Company Announcements

PROSPERITY BANCSHARES, INC.® REPORTS SECOND QUARTER 2022 EARNINGS

  • Second quarter net income of $128.5 million and e arnings per share (diluted) of $1.40
  • Second quarter net income increased $6.2 million or 5.0% compared to the first quarter 2022
  • Loans, excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans, increased $406.9 million or 2.4% (9.8% annualized) during the second quarter 2022
  • Allowance for credit losses on loans and on off-balance sheet credit exposure of $313.9 million
  • Allowance for credit losses on loans to total loans, excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans, of 1.67%(1)
  • Nonperforming assets remain low at 0.07% of second quarter average interest-earning assets
  • Return (annualized) on second quarter average assets of 1.36%
  • Returns (annualized) on second quarter average common equity of 7.84% and average tangible common equity of 15.73%(1)
  • Repurchased 981,884 shares during the second quarter 2022

HOUSTON , July 27, 2022 /PRNewswire/ -- Prosperity Bancshares, Inc.® (NYSE: PB), the parent company of Prosperity Bank® (collectively, "Prosperity"), reported net income of  $128.5 million for the quarter ended June 30, 2022 compared with $130.6 million for the same period in 2021. Net income per diluted common share was $1.40 for the quarter ended June 30, 2022 compared with $1.41 for the same period in 2021, and the annualized return on second quarter average assets was 1.36%. Additionally, loans, excluding Warehouse Purchase Program and SBA Paycheck Protection Program ("PPP") loans, increased $406.9 million or 2.4% (9.8% annualized) during the second quarter of 2022. Nonperforming assets remain low at 0.07% of second quarter average interest-earning assets.

"We experienced a strong second quarter of 2022. Earnings increased 5.0% compared with the first quarter of 2022 and we expect continued earnings growth as interest rates increase. Further, our core loans, excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans, grew $406.9 million or 2.4% (9.8% annualized) during the quarter, while our non-performing loans remained very low," said David Zalman, Prosperity's Senior Chairman and Chief Executive Officer.

"Texas and Oklahoma continue to shine as more people and companies move to these states. For example, according to CNBC, Texas added more jobs over the last year than the 25 lowest job growth states combined. Further, during the last year, the Dallas-Fort Worth area added 295,000 jobs, three times its average annual growth, and the Houston area added 185,000 jobs. Unemployment remains unusually low," continued Zalman.

"We are optimistic about our company, with increased earnings, strong asset quality and over 250 locations in one of the best economies in the nation.  This is evidenced by our repurchase of 981,884 shares of our stock during the second quarter of 2022," added Zalman. 

"Thank you to all the customers, associates and directors for helping build a successful company," concluded Zalman.

Results of Operations for the Three Months Ended June 30, 2022

Net income was $128.5 million(2) for the three months ended June 30, 2022 compared with $130.6 million(3) for the same period in 2021. The change was primarily due to a decrease in loan interest income (including a decrease in PPP fees and interest income of $10.4 million) and loan discount accretion of $12.1 million, partially offset by an increase in securities interest income and a decrease in interest expense. Net income per diluted common share was $1.40 for the three months ended June 30, 2022 compared with $1.41 for the same period in 2021. On a linked quarter basis, net income was $128.5 million(2) for the three months ended June 30, 2022 compared with $122.3 million(4) for the three months ended March 31, 2022, an increase of $6.2 million or 5.0%. The change was primarily due to an increase in securities interest income, partially offset by a decrease in loan discount accretion of $5.1 million. Net income per diluted common share was $1.40 for the three months ended June 30, 2022 compared with $1.33 for the three months ended March 31, 2022. Annualized returns on average assets, average common equity and average tangible common equity for the three months ended June 30, 2022 were 1.36%, 7.84% and 15.73%(1), respectively. Prosperity's efficiency ratio (excluding net gains and losses on the sale or write down of assets and securities) was 43.12%(1) for the three months ended June 30, 2022.

Net interest income before provision for credit losses for the three months ended June 30, 2022 was $248.5 million compared with $245.4 million for the same period in 2021, an increase of $3.1 million or 1.3%. On a linked quarter basis, net interest income before provision for credit losses was $248.5 million compared with $239.9 million for the three months ended March 31, 2022, an increase of $8.5 million or 3.6%. The change was primarily due to an increase in the average balances and average rates on investment securities.

The net interest margin on a tax equivalent basis was 2.97% for the three months ended June 30, 2022 compared with 3.11% for the same period in 2021. The change was primarily due to a decrease in loan discount accretion of $12.1 million and a decrease in PPP fees and interest income of $10.4 million, partially offset by an increase in the average balances and average rates on investment securities and a decrease in the average rate on interest-bearing liabilities. On a linked quarter basis, the net interest margin on a tax equivalent basis was 2.97% for the three months ended June 30, 2022 compared with 2.88% for the three months ended March 31, 2022. The change was primarily due to higher average balances and average rates on investment securities and lower cash balances due to a reduction in liquidity, partially offset by a decrease in loan discount accretion of $5.1 million.

Noninterest income was $37.6 million for the three months ended June 30, 2022 compared with $35.6 million for the same period in 2021, an increase of $2.0 million or 5.7%. This change was primarily due to an increase in nonsufficient funds fees ("NSF") income, a net gain on the sale or write-down of assets and an increase in trust income, partially offset by a decrease in mortgage income. On a linked quarter basis, noninterest income was $37.6 million compared with $35.1 million for the three months ended March 31, 2022, an increase of $2.5 million or 7.0%. This change was primarily due to increases in credit card, debit card and ATM card income, a net gain on the sale or write-down of assets and other noninterest income.

Noninterest expense was $122.9 million for the three months ended June 30, 2022 compared with $115.2 million for the same period in 2021, an increase of $7.7 million or 6.7%, primarily due to an increase in salaries and benefits and the change in net loss (gain) on sale or write-down of other real estate.  On a linked quarter basis, noninterest expense increased $3.0 million or 2.5% to $122.9 million compared with $119.9 million for the three months ended March 31, 2022. The increase was primarily due to an increase in salaries and benefits, the change in net loss (gain) on sale or write-down of other real estate and an increase in other noninterest expense.

