Prosperity Bancshares次季淨收入增25% 完成兩項收購擴張版圖

10-Q
 
 
 
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

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED June 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO 
COMMISSION FILE NUMBER: 001-35388
 
PROSPERITY BANCSHARES, INC.®
(Exact name of registrant as specified in its charter)
 
 

 
 
 
 
 

 
 Texas

 74-2331986

 

 
 (State or other jurisdiction
of incorporation or organization)

 (I.R.S. Employer
Identification No.)

 

  

 
 
 
 
 

 
 Prosperity Bank Plaza

  

 

 
 4295 San Felipe, Houston, Texas

 77027

 

 
 (Address of principal executive offices)

 (Zip Code)

 

  
(281) 269-7199
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act: 
 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading Symbol(s)

  

 Name of each exchange on which registered

 

 
 Common stock, par value $1.00 per share

  

 PB

  

 New York Stock Exchange, Inc.

 

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
 

 
 
 
 
 
 
 
 

 
 Large Accelerated Filer

 ☒

  

 Accelerated Filer

 ☐

 

 
  

  

  

  

  

 

 
 Non-accelerated Filer

 ☐

  

 Smaller Reporting Company

 ☐

 

 
  

  

  

  

  

 

 
  

  

  

 Emerging Growth Company 

 ☐

 

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2026, there were 120,176,771 outstanding shares of the registrant’s Common Stock, par value $1.00 per share. 
 
 

  

 
  

 PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES
INDEX TO FORM 10-Q
 

 
 
 
 
 
 

 
 PART I—FINANCIAL INFORMATION 

  

 

 
  

  

  

 

 
 Item 1.

 Financial Statements

 3

 

 
 

 Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025

 3

 

 
 

 Consolidated Statements of Income for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)

 4

 

 
 

 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)

 5

 

 
 

 Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)

 6

 

 
 

 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (unaudited)

 7

 

 
 

 Notes to Consolidated Financial Statements (unaudited)

 8

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 34

 

 
 Item 3.

 Quantitative and Qualitative Disclosures about Market Risk

 59

 

 
 Item 4.

 Controls and Procedures

 59

 

 
  

  

 

 
 PART II—OTHER INFORMATION 

  

 

 
  

  

  

 

 
 Item 1.

 Legal Proceedings

 60

 

 
 Item 1A.

 Risk Factors

 60

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 60

 

 
 Item 3.

 Defaults Upon Senior Securities

 60

 

 
 Item 4.

 Mine Safety Disclosures

 60

 

 
 Item 5.

 Other Information

 60

 

 
 Item 6.

 Exhibits

 61

 

 
 Signatures

 62

 

  
 
 

 2

 
  

 PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
  

  

 (unaudited)

  

  

  

  

 

 
  

  

 (Dollars in thousands, except par value)

  

 

 
 ASSETS

  

  

  

  

  

  

 

 
 Cash and due from banks

  

 $

 1,683,062

  

  

 $

 1,747,511

  

 

 
 Federal funds sold

  

  

 194

  

  

  

 217

  

 

 
 Total cash and cash equivalents

  

  

 1,683,256

  

  

  

 1,747,728

  

 

 
 Available for sale securities, at fair value

  

  

 346,023

  

  

  

 338,197

  

 

 
 Held to maturity securities, at cost (fair value of $11,101,302 and $9,433,365, respectively)

  

  

 11,993,057

  

  

  

 10,275,228

  

 

 
 Total securities

  

  

 12,339,080

  

  

  

 10,613,425

  

 

 
 Loans held for sale

  

  

 18,656

  

  

  

 14,155

  

 

 
 Loans held for investment

  

  

 23,719,186

  

  

  

 20,486,415

  

 

 
 Loans held for investment - Warehouse Purchase Program

  

  

 1,290,156

  

  

  

 1,304,798

  

 

 
 Total loans

  

  

 25,027,998

  

  

  

 21,805,368

  

 

 
 Less: allowance for credit losses on loans

  

  

 (382,841

 )

  

  

 (333,742

 )

 

 
 Loans, net

  

  

 24,645,157

  

  

  

 21,471,626

  

 

 
 Accrued interest receivable

  

  

 119,753

  

  

  

 99,297

  

 

 
 Goodwill

  

  

 3,823,920

  

  

  

 3,503,127

  

 

 
 Core deposit intangibles, net

  

  

 105,582

  

  

  

 51,605

  

 

 
 Bank premises and equipment, net

  

  

 428,478

  

  

  

 383,449

  

 

 
 Other real estate owned

  

  

 11,296

  

  

  

 13,296

  

 

 
 Bank owned life insurance (BOLI)

  

  

 448,853

  

  

  

 392,756

  

 

 
 Federal Home Loan Bank of Dallas stock

  

  

 111,430

  

  

  

 86,950

  

 

 
 Other assets

  

  

 155,706

  

  

  

 100,166

  

 

 
 TOTAL ASSETS

  

