Prosperity Banc 4Q profit up 32 percent |
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Wed, 24 Jan 2007 14:47
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HOUSTON (AFX) - Prosperity Bancshares Inc. said Wednesday fourth-quarter earnings jumped 32 percent as acquisitions boosted deposit fees and interest-earning assets.The Houston parent of Prosperity Bank said net income rose to $16.6 million, or 50 cents per share, from $12.6 million, or 45 cents per share, from the year-ago period. The result was in line with the average analyst estimate, according to a Thomson Financial survey.The results were boosted by the consolidation of Grapeland Bancshares Inc. and SNB Bancshares Inc., acquired Dec. 1, 2005, and April 1, respectively.Net interest income before provisions for credit losses rose 25 percent to $36.4 million, spurred by a 25 percent gain in average earning assets. Non-interest income rose 10 percent to $8.2 million, boosted by fees from deposit accounts from the company's new branches acquired by takeovers.For the year, Prosperity's profit jumped 29 percent to $61.7 million, as net interest income before provisions rose 25 percent and non-interest income rose 13 percent.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Associated Banc-Corp 4Q profit falls 