Results of Operations for the Six Months Ended June 30, 2022

Net income was $250.8 million(5) for the six months ended June 30, 2022 compared with $263.9 million(6) for the same period in 2021. Net income per diluted common share was $2.73 for the six months ended June 30, 2022 compared with $2.84 for the same period in 2021. Annualized returns on average assets, average common equity and average tangible common equity for the six months ended June 30, 2022 were 1.32%, 7.69% and 15.52%(1), respectively. Prosperity's efficiency ratio (excluding net gains and losses on the sale or write down of assets and taxes) was 43.40%(1) for the six months ended June 30, 2022.

Net interest income before provision for credit losses for the six months ended June 30, 2022 was $488.4 million compared with $500.0 million for the prior year. The change was primarily due to a decrease in the average balances and average rates on loans, a decrease in loan discount accretion of $23.3 million and a decrease in PPP fees and interest income of $22.2 million, partially offset by an increase in the average balance on investment securities and a decrease in the average rate on interest-bearing liabilities.

The net interest margin on a tax equivalent basis for the six months ended June 30, 2022 was 2.92% compared with 3.26% for the same period in 2021. The change was primarily due to a decrease in loan discount accretion of $23.3 million, a decrease in PPP fees and interest income of $22.2 million and an increase in the average balance on investment securities, partially offset by a decrease in the average rate on interest-bearing liabilities.

Noninterest income was $72.7 million for the six months ended June 30, 2022 compared with $69.6 million for the same period in 2021, an increase of $3.2 million or 4.5%. This change was primarily due to an increase in NSF income, a net gain on the sale or write-down of assets and an increase in other noninterest income, partially offset by a decrease in mortgage income.

Noninterest expense was $242.7 million for the six months ended June 30, 2022 compared with $234.3 million for the same period in 2021, an increase of $8.5 million or 3.6%. The increase was primarily due to an increase in salaries and benefits, the change in net loss (gain) on sale or write-down of other real estate, an increase in credit and debit card and data processing expense and an increase in other noninterest expense.

Balance Sheet Information

At June 30, 2022, Prosperity had $37.387 billion in total assets, an increase of $1.287 billion or 3.6%, compared with $36.100 billion at June 30, 2021.

Loans at June 30, 2022 were $18.209 billion, a decrease of $1.043 billion or 5.4%, compared with $19.252 billion at June 30, 2021, primarily due to decreases in Warehouse Purchase Program, PPP and commercial real estate loans, partially offset by increases in 1-4 family residential and construction, land development and other land loans. Linked quarter loans increased $141.3 million or 0.8% (3.1% annualized) from $18.068 billion at March 31, 2022. Excluding Warehouse Purchase Program and PPP loans, loans at June 30, 2022 were $17.044 billion compared to $16.376 billion at June 30, 2021, an increase of $667.4 million or 4.1%. Linked quarter loans, excluding Warehouse Purchase Program and PPP loans, increased $406.9 million or 2.4% (9.8% annualized) from $16.637 billion at March 31, 2022.

As part of its lending activities, Prosperity extends credit to oil and gas production and servicing companies. Oil and gas production loans are loans to companies directly involved in the exploration and/or production of oil and gas. Oil and gas servicing loans are loans to companies that provide services for oil and gas production and exploration. At June 30, 2022, oil and gas loans totaled $430.3 million (net of discount and excluding PPP loans totaling $8.2 million) or 2.4% of total loans, of which $214.0 million were production loans and $216.3 million were servicing loans, compared with total oil and gas loans of $501.8 million (net of discount and excluding PPP loans totaling $92.3 million) or 2.6% of total loans at June 30, 2021, of which $283.1 million were production loans and $218.7 million were servicing loans. In addition, as of June 30, 2022, Prosperity had total unfunded commitments to oil and gas companies of $466.7 million compared with total unfunded commitments to oil and gas companies of $298.4 million as of June 30, 2021. Unfunded commitments to producers include letters of credit issued in lieu of oil well plugging bonds.

Deposits at June 30, 2022 were $29.866 billion, an increase of $755.4 million or 2.6%, compared with $29.110 billion at June 30, 2021. Linked quarter deposits decreased $1.203 billion or 3.9% from $31.068 billion at March 31, 2022, primarily due to a decrease in public fund deposits. Prosperity generally experiences seasonality with its public fund deposits, as public fund customers use the tax dollars they receive in December and January throughout the year, resulting in lower deposit balances in the second and third quarters of the year. On a linked quarter basis, noninterest-bearing deposits increased by $255.5 million.

Asset Quality

Nonperforming assets totaled $22.2 million or 0.07% of quarterly average interest-earning assets at June 30, 2022 compared with $33.7 million or 0.11% of quarterly average interest-earning assets at June 30, 2021 and $27.2 million or 0.08% of quarterly average interest-earning assets at March 31, 2022.

The allowance for credit losses on loans and off-balance sheet credit exposures was $313.9 million at June 30, 2022 compared with $332.8 million at June 30, 2021 and $315.1 million at March 31, 2022.

The allowance for credit losses on loans was $284.0 million or 1.56% of total loans at June 30, 2022 compared with $302.9 million or 1.57% of total loans at June 30, 2021 and $285.2 million or 1.58% of total loans at March 31, 2022. Excluding Warehouse Purchase Program and PPP loans, the allowance for credit losses on loans to total loans was 1.67%(1) at June 30, 2022 compared with 1.85%(1) at June 30, 2021 and 1.71%(1) at March 31, 2022.

There was no provision for credit losses for the three months ended June 30, 2022 and 2021 or the six months ended June 30, 2022 and 2021.

Net charge-offs were $1.2 million for the three months ended June 30, 2022 compared with net charge-offs of $4.3 million for the three months ended June 30, 2021 and net charge-offs of $1.2 million for the three months ended March 31, 2022. During the second quarter of 2022, net charge-offs did not include any purchased credit deteriorated ("PCD") loans and $1.4 million of specific reserves on resolved PCD loans was released to the general reserve.

