Prosperity Bancshares Inc. in Houston said Friday that its first-quarter earnings rose 13.4% from a year earlier, to $23 million, or 52 cents a share, meeting the average of analysts’ estimates.
The $6.5 billion-asset Prosperity attributed the increase largely to acquisitions over the past year. In January it acquired the Houston branches of Banco Popular North America, adding $1.6 million of loans and $117 million of deposits. In September, Prosperity bought Bank of Navasota, adding $24 million of loans and $59 million of deposits.
Prosperity provisioned $1.2 million for credit losses in the quarter, and its nonperforming assets nearly quadrupled, to 0.33% of average earnings assets, or $17.5 million.
Average loans increased about 9% from a year earlier but were flat from a quarter earlier, to $3 billion. Deposits grew about 9% from a year earlier and 3% from a quarter earlier, to $5 billion.
