Prosperity Bancshares, Inc.® Reports Fourth Quarter 2020 Earnings
- Fourth quarter earnings per share (diluted) of $1.48, an increase of 46.5% compared to the fourth quarter 2019
- Fourth quarter net income of $137.1 million
- Deposits increased $901.3 million or 3.4% (13.6% annualized) during the fourth quarter 2020
- Deposits increased $3.161 billion or 13.1% during 2020
- Allowance for credit losses to total loans, excluding Warehouse Purchase Program and SBA Paycheck Protection Program loans, of 1.92%(1)
- Nonperforming assets remain low at 0.20% of fourth quarter average interest-earning assets
- Return (annualized) on fourth quarter average assets of 1.63%
- Returns (annualized) on fourth quarter average common equity of 8.98% and average tangible common equity of 19.57%(1)
[1] with respect to the Paycheck Protection Program (
Economic Aid
Act)) of Division N of the Consolidated Appropriations Act, 2021. The PPP was originally enacted under the Coronavirus Aid, Relief, and Economic Security Act (as amended, supplemented or otherwise modified from time to time prior to the enactment of the Economic Aid Act, including by the Paycheck Protection Program and Health Care Enhancement Act, the Paycheck Protection Program Flexibility Act, applicable federal regulations and interpretive guidance issued by the SBA and Treasury, the
CARES Act).
First Draw PPP Loan), while expanding the authorized uses for PPP loan proceeds and increasing flexibility to obtain loan forgiveness. The Economic Aid Act also permits an eligible business that received a First Draw PPP Loan to apply for a second draw of PPP loan proceeds (a
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New York small businesses seeking PPP loans, like these on Jamaica Avenue in Woodhaven, are encouraged to contact a representative from the New York Small Business Development Center. There are over 22 campus-based centers and outreach offices across New York to assist clients with the loan application.
By Forum Staff
U.S. Rep. Grace Meng (D-Flushing) announced on Monday the reopening of the Small Business Administration’s Paycheck Protection Program which provides forgivable loans to small businesses that have suffered economic losses due to the COVID-19 pandemic.
The initiative, which was closed on Aug. 8, 2020, despite more than $130 billion remaining in the program, was reopened under the $900 billion coronavirus relief package which became law on Dec. 27, 2020. The new law includes a total of $284 billion for small businesses.
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The Small Business Administration (SBA) has announced that they will reopen their portal for Paycheck Protection Program (PPP) loans for eligible borrowers beginning the week of January 11, 2021, after being shut down since August 8, 2020, when the prior congressional authorization for PPP loans expired. This new round of PPP loans is made possible by legislation that became effective on December 27, 2020, titled the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act), which made $284 billion available for PPP loans, authorized so-called “second draw” PPP loans for certain borrowers who previously received a PPP loan, and made certain other changes to PPP loans as summarized here. On January 6, 2021, the SBA and U.S. Department of Treasury (Treasury) issued new interim final rules (IFRs) providing (1) guidance regarding “second draw” PPP loans for borrowers who already recei
Tuesday, January 5, 2021
On Sunday, December 27, 2020, President Donald Trump signed the Consolidated Appropriations Act, 2021 (the “Act”). The Act combines a $1.4 trillion omnibus appropriations bill for the Federal Government for Fiscal Year 2021 and $900 billion of relief in response to the SARS-CoV-2 (“COVID-19”) pandemic.
The Act extends several critical CARES Act programs that had been due to expire on December 31, 2020, including the Paycheck Protection Program (the “PPP”) and unemployment assistance. It also clarifies rules and procedures developed by the various governmental agencies that implemented the CARES Act during the summer and fall of 2020. Finally, it adds a few new programs that may be of assistance to certain hospitality employers.