Short answer
Prosperity Bancshares Inc (PB) filed its fiscal 2018 10-K annual report with the SEC on Feb 27, 2019. It reported revenue of $727M (+7.4% year over year) and net income of $322M.
- Top risk flagged: Dodd-Frank Act and EGRRCPA changes, plus aggressive bank-regulator enforcement, creating compliance penalties and acquisition delays
FY2018 key financial metrics · XBRL
- Revenue
- $727M
- +7.4% YoY
- Net income
- $322M
- +18.2% YoY
- EPS (diluted)
- $4.61
- +17.6% YoY
- ROE
- 7.9%
- +0.8 pp YoY
- Operating cash flow
- $320M
- −18.1% YoY
Source: XBRL data from the Prosperity Bancshares Inc (PB) FY2018 10-K on SEC EDGAR. USD.
Prosperity Bancshares Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Community banking model: traditional loans, deposits and wealth services for consumers and small and medium-sized businesses
- 2018 strategic emphasis on commercial lending, with total loans up 3.5% to $10.37 billion
- 242 full-service banking locations across Texas and Oklahoma, supported by local decision-making and disciplined acquisitions
- 3,036 full-time equivalent associates, including 818 Bank officers, at December 31, 2018
- EGRRCPA raised the stress-testing threshold to $100 billion, removing the Company’s annual company-run requirement
Management Discussion & Analysis
- Net income $321.8M, up $49.6M YoY from $272.2M, driven by lower taxes and higher interest income
- Tax-equivalent net interest margin 3.18% vs 3.19%, net interest income $629.6M vs $616.9M
- Loans grew 3.5% to $10.37B, while deposits declined 3.2% to $17.26B
- Cash $411.1M, dividends $104.1M, no 2018 repurchases under the 5% authorization
- Outlook: continued internal growth and acquisitions, with risks from rates, credit quality, deposit competition and cybersecurity
Risk Factors
- Dodd-Frank Act and EGRRCPA changes, plus aggressive bank-regulator enforcement, creating compliance penalties and acquisition delays
- Texas and Oklahoma concentration: approximately 81.1% of loans tied to real estate, with oil-price volatility threatening collateral values and repayment
- Core technology vendor dependence: data processing, online banking and network providers could suffer outages, cyberattacks or capacity failures
- Non-bank fintech competition and disintermediation, with technology lowering entry barriers and threatening deposits and fee income
- Goodwill concentration: $1.90 billion recorded at December 31, 2018, exposed to future impairment charges
Generated from the filing text; verify against the original. How to read a 10-K
Other Prosperity Bancshares Inc annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.