Prosperity Bancshares Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 25, 2017 at 06:03 am EST
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Prosperity Bancshares Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income was $164.669 million compared to $162.572 million a year ago. Net interest income was $153.832 million compared to $153.258 million a year ago. Net interest income after provision for credit losses was $151.832 million compared to $152.758 million a year ago. Income before income taxes was $102.159 million compared to $105.132 million a year ago. Net income available to common shareholders was $68.793 million compared to $70.475 million a year ago. Basic and diluted earnings per share were $0.99 compared to $1.01 a year ago. Return on average assets was 1.26% against 1.30% a year ago. Return on average common equity was 7.58% against 8.17% a year ago. Return on average tangible common equity was 16.33% against 18.56% a year ago.
For the year, the company reported total interest income was $675.779 million compared to $669.701 million a year ago. Net interest income was $632.620 million compared to $630.510 million a year ago. Net interest income after provision for credit losses was $608.620 million compared to $622.950 million a year ago. Income before income taxes was $408.658 million compared to $430.195 million a year ago. Net income available to common shareholders was $274.466 million compared to $286.646 million a year ago. Basic and diluted earnings per share were $3.94 compared to $4.09 a year ago. Return on average assets was 1.25% against 1.33% a year ago. Return on average common equity was 7.69% against 8.51% a year ago. Return on average tangible common equity was 16.95% against 19.98% a year ago. Book value per share was $52.41 as on December 31, 2016 against $49.45 as on December 31, 2015. Tangible book value per share was $24.40 as on December 31, 2016 against $22.06 as on December 31, 2015.
The company reported net charge-offs were $2.259 million for the three months ended December 31, 2016 compared with $119 thousand for the three months ended December 31, 2015.
Prosperity Bancshares, Inc. is a regional financial holding company providing personal banking services and investments to consumers and businesses throughout Texas and Oklahoma. The Company's traditional deposit products include certificates of deposit, interest-checking accounts, money market accounts and savings accounts. It also offers digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, and treasury management. It operates around 288 full-service banking locations: 65 in the Houston area, including The Woodlands; 30 in the South Texas area including Corpus Christi and Victoria; 62 in the Dallas/Fort Worth area; 22 in the East Texas area; 31 in the Central Texas area including Austin and San Antonio; 49 in the West Texas area including Lubbock, Midland-Odessa, Abilene, Amarillo and Wichita Falls; 15 in the Bryan/College Station area; 6 in the Central Oklahoma area; and 8 in the Tulsa, Oklahoma area.
Prosperity Bancshares Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
PROSPERITY BANCSHARES, INC. 
