respectively)

 

 

14,402,596

 

 

 

12,303,969

 

Total securities

 

 

14,912,313

 

 

 

12,818,901

 

Loans held for sale

 

 

3,350

 

 

 

7,274

 

Loans held for investment

 

 

17,067,871

 

 

 

16,833,171

 

Loans held for investment - Warehouse Purchase Program

 

 

1,137,623

 

 

 

1,775,699

 

Total loans

 

 

18,208,844

 

 

 

18,616,144

 

Less: allowance for credit losses on loans

 

 

(283,959

)

 

 

(286,380

)

Loans, net

 

 

17,924,885

 

 

 

18,329,764

 

Accrued interest receivable

 

 

75,085

 

 

 

66,030

 

Goodwill

 

 

3,231,636

 

 

 

3,231,636

 

Core deposit intangibles, net

 

 

56,483

 

 

 

61,684

 

Bank premises and equipment, net

 

 

335,939

 

 

 

319,799

 

Other real estate owned

 

 

1,555

 

 

 

622

 

Bank owned life insurance (BOLI)

 

 

329,504

 

 

 

327,149

 

Federal Home Loan Bank of Dallas stock

 

 

28,994

 

 

 

8,901

 

Other assets

 

 

96,945

 

 

 

121,504

 

TOTAL ASSETS

 

$

37,387,256

 

 

$

37,833,970

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

11,032,184

 

 

$

10,750,034

 

Interest-bearing

 

 

18,833,434

 

 

 

20,021,728

 

Total deposits

 

 

29,865,618

 

 

 

30,771,762

 

Other borrowings

 

 

300,000

 

 

 

—

 

Securities sold under repurchase agreements

 

 

481,785

 

 

 

448,099

 

Accrued interest payable

 

 

1,051

 

 

 

1,261

 

Allowance for credit losses on off-balance sheet credit exposures

 

 

29,947

 

 

 

29,947

 

Other liabilities

 

 

187,028

 

 

 

155,665

 

Total liabilities

 

 

30,865,429

 

 

 

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; 91,195,646 shares issued and outstanding at June 30, 2022; 92,170,480 shares issued and outstanding at December 31, 2021

 

 

91,196

 

 

 

92,171

 

Capital surplus

 

 

3,535,877

 

 

 

3,595,023

 

Retained earnings

 

 

2,893,556

 

 

 

2,738,233

 

Accumulated other comprehensive income —net unrealized gain on available for sale securities, net of tax expense of $318 and $481, respectively

 

 

1,198

 

 

 

1,809

 

Total shareholders’ equity

 

 

6,521,827

 

 

 

6,427,236

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

37,387,256

 

 

$

37,833,970

 

 

 

See notes to consolidated financial statements.

 

3

 

 

PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(Dollars in thousands, except per share data)

 

INTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

192,770

 

 

$

216,803

 

 

$

385,795

 

 

$

449,878

 

Securities

 

 

64,111

 

 

 

43,708

 

 

 

119,122

 

 

 

82,385

 

Federal funds sold and other earning assets

 

 

925

 

 

 

340

 

 

 

1,772

 

 

 

691

 

Total interest income

 

 

257,806

 

 

 

260,851

 

 

 

506,689

 

 

 

532,954

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

8,641

 

 

 

15,288

 

 

 

17,395

 

 

 

32,650

 

Other borrowings

 

 

450

 

 

 

—

 

 

 

450

 

 

 

—

 

Securities sold under repurchase agreements

 

 

244

 

 

 

164

 

 

 

429

 

 

 

323

 

Total interest expense

 

 

9,335

 

 

 

15,452

 

 

 

18,274

 

 

 

32,973

 

NET INTEREST INCOME

 

 

248,471

 

 

 

245,399

 

 

 

488,415

 

 

 

499,981

 

PROVISION FOR CREDIT LOSSES

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

 

248,471

 

 

 

245,399

 

 

 

488,415

 

 

 

499,981

 

NONINTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonsufficient funds (NSF) fees

 

 

8,484

 

 

 

6,560

 

 

 

16,608

 

 

 

13,247

 

Credit card, debit card and ATM card income

 

 

8,880

 

 

 

8,918

 

 

 

17,059

 

 

 

16,949

 

Service charges on deposit accounts

 

 

6,365

 

 

 

6,062

 

 

 

12,576

 

 

 

12,040

 

Trust income

 

 

2,875

 

 

 

2,276

 

