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Last $52.01 USD
Change Today +0.03 / 0.06%
Volume 503.5K
PB On Other Exchanges
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As of 8:04 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).

prosperity bancshares inc (PB) Key Developments

Prosperity Bancshares Inc. Presents at RBC Capital Markets Financial Institutions Conference 2015, Mar-10-2015 04:25 PM

Prosperity Bancshares Inc. Presents at RBC Capital Markets Financial Institutions Conference 2015, Mar-10-2015 04:25 PM. Venue: New York Palace Hotel, 455 Madison Avenue, New York, NY 10022, United States. Speakers: David Hollaway, Chief Financial Officer, Executive Vice President, Chief Financial Officer of Prosperity Bank and Senior Vice President-Bank-Sub, David Zalman, Chairman, Chief Executive Officer, President, Senior Chairman of the Board for Prosperity Bank, Chief Executive Officer of Prosperity Bank and President of Prosperity Bank.

Prosperity Bancshares Inc. Declares Quarterly Cash Dividend, Payable on April 1, 2015

Prosperity Bancshares Inc. declared a quarterly cash dividend of $0.2725 per share to holders of Prosperity's common stock. The first quarter dividend is payable on April 1, 2015 to all shareholders of record as of March 16, 2015.

Prosperity Bancshares Inc. Presents at Sterne Agee Financial Institutions Investor Conference 2015, Feb-11-2015

Prosperity Bancshares Inc. Presents at Sterne Agee Financial Institutions Investor Conference 2015, Feb-11-2015 . Venue: Boca Raton Resort & Club, 501 East Camino Real, Boca Raton, FL 33432, United States.

Prosperity Bancshares Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Net Charge Offs for the Fourth Quarter of 2014

Prosperity Bancshares Inc. reported unaudited consolidated financial results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net income available to common shareholders of $78.228 million, an increase in net income of $15.257 million or 24.2%, compared with $62.971 million for the quarter ended December 31, 2013. Diluted earnings per share increased 14.3% to $1.12 per diluted common share compared with $0.98 per diluted common share for the same period in 2013. Annualized returns on average assets, average common equity and average tangible common equity were 1.48%, 9.70% and 23.87%, respectively compared to annualized returns on average assets, average common equity and average tangible common equity of 1.42%, 9.53% and 23.97%, respectively, reported a year ago. Net interest income before provision for credit losses increased 22.2% to $177.751 million compared with $145.469 million during the same period in 2013. The increase was primarily due to a 19.4% increase in average interest-earning assets for the same period. Total interest income was $186.578 million compared to $155.751 million reported a year ago. Net interest income was $177.751 million compared to $145.469 million reported a year ago. Income before income taxes was $116.745 million compared to $94.170 million reported a year ago. The company reported net income available to common shareholders for the year ended December 31, 2014 of $297.441 million or $4.32 per diluted common share, an increase of 34.3% from 2013 net income available to common shareholders of $221.398 million and up 18.4% from 2013 diluted earnings per common share of $3.65. Returns on average assets, average common equity and average tangible common equity were 1.44%, 9.66%, and 24.24%, respectively compared to annualized returns on average assets, average common equity and average tangible common equity of 1.36%, 9.31% and 22.52%, respectively, reported a year ago. Net interest income before provision for credit losses increased $172.328 million or 34.5% to $671.154 million compared with $498.826 million during the same period in 2013. The increase was primarily due to a 25.9% increase in average interest-earning assets over the same period. Book value per share was $46.50 compared to $42.19 as at Dec. 31, 2013. Tangible book value per share was $18.80 compared to $16.27 as at Dec. 31, 2013. Total interest income was $714.795 million compared to $539.297 million reported a year ago. Net interest income was $671.154 million compared to $498.826 million reported a year ago. Income before income taxes was $445.749 million compared to $329.817 million reported a year ago. Net charge offs were $3.201 million for the three months ended December 31, 2014, primarily due to one acquired loan made to a company that filed bankruptcy and subsequently sold the collateral, compared with $496,000 for the three months ended December 31, 2013 and $653,000 for the three months ended September 30, 2014.

Prosperity Bancshares Seeks Acquisitions

Prosperity Bancshares Inc. (NYSE:PB) is seeking acquisitions. David Holloway, Chief Financial Officer of Prosperity Bancshares, says on the question of acquisition pipeline, “I think right now that we have a couple of smaller banks come to us is-about $500 million in size. We haven't made the decision of yes or no. We don't know that we may consider one and maybe not the other. And we are trying to remedy that to maybe (inaudible) you know again I'm not saying it's a well idea, but we are trying to look at something that will be more meaningful that will really impact our earnings. And that's kind of what we are focused on maybe going forward this year.”

 

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PB

Industry Average

Valuation PB Industry Range
Price/Earnings 12.0x
Price/Sales 4.7x
Price/Book 1.1x
Price/Cash Flow 12.2x
TEV/Sales 3.4x
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