Prosperity Bancshares (PB) Q2 FY2024 earnings: revenue $305 million, up 10.4% on the year

Prosperity Bancshares Inc. (PB) reported revenue of $305 million for Q2 FY2024, the quarter ended 30 June 2024, up 10.4% on the same quarter a year earlier. Net income was $112 million, up 28.4% on the year, and diluted earnings per share $1.17. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2024.

Revenue$305 millionup 10.4%

Net income$112 millionup 28.4%

Diluted EPS$1.17

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	305	277	n/a	n/a
Interest expense	154	144	n/a	n/a
Pre-tax income	143	141	n/a	n/a
Income tax	31.3	30.8	n/a	n/a
Effective tax rate	21.9%	21.8%	n/a
Net income	112	110	n/a	n/a
Net margin	36.6%	39.8%	n/a
Diluted EPS	$1.17	$1.18	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	216	187	n/a	n/a
Capital expenditure	4.7	7.2	n/a	n/a
Free cash flow	212	180	n/a	n/a
Cash from investing	808	405	n/a	n/a
Cash from financing	-604	35.5	n/a	n/a
Depreciation and amortisation	9.0	7.9	n/a	n/a
Share-based compensation	3.1	3.4	n/a	n/a
Buybacks	39.5	35.3	n/a	n/a
Dividends paid	53.4	52.4	n/a	n/a
Diluted shares, weighted	96m	94m	n/a	n/a
Shares outstanding at period end	95m	94m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	7,283	7,105	n/a	n/a
Deposits	27,933	27,176	n/a	n/a
Other liabilities	4,546	4,476	n/a	n/a
Total liabilities and equity	39,762	38,757	n/a	n/a
Fixed assets	377	372	n/a	n/a
Goodwill	3,504	3,396	n/a	n/a
Intangible assets	74.3	60.8	n/a	n/a
Securities held for sale or to maturity	11,702	12,301	n/a	n/a
Loans	n/a	20,935	n/a	n/a
Other assets	24,104	1,691	n/a	n/a
Total assets	39,762	38,757	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	278	274	277	305	303	308	307	311	315	318	368	391
Interest expense	141	139	144	154	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	143	121	141	143	162	166	166	172	176	179	150	215
Tax rate	21%	21%	22%	22%	22%	22%	22%	21%	22%	22%	23%	22%
Net income	112	95.5	110	112	127	130	130	135	138	140	116	169
Net margin	40%	35%	40%	37%	42%	42%	42%	43%	44%	44%	32%	43%
Diluted EPS	$1.20	$1.02	$1.18	$1.17	$1.34	$1.37	$1.37	$1.42	$1.45	$1.49	$1.16	$1.67
Operating cash flow	244	27.9	187	216	275	-206	178	98.2	195	78.3	185	162
Capital expenditure	11.2	4.6	7.2	4.7	4.4	4.8	7.1	6.4	9.2	9.9	7.0	4.6
Free cash flow	232	23.3	180	212	270	-211	171	91.8	186	68.5	178	158
Buybacks	0.0	0.0	35.3	39.5	0.0	0.0	n/a	n/a	n/a	n/a	57.1	13.7
Dividends paid	51.5	52.5	52.4	53.4	53.3	55.3	55.3	55.3	55.1	55.8	60.6	60.4
Shares outstanding	94m	94m	94m	95m	95m	95m	95m	95m	95m	93m	101m	101m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 7 August 2024, accession 0000950170-24-092984: the filing on EDGAR. All of Prosperity Bancshares Inc.'s filings: EDGAR company page.

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