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Prosperity Bancshares (PB) in Houston reported a 20% boost in profit after announcing two deals in the third quarter.
October 23 -
The acquisitive Prosperity Bancshares in Houston is set to slow its growth following a deal for Tulsa's F&M.
August 29 -
Prosperity Bancshares is finding that its recent deals which allowed the Houston company to expand in highly coveted businesses such as private banking and cards are producing a nice boost to fee income.
August 9
Prosperity Bancshares (PB) in Houston, riding its recent wave of acquisitions,
The $18.6 billion-asset company's fourth-quarter earnings rose 31% from a year earlier, to $63 million. At 98 cents a share, Prosperity beat the average estimate of analysts polled by Bloomberg by more than 7 cents. The company attributed the substantial jump in earnings to extensive loan growth, which rose more than 50% from the fourth quarter of 2012.
In the past 15 months, Prosperity has acquired four banks in Texas and Oklahoma. In August, Prosperity
Net interest income rose 34% from a year earlier, to $145.5 million, primarily because of a 23% increase in average interest-earning assets. The net interest margin expanded by 29 basis points from a year earlier, to 3.82%.
Noninterest income increased 4% from a year earlier, to $25.2 million,
The loan-loss provision nearly doubled from a year earlier, to $7.9 million. Net chargeoffs were $496,000 in the fourth quarter, compared to $1.9 million a year earlier.