Net charge-offs were $2.4 million for the six months ended June 30, 2022 compared with $13.2 million for the six months ended June 30, 2021. Net charge-offs for the six months ended June 30, 2022 did not include any PCD loans and $2.0 million of specific reserves on resolved PCD loans was released to the general reserve during the period.

Dividend

Prosperity Bancshares declared a third quarter cash dividend of $0.52 per share to be paid on October 3, 2022, to all shareholders of record as of September 15, 2022.

Stock Repurchase Program

On January 18, 2022, Prosperity Bancshares announced a stock repurchase program under which up to 5%, or approximately

4.61 million shares, of its outstanding common stock may be acquired over a one-year period expiring on January 18, 2023, at the discretion of management. Prosperity Bancshares repurchased 981,884 shares of its common stock at an average weighted price of $66.90 per share during the three and six months ended June 30, 2022.

COVID-19 Pandemic

The Company continues to monitor the latest developments regarding a novel strain of coronavirus disease ("COVID-19"). Although the restrictions previously imposed on businesses and activities by the states of Texas and Oklahoma remained lifted as of June 30, 2022, it is possible that some restrictions could be re-introduced if the number of cases were to increase due to the emergence of a new variant of COVID-19 or otherwise. The COVID-19 pandemic has resulted in significant economic uncertainties that have had, and could continue to have, an adverse impact on the Company's operating income, financial condition and cash flows. The extent to which the COVID-19 pandemic will impact the Company's operations and financial results during 2022 cannot be reasonably or reliably estimated at this time.

Since the implementation of the Paycheck Protection Program ("PPP") in 2020, the Company has obtained Small Business Administration approvals on approximately 18,700 loans totaling $2.036 billion and, as of June 30, 2022, had an outstanding balance of 237 loans totaling $27.6 million.

In response to the COVID-19 pandemic, the Company provided relief to its loan customers through loan extensions and deferrals beginning in March 2020 to selected borrowers on a case-by-case basis. The Company's troubled debt restructurings do not include loan modifications related to COVID-19. As of June 30, 2022, the Company had no outstanding loans subject to deferral and modification agreements.

Conference Call

Prosperity's management team will host a conference call on Wednesday, July 27, 2022, at 11:30 a.m. Eastern Time (10:30 a.m. Central Time) to discuss Prosperity's second quarter 2022 earnings. Individuals and investment professionals may participate in the call by dialing 877-883-0383 for domestic participants, or 412-902-6506 for international participants. The participant elite entry number is 0594487.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Prosperity's website at www.prosperitybankusa.com. The webcast may be accessed from Prosperity's home page by selecting "Presentations, Webcasts & Calls" from the menu on the Investor Relations link and following the instructions.

Non-GAAP Financial Measures

Prosperity's management uses certain non-GAAP financial measures to evaluate its performance. Specifically, Prosperity reviews return on average tangible common equity; tangible book value per share; the tangible equity to tangible assets ratio; allowance for credit losses on loans to total loans excluding Warehouse Purchase Program and PPP loans; and the efficiency ratio excluding net gains and losses on the sale or write down of assets and securities, for internal planning and forecasting purposes. Prosperity believes these non-GAAP financial measures provide information useful to investors in understanding Prosperity's financial results and their presentation, together with the accompanying reconciliations, provides a more complete understanding of factors and trends affecting Prosperity's business and allows investors to view performance in a manner similar to management, the entire financial services sector, bank stock analysts and bank regulators. Further, Prosperity believes that these non-GAAP financial measures provide useful information by excluding certain items that may not be indicative of its core operating earnings and business outlook. These non-GAAP financial measures should not be considered a substitute for, nor of greater importance than, GAAP basis financial measures and results; Prosperity strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. Please refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of these non-GAAP financial measures to the nearest respective GAAP financial measures.

Prosperity Bancshares, Inc. ®

As of June 30, 2022, Prosperity Bancshares, Inc.® is a $37.387 billionHouston, Texas based regional financial holding company providing personal banking services and investments to consumers and businesses throughout Texas and Oklahoma.  Founded in 1983, Prosperity believes in a community banking philosophy, taking care of customers, businesses and communities in the areas it serves by providing financial solutions to simplify everyday financial needs. In addition to offering traditional deposit and loan products, Prosperity offers digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, and treasury management.

Prosperity currently operates 272 full-service banking locations: 65 in the Houston area, including The Woodlands; 30 in the South Texas area including Corpus Christi and Victoria; 62 in the Dallas/Fort Worth area; 22 in the East Texas area; 29 in the Central Texas area including Austin and San Antonio; 34 in the West Texas area including Lubbock, Midland-Odessa and Abilene; 16 in the Bryan/College Station area; 6 in the Central Oklahoma area; and 8 in the Tulsa, Oklahoma area.