 

 

5,578

 

 

 

5,113

 

Mortgage income

 

 

502

 

 

 

2,914

 

 

 

957

 

 

 

6,221

 

Brokerage income

 

 

917

 

 

 

795

 

 

 

1,809

 

 

 

1,506

 

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

 

 

1,108

 

 

 

(244

)

 

 

1,797

 

 

 

(323

)

Other

 

 

8,463

 

 

 

8,275

 

 

 

16,332

 

 

 

14,811

 

Total noninterest income

 

 

37,594

 

 

 

35,556

 

 

 

72,716

 

 

 

69,564

 

NONINTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

80,371

 

 

 

75,611

 

 

 

159,782

 

 

 

155,648

 

Net occupancy and equipment

 

 

8,039

 

 

 

8,046

 

 

 

15,887

 

 

 

15,879

 

Credit and debit card, data processing and software amortization

 

 

9,246

 

 

 

8,718

 

 

 

18,095

 

 

 

16,951

 

Regulatory assessments and FDIC insurance

 

 

2,851

 

 

 

2,670

 

 

 

5,701

 

 

 

5,340

 

Core deposit intangibles amortization

 

 

2,581

 

 

 

2,887

 

 

 

5,201

 

 

 

5,818

 

Depreciation

 

 

4,539

 

 

 

4,513

 

 

 

9,086

 

 

 

9,053

 

Communications

 

 

3,206

 

 

 

2,982

 

 

 

6,125

 

 

 

5,881

 

Net other real estate expense (income)

 

 

209

 

 

 

(1,641

)

 

 

(198

)

 

 

(2,284

)

Other

 

 

11,836

 

 

 

11,405

 

 

 

23,049

 

 

 

21,981

 

Total noninterest expense

 

 

122,878

 

 

 

115,191

 

 

 

242,728

 

 

 

234,267

 

INCOME BEFORE INCOME TAXES

 

 

163,187

 

 

 

165,764

 

 

 

318,403

 

 

 

335,278

 

PROVISION FOR INCOME TAXES

 

 

34,697

 

 

 

35,153

 

 

 

67,587

 

 

 

71,358

 

NET INCOME

 

$

128,490

 

 

$

130,611

 

 

$

250,816

 

 

$

263,920

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.40

 

 

$

1.41

 

 

$

2.73

 

 

$

2.84

 

Diluted

 

$

1.40

 

 

$

1.41

 

 

$

2.73

 

 

$

2.84

 

 

See notes to consolidated financial statements.

 

4

 

 

PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(Dollars in thousands)

 

Net income

 

$

128,490

 

 

$

130,611

 

 

$

250,816

 

 

$

263,920

 

Other comprehensive (loss) income, before tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized (losses) gains during the period

 

 

(598

)

 

 

424

 

 

 

(773

)

 

 

420

 

Total other comprehensive (loss) income

 

 

(598

)

 

 

424

 

 

 

(773

)

 

 

420

 

Deferred tax benefit (expense) related to other comprehensive (loss) income

 

 

125

 

 

 

(89

)

 

 

162

 

 

 

(88

)

Other comprehensive (loss) income, net of tax

 

 

(473

)

 

 

335

 

 

 

(611

)

 

 

332

 

Comprehensive income

 

$

128,017

 

 

$

130,946

 

 

$

250,205

 

 

$

264,252

 

 

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 MARCH 31, 2022

 

 

92,159,730

 

 

$

92,160

 

 

$

3,597,957

 

 

$

2,812,636

 

 

$

1,671

 

 

$

6,504,424

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

128,490

 

 

 

 

 

 

 

128,490

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(473

)

 

 

(473

)

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

 

 

17,800

 

 

 

18

 

 

 

(18

)

 

 

 

 

 

 

 

 

 

 

—

 

Common stock repurchase

 

 

(981,884

)

 

 

(982

)

 

 

(64,739

)

 

 

 

 

 

 

 

 

 

 

(65,721

)

Stock based compensation expense

 

 

 

 

 

 

 

 

 

 

2,677

 

 

 

 

 

 

 

 

 

 

 

2,677

 

Cash dividends declared, $0.52 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(47,570

)

 

 

 

 

 

 

(47,570

)

BALANCE AT JUNE 30, 2022

 

 

91,195,646

 

 

$

91,196

 

 

$

3,535,877

 

 

$

2,893,556

 

 

$

1,198

 

 

$

6,521,827

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended