Free Post Earnings Research Report: Prosperity Bancshares Reported Q4 and Full Year Results for FY17

Stock Monitor: BancFirst Post Earnings Reporting

LONDON, UK / ACCESSWIRE / January 31, 2018 / Active-Investors.com has just released a free earnings report on Prosperity Bancshares, Inc. (NYSE: PB). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PB. The Company posted its financial results for the fourth quarter fiscal 2017 (Q4 FY17) and full year 2017 (FY17) on January 24, 2018. The Houston, Texas-based Company’s net interest income grew 1.4% y-o-y. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for BancFirst Corporation (NASDAQ: BANF), which also belongs to the Financial sector as the Company Prosperity Bancshares. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Prosperity Bancshares most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=PB

Earnings Highlights and Summary

During Q4 FY17, Prosperity Bancshares’s total interest income grew to $171.84 million from $164.67 million in Q4 FY16. The Company’s total interest expenses also increased to $15.79 million in Q4 FY17 from $10.84 million in Q4 FY16. Prosperity Bancshares’s net interest income rose to $156.05 million during the reported quarter from $153.83 million in Q4 FY16. Furthermore, net interest income after provision for credit losses grew to $154.05 million in Q4 FY17 from $151.83 million in the year ago corresponding quarter. Meanwhile, total non-interest income was $29.22 million during Q4 FY17 compared to $29.48 million in the last year’s same quarter.

The financial holding Company reported net income of $67.14 million, or $0.97 per diluted share, in Q4 FY17 compared to $68.79 million, or $0.99 per diluted share, in Q4 FY16. The Company’s Q4 FY17 earnings include a one-time non-cash charge of $0.02 per diluted common share related to the Tax Cuts and Jobs Act. Meanwhile, Wall Street had forecasted net income for the reported quarter of $1.00 per diluted share.

For full year FY17, the Company posted net interest income after provision for credit losses of $602.54 million versus $608.62 million in the last year. Prosperity Bancshares’s total non-interest income was $116.63 million during FY17 compared to $118.43 million in FY16. Additionally, the Company reported net income of $272.17 million, or $3.92 per diluted share, compared to $274.47 million, or $3.94 per diluted share, in FY16.

Earnings Metrics

During the reported quarter, the Company posted return on average assets of 1.20% versus 1.26% in the prior year’s comparable quarter. The return on average common equity in Q4 FY17 was 7.04% compared to 7.58% reported in the year ago same period. Moreover, return on average tangible common equity for the reported quarter was 14.31% compared to 16.33% in Q4 FY16.

The Company’s efficiency ratio was 43.78% in Q4 FY17 compared to 43.29% in Q4 FY16. Tax equivalent net interest margin was 3.20% during Q4 FY17 versus 3.26% in Q4 FY16. The tangible book value per share was $27.12 at December 31, 2017, compared to $24.40 as on December 31, 2016. During Q4 FY17, common equity tier 1 capital ratio came in at 15.08% compared to 14.48% as on December 31, 2016. Furthermore, tier 1 leverage capital stood at 9.31% as on December 31, 2017, compared to 8.68% as on December 31, 2017.

Balance Sheet Analyzed

Prosperity Bancshares’s average loans balance stood flat at $9.96 billion at the end of Q4 FY17. Total average interest-earning assets for the quarter ended December 31, 2017, were $19.57, billion versus $19.00 billion recorded in the prior year’s same period. Average balance of total deposits increased to $17.14 billion in Q4 FY17 from $16.98 billion in Q4 FY16. Furthermore, loan to deposit ratio as on December 31, 2017, was 56.2% compared to 55.6% as on December 31, 2016.

Non-performing assets totaled $37.46 million, or 0.19% of quarterly average interest-earning assets, at December 31, 2017, versus $48.30 million, or 0.25% of quarterly average interest-earning assets, at December 31, 2016. The allowance for credit losses was $84.04 million, or 0.84% of total loans, at December 31, 2017, compared to $85.33 million, or 0.89% of total loans, at December 31, 2016.

Dividend & Share Repurchase

In its earnings press release, Prosperity Bancshares’ Board of Directors declared a first quarter cash dividend of $0.36 per share to be paid on April 02, 2018, to all shareholders of record as of March 16, 2018.

In a separate press release on January 19, 2018, the Company announced that its Board of Directors authorized a stock repurchase program under which the Company may repurchase up to 5%, or approximately 3.47 million shares, of its outstanding common stock over a two-year period expiring on January 16, 2020.

Stock Performance Snapshot

January 30, 2018 – At Tuesday’s closing bell, Prosperity Bancshares’ stock was slightly down 0.48%, ending the trading session at $76.08.

Volume traded for the day: 324.31 thousand shares.

Stock performance in the last month – up 7.26%; previous three-month period – up 13.70%; past twelve-month period – up 4.09%; and year-to-date – up 8.58%

After yesterday’s close, Prosperity Bancshares’ market cap was at $5.25 billion.

Price to Earnings (P/E) ratio was at 19.42.

The stock has a dividend yield of 1.89%.

The stock is part of the Financial sector, categorized under the Regional – Southwest Banks industry.

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