Cautionary Notes on Forward-Looking Statements

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains, and the remarks by Prosperity's management on the conference call may contain, forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as "aim," "anticipate," "estimate," "expect," "goal," "guidance," "intend," "is anticipated," "is expected," "is intended," "objective," "plan," "projected," "projection," "will affect," "will be," "will continue," "will decrease," "will grow," "will impact," "will increase," "will incur," "will reduce," "will remain," "will result," "would be," variations of such words or phrases (including where the word "could," "may," or "would" is used rather than the word "will" in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. Forward-looking statements include all statements other than statements of historical fact, including forecasts or trends, and are based on current expectations, assumptions, estimates and projections about Prosperity Bancshares and its subsidiaries. These forward-looking statements may include information about Prosperity's possible or assumed future economic performance or future results of operations, including future revenues, income, expenses, provision for loan losses, provision for taxes, effective tax rate, earnings per share and cash flows and Prosperity's future capital expenditures and dividends, future financial condition and changes therein, including changes in Prosperity's loan portfolio and allowance for loan losses, future capital structure or changes therein, as well as the plans and objectives of management for Prosperity's future operations, future or proposed acquisitions, the future or expected effect of acquisitions on Prosperity's operations, results of operations, financial condition, and future economic performance, statements about the anticipated benefits of the proposed transaction, and statements about the assumptions underlying any such statement, as well as expectations regarding the effects of the COVID-19 pandemic on Prosperity's operating income, financial condition and cash flows. These forward–looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of Prosperity's control, which may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include but are not limited to whether Prosperity can: successfully identify acquisition targets and integrate the businesses of acquired companies and banks; continue to sustain its current internal growth rate or total growth rate; provide products and services that appeal to its customers; continue to have access to debt and equity capital markets; and achieve its sales objectives. Other risks include, but are not limited to: the possibility that credit quality could deteriorate; actions of competitors; changes in laws and regulations (including changes in governmental interpretations of regulations and changes in accounting standards); the possibility that the anticipated benefits of an acquisition transaction, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of two companies or as a result of the strength of the economy and competitive factors generally; a deterioration or downgrade in the credit quality and credit agency ratings of the securities in Prosperity's securities portfolio; customer and consumer demand, including customer and consumer response to marketing; effectiveness of spending, investments or programs; fluctuations in the cost and availability of supply chain resources; economic conditions, including currency rate, interest rate and commodity price fluctuations; the effect, impact, potential duration or other implications of the COVID-19 pandemic; and weather. These and various other factors are discussed in Prosperity Bancshares' Annual Report on Form 10-K for the year ended December 31, 2021, and other reports and statements Prosperity Bancshares has filed with the Securities and Exchange Commission ("SEC"). Copies of the SEC filings for Prosperity Bancshares may be downloaded from the Internet at no charge from http://www.prosperitybankusa.com.

 

(1)

Refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

(2)

Includes purchase accounting adjustments of $103 thousand, net of tax, primarily comprised of loan discount accretion of $59 thousand for the three months ended June 30, 2022.

(3)

Includes purchase accounting adjustments of $9.8 million, net of tax, primarily comprised of loan discount accretion of $12.2 million for the three months ended June 30, 2021.

(4)

Includes purchase accounting adjustments of $4.1 million, net of tax, primarily comprised of loan discount accretion of $5.2 million for the three months ended March 31, 2022.

(5)

Includes purchase accounting adjustments of $4.2 million, net of tax, primarily comprised of loan discount accretion of $5.3 million for the six months ended June 30, 2022.

(6)

Includes purchase accounting adjustments of $23.0 million, net of tax, primarily comprised of loan discount accretion of $28.5 million for the six months ended June 30, 2021.

 

 

