HOUSTON, July 26, 2023 /PRNewswire/ -- Prosperity Bancshares, Inc.® (NYSE: PB), the parent company of Prosperity Bank® (collectively, "Prosperity"), reported net income of $86.9 million for the quarter ended June 30, 2023 compared with $128.5 million for the same period in 2022. Net income per diluted common share was $0.94 for the quarter ended June 30, 2023 compared with $1.40 for the same period in 2022. On May 1, 2023, First Bancshares of Texas, Inc. ("First Bancshares") merged with Prosperity Bancshares and FirstCapital Bank of Texas, N.A. ("FirstCapital Bank") merged with Prosperity Bank (collectively, the "Merger"). During the second quarter of 2023, Prosperity incurred a merger related provision for credit losses of $18.5 million, or $0.16(1) per diluted common share, and merger related expenses of $12.9 million, or $0.11(1) per diluted common share. Excluding these charges, earnings per diluted common share was $1.21(1) for the second quarter of 2023. Additionally, loans, excluding Warehouse Purchase Program loans, increased $1.970 billion or 10.6% during the second quarter of 2023, primarily due to the Merger. The annualized return on second quarter average assets was 0.89%, and the annualized return on second quarter average assets excluding merger related provision for credit losses, net of tax, and merger related expenses, net of tax was 1.14%(1). Nonperforming assets remain low at 0.18% of second quarter average interest-earning assets.
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