Edit Symbol List
Enter up to 25 symbols separated by commas or spaces in the text box below. These symbols will be available during your session for use on applicable pages.
Don't know the stock symbol? Use the symbol lookup tool.
Alphabetize the sort order of my symbols
Investing just got easier…
Sign up now to become a NASDAQ.com member and begin receiving instant notifications when key events occur that affect the stocks you follow.Access Now X
Prosperity Bancshares (PB)
Q3 2013 Earnings Call
October 23, 2013 10:30 am ET
Previous Statements by PB
» Prosperity Bancshares, Inc. (PB) Management Discusses Q2 2013 Results - Earnings Call Transcript
» Prosperity Bancshares Management Discusses Q1 2013 Results - Earnings Call Transcript
» Prosperity Bancshares Management Discusses Q4 2012 Results - Earnings Call Transcript
David Zalman - Chairman, Chief Executive Officer, President, Senior Chairman of the Board for Prosperity Bank, Chief Executive Officer of Prosperity Bank and President of Prosperity Bank
David Hollaway - Chief Financial Officer, Executive Vice President, Principal Accounting Officer, Chief Financial Officer of Prosperity Bank and Senior Vice President of Prosperity Bank
H. E. Timanus - Vice Chairman, Chairman of Prosperity Bank and Chief Operating Officer of Prosperity Bank
Chris A. Bagley - Chief Credit Officer
David Rochester - Deutsche Bank AG, Research Division
John G. Pancari - Evercore Partners Inc., Research Division
Jefferson Harralson - Keefe, Bruyette, & Woods, Inc., Research Division
Scott Valentin - FBR Capital Markets & Co., Research Division
Brett D. Rabatin - Sterne Agee & Leach Inc., Research Division
Gary P. Tenner - D.A. Davidson & Co., Research Division
Jon G. Arfstrom - RBC Capital Markets, LLC, Research Division
Jennifer H. Demba - SunTrust Robinson Humphrey, Inc., Research Division
Good day, everyone, and welcome to today's program. [Operator Instructions] Please note, this call may be recorded. It's now my pleasure to turn the conference over to Ms. Charlotte Rasche. Please go ahead, ma'am.
Charlotte M. Rasche
Thank you. Good morning, ladies and gentlemen, and welcome to Prosperity Bancshare's Third Quarter 2013 Earnings Conference Call. This call is being broadcast live over the Internet at www.prosperitybankusa.com and will be available for replay at the same location 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, Chairman and Chief Executive Officer; H.E. Tim Timanus Jr., Vice Chairman; David Hollaway, Chief Financial Officer; Randy Hester, Chief Lending Officer; and Chris Bagley, our Chief Credit Officer. David Zalman will lead off with a review of the highlights for the recent quarter and an update on our recently announced merger and acquisition activity. He will be followed by David Hollaway, who will review some of our recent financial statistics. And Tim Timanus will discuss our lending activities, including asset quality. Finally, we will open the call for questions.
During the call, interested parties may participate live by following the instructions that will be provided by our call moderator, Keith. Or you may e-mail questions to email@example.com. I assume you have all received a copy of the earnings announcement we released earlier this morning. If not, please call Tracy Elkowitz at (281) 269-7221, and she will send a copy to you.
Before we begin, let me make the usual disclaimer. Certain of the matters discussed in this presentation may constitute forward-looking statements for the purposes of the federal securities laws, and as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Prosperity Bancshares to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
Additional information concerning factors that could cause actual results to be materially different than those in the forward-looking statements can be found in Prosperity Bancshares' filings with the Securities and Exchange Commission, including Forms 10-Q and 10-K and other reports and statements we have filed with the SEC. All forward-looking statements are expressly qualified in their entirety by these cautionary statements.
Now let me turn the call over to David Zalman.
Thank you, Charlotte. I would like to welcome and thank everyone joining us for our third quarter earnings announcement. I'm very excited to announce such positive results for the third quarter of 2013. I am delighted to announce that Prosperity Bancshares will increase its quarterly dividend to $0.24 or $0.96 annually, which represents an increase of 11.6% from the $0.86 per share currently being paid. At Prosperity, we strive to continue to share our success with our shareholders and have the shareholders' interest in mind.
Prosperity listed on the NASDAQ stock market in late 1998 and began to pay dividends in 1999 when we paid the first dividend of $0.10 per share annually. That was before any stock splits.
As mentioned before, we are excited about our upcoming merger with First Victoria National Bank. We expect to close the transaction in November of this year and conduct the operational -- I'm sorry, conduct the operational integration in December. As of September 30, 2013, First Victoria National Bank, on a consolidated basis, reported total assets of $2,473,000,000, total loans of $1,648,000,000, and total deposits of $2,195,000,000.
We are also very excited about our recently announced merger with F&M Bankcorporation. We expect to close this merger in the late first quarter of 2014 and conduct the operational integration in the second quarter of 2014. As of September 30, 2013, F&M, on a consolidated basis, had total assets of $2,470,000,000, total loans of $1,882,000,000, and total deposits of $2,257,000,000.
With regard to earnings, we posted earnings of $55,278,000 for the 3 months ending September 30, 2013, and that's compared to $46,176,000 for the same period in 2012, which represents an increase of $9,102,000 or 19.7%.
Our diluted earnings per share for the quarter ending September 30, 2013 came in at $0.91, compared to $0.82 for the same period last year, an increase of 11%.