11-K 1 pb-11k_20201231.htm 11-K pb-11k_20201231.htm

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 11-K

 

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE,
SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

(Mark One)

 

[ X ]

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  

For the fiscal year ended December 31, 2020

OR

 

[    ]

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________

Commission File Number: 001-35388

A.Full title of the plan and the address of the plan, if different from that of the issuer named below:

PROSPERITY BANCSHARES, INC.
401(k) PROFIT SHARING PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

PROSPERITY BANCSHARES, INC.
PROSPERITY BANK PLAZA
4295 SAN FELIPE
HOUSTON, TEXAS 77027

 

 


Table of Contents

 

 

TABLE OF CONTENTS

 

 

 

 

 

Schedules other than those listed above are omitted because of the absence of the conditions under which they are required.

 

 

 

 

 


Table of Contents

 

 

Report of Independent Registered Public Accounting Firm

 

To the Prosperity Bancshares, Inc. 401(k) Committee and Plan Participants of

Prosperity Bancshares, Inc. 401(k) Profit Sharing Plan

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for benefits of the Prosperity Bancshares, Inc. 401(k) Profit Sharing Plan (the “Plan”) as of December 31, 2020 and 2019, and the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes and supplemental schedule (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for purposes of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

 

The Schedule H, Line 4i – schedule of assets (held at end of year) as of December 31, 2020 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ Melton & Melton, L.L.P.

We have served as the Plan's auditor since 2011.

Houston, Texas

June 28, 2021

 

 

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PROSPERITY BANCSHARES, INC. 401(k) PROFIT SHARING PLAN

 

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 

DECEMBER 31, 2020 AND 2019

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Investments, at fair value:

 

 

 

 

 

 

 

 

Prosperity Bancshares, Inc. common stock

 

$

38,199,244

 

 

$

33,700,399

 

Mutual funds

 

 

208,648,140

 

 

 

171,427,495

 

Collective investment trust

 

 

19,948,083

 

 

 

17,802,541

 

Money market account

 

 

18,446,641

 

 

 

19,875,706

 

 

 

 

285,242,108

 

 

 

242,806,141

 

Notes receivable from participants

 

 

4,424,259

 

 

 

3,930,697

 

Participant contributions receivable

 

 

 

 

 

546,922

 

Employer contributions receivable

 

 

 

 

 

231,236

 

Other receivable

 

 

410,322

 

 

 

299,803

 

Cash

 

 

918,709

 

 

 

168,915

 

TOTAL ASSETS

 

 

290,995,398

 

 

 

247,983,714

 

LIABILITIES

 

 

 

 

 

 

 

 

Other liabilities

 

 

796,966

 

 

 

940,958

 

TOTAL LIABILITIES

 

 

796,966

 

 

 

940,958

 

NET ASSETS AVAILABLE FOR BENEFITS

 

$

290,198,432

 

 

$

247,042,756

 

 

 

The accompanying notes are an integral part of these financial statements.

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PROSPERITY BANCSHARES, INC. 401(k) PROFIT SHARING PLAN

 

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 

 

 

 

FOR THE YEAR ENDED DECEMBER 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADDITIONS

 

 

 

 

ADDITIONS TO NET ASSETS ATTRIBUTED TO:

 

 

 

 

Investment income:

 

 

 

 

Net appreciation in fair value of investments

 

$

20,553,568

 

Interest and dividends

 

 

7,949,273

 

 

 

 

28,502,841

 

Interest income on notes receivable from participants

 

 

244,115

 

Contributions:

 

 

 

 

Participants’ rollovers

 

 

4,833,360

 

Participants’ elective deferrals

 

 

16,675,375

 

Employer’s matching

 

 

7,596,294

 

 

 

 

29,105,029

 

TOTAL ADDITIONS

 

 

57,851,985

 

DEDUCTIONS

 

 

 

 

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:

 

 

 

 

Benefits paid to participants or beneficiaries

 

 

14,314,230

 

Administrative expenses

 

 

382,079

 

TOTAL DEDUCTIONS

 

 

14,696,309

 

NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS

 

 

43,155,676

 

NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR

 

 

247,042,756

 

NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR

 

$

290,198,432

 

 

 

The accompanying notes are an integral part of these financial statements.

 

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PROSPERITY BANCSHARES, INC. 401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2020 AND 2019

 

 

NOTE 1 - DESCRIPTION OF PLAN

The following description of the Prosperity Bancshares, Inc. 401(k) Profit Sharing Plan (the “Plan”) provides only general information. Participants should refer to the Plan’s document for a more complete description of the Plan’s provisions.

