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 PROSPERITY BANCSHARES , INC.Ⓡ 281.269.7199 cullen.zalman@prosperitybankusa.com • REPORTS THIRD QUARTER 2021 EARNINGS Third quarter earnings per share ( diluted ) of $ 1.39 • Third quarter net income of $ 128.6 million • Loans , excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans , increased $ 217.6 million or 1.3 % ( 5.3 % annualized ) during the third quarter 2021 • Deposits increased $ 341.4 million or 1.2 % ( 4.7 % annualized ) during the third quarter 2021 • Allowance for credit losses on loans and on off - balance sheet credit exposure of $ 317.1 million • • • • • • Allowance for credit losses to total loans , excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans , of 1.73 % ( 1 ) Nonperforming assets remain low at 0.11 % of third quarter average interest - earning assets Return ( annualized ) on third quarter average assets of 1.42 % Returns ( annualized ) on third quarter average common equity of 8.07 % and average tangible common equity of 16.72 % ( 1 ) Repurchased 767,134 shares during the third quarter 2021 Increase in dividend of 6.1 % to $ 0.52 for the fourth quarter 2021 HOUSTON , October 27 , 2021. Prosperity Bancshares , Inc.® ( NYSE : PB ) , the parent company of Prosperity Bank® ( collectively , " Prosperity " ) , reported net income of $ 128.6 million for the quarter ended September 30 , 2021 compared with $ 130.1 million for the same period in 2020. Net income per diluted common share was $ 1.39 for the quarter ended September 30 , 2021 , compared with $ 1.40 for the same period in 2020 , and the annualized return on third quarter average assets was 1.42 % . Additionally , loans , excluding Warehouse Purchase Program and SBA Paycheck Protection Program ( “ PPP ” ) loans , increased $ 217.6 million or 1.3 % ( 5.3 % annualized ) and deposits increased $ 341.4 million or 1.2 % ( 4.7 % annualized ) during the third quarter of 2021. Nonperforming assets remain low at 0.11 % of third quarter average interest - earning assets . " I am pleased to report that the Board of Directors has voted to increase the fourth quarter dividend to $ 0.52 a share , a 6.1 % increase from the third quarter . The increase represents the confidence the Board has in Prosperity's continuing success . Additionally , Prosperity Bancshares repurchased 767,134 shares of its stock during the third quarter 2021 at an average price of $ 67.87 , ” said David Zalman , Prosperity's Senior Chairman and Chief Executive Officer . " Prosperity Bank was ranked by Forbes as the 2nd Best Bank in America for 2021 and has been in the Top 10 of Forbes ' list since 2010 , " 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