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Prosperity Bancshares (NYSE: PB) | Company Profile, History, Competitors

 

Prosperity Bancshares (NYSE: PB) is a financial services company with main operations in Texas and Oklahoma. As of 2017, it has 3,017 employees and 242 full service banking locations in Texas and Oklahoma. It was founded in 1983 and headquartered in Houston, Texas.

PB provides banking products and services to individuals and small businesses in Texas and Oklahoma. It generates revenues from interest income on loans, service charges on customer accounts and income from investment securities.

Loan Portfolio (2017)

 Type  Amount ($bn)  %
 Commercial and Industrial
 $1.5  14%
 Real Estate  $7.5  82%
 Agriculture
 $0.2  2%
 Consumer  $0.2  1%
 Other  $0.1  1%
 Total  $10.0  100%

Deposit Portfolio (2017)

 Type  Amount ($bn)  %
 Interest Bearing Checking
 $3.8  22%
 Regular Savings
 $2.2  13%
 Money Market Savings
 $3.3  20%
 Time Deposits
 $2.3  13%
 Non-Interest Bearing Deposits
 $5.3  31%
 Total  $17.3  100%

Banking Locations (2017)

 Region  Locations
 Bryan/College Station
16 
 Houston
 65 
 Central Texas
 29 
 Dallas/Fort Worth  33 
 East Texas  22 
 West Texas  34 
 South Texas  29 
 Central Oklahoma  6 
 Tulsa Oklahoma
 8 
 Total  242 

History

In 1983, Prosperity Bancshares was formed as a vehicle to acquire the former Allied Bank in Edna, Texas. The company went public in 1998. It has grown through acquisitions including American State Financial Corporation, FVNB Corporation, F&M Bancorporation, Texas United Banchsares and Coppermark Bancshares.

Management

David Zalman (CEO): David Zalman joined PB as President in 1986 and has been CEO since 2001.

David Hollaway (CFO): David Hollaway serves as CFO since 1992. Prior, he worked at San Jacinto Savings Association and South Main Bank.

Financials

 $ USD in millions     2013     2014  2015  2016  2017
 Book Value  $2,787 
$3,245 
$3,463 
$3,642 
$3,842 
 Net Interest Margin %
 3.54%
 3.96% 3.41%
3.33%
3.19%
 Net Charge-Off Rate %
0.04%
0.06%
0.07%
0.21%
0.16%
 Loan/Deposit Ratio %
 51%  52%  53%  56%  56%
           
 Net Interest Income
 $499 
$671 
 $631 
 $633 
 $617 
 Net Income $221 
$297 
$287 
 $275 
 $272 
 EPS $3.65 
$4.32 
$4.09 
$3.94 
$3.92