Prosperity Bancshares in Houston hit analysts' earnings forecasts despite a linked-quarter decline in loans and profit.
The $21.6 billion-asset company said in a press release Friday that its earnings fell 6% from the fourth quarter, to $73.6 million. Year-over-year results were skewed by the company's April 2014 purchase of F&M Bank & Trust. Still, earnings per share of $1.05 met the average estimate of analysts polled by Bloomberg.
Net interest income fell 8%, to $162.9 million, on an 0.8% decline in total loans. The net interest margin compressed by 32 basis points during the quarter, to 3.57%.
Noninterest income fell 5.6%, to $28.4 million, while noninterest expense fell 6.3%, to $79.5 million.
Prosperity did not highlight any serious issues tied to falling energy prices, as it did in the fourth quarter.