Net income per diluted common share was $1.40 for the three months ended Jcompared with $1.41 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 was $128.5 million (2) for the three months ended Jcompared with $130.6 million (3) for the same period in 2021. Results of Operations for the Three Months Ended June 30, 2022
"Thank you to all the customers, associates and directors for helping build a successful company," concluded Zalman. This is evidenced by our repurchase of 981,884 shares of our stock during the second quarter of 2022," added 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. 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. Unemployment remains unusually low," continued Zalman. 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. For example, according to CNBC, Texas added more jobs over the last year than the 25 lowest job growth states combined. "Texas and Oklahoma continue to shine as more people and companies move to these states. 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. Earnings increased 5.0% compared with the first quarter of 2022 and we expect continued earnings growth as interest rates increase. "We experienced a strong second quarter of 2022. Nonperforming assets remain low at 0.07% of second quarter average interest-earning assets. 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. Net income per diluted common share was $1.40 for the quarter ended Jcompared with $1.41 for the same period in 2021, and the annualized return on second quarter average assets was 1.36%. ® (NYSE: PB), the parent company of Prosperity Bank ® (collectively, "Prosperity"), reported net income of $128.5 million for the quarter ended Jcompared with $130.6 million for the same period in 2021.
Repurchased 981,884 shares during the second quarter 2022