 $

 43,872,511

  

  

 $

 38,463,425

  

 

 
 LIABILITIES AND SHAREHOLDERS’ EQUITY

  

  

  

  

  

  

 

 
 LIABILITIES:

  

  

  

  

  

  

 

 
 Deposits:

  

  

  

  

  

  

 

 
 Noninterest-bearing

  

 $

 10,739,937

  

  

 $

 9,467,911

  

 

 
 Interest-bearing

  

  

 21,859,750

  

  

  

 19,014,573

  

 

 
 Total deposits

  

  

 32,599,687

  

  

  

 28,482,484

  

 

 
 Other borrowings

  

  

 2,400,000

  

  

  

 1,950,000

  

 

 
 Securities sold under repurchase agreements

  

  

 199,576

  

  

  

 201,216

  

 

 
 Subordinated notes

  

  

 70,000

  

  

  

 —

  

 

 
 Accrued interest payable

  

  

 27,365

  

  

  

 30,913

  

 

 
 Allowance for credit losses on off-balance sheet credit exposures

  

  

 37,646

  

  

  

 37,646

  

 

 
 Other liabilities

  

  

 232,978

  

  

  

 145,026

  

 

 
 Total liabilities

  

  

 35,567,252

  

  

  

 30,847,285

  

 

 
 COMMITMENTS AND CONTINGENCIES

  

  

 —

  

  

  

 —

  

 

 
 SHAREHOLDERS’ EQUITY:

  

  

  

  

  

  

 

 
 Preferred stock, $1 par value; 20,000,000 shares authorized; none issued or outstanding

  

  

 —

  

  

  

 —

  

 

 
 Common stock, $1 par value; 200,000,000 shares authorized; 100,645,772 issued and outstanding at June 30, 2026; 93,058,171 shares issued and outstanding at December 31, 2025

  

  

 100,646

  

  

  

 93,058

  

 

 
 Capital surplus

  

  

 4,171,398

  

  

  

 3,653,751

  

 

 
 Retained earnings

  

  

 4,033,466

  

  

  

 3,869,627

  

 

 
 Accumulated other comprehensive loss —net unrealized loss on available for sale securities, net of tax expense of $(69) and $(79), respectively

  

  

 (251

 )

  

  

 (296

 )

 

 
 Total shareholders’ equity

  

  

 8,305,259

  

  

  

 7,616,140

  

 

 
 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

  

 $

 43,872,511

  

  

 $

 38,463,425

  

 

  
 
See notes to consolidated financial statements.
 

 3

 
  

 PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
  

  

 (Dollars in thousands, except per share data)

  

 

 
 INTEREST INCOME:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans, including fees

  

 $

 369,574

  

  

 $

 325,490

  

  

 $

 731,330

  

  

 $

 644,513

  

 

 
 Securities

  

  

 81,200

  

  

  

 57,836

  

  

  

 151,731

  

  

  

 115,722

  

 

 
 Federal funds sold and other earning assets

  

  

 8,719

  

  

  

 9,438

  

  

  

 18,207

  

  

  

 25,334

  

 

 
 Total interest income

  

  

 459,493

  

  

  

 392,764

  

  

  

 901,268

  

  

  

 785,569

  

 

 
 INTEREST EXPENSE:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Deposits

  

  

 107,084

  

  

  

 93,790

  

  

  

 211,321

  

  

  

 189,387

  

 

 
 Other borrowings

  

  

 20,094

  

  

  

 30,101

  

  

  

 34,877

  

  

  

 60,593

  

 

 
 Securities sold under repurchase agreements

  

  

 1,019

  

  

  

 1,151

  

  

  

 1,921

  

  

  

 2,485

  

 

 
 Subordinated notes and junior subordinated debentures

  

  

 746

  

  

  

 —

  

  

  

 1,449

  

  

  

 —

  

 

 
 Total interest expense

  

  

 128,943

  

  

  

 125,042

  

  

  

 249,568

  

  

  

 252,465

  

 

 
 NET INTEREST INCOME

  

  

 330,550

  

  

  

 267,722

  

  

  

 651,700

  

  

  

 533,104

  

 

 
 PROVISION FOR CREDIT LOSSES

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

  

  

 330,550

  

  

  

 267,722

  

  

  

 651,700

  

  

  

 533,104

  

 

 
 NONINTEREST INCOME:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Nonsufficient funds (NSF) fees

  

  

 11,349

  

  

  

 8,885

  

  

  

 22,216

  

  

  

 18,032

  

 

 
 Credit card, debit card and ATM card income

  

  

 10,303

  

  

  

 9,761

  

  

  

 19,786

  

  

  

 18,500

  

 

 
 Service charges on deposit accounts

  

  

 9,235

  

  

  

 7,645

  

  

  

 17,915

  

  

  

 15,053

  

 

 
 Trust income

  

  

 4,943

  

  

  

 3,859

  

  

  

 9,865

  

  

  

 7,460

  