A. General

The Plan is a defined contribution plan covering all full-time and part-time employees of Prosperity Bank (the “Bank”), a wholly owned subsidiary of Prosperity Bancshares, Inc., who have completed at least three (3) months of service and are twenty-one (21) years of age or older. An employee’s entry date is the first day of the month coinciding with or next following the date they satisfy the eligibility requirements. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

B. Contributions

Each year a participant may contribute up to the maximum amount allowable under the Internal Revenue Code of 1986, as amended (the “Code”), of his or her total salary on a pre-tax basis. Participants also have the option of making Roth salary deferral contributions. If a participant is age fifty (50) or older, he or she may elect to defer additional amounts as catch-up contributions. Participants may change their contribution percentage on the first day of each plan quarter or stop contributing at any time. Participants are also permitted to deposit into the Plan, distributions from other plans and certain Individual Retirement Accounts (IRAs) as rollover contributions.

The Bank, at its discretion, may contribute to the Plan a matching contribution which is determined annually. In 2020, the Bank matched fifty percent (50%) of the participants’ contributions subject to certain limitations, excluding catch-up contributions, up to fifteen percent (15%) of their eligible compensation. The Bank may also make a discretionary profit sharing contribution. No profit sharing contributions were made during 2020.

C. Participant Accounts

Each participant’s account is credited with the participant’s contributions and allocations of (a) employer matching contributions and profit sharing contributions, and (b) Plan earnings (losses), and is charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. At December 31, 2020 and 2019, all investments of the Plan were participant-directed.

D. Vesting

Participants are immediately vested in their contributions plus actual earnings (losses) thereon. Vesting in the employer matching contribution and profit sharing contribution of participant accounts plus actual earnings (losses) thereon is based on years of continuous service. To qualify for a year of service for vesting purposes, the participant must complete one thousand (1,000) hours of service in that calendar year. Participants vest twenty percent (20%) per year after two (2) years of service and are one hundred percent (100%) vested after six (6) years of service. A participant becomes 100% vested when terminated from employment due to death or disability, or upon reaching the normal retirement age of 62.

E. Notes Receivable from Participants

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or fifty percent (50%) of their vested account balance. Loan terms generally range from 1 - 5 years, but can be longer if the loan is used to purchase a principal residence. The loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with the local prevailing rates. Principal and interest are paid ratably through monthly payroll deductions. A participant may have only one outstanding loan at any time.

 

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PROSPERITY BANCSHARES, INC. 401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2020 AND 2019

 

 

 

 

NOTE 1 - DESCRIPTION OF PLAN (CONTINUED)

F.Payment of Benefits

A participant may receive a lump-sum amount, equal to the vested value of the participant’s account, due to a separation of service, death, disability, or retirement. The Plan does permit hardship distributions. Hardship distributions are governed by Internal Revenue Service (“IRS”) regulations and are permitted to satisfy certain immediate and heavy financial needs. In-service distributions are not permitted; however, distributions from a participant’s rollover account may be made at any time.

G.Forfeitures

Forfeited balances of terminated participants’ nonvested accounts are used by the Plan for several purposes, such as the payment of Plan administrative expenses or the reduction of employer matching contributions. During the year ended December 31, 2020, $78,046 in forfeitures was used to pay Plan administrative expenses and $71,488 was used to reduce employer contributions. As of December 31, 2020 and 2019, the forfeitures account had a balance of $451,983 and $162,992, respectively.

H. Plan Termination

Although it has not expressed any intent to do so, the Bank has the right to terminate the Plan at any time. In the event of Plan termination, participants will become one hundred percent (100%) vested in their accounts. The Bank will direct the distribution of participants’ accounts in a manner permitted by the Plan as soon as practicable following any such termination.

I. Investment Options

Upon enrollment in the Plan, a participant may direct his or her contributions in various investment options totaling one hundred percent (100%). Participants may change their investment options at any time. Employer matching contributions are matched to the funds designated by the participant.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.Basis of Accounting

The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

B.Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

C. Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2020 or 2019. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.

D. Payment of Benefits

Benefits are recorded when paid.

 

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PROSPERITY BANCSHARES, INC. 401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2020 AND 2019

 

 

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

E.Investment Valuation and Income Recognition

Investments are reported at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements. Valuations of the Plan assets are generally made every business day. Net appreciation in fair value of investments includes realized gains and losses on investments sold during the year and unrealized appreciation (depreciation) of investments held at year-end. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.

F. Administrative Expenses

Certain expenses of maintaining the Plan are paid directly by the Bank and are excluded from these financial statements. Fees related to the administration of notes receivable from participants, distributions, and an annual administrative fee are charged directly to the related participant’s account and are included in administrative expenses. Other administrative, trust and audit fees are paid by the Plan and are also included in administrative expenses. Investment related expenses are included in net appreciation in fair value of investments.