Bryan/College Station Area


Garland


Palestine


Magnolia


Texas Tech Student Union

Bryan


Grapevine


Rusk


Magnolia Parkway



Bryan-29th Street


Grapevine Main


Seven Points


Mont Belvieu


Midland

Bryan-East


Kiest


Teague


Nederland


Wadley

Bryan-North


Lake Highlands


Tyler-Beckham


Needville


Wall Street

Caldwell


McKinney


Tyler-South Broadway


Rosenberg



College Station


McKinney Eldorado


Tyler-University


Shadow Creek


Odessa

Crescent Point


McKinney Redbud


Winnsboro


Spring


Grandview

Hearne


North Carrolton




Tomball


Grant

Huntsville


Park Cities


Houston Area


Waller


Kermit Highway

Madisonville


Plano


Houston


West Columbia


Parkway

Navasota


Plano-West


Aldine


Wharton



New Waverly


Preston Forest


Alief


Winnie


Other West Texas Area

Rock Prairie


Preston Parker


Bellaire


Wirt


Locations

Southwest Parkway


Preston Royal


Beltway




Big Spring

Tower Point


Red Oak


Clear Lake


South Texas Area -


Brownfield

Wellborn Road


Richardson


Copperfield


Corpus Christi


Brownwood



Richardson-West


Cypress


Calallen


Cisco

Central Texas Area


Rosewood Court


Downtown


Carmel


Comanche

Austin


The Colony


Eastex


Northwest


Early

Allandale


Tollroad


Fairfield


Saratoga


Floydada

Cedar Park


Trinity Mills


First Colony


Timbergate


Gorman

Congress


Turtle Creek


Fry Road


Water Street


Levelland

Lakeway


West 15th Plano


Gessner




Littlefield

Liberty Hill


West Allen


Gladebrook


Victoria


Merkel

Northland


Westmoreland


Grand Parkway


Victoria Main


Plainview

Oak Hill


Wylie


Heights


Victoria-Navarro


San Angelo

Research Blvd




Highway 6 West


Victoria-North


Slaton

Westlake


Fort Worth


Little York


Victoria Salem


Snyder



Haltom City


Medical Center





Other Central Texas Area


Hulen


Memorial Drive


Other South Texas Area


Oklahoma

Locations


Keller


Northside


 Locations


Central Oklahoma Area

Bastrop


Museum Place


Pasadena


Alice


Oklahoma City

Canyon Lake


Renaissance Square


Pecan Grove


Aransas Pass


23rd Street

Dime Box


Roanoke


Pin Oak


Beeville


Expressway

Dripping Springs


Stockyards


River Oaks


Colony Creek


I-240

Elgin




Sugar Land


Cuero


Memorial

Flatonia


Other Dallas/Fort Worth Area


SW Medical Center


Edna



Georgetown


Locations


Tanglewood


Goliad


Other Central Oklahoma Area

Gruene


Arlington


The Plaza


Gonzales


 Locations

Kingsland


Azle


Uptown


Hallettsville


Edmond

La Grange


Ennis


Waugh Drive


Kingsville


Norman

Lexington


Gainesville


Westheimer


Mathis



New Braunfels


Glen Rose


West University


Padre Island


Tulsa Area

Pleasanton


Granbury


Woodcreek


Palacios


Tulsa

Round Rock


Grand Prairie




Port Lavaca


Garnett

San Antonio


Jacksboro


Katy


Portland


Harvard

Schulenburg


Mesquite


Cinco Ranch


Rockport


Memorial

Seguin


Muenster


Katy-Spring Green


Sinton


Sheridan

Smithville


Runaway Bay




Taft


S. Harvard

Thorndale


Sanger


The Woodlands


Yoakum


Utica Tower

Weimar


Waxahachie


The Woodlands-College Park


Yorktown


Yale



Weatherford


The Woodlands-I-45





Dallas/Fort Worth Area




The Woodlands-Research Forest


West Texas Area


Other Tulsa Area Locations

Dallas


East Texas Area




Abilene


Owasso

14th Street Plano


Athens


Other Houston Area


Antilley Road



Abrams Centre


Blooming Grove


Locations


Barrow Street



Addison


Canton


Angleton


Cypress Street



Allen


Carthage


Bay City


Judge Ely



Balch Springs


Corsicana


Beaumont


Mockingbird



Camp Wisdom


Crockett


Cleveland





Carrollton


Eustace


East Bernard


Lubbock



Cedar Hill


Gilmer


El Campo


4th Street



Coppell


Grapeland


Dayton


66th Street



East Plano


Gun Barrel City


Galveston


82nd Street



Euless


Jacksonville


Groves


86th Street



Frisco


Kerens


Hempstead


98th Street



Frisco Warren


Longview


Hitchcock


Avenue Q



Frisco-West


Mount Vernon


Liberty


North University



 

Prosperity Bancshares, Inc. ®

Financial Highlights (Unaudited)

(In thousands)




Jun 30, 2022



Mar 31, 2022



Dec 31, 2021



Sep 30, 2021



Jun 30, 2021


Balance Sheet Data (at period end)





















Loans held for sale


$

3,350



$

2,810



$

7,274



$

10,197



$

9,080


Loans held for investment



17,067,871




16,720,173




16,833,171




16,949,486




17,147,146


Loans held for investment - Warehouse Purchase
      Program



1,137,623




1,344,541




1,775,699




1,998,049




2,095,559


Total loans



18,208,844




18,067,524




18,616,144




18,957,732




19,251,785























Investment securities(A)



14,912,313




14,798,127




12,818,901




12,629,368




11,918,691


Federal funds sold



201




274




241




237




281


Allowance for credit losses on loans



(283,959)




(285,163)




(286,380)




(287,187)




(302,884)


Cash and due from banks



393,716




1,560,321




2,547,739




1,055,386




1,059,879


Goodwill



3,231,636




3,231,636




3,231,636




3,231,636




3,231,636


Core deposit intangibles, net



56,483




59,064




61,684




64,539




67,417


Other real estate owned



1,555




1,705




622




150




144


Fixed assets, net



335,939




336,075




319,799




322,799




324,502


Other assets



530,528




501,623




523,584




537,459




548,473


Total assets


$

37,387,256



$

38,271,186



$

37,833,970



$

36,512,119



$

36,099,924























Noninterest-bearing deposits


$

11,032,184



$

10,776,652



$

10,750,034



$

10,326,489



$

10,099,149


Interest-bearing deposits



18,833,434




20,291,658




20,021,728




19,125,163




19,011,092


Total deposits



29,865,618




31,068,310




30,771,762




29,451,652




29,110,241


Other borrowings



300,000














Securities sold under repurchase agreements



481,785




440,891




448,099




440,969




433,069


Allowance for credit losses on off-balance sheet
      credit exposures



29,947




29,947




29,947




29,947




29,947


Other liabilities



188,079




227,614




156,926




244,110




216,330


Total liabilities



30,865,429




31,766,762




31,406,734




30,166,678




29,789,587


Shareholders' equity(B)



6,521,827




6,504,424




6,427,236




6,345,441




6,310,337


Total liabilities and equity


$

37,387,256



$

38,271,186



$

37,833,970



$

36,512,119



$

36,099,924




(A)

Includes $1,517, $2,115, $2,290, $2,483 and $1,394 in unrealized gains on available for sale securities for the quarterly periods ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.

(B)

Includes $1,198$1,671, $1,809, $1,961 and $1,101 in after-tax unrealized gains on available for sale securities for the quarterly periods ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.

 

Prosperity Bancshares, Inc. ®

Financial Highlights (Unaudited)

(In thousands)




Three Months Ended



Year-to-Date




Jun 30, 2022



Mar 31, 2022



Dec 31, 2021



Sep 30, 2021



Jun 30, 2021



Jun 30, 2022



Jun 30, 2021


Income Statement Data





























Interest income:





























Loans


$

192,770



$

193,025



$

206,209



$

213,821



$

216,803



$

385,795



$

449,878


Securities(C)



64,111




55,011




46,857




46,217




43,708




119,122




82,385


Federal funds sold and other earning assets



925




847




563




302




340




1,772




691


Total interest income



257,806




248,883




253,629




260,340




260,851




506,689




532,954































Interest expense:





























Deposits



8,641




8,754




8,685




11,578




15,288




17,395




32,650


Other borrowings



450
















450





Securities sold under repurchase agreements



244




185




184




195




164




429




323


Total interest expense



9,335




8,939




8,869




11,773




15,452




18,274




32,973


Net interest income



248,471




239,944




244,760




248,567




245,399




488,415




499,981


Provision for credit losses






















Net interest income after provision for credit losses



248,471




239,944




244,760




248,567




245,399




488,415




499,981































Noninterest income:





























Nonsufficient funds (NSF) fees



8,484




8,124




8,401




7,962




6,560




16,608




13,247


Credit card, debit card and ATM card income



8,880




8,179




8,894




8,837




8,918




17,059




16,949


Service charges on deposit accounts



6,365




6,211




6,237




6,115




6,062




12,576




12,040


Trust income



2,875




2,703




2,698




2,467




2,276




5,578




5,113


Mortgage income



502




455




685




1,396




2,914




957




6,221


Brokerage income



917




892




953




861




795




1,809




1,506


Bank owned life insurance income



1,293




1,283




1,317




1,325




1,294




2,576




2,586


Net gain (loss) on sale or write-down of assets



1,108




689




1,165




255




(244)




1,797




(323)


Other noninterest income



7,170




6,586




5,407




5,427




6,981




13,756




12,225


Total noninterest income



37,594




35,122




35,757




34,645




35,556




72,716




69,564































Noninterest expense:





























