Prosperity Bancshares Increases Dividend for 21st Consecutive Year

Board approved increase in dividend of 3.57% to $0.58 for fourth quarter 2024

Prosperity Bancshares, Inc.®, the parent company of Prosperity Bank®, has announced a 3.57% increase in its dividend for the fourth quarter of 2024. This marks the 21st consecutive year of dividend increases for the company, with a compound annual growth rate of 11.1%.

Financial Performance Highlights

For the third quarter of 2024, Prosperity Bancshares reported a net income of $127.3 million, with diluted earnings per share of $1.34. The net interest margin also saw a significant increase of 23 basis points to 2.95% compared to the same period in 2023.

Deposits grew by $154.5 million, while loans increased by $60.0 million during the third quarter of 2024. Noninterest-bearing deposits accounted for $9.8 billion, representing 34.9% of total deposits. The allowance for credit losses on loans and off-balance sheet credit exposure was reported at $392.0 million.

Nonperforming assets remained low at 0.25% of third-quarter average interest-earning assets. The return on average assets was 1.28%, with average common equity at 6.93% and average tangible common equity at 13.50%.

Impact on Shareholders and Stakeholders

The increase in dividend for the 21st consecutive year demonstrates Prosperity Bancshares’ commitment to delivering value to its shareholders. Shareholders can expect to receive a higher payout on their investments, reflecting the company’s strong financial performance and growth prospects.

How Will This Affect Me?

As a shareholder of Prosperity Bancshares, you can look forward to an increased dividend payout for the fourth quarter of 2024. This not only provides you with a higher return on your investment but also indicates the company’s continued success and financial stability.

Global Impact

The consistent growth and financial performance of Prosperity Bancshares have a positive impact on the financial sector globally. As one of the leading financial institutions, Prosperity’s success sets a benchmark for other companies in the industry and contributes to overall market confidence.

Conclusion

In conclusion, Prosperity Bancshares’ decision to increase its dividend for the 21st consecutive year reflects its strong financial performance and commitment to delivering value to shareholders. This move not only benefits existing shareholders but also signals the company’s resilience and growth potential in the financial market.