Short answer
Prosperity Bancshares Inc (PB) filed its fiscal 2016 10-K annual report with the SEC on Feb 28, 2017. It reported revenue of $676M and net income of $274M.
- Top risk flagged: Regulatory risk: Dodd-Frank Act changes and federal or state agency enforcement could restrict Prosperity Bank’s lending, capital, dividends and growth
FY2016 key financial metrics · XBRL
- Revenue
- $676M
- Net income
- $274M
- EPS (diluted)
- $3.94
- ROE
- 7.5%
- Operating cash flow
- $334M
Source: XBRL data from the Prosperity Bancshares Inc (PB) FY2016 10-K on SEC EDGAR. USD.
Prosperity Bancshares Inc FY2016 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Community banking model: traditional loans and deposits for consumers and small-to-medium businesses, delivered through locally managed banking centers
- Tradition Bancshares acquisition added 7 Houston-area offices, with $548.0 million assets and $488.9 million deposits at December 31, 2015
- Geographic footprint expanded to 245 locations across Texas and Oklahoma, including new emphasis on Houston-area presence
- Total loans reached $9.62 billion, up 1.9%, while construction and land-development loans increased 17.8% to $1.26 billion
- Workforce totaled 3,035 full-time equivalent associates, including 821 bank officers, amid continued decentralized community-bank operations
Management Discussion & Analysis
- Net income $274.5M, down from $286.6M; diluted EPS $3.94 vs $4.09
- Net interest income $632.6M, up $2.1M or 0.3%; net interest margin 3.35% vs 3.38%
- Best growth: construction loans $1.26B, up $190.7M or 17.8%; worst: deposits $17.31B, down $373.8M or 2.1%
- Cash $437.4M; securities purchases $10.07B, maturities $10.05B, dividends $86.2M, borrowings $500.0M
- Key risks: interest-rate volatility, credit deterioration, commodity prices, deposit competition, acquisitions and cybersecurity breaches
Risk Factors
- Regulatory risk: Dodd-Frank Act changes and federal or state agency enforcement could restrict Prosperity Bank’s lending, capital, dividends and growth
- Macroeconomic exposure: Texas and Oklahoma loan concentrations vulnerable to oil-price volatility and prolonged regional recession
- Portfolio vulnerability: Real estate loans represented 79.2% of total loans, including $5.19 billion in commercial real estate and commercial loans
- Competitive disruption: Non-banks and technology-enabled providers could disintermediate deposits and fee income
- Operational dependency: External vendors support data processing, online banking, transaction monitoring and network access
Generated from the filing text; verify against the original. How to read a 10-K
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