Salaries and benefits



80,371




79,411




76,496




78,412




75,611




159,782




155,648


Net occupancy and equipment



8,039




7,848




8,140




8,165




8,046




15,887




15,879


Credit and debit card, data processing and
      software amortization



9,246




8,849




9,050




9,103




8,718




18,095




16,951


Regulatory assessments and FDIC insurance



2,851




2,850




2,801




2,497




2,670




5,701




5,340


Core deposit intangibles amortization



2,581




2,620




2,855




2,878




2,887




5,201




5,818


Depreciation



4,539




4,547




4,518




4,524




4,513




9,086




9,053


Communications



3,206




2,919




3,134




3,013




2,982




6,125




5,881


Other real estate expense



195




214




24




30




198




409




442


Net loss (gain) on sale or write-down of other real estate



14




(621)




2




4




(1,839)




(607)




(2,726)


Other noninterest expense



11,836




11,213




12,518




11,189




11,405




23,049




21,981


Total noninterest expense



122,878




119,850




119,538




119,815




115,191




242,728




234,267


Income before income taxes



163,187




155,216




160,979




163,397




165,764




318,403




335,278


Provision for income taxes



34,697




32,890




34,192




34,807




35,153




67,587




71,358


Net income available to common shareholders


$

128,490



$

122,326



$

126,787



$

128,590



$

130,611



$

250,816



$

263,920




(C)

Interest income on securities was reduced by net premium amortization of $11,450, $12,857, $16,006, $15,141 and $14,436 for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively, and $24,307 and $27,280 for the six months ended June 30, 2022 and June 30, 2021, respectively.

 

Prosperity Bancshares, Inc. ®

Financial Highlights (Unaudited)

(Dollars and share amounts in thousands, except per share data and market prices)





Three Months Ended



Year-to-Date





Jun 30, 2022



Mar 31, 2022



Dec 31, 2021



Sep 30, 2021



Jun 30, 2021



Jun 30, 2022



Jun 30, 2021

































Profitability






























Net income (D) (E)


$

128,490



$

122,326



$

126,787



$

128,590



$

130,611



$

250,816



$

263,920

































Basic earnings per share


$

1.40



$

1.33



$

1.38



$

1.39



$

1.41



$

2.73



$

2.84



Diluted earnings per share


$

1.40



$

1.33



$

1.38



$

1.39



$

1.41



$

2.73



$

2.84

































Return on average assets (F)



1.36

%



1.29

%



1.37

%



1.42

%



1.45

%



1.32

%



1.49

%


Return on average common equity (F)



7.84

%



7.54

%



7.91

%



8.07

%



8.31

%



7.69

%



8.46

%


Return on average tangible common equity   (F) (G)



15.73

%



15.30

%



16.26

%



16.72

%



17.49

%



15.52

%



17.95

%


Tax equivalent net interest margin (D) (E) (H)



2.97

%



2.88

%



2.97

%



3.10

%



3.11

%



2.92

%



3.26

%


Efficiency ratio (G) (I)



43.12

%



43.68

%



42.79

%



42.34

%



40.96

%



43.40

%



41.11

%
































Liquidity and Capital Ratios






























Equity to assets



17.44

%



17.00

%



16.99

%



17.38

%



17.48

%



17.44

%



17.48

%


Common equity tier 1 capital



15.26

%

(J)


15.32

%

(J)


15.10

%



14.84

%



15.26

%



15.26

%

(J)


15.26

%


Tier 1 risk-based capital



15.26

%

(J)


15.32

%

(J)


15.10

%



14.84

%



15.26

%



15.26

%

(J)


15.26

%


Total risk-based capital



15.91

%

(J)


15.99

%

(J)


15.45

%



15.20

%



15.71

%



15.91

%

(J)


15.71

%


Tier 1 leverage capital



9.58

%

(J)


9.44

%

(J)


9.62

%



9.55

%



9.50

%



9.58

%

(J)


9.50

%


Period end tangible equity to period end tangible
     assets (G)



9.48

%



9.19

%



9.07

%



9.18

%



9.18

%



9.48

%



9.18

%
































Other Data






























Weighted-average shares used in computing
     earnings per common share






























Basic



91,772




92,161




92,162




92,683




92,935




91,965




92,895



Diluted



91,772




92,161




92,162




92,683




92,935




91,965




92,895



Period end shares outstanding



91,196




92,160




92,170




92,160




92,935




91,196




92,935



Cash dividends paid per common share


$

0.52



$

0.52



$

0.52



$

0.49



$

0.49



$

1.04



$

0.98



Book value per common share


$

71.51



$

70.58



$

69.73



$

68.85



$

67.90



$

71.51



$

67.90



Tangible book value per common share (G)


$

35.46



$

34.87



$

34.00



$

33.09



$

32.40



$

35.46



$

32.40

































Common Stock Market Price






























High


$

73.50



$

80.46



$

78.67



$

72.97



$

78.06



$

80.46



$

83.02



Low


$

64.69



$

69.08



$

68.53



$

64.40



$

69.83



$

64.69



$

66.45



Period end closing price


$

68.27



$

69.38



$

72.35



$

71.13



$

71.80



$

68.27



$

71.80



Employees – FTE (excluding overtime)



3,576




3,595




3,704




3,625




3,724




3,576




3,724



Number of banking centers



272




272




273




273




274




272




274



 

(D) Includes purchase accounting adjustments for the periods presented as follows:



Three Months Ended


Year-to-Date


Jun 30, 2022


Mar 31, 2022


Dec 31, 2021


Sep 30, 2021


Jun 30, 2021


Jun 30, 2022


Jun 30, 2021

Loan discount accretion














ASC 310-20

$(265)


$4,674


$4,635


$3,761


$9,731


$4,409


$23,044

ASC 310-30

$324


$521


$731


$1,618


$2,462


$845


$5,489

Securities net amortization

$12


$52


$139


$136


$171


$64


$282

Time deposits amortization

$84


$100


$127


$201


$327


$184


$834



(E)

Using effective tax rate of 21.3, 21.2%, 21.2%, 21.3% and 21.2% for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively, and 21.2% and 21.3% for the six months ended June 30, 2022 and June 30, 2021, respectively.

(F)

Interim periods annualized.

(G)

Refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

(H)

Net interest margin for all periods presented is based on average balances on an actual 365-day basis.

