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EX - 99.1 2 pb - ex991_6.htm EX - 99.1 PRESS RELEASE Prosperity Bancshares , Inc.® Prosperity Bank Plaza 4295 San Felipe Houston , Texas 77027 FOR IMMEDIATE RELEASE • PROSPERITY BANCSHARES , INC . Exhibit 99.1 For more information contact : Cullen Zalman Senior Vice President - Banking and Corporate Activities PROSPERITY BANCSHARES , INC.Ⓡ REPORTS FIRST QUARTER 281.269.7199 cullen.zalman@prosperitybankusa.com 2021 EARNINGS First quarter earnings per share ( diluted ) of $ 1.44 , an increase of 3.6 % compared to the first quarter 2020 • First quarter net income of $ 133.3 million • Deposits increased $ 1.403 billion or 5.1 % ( 20.5 % annualized ) during the first quarter 2021 • • • • • Allowance for credit losses to total loans , excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans , of 1.89 % ( 1 ) Nonperforming assets remain low at 0.15 % of first quarter average interest - earning assets Return ( annualized ) on first quarter average assets of 1.54 % Returns ( annualized ) on first quarter average common equity of 8.60 % and average tangible common equity of 18.43 % ( 1 ) First quarter efficiency ratio of 41.25 % ( 1 ) • Prosperity Bancshares was ranked Number 2 in Forbes ' 2021 America's Best Banks HOUSTON , April 28 , 2021. Prosperity Bancshares , Inc.® ( NYSE : PB ) , the parent company of Prosperity Bank® ( collectively , " Prosperity " ) , reported net income for the quarter ended March 31 , 2021 of $ 133.3 million compared with $ 130.8 million for the same period in 2020. Net income per diluted common share was $ 1.44 compared with $ 1.39 for the same period in 2020 and the annualized return on first quarter average assets was 1.54 % . Additionally , deposits increased $ 1.403 billion or 5.1 % ( 20.5 % annualized ) during the first quarter 2021 and nonperforming assets remain low at 0.15 % of first quarter average interest - earning assets . " With the hard work of our entire team , the combination of Prosperity and LegacyTexas has continued to bear fruit , as reflected in our positive results for the first quarter of 2021 , " said David Zalman , Prosperity's Senior Chairman and Chief Executive Officer . " Prosperity Bank was ranked as the number 2 Best Bank in America for 2021 and in the Top 10 of Forbes ' America's Best Banks since 2010. I want to congratulate and thank all of our customers , associates , directors and shareholders for helping us achieve this great honor , ” continued Zalman . ( 1 ) Refer to the " Notes to Selected Financial Data " at the end of this Earnings Release for a reconciliation of this non - GAAP financial measure to the nearest GAAP financial measure . Page 1 of 17