Q2 2024 Prosperity Bancshares Inc Earnings Call Transcript
Key Points
- Net income for Q2 2024 was $111 million, showing a slight increase from the previous quarter.
- Net interest income before provision for credit losses increased to $258 million, up by 8.6% from the previous quarter.
- Net interest margin improved to 2.94% for Q2 2024, compared to 2.79% in Q1 2024.
- Loans increased by $1.056 billion or 5% from the previous quarter, primarily due to the Lone Star acquisition.
- Deposits increased by $757 million or 2.8% from the previous quarter, also driven by the Lone Star merger.
- Merger-related expenses and provisions for credit losses amounted to $9.1 million, impacting net income.
- Nonperforming assets increased to $89 million, up from $83 million in the previous quarter.
- Net charge-offs for Q2 2024 were $4.368 million, a significant increase from $2.143 million in Q1 2024.
- Noninterest expense rose to $152.8 million, up from $135.8 million in the previous quarter, partly due to the FDIC special assessment.
- Deposits excluding those from acquisitions decreased by $470 million or 1.8% compared to the same period last year.
Please stand by for streaming text.
Good day and welcome to the Prosperity 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Ms. Charlotte Rasche. Please go ahead, ma'am.
Thank you. Good morning, ladies and gentlemen, and welcome to Prosperity Bancshares Second Quarter 2024 earnings conference call. This call is being broadcast live on our website and will be available for replay for the next few weeks. I'm Charlotte Rasche, Executive Vice President and General Counsel of Prosperity Bancshares. And here with me today is David Zalman, Senior Chairman and Chief Executive Officer and Senior Chairman; Asylbek Osmonov, Chief Financial Officer, Eddie Saturday, Vice Chairman, Ken President and Chief Operating Officer, Randy Hester, Chief Lending Officer, Mays Davenport, Director of Corporate store Certegy, and Bob Dowdell, Executive Vice President, David Zalman will lead
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