(I)

Calculated by dividing total noninterest expense, excluding credit loss provisions, by net interest income plus noninterest income, excluding net gains and losses on the sale or write down of assets and securities. Additionally, taxes are not part of this calculation.

(J)

Beginning on January 1, 2022, the cumulative amount of the current expected credit loss ("CECL") transition adjustments is being phased in over a three-year transition period.

 

Prosperity Bancshares, Inc. ®

Financial Highlights (Unaudited)

(Dollars in thousands)



YIELD ANALYSIS


Three Months Ended





Jun 30, 2022



Mar 31, 2022



Jun 30, 2021





Average

Balance



Interest

Earned/

Interest

Paid



Average

Yield/

Rate


(K)

Average

Balance



Interest

Earned/

Interest

Paid



Average

Yield/

Rate


(K)

Average

Balance



Interest

Earned/

Interest

Paid



Average

Yield/

Rate


(K)

Interest-earning assets:






































Loans held for sale


$

3,199



$

40



5.02 %



$

4,611



$

40



3.52 %



$

13,716



$

109



3.19 %



Loans held for investment



16,799,609




182,286



4.35 %




16,712,690




183,033



4.44 %




17,305,259




200,817



4.65 %



Loans held for investment - Warehouse
Purchase Program



1,257,521




10,444



3.33 %




1,268,715




9,952



3.18 %




1,984,305




15,877



3.21 %



Total Loans



18,060,329




192,770



4.28 %




17,986,016




193,025



4.35 %




19,303,280




216,803



4.50 %



Investment securities



14,989,666




64,111



1.72 %


(L)


13,772,974




55,011



1.62 %


(L)


11,180,948




43,708



1.57 %


(L)

Federal funds sold and other earning assets



540,907




925



0.69 %




2,135,503




847



0.16 %




1,221,993




340



0.11 %



Total interest-earning assets



33,590,902




257,806



3.08 %




33,894,493




248,883



2.98 %




31,706,221




260,851



3.30 %



Allowance for credit losses on loans



(284,550)












(285,692)












(306,059)











Noninterest-earning assets



4,448,060












4,458,669












4,695,860











Total assets


$

37,754,412











$

38,067,470











$

36,096,022

















































Interest-bearing liabilities:






































Interest-bearing demand deposits


$

6,437,614



$

2,154



0.13 %



$

6,775,114



$

2,452



0.15 %



$

6,281,068



$

5,471



0.35 %



Savings and money market deposits



10,702,273




4,473



0.17 %




10,870,461




4,026



0.15 %




9,872,624




5,490



0.22 %



Certificates and other time deposits



2,409,663




2,014



0.34 %




2,637,529




2,276



0.35 %




2,980,186




4,327



0.58 %



Other borrowings



112,582




450



1.60 %





















Securities sold under repurchase agreements



463,108




244



0.21 %




452,054




185



0.17 %




383,975




164



0.17 %



Total interest-bearing liabilities



20,125,240




9,335



0.19 %


(M)


20,735,158




8,939



0.17 %


(M)


19,517,853




15,452



0.32 %


(M)







































Noninterest-bearing liabilities:






































Noninterest-bearing demand deposits



10,855,802












10,636,624












10,062,085











Allowance for credit losses on off-balance
      sheet credit exposures



29,947












29,947












29,947











Other liabilities



186,344












176,360












198,748











Total liabilities



31,197,333












31,578,089












29,808,633











Shareholders' equity



6,557,079












6,489,381












6,287,389











Total liabilities and shareholders' equity


$

37,754,412











$

38,067,470











$

36,096,022

















































Net interest income and margin






$

248,471



2.97 %







$

239,944



2.87 %







$

245,399



3.10 %



Non-GAAP to GAAP reconciliation:






































Tax equivalent adjustment







445












472












586







Net interest income and margin (tax
     equivalent basis)






$

248,916



2.97 %







$

240,416



2.88 %







$

245,985



3.11 %





(K)

Annualized and based on an actual 365-day basis.

(L)

Yield on securities was impacted by net premium amortization of $11,450, $12,857 and $14,436 for the three months ended June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

(M)

Total cost of funds, including noninterest bearing deposits, was 0.12%, 0.12% and 0.21% for the three months ended June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

 

Prosperity Bancshares, Inc. ®

Financial Highlights (Unaudited)

(Dollars in thousands)


YIELD ANALYSIS


Year-to-Date





Jun 30, 2022



Jun 30, 2021





Average

Balance



Interest

Earned/

Interest

Paid



Average

Yield/

Rate


(N)

Average

Balance



Interest

Earned/

Interest

Paid



Average

Yield/

Rate


(N)

Interest-earning assets:


























Loans held for sale


$

3,901



$

80



4.14 %



$

23,468



$

347



2.98 %



Loans held for investment



16,756,345




365,319



4.40 %




17,292,235




414,795



4.84 %



Loans held for investment - Warehouse Purchase
     Program



1,263,132




20,396



3.26 %




2,175,888




34,736



3.22 %



Total loans



18,023,378




385,795



4.32 %




19,491,591




449,878



4.65 %



Investment securities



14,384,681




119,122



1.67 %


(O)


10,170,508




82,385



1.63 %


(O)

Federal funds sold and other earning assets



1,333,800




1,772



0.27 %




1,363,533




691



0.10 %



Total interest-earning assets



33,741,859




506,689



3.03 %




31,025,632




532,954



3.46 %



Allowance for credit losses on loans



(285,118)












(310,798)











Noninterest-earning assets



4,453,117












4,609,640











Total assets


$

37,909,858











$

35,324,474





































Interest-bearing liabilities:


























Interest-bearing demand deposits


$

6,605,431



$

4,606



0.14 %



$

6,197,235



$

11,414



0.37 %



Savings and money market deposits



10,785,902




8,499



0.16 %




9,647,594




11,243



0.24 %



Certificates and other time deposits



2,522,966




4,290



0.34 %




3,005,761




9,993



0.67 %



Other borrowings



56,602




450



1.60 %












Securities sold under repurchase agreements



457,612




429



0.19 %




380,339




323



0.17 %



Total interest-bearing liabilities



20,428,513




18,274



0.18 %


(P)


19,230,929




32,973



0.35 %


(P)



























Noninterest-bearing liabilities:


























Noninterest-bearing demand deposits



10,746,819












9,636,800











Allowance for credit losses on off-balance sheet credit
     exposures



29,947












29,947











Other liabilities



181,157












184,023











Total liabilities



31,386,436












29,081,699











Shareholders' equity



6,523,422












6,242,775











Total liabilities and shareholders' equity



37,909,858











$

35,324,474





































Net interest income and margin






$

488,415



2.92 %







$

499,981



3.25 %



Non-GAAP to GAAP reconciliation:


























Tax equivalent adjustment







917












1,222







Net interest income and margin (tax equivalent basis)






$

489,332



2.92 %







$

501,203



3.26 %





(N)

Annualized and based on an actual 365-day basis.

