Prosperity Bancshares Q2 Profit Rises, Tops Estimates - Quick Facts

(RTTNews) - Prosperity Bancshares Inc. (PB), the parent company of Prosperity Bank, reported rise in earnings for the second quarter, reflecting 46.6 percent growth in net interest income before provision for credit losses. The company's net income for the quarter climbed to $75.50 million or $1.08 per share, from $53.84 million or $0.89 per share last year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $1.03 for the quarter. Analyst's estimates typically exclude special items.

Net interest income before provision for credit losses increased 46.6 percent to $174.05 million, from $118.74 million during the same period in 2013, primarily due to a 30.7 percent increase in average interest-earning assets for the same period. Meanwhile, non-interest income rose to $34 million from $25.274 million a year ago. Analysts expected revenue of $195.75 million.