NOTE 3 - FAIR VALUE MEASUREMENTS

The Plan utilizes the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, with respect to its investments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

 

Level 1 - Quoted prices in active markets for identical assets or liabilities.

 

Level 2 - Inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

 

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2020 or 2019.

Prosperity Bancshares, Inc. Common Stock: Common stock is valued at the closing price reported on the active market on which the individual security is traded.

Mutual Funds: Investments in registered investment companies are stated at fair value based upon quoted market prices of the net asset value of shares held by the Plan.

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PROSPERITY BANCSHARES, INC. 401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2020 AND 2019

 

 

NOTE 3 - FAIR VALUE MEASUREMENTS (CONTINUED)

Collective Investment Trust: The Plan’s investment in the Reliance Trust Company Stable Value Fund Collective Investment Trust, Series 25157 is valued at the fair value of the contract as determined by Metropolitan Life Insurance Company (“MetLife”) based on prices of the underlying investments in MetLife separate accounts. MetLife guarantees that the rate will never be less than zero. MetLife’s estimated value of the guarantee is presented as a wrapper. The fair value of the wrapper is determined by the discounted revenue method, being 20 basis points of the guaranteed value over five years discounted by the LIBOR swap curve. If a participating plan terminates participation in the trust, the lesser of the guaranteed (contract) value or the fair value will be received.

Money Market Account: Money market account is valued at carrying value, which approximates fair value.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair values of certain financial instruments could result in different fair value measurements at the reporting date.

The inputs and methodologies used for valuing securities are not an indication of the risk associated with investing in those securities.

The following tables set forth the Plan's assets at fair value by level within the fair value hierarchy as of:

 

 

December 31, 2020

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Prosperity Bancshares, Inc. common stock

 

$

38,199,244

 

 

$

 

 

$

 

 

$

38,199,244

 

Mutual funds

 

 

208,648,140

 

 

 

 

 

 

 

 

 

208,648,140

 

Collective investment trust

 

 

 

 

 

19,948,083

 

 

 

 

 

 

19,948,083

 

Money market account

 

 

18,446,641

 

 

 

 

 

 

 

 

 

18,446,641

 

TOTAL INVESTMENTS, at fair value

 

$

265,294,025

 

 

$

19,948,083

 

 

$

 

 

$

285,242,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Prosperity Bancshares, Inc. common stock

 

$

33,700,399

 

 

$

 

 

$

 

 

$

33,700,399

 

Mutual funds

 

 

171,427,495

 

 

 

 

 

 

 

 

 

171,427,495

 

Collective investment trust

 

 

 

 

 

17,802,541

 

 

 

 

 

 

17,802,541

 

Money market account

 

 

19,875,706

 

 

 

 

 

 

 

 

 

19,875,706

 

TOTAL INVESTMENTS, at fair value

 

$

225,003,600

 

 

$

17,802,541

 

 

$

 

 

$

242,806,141

 

NOTE 4 - CREDIT RISK

The Plan provides for various investment options of stocks, mutual funds, fixed income securities, and other investment securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits and the amounts reported in participant accounts.

The Plan also includes a non-interest bearing cash account with Fidelity. At times, such cash investments may be in excess of federally insured limits.

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PROSPERITY BANCSHARES, INC. 401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2020 AND 2019

 

 

NOTE 5 - TAX STATUS

The Plan adopted a prototype nonstandardized profit sharing plan with CODA established by Alliance Benefit Group of Houston Inc. The prototype plan sponsor obtained a favorable opinion letter dated September 30, 2014. According to the prototype plan, the Plan’s assets are qualified pursuant to Section 401(a) of the Code, and the Plan’s income is exempt from income taxes. Various changes related to the operation of the Plan have been made to the Plan document. The Plan has not requested a determination letter from the IRS, but the Bank believes the Plan qualifies and operates as designed. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

GAAP requires plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2020, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions. Currently, the U.S. Department of Labor is auditing the Plan for the plan years from January 1, 2015 to December 31, 2017.

NOTE 6 - PARTY-IN-INTEREST TRANSACTIONS

The Plan allows transactions with certain parties who may perform services or have fiduciary responsibilities to the Plan, including the Bank. Fidelity Brokerage Services, LLC and Prosperity Bank Trust Department were parties-in-interest. Fidelity Brokerage Services, LLC received $39,542 in fees during 2020 and Prosperity Bank Trust Department received $60,000 in fees during 2020. The Plan invests in common stock of Prosperity Bancshares, Inc. and a money market account at Prosperity Bank and issues loans to participants, which are secured by the balances in the participants’ accounts. These transactions qualify as party-in-interest transactions.

