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Text: I'm Charlotte Rasche, Executive Vice President and General Counsel of Prosperity Bancshares.
David Zalman will lead you off with a review of the highlights for the recent quarter.
He will be followed by Asylbek Osmonov, who will review some of our recent financial statistics and Tim Timanus, who will discuss our lending activities including asset quality.
During the call, interested parties may participate live by following the instructions that will be provided by our call moderator, Kate.
Before we begin, let me make the usual disclaimers.
The combination of LegacyTexas Bank and Prosperity Bank effective November 1, 2019 has been one of the most exciting times in Prosperity's history.
The commonalities, the enthusiasm and strengths that both companies offer should not only result in asset growth, but should also enhance customer and associate opportunities, and ultimately increase the shareholder value.
We are excited about Prosperity's future opportunities.
We are proud to announce that Prosperity Bank has been rated in the Top 10 of Forbes Best Banks in America for the seventh consecutive year, and we are the highest rated Texas bank -- the highest rated Texas-based banks.
Before we review the highlights for the quarter, I want to remind everyone that there are many moving parts in the results, including the following.
One, there was a one-time charge of $46.4 million related to the merger.
Two, the merger was effective on November 1, 2019, so the fourth quarter results reflect only two months of income contribution.
And three, the net interest margin is elevated somewhat by a higher loan discount accretion income than we expect to have in future quarters.
For the first quarter of 2020, we expect approximately $13 million to $14 million pre-tax in loan discount accretion.
With regard to the financials.
Net income was $86.1 million for the three months ending December 31, 2019, compared with $83.3 million for the same period in 2018.
Our earnings per diluted common share were $1.01 for three months ending December 31, 2019, compared with the $1.19 for the same period in 2018, and were impacted by merger-related expenses of $46.4 million.
Further, net income was also impacted by higher loan discount accretion than we expect to have in future quarters.
It should also be noted that earnings per share is calculated based on average shares outstanding, which were 85,573,000 for the fourth quarter.
We issued approximately 26,228,000 shares in the Merger.
However, those new shares were only outstanding for two months of the quarter.
As of December 31, 2019, we had 94,746,000 shares outstanding.
With regard to loans.
Loans at December 31, 2019, were $18.8 billion, an increase of $8.4 billion or 81.7% compared with $10.3 billion at December 31, 2018.
Linked-quarter loans increased $8.1 billion or 76.6% from the $10.6 billion at September 30, 2019.
Obviously, the majority of the increase was from the Legacy merger.
Excluding loans acquired in the Merger and new production by the acquired lending operations since November 1, 2019, loans at December 31, 2019, grew $218 million or 2.1% compared with December 31, 2018, and decreased $84 million or 80 basis points on a linked-quarter basis.
The Average loans, excluding the impact of the Merger, increased $407 million or 4% during 2019.
Deposits at December 31, 2019 were $24.2 billion, an increase of $6.9 billion or 40.2% compared with $17.257 billion at December 31, 2018.
Our linked-quarter deposits increased $7 billion -- $7.2 billion or 42% from $16.9 billion at September 30, 2019.
Excluding deposits assumed in the Merger and new deposits generated at the acquired banking centers since November 1, 2019, deposits at December 31, 2019 increased $801 million or 4.6% compared with December 31, 2018, and increased $1.1 billion or 6.7% on a linked-quarter basis.
Asset quality or non-performing assets totaled $62.9 million or 25 basis points of quarterly average interest-earning assets at December 31, 2019 compared with $18.9 million or 10 basis points of quarterly average interest-earning assets at December 31, 2018, and $51 million or 26 basis points of quarterly average interest-earning assets at September 30, 2019.
The increase during the fourth quarter 2019 was primarily due to the Merger.
Prosperity continues to exhibit strong credit quality.
With regard to acquisitions, although the Legacy merger was effective in November, we are still working diligently on the operational integration of our two banks.
Many individuals from both banks are involved in the project and it is on track to be completed in June 2020.
