Prosperity Bancshares Q4 Profit Rises - Quick Facts

(RTTNews) - Prosperity Bancshares, Inc. (PB), the parent company of Prosperity Bank, reported fourth-quarter net income of $62.97 million or $0.98 per share, compared to $48.27 million, or $0.85 per share, a year ago.

On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.91 for the quarter. Analysts' estimates typically exclude special items.

Net interest income before provision for credit losses was $145.469 million compared to $108.301 million, a year ago. The company said the increase was primarily due to a 23.2% increase in average interest-earning assets for the same period.

Noninterest income increased to $25.158 million, from $24.106 million, a year ago. The company said the increase was primarily due to the acquisitions of FVNB Corp. and First Victoria National Bank on November 1, 2013, Coppermark Bancshares, Inc. and Coppermark Bank on April 1, 2013 and East Texas Financial Services on January 1, 2013, partially offset by a decrease in debit card income as a result of a Durbin Amendment that became effective on July 1, 2013.

Analysts expected revenue of $157.88 million for the quarter.