Page 1

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 281.269.7199 cullen.zalman@prosperitybankusa.com • PROSPERITY BANCSHARES , INC.® REPORTS SECOND QUARTER 2021 EARNINGS Second quarter earnings per share ( diluted ) of $ 1.41 • Second quarter net income of $ 130.6 million • Loans , excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans , increased $ 148.8 million or 0.9 % ( 3.7 % annualized ) during the second quarter 2021 • Deposits increased $ 347.1 million or 1.2 % ( 4.8 % annualized ) during the second quarter 2021 • • • • Allowance for credit losses to total loans , excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans , of 1.85 % ( 1 ) Nonperforming assets remain low at 0.11 % of second quarter average interest - earning assets Return ( annualized ) on second quarter average assets of 1.45 % Returns ( annualized ) on second quarter average common equity of 8.31 % and average tangible common equity of 17.49 % ( 1 ) Second quarter efficiency ratio of 40.96 % ( 1 ) HOUSTON , July 28 , 2021. Prosperity Bancshares , Inc.® ( NYSE : PB ) , the parent company of Prosperity Bank ® ( collectively , " Prosperity " ) , reported net income of $ 130.6 million for the quarter ended June 30 , 2021 compared with $ 130.9 million for the same period in 2020. Net income per diluted common share was $ 1.41 for the quarter ended June 30 , 2021 , unchanged from the same period in 2020 , and the annualized return on second quarter average assets was 1.45 % . The second quarter of 2020 includes a tax benefit for net operating losses ( " NOL " ) of $ 20.1 million , or $ 0.22 ( 1 ) per diluted common share , as a result of the enactment of the Coronavirus Aid , Relief , and Economic Security Act ( " CARES Act " ) . Additionally , loans , excluding Warehouse Purchase Program and SBA Paycheck Protection Program ( “ PPP ” ) loans , increased $ 148.8 million or 0.9 % ( 3.7 % annualized ) and deposits increased $ 347.1 million or 1.2 % ( 4.8 % annualized ) during the second quarter of 2021. Nonperforming assets remain low at 0.11 % of second quarter average interest - earning assets . " For the second quarter of 2021 , Prosperity had strong earnings , core loan growth , deposit growth , continued sound asset quality , impressive cost controls , a return on average tangible common equity of 17.49 % and remains well reserved , ” said David Zalman , Prosperity's Senior Chairman and Chief Executive Officer . " Unemployment rates continue to decrease and GDP growth continues at a high level , as forecasted last year with the re - opening of the economy . We are seeing increased oil and gas prices as well as increased farm commodity prices , both of which are positive for the Texas and Oklahoma economies . Further , businesses and individuals continue to move to Texas for lower tax rates and a better quality of life , " 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