(O)

Yield on securities was impacted by net premium amortization of $24,307 and $27,280 for the six months ended June 30, 2022 and 2021, respectively.

(P)

Total cost of funds, including noninterest bearing deposits, was 0.12% and 0.23% for the six months ended June 30, 2022 and 2021, respectively.

 

Prosperity Bancshares, Inc. ®

Financial Highlights (Unaudited)

(Dollars in thousands)



Three Months Ended



Jun 30, 2022



Mar 31, 2022



Dec 31, 2021



Sep 30, 2021



Jun 30, 2021


YIELD TREND (Q)








































Interest-Earning Assets:




















Loans held for sale


5.02

%



3.52

%



3.20

%



3.08

%



3.19

%

Loans held for investment


4.35

%



4.44

%



4.53

%



4.62

%



4.65

%

Loans held for investment - Warehouse Purchase
     Program


3.33

%



3.18

%



3.12

%



3.18

%



3.21

%

Total loans


4.28

%



4.35

%



4.40

%



4.48

%



4.50

%

Investment securities (R)


1.72

%



1.62

%



1.46

%



1.50

%



1.57

%

Federal funds sold and other earning assets


0.69

%



0.16

%



0.16

%



0.16

%



0.11

%

Total interest-earning assets


3.08

%



2.98

%



3.07

%



3.24

%



3.30

%





















Interest-Bearing Liabilities:




















Interest-bearing demand deposits


0.13

%



0.15

%



0.14

%



0.24

%



0.35

%

Savings and money market deposits


0.17

%



0.15

%



0.15

%



0.18

%



0.22

%

Certificates and other time deposits


0.34

%



0.35

%



0.38

%



0.47

%



0.58

%

Other borrowings


1.60

%













Securities sold under repurchase agreements


0.21

%



0.17

%



0.17

%



0.17

%



0.17

%

Total interest-bearing liabilities


0.19

%



0.17

%



0.18

%



0.24

%



0.32

%





















Net Interest Margin


2.97

%



2.87

%



2.96

%



3.09

%



3.10

%

Net Interest Margin (tax equivalent)


2.97

%



2.88

%



2.97

%



3.10

%



3.11

%



(Q)

Annualized and based on average balances on an actual 365-day basis.

(R)

Yield on securities was impacted by net premium amortization of $11,450, $12,857, $16,006, $15,141 and $14,436 for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.

 

Prosperity Bancshares, Inc. ®

Financial Highlights (Unaudited)

(Dollars in thousands)





Three Months Ended




Jun 30, 2022



Mar 31, 2022



Dec 31, 2021



Sep 30, 2021



Jun 30, 2021


Balance Sheet Averages





















Loans held for sale


$

3,199



$

4,611



$

8,794



$

11,714



$

13,716


Loans held for investment



16,799,609




16,712,690




16,830,163




17,102,998




17,305,259


Loans held for investment - Warehouse Purchase
     Program



1,257,521




1,268,715




1,772,971




1,836,252




1,984,305


Total Loans



18,060,329




17,986,016




18,611,928




18,950,964




19,303,280























Investment securities



14,989,666




13,772,974




12,751,857




12,184,964




11,180,948


Federal funds sold and other earning assets



540,907




2,135,503




1,393,859




734,787




1,221,993


Total interest-earning assets



33,590,902




33,894,493




32,757,644




31,870,715




31,706,221


Allowance for credit losses on loans



(284,550)




(285,692)




(287,191)




(301,011)




(306,059)


Cash and due from banks



309,223




326,552




329,406




570,765




521,737


Goodwill



3,231,637




3,231,637




3,231,637




3,231,637




3,231,637


Core deposit intangibles, net



57,728




60,346




63,091




65,955




68,830


Other real estate



1,639




1,893




321




279




3,001


Fixed assets, net



336,242




327,297




321,524




323,584




326,570


Other assets



511,591




510,944




530,603




536,745




544,085


Total assets


$

37,754,412



$

38,067,470



$

36,947,035



$

36,298,669



$

36,096,022























Noninterest-bearing deposits


$

10,855,802



$

10,636,624



$

10,587,441



$

10,286,062



$

10,062,085


Interest-bearing demand deposits



6,437,614




6,775,114




6,196,283




6,089,678




6,281,068


Savings and money market deposits



10,702,273




10,870,461




10,286,650




9,944,664




9,872,624


Certificates and other time deposits



2,409,663




2,637,529




2,766,123




2,897,123




2,980,186


Total deposits



30,405,352




30,919,728




29,836,497




29,217,527




29,195,963


Other borrowings



112,582














Securities sold under repurchase agreements



463,108




452,054




432,981




448,338




383,975


Allowance for credit losses on off-balance sheet
     credit exposures



29,947




29,947




29,947




29,947




29,947


Other liabilities



186,344




176,360




234,746




229,502




198,748


Shareholders' equity



6,557,079




6,489,381




6,412,864




6,373,355




6,287,389


Total liabilities and equity


$

37,754,412



$

38,067,470



$

36,947,035



$

36,298,669



$

36,096,022


 

Prosperity Bancshares, Inc. ®

Financial Highlights (Unaudited)

(Dollars in thousands)




Jun 30, 2022



Mar 31, 2022



Dec 31, 2021



Sep 30, 2021