The Bank Slate


Prosperity’s 1Q deposits fell 13% from year earlier

Prosperity Bancshares in Houston reported a sharp decline in deposits during the first quarter that it attributed to public funds.

The $37.8 billion-asset company said in a press release that deposits fell by 5.4% from the fourth quarter and 13.1% from a year earlier, to $27 billion.

Prosperity said the total reflected a decline in business demand deposits and public fund deposits.

The company’s loan-to-deposit ratio was 70.4% on March 31.

The net interest margin compressed by 13 basis points from the fourth quarter and widened by 5 basis points from a year earlier, to 2.93%.

Net income rose by 2% from a year earlier, to $124.7 million, reflecting higher revenue and relatively flat expenses.

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