prosperity bancshares inc (PB) Key Developments
Prosperity Bancshares Inc. Presents at SunTrust Robinson Humphrey Financial Services Conference 2015, May-19-2015
May 16 15
Prosperity Bancshares Inc. Presents at SunTrust Robinson Humphrey Financial Services Conference 2015, May-19-2015 . Venue: New York Palace, 455 Madison Avenue, New York, NY10022, United States.
Prosperity Bancshares Inc. Announces Management Changes
May 14 15
Prosperity Bancshares Inc. announced management changes that will be effective as of May 15, 2015. Edward Z. Safady, Chairman of the Bank's Central Texas Area, will become President of Prosperity and Vice Chairman of the Bank and will join the Executive Committee. Mr. Safady will have primary responsibility for overseeing management of each of the Bank's areas as well as directing the Bank's loan growth efforts. Mr. Safady joined the Bank in 2004 after the bank that he served as Chairman, CEO and President of was acquired by Prosperity. Bob Benter, Chairman of the Bank's Houston Area, will become President of the Bank and will be appointed as a Director on the Bank's Board of Directors, and Robert Dowdell, Regional President of the Bank's Houston Area, will become Executive Vice President of Prosperity and the Bank. Both Mr. Benter and Mr. Dowdell will work with Mr. Safady and the Bank's area management with loan growth and business development efforts. Mr. Benter has been with the Bank since 1992 and has over 37 years of lending experience in the Houston area. Mr. Dowdell has been with the Bank since 2008 and has over 30 years of lending experience in the Houston area. Additional changes to be made in the Houston Area are the promotion of Chris Delaup, President of the Houston Area, to Chairman of the Houston Area with the primary responsibility of administration within the Area and the promotion of Randy Reeves, President of the Houston Area, to Chairman of the Houston Area with the primary responsibility of business development for the Area. In addition, Dan Agnew will be promoted to President of the Houston Area. Mr. Agnew previously served as Regional President in the Houston Area.
Prosperity Bancshares Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Net Charge Offs for the First Quarter Ended March 31, 2015
Apr 24 15
Prosperity Bancshares Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total interest income of $173,605,000 compared to $154,248,000 a year ago. Net interest income was $162,905,000 compared to $143,691,000 a year ago. Income before income taxes was $110,614,000 compared to $100,661,000 a year ago. Net income available to common shareholders was $73,641,000 compared to $67,137,000 a year ago. Basic and diluted EPS was $1.05 compared to $1.01 a year ago. Return on average assets was 1.37% compared to 1.43% a year ago. Return on average common equity was 8.98% compared to 9.52% a year ago. Return on average tangible common equity was 21.84% compared to 24.23% a year ago. Book value per share was $47.15 compared to $42.87 a year ago. Tangible book value per share was $19.47 compared to $17.04 a year ago. Net interest income before provision for credit losses for the quarter ended March 31, 2015, increased 13.4% to $162.905 million compared with $143.691 million during the same period in 2014. The increase was primarily due to a 14.5% increase in average interest-earning assets for the same period.
For the quarter, the company reported net charge offs of $1,049,000 compared with $786,000 for the three months ended March 31, 2014.
Prosperity Bancshares Inc. Declares Cash Dividend Payable on July 1, 2015
Apr 24 15
Prosperity Bancshares Inc. declared a second quarter cash dividend of $0.2725 per share, to be paid on July 1, 2015 to all shareholders of record as of June 15, 2015.
Prosperity Bancshares Mulls Acquisitions
Apr 24 15
Prosperity Bancshares Inc. (NYSE:PB) is looking for acquisitions. Chairman and Chief Executive Officer, David Zalman said, “Going over $10 billion in assets brought on new challenges from a regulatory standpoint with extra costs, policies, and procedures. We have taken on the challenges, succeeded and think we are now prepared to move forward with organic growth, mergers, and acquisitions. We continue to hear from bankers about the added regulatory requirements that are impacting their profitability. We believe that these factors combined with management and board fatigue will continue to create opportunities for those that have the ability and the will to deal with these headwinds.”