Prosperity Bancshares Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs for the Three Months Ended December 31, 2015
January 27, 2016 at 06:05 am EST
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Prosperity Bancshares Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2015. Net income was $70.475 million for the three months ended December 31, 2015 compared with $78.228 million for the same period in 2014. Net income per diluted common share was $1.01 for the three months ended December 31, 2015 compared with $1.12 for the same period in 2014. Net income (excluding purchase accounting adjustments) was $66.147 million for the quarter ended December 31, 2015 compared with $58.499 million for the quarter ended December 31, 2014, an increase of 13.1%. Net income per diluted common share (excluding purchase accounting adjustments) was $0.94 for the three months ended December 31, 2015 compared with $0.84 for the three months ended December 31, 2014, an increase of 11.9%. Income before income taxes was $105,132,000 against $116,745,000 a year ago. Return on average assets was 1.30% against 1.48% a year ago. Return on average common equity was 8.17% against 9.70% a year ago. Return on average tangible common equity was 18.56% against 23.87% a year ago. Net interest income before provision for credit losses for the quarter ended December 31, 2015 was $153.258 million compared with $177.751 million during the same period in 2014. This change was primarily due to a decrease in loan discount accretion of $20.751 million for the quarter ended December 31, 2015 compared with the quarter ended December 31, 2014.
Net income was $286.646 million for the year ended December 31, 2015 compared with $297.441 million for the same period in 2014. Net income per diluted common share was $4.09 for the year ended December 31, 2015 compared with $4.32 for the same period in 2014. Net income (excluding purchase accounting adjustments) was $255.479 million for the year ended December 31, 2015 compared with $236.157 million for the year ended December 31, 2014, an increase of 8.2%. Net income per diluted common share (excluding purchase accounting adjustments) was $3.65 for the year ended December 31, 2015 compared with $3.43 for the year ended December 31, 2014, an increase of 6.4%. Income before income taxes was $430,195,000 against $445,749,000 a year ago. Return on average assets was 1.33% against 1.44% a year ago. Return on average common equity was 8.51% against 9.66% a year ago. Return on average tangible common equity was 19.98% against 24.24% a year ago. Book value per share was $49.45 against $46.50 a year ago. Net interest income before provision for credit losses for the year ended December 31, 2015 was $630.510 million compared with $671.154 million for the same period in 2014. The change was primarily due to a decrease of $43.753 million in loan discount accretion partially offset by lower rates paid on average interest-bearing liabilities for the year ended December 31, 2015.
Net charge-offs were $119,000 for the three months ended December 31, 2015 compared with $3.201 million for the three months ended December 31, 2014 and $5.279 million for the three months ended September 30, 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, 2015; Reports Net Charge-Offs for the Three Months Ended December 31, 2015