 

 
 Mortgage income

  

  

 1,363

  

  

  

 965

  

  

  

 2,643

  

  

  

 1,974

  

 

 
 Brokerage income

  

  

 1,478

  

  

  

 1,225

  

  

  

 3,046

  

  

  

 2,487

  

 

 
 Net (loss) gain on sale or write-down of assets

  

  

 (42

 )

  

  

 1,414

  

  

  

 276

  

  

  

 1,179

  

 

 
 Net gain on sale or write-up of securities

  

  

 8,235

  

  

  

 —

  

  

  

 8,235

  

  

  

 —

  

 

 
 Other

  

  

 13,841

  

  

  

 9,228

  

  

  

 23,197

  

  

  

 19,598

  

 

 
 Total noninterest income

  

  

 60,705

  

  

  

 42,982

  

  

  

 107,179

  

  

  

 84,283

  

 

 
 NONINTEREST EXPENSE:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Salaries and employee benefits

  

  

 110,965

  

  

  

 87,296

  

  

  

 220,176

  

  

  

 176,772

  

 

 
 Net occupancy and equipment

  

  

 10,685

  

  

  

 9,168

  

  

  

 21,339

  

  

  

 18,314

  

 

 
 Credit and debit card, data processing and software amortization

  

  

 16,121

  

  

  

 12,056

  

  

  

 34,235

  

  

  

 23,478

  

 

 
 Regulatory assessments and FDIC insurance

  

  

 5,287

  

  

  

 5,508

  

  

  

 11,328

  

  

  

 11,297

  

 

 
 Core deposit intangibles amortization

  

  

 5,661

  

  

  

 3,610

  

  

  

 10,920

  

  

  

 7,251

  

 

 
 Depreciation

  

  

 5,795

  

  

  

 4,779

  

  

  

 11,343

  

  

  

 9,553

  

 

 
 Communications

  

  

 4,271

  

  

  

 3,507

  

  

  

 8,105

  

  

  

 6,980

  

 

 
 Net other real estate expense

  

  

 309

  

  

  

 (18

 )

  

  

 609

  

  

  

 92

  

 

 
 Merger related expenses

  

  

 755

  

  

  

 —

  

  

  

 43,271

  

  

  

 —

  

 

 
 Other

  

  

 16,327

  

  

  

 12,659

  

  

  

 32,137

  

  

  

 25,129

  

 

 
 Total noninterest expense

  

  

 176,176

  

  

  

 138,565

  

  

  

 393,463

  

  

  

 278,866

  

 

 
 INCOME BEFORE INCOME TAXES

  

  

 215,079

  

  

  

 172,139

  

  

  

 365,416

  

  

  

 338,521

  

 

 
 PROVISION FOR INCOME TAXES

  

  

 46,496

  

  

  

 36,984

  

  

  

 80,566

  

  

  

 73,141

  

 

 
 NET INCOME

  

 $

 168,583

  

  

 $

 135,155

  

  

 $

 284,850

  

  

 $

 265,380

  

 

 
 EARNINGS PER SHARE:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic

  

 $

 1.67

  

  

 $

 1.42

  

  

 $

 2.84

  

  

 $

 2.79

  

 

 
 Diluted

  

 $

 1.67

  

  

 $

 1.42

  

  

 $

 2.84

  

  

 $

 2.79

  

 

 See notes to consolidated financial statements.

 4

 
  

 PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
  

  

 (Dollars in thousands)

  

 

 
 Net income

  

 $

 168,583

  

  

 $

 135,155

  

  

 $

 284,850

  

  

 $

 265,380

  

 

 
 Other comprehensive (loss) income, before tax:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Securities available for sale:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Change in unrealized (loss) gain during the period

  

  

 (363

 )

  

  

 (283

 )

  

  

 55

  

  

  

 399

  

 

 
 Total other comprehensive (loss) income

  

  

 (363

 )

  

  

 (283

 )

  

  

 55

  

  

  

 399

  

 

 
 Deferred tax benefit (expense) related to other comprehensive (loss) income

  

  

 77

  

  

  

 59

  

  

  

 (10

 )

  

  

 (84

 )

 

 
 Other comprehensive (loss) income, net of tax

  

  

 (286

 )

  

  

 (224

 )

  

  

 45

  

  

  

 315

  

 

 
 Comprehensive income

  

 $

 168,297

  

  

 $

 134,931

  

  

 $

 284,895

  

  

 $

 265,695

  

 

  
See notes to consolidated financial statements.
 

 5

 
  

 PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(UNAUDITED)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 Accumulated

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 Other

  

  

 Total

  

 

 
  

  

 Common Stock

  

  

 Capital

  

  

 Retained

  

  

 Comprehensive

  

  

 Shareholders’

  

 

 
  

  

 Shares

  

  

 Amount

  

  

 Surplus

  

  

 Earnings

  

  

 Income (Loss)

  

  

 Equity

  

 

 
  

  

 (In tho