Prosperity Bancshares Inc. in Houston said Thursday that its first-quarter net earnings rose 9% from a year earlier, to $33.9 million, largely because of double-digit increases in loans and deposits.

The $9.7 billion-asset company said a portion of its balance-sheet growth, compared with a year earlier, came from branch acquisitions during the first half of 2010. Asset quality also improved. Nonperforming assets fell 35% from a year earlier, to $12.9 million at March 31. Total chargeoffs fell 65%, to $1.5 million.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.