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Prosperity Bancshares sees flat NIM in Q3; dividend raised

Prosperity Bancshares Inc. reported third-quarter net income available to common shareholders of $81.8 million, or $1.19 per share, compared with $82.5 million, or $1.18 per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $1.18.

Prosperity's board declared a dividend of 46 cents for the fourth quarter, an increase from the previous issuance of 41 cents per share. It will be paid Jan. 2, 2020, to shareholders of record as of Dec. 16.

Net interest margin for the third quarter stood at 3.16%, flat from the previous quarter and a slight increase from 3.15% in the year-ago period.

The Houston-based bank reported net interest income for the quarter was $154.0 million, slightly down from $157.3 million in the same period last year. Prosperity attributed the decrease to higher rates on interest-bearing liabilities and lower investment securities balances, which were partially offset by increases in loan balances and loan yield.

Third-quarter non-interest income was nearly unchanged at $30.7 million compared with $30.6 million in the year-ago period.

Provision for credit losses was $1.1 million, a decrease from $2.4 million in the year-ago period. Net charge-offs also decreased on a year-over-year basis to $1.0 million from $1.3 million.

Total loans at the end of the third quarter were $10.67 billion, compared with $10.59 billion in the previous quarter and $10.29 billion in the year-ago period.

Total deposits for the third quarter were $16.93 billion, compared with $16.89 billion in the previous quarter and $16.73 billion in the year-ago period.