NOTE 7 - SUBSEQUENT EVENTS

Effective January 1, 2021, the Plan’s document was amended to replace Prosperity Bank Trust Department with Fidelity Personal Trust Company as the corporate trustee to the Plan. The Plan's investment advisor also changed from the Prosperity Bank Trust Department to National Financial Services as of January 1, 2021.

Management has evaluated subsequent events through June 28, 2021, the date the financial statements were available to be issued.

 

 

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SUPPLEMENTAL SCHEDULE

 

 

PROSPERITY BANCSHARES, INC. 401(k) PROFIT SHARING PLAN

 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EIN: 74-2331986

 

 

 

 

 

 

 

 

 

 

Plan No. 001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Party-

in-

Interest

 

(b)

Identity of Issue or Issuer

 

(c)

Description

of

Investment

 

(d)

Cost

 

(e)

Current

Value

 

*

 

Prosperity Bank Money Market Account

 

Money Market

 

**

 

$

18,446,641

 

*

 

Prosperity Bancshares, Inc. Common Stock

 

Common Stock

 

**

 

 

38,199,244

 

 

 

American AMCAP Fund Inc. America R-6

 

Mutual Fund

 

**

 

 

9,131,122

 

 

 

American Balanced Fund R-6

 

Mutual Fund

 

**

 

 

13,975,939

 

 

 

American Beacon Small Cap Value Inst.

 

Mutual Fund

 

**

 

 

5,528,953

 

 

 

American Capital Income Builder R-6

 

Mutual Fund

 

**

 

 

4,130,722

 

 

 

American Capital World Growth and Income

 

Mutual Fund

 

**

 

 

6,969,321

 

 

 

American EuroPacific Growth R

 

Mutual Fund

 

**

 

 

22,319,946

 

 

 

American Fundamental Investors Inc.

 

Mutual Fund

 

**

 

 

12,524,764

 

 

 

American Growth Fund of America R-6

 

Mutual Fund

 

**

 

 

15,679,815

 

 

 

American Income Fund of America R-6

 

Mutual Fund

 

**

 

 

3,617,833

 

 

 

American Mutual Fund R-6

 

Mutual Fund

 

**

 

 

7,228,980

 

 

 

American Funds New Perspective R-6

 

Mutual Fund

 

**

 

 

5,939,117

 

 

 

American Washington Mutual Investors Fund R-6

 

Mutual Fund

 

**

 

 

12,158,096

 

 

 

Calvert Equity Portfolio Fund I

 

Mutual Fund

 

**

 

 

2,714,008

 

 

 

Columbia Mid Cap Index

 

Mutual Fund

 

**

 

 

13,760,939

 

 

 

FMI International Fund Investor Class

 

Mutual Fund

 

**

 

 

432,197

 

 

 

Invesco Oppenheimer Developing Markets Fund

 

Mutual Fund

 

**

 

 

10,075,198

 

 

 

Templeton Global Bond R-6

 

Mutual Fund

 

**

 

 

7,998,819

 

 

 

T. Rowe Price QM U.S. Small Cap

 

Mutual Fund

 

**

 

 

8,891,577

 

 

 

Neuberger Berman Real Estate Fund Inst.

 

Mutual Fund

 

**

 

 

7,597,891

 

 

 

PIMCO Total Return Fund Inst.

 

Mutual Fund

 

**

 

 

18,036,069

 

 

 

Vanguard Growth Index Admiral

 

Mutual Fund

 

**

 

 

839,338

 

 

 

Vanguard Small Cap Index Admiral

 

Mutual Fund

 

**

 

 

2,138,650

 

 

 

Vanguard 500 Index Admiral

 

Mutual Fund

 

**

 

 

10,199,560

 

 

 

Vanguard Interm-Term Bond Index Admiral

 

Mutual Fund

 

**

 

 

6,759,286

 

 

 

Reliance Trust Company Stable Value Fund Collective Investment Trust, Series 25157

 

Collective Investment

 

**

 

 

19,948,083

 

 

 

 

 

 

 

 

 

 

285,242,108

 

*

 

Participant Loans

 

Interest rate range:  4.25% to 6.50% with varying maturity dates

 

0

 

 

4,424,259

 

 

 

 

 

 

 

 

 

$

289,666,367

 

 

 

 

*

A party-in-interest as defined by ERISA.

**

Cost information is omitted, as these accounts are participant directed.

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SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee of the Prosperity Bancshares, Inc. 401(k) Profit Sharing Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

June 28, 2021

       Prosperity Bancshares, Inc. 401(k) Profit Sharing Plan

 

 

 

  /s/ J. Mays Davenport

J. Mays Davenport

Executive Vice President and Director of Corporate Strategy

Prosperity Bancshares, Inc.

 

 

 

 

 

 

 

 


Table of Contents

 

 

Index to Exhibits