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Prosperity Bancshares, Inc.(r) reports net income of $67.138m.

HOUSTON: Prosperity Bancshares, Inc.(r) reported net income for the quarter ended December 31, 2017 of $67.138 million or $0.97 per diluted common share.

In addition, nonperforming assets remain low at 0.19% of fourth quarter average interest-earning assets. As a result of the Tax Cuts and Jobs Act passed in December 2017, the Company was required to recalculate its deferred tax assets and deferred tax liabilities to account for the future impact of lower corporate tax rates and lost deductions on these assets and liabilities. The recalculation negatively impacted the Company's fourth quarter 2017 net income in the amount of $1.431 million or $0.02 per diluted common share ("Tax Act Charge"), but the reduction in corporate tax rates is expected to positively impact net income in the future. Excluding the Tax Act Charge, net income and diluted earnings per share for the fourth quarter 2017 were $68.569 million and $0.99, respectively.

Noninterest income was $29.220 million for the three months ended December 31, 2017 compared with $29.475 million for the same period in 2016, a decrease of $255 thousand or 0.9%. This change was primarily due to a decrease in mortgage income. On a linked quarter basis, noninterest income increased $411 thousand or 1.4% compared with the three months ended September 30, 2017.

Noninterest expense was $81.088 million for the three months ended December 31, 2017 compared with $79.148 million for the same period in 2016, an increase of $1.940 million or 2.5%. This change was primarily due to the write-down of other real estate, partially offset by a decrease in salaries and benefits. On a linked quarter basis, noninterest expense increased $3.579 million or 4.6% compared with the three months ended September 30, 2017. This increase was primarily due to the write-down of other real estate.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Article Type:Financial report
Date:Feb 7, 2018
Words:314
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