As you can tell from the news, bank mergers and acquisitions activity is robust.
We continue to have conversations with other bankers regarding potential acquisition opportunities and are open to exploring a deal, when it is right for all parties and appropriately accretive to our existing shareholders.
I'd like to discuss, we also have a share repurchase program.
We announced today that our Board of Directors has authorized a share repurchase program under which the Company can purchase up to 5% of its outstanding common stock, approximately 4.7 million shares over the next year.
The Board's approval of this program reflects our continued confidence in Prosperity's future and our commitment to enhancing shareholder value.
As has been our approach previously, management intends to repurchase shares only when the market conditions are favorable to do so.
So overall, despite oil and gas prices remaining in the $55 to $60 per barrel range, Texas and Oklahoma continued to experience employment and population growth, with many companies moving to these states because of the favorable tax environments and business-friendly political climates.
Consumer sentiment remains strong and the trend suggests a positive start to 2020.
Let me turn over our discussion to Asylbek Osmonov, our Chief Financial Officer, to discuss some of the specific financial results we achieved.
Net interest income before provision for credit losses for the three months ended December 31, 2019 was $232 million compared to $157.2 million for the same period in 2018, an increase of $74.8 million or 47.6%.
The increase was primarily due to two months of LegacyTexas net interest income and higher loan discount accretion in the fourth quarter 2019.
The net interest margin on a tax equivalent basis was 3.66% for the three months ended December 31, 2019 compared to 3.15% for the same period in 2018, and 3.16% for the quarter-ended September 30, 2019.
Excluding purchase accounting adjustments, the core net interest margin for the quarter-ended December 31, 2019 was 3.26% compared to 3.1% for the same period in 2018, and 3.14% for the quarter-ended September 30, 2019.
The net interest margin for the quarter-ended December 31, 2019 included only two months of LegacyTexas net interest income.
Noninterest income was $35.5 million for the three months ended December 31, 2019 compared to $29.1 million for the same period in 2018.
The increase in noninterest income was primarily due to two months of LegacyTexas noninterest income, partially offset by the sale and writedown of assets.
Noninterest expense for the three months ended December 31, 2019 was $156.5 million compared to $80.8 million for the same period in 2018.
The increase was primarily due to the merger-related expenses of $46.4 million and two months of LegacyTexas expenses.
Until the conversion, sorry, until the system integration and conversion, we expect noninterest expense to range around $120 million to $125 million per quarter, those are excluding any additional merger-related expenses.
We expect to realize portion of the previously announced cost savings related to the Merger, beginning in the third quarter of 2020.
The efficiency ratio was 58.07% for the three months ended December 31, 2019 compared to 43.2% for the same period in 2018 and 43.7% for the three months ended September 30, 2019.
Excluding merger-related expenses, the efficiency ratio was 40.85% for the three months ended December 31, 2019.
The bond portfolio metrics at 12/31/2019 showed a weighted average life of 3.42 years and projected annual cash flows of approximately $2 billion.
Nonperforming assets at quarter-end December 31, 2019 totaled $62.943 million or 33 basis points of loans and other real estate.
The December 31, 2019 nonperforming asset total was comprised of $55.684 million in loans, $324,000 in repossessed assets, and $6.935 million in other real estate.
Of the $62.943 million in nonperforming assets, $15.811 million or 25% are energy credits, $15.487 million of which are service company credits, and $324,000 are production company credits.
Since December 31, 2019, $2.259 million in other real estate has been put under contract to be sold.
Net charge-offs for the three months ended December 31, 2019 were $1.291 million.
$1.700 million was added to the allowance for credit losses during the quarter-ended December 31, 2019.
The average monthly new loan production for the quarter-ended December 31, 2019 was $496 million.
Loans outstanding at December 31, 2019 were $18.845 million -- excuse me, $18.845 billion.
The December 31, 2019 loan total is made up of 38% fixed rate loans, 34% floating rate, and 28% variable rate loans.
Kate, can you please assist us with questions?

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q4 earnings per share $1.01.

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