Prosperity Bancshares (PB) Tops Q1 EPS by 2c

Prosperity Bancshares (NYSE: PB) reported Q1 EPS of $1.01, $0.02 better than the analyst estimate of $0.99.

"I am honored and excited to share with everyone the great results we had in the first quarter of 2014. We were again named the Best Bank in America by Forbes magazine. In fact, we were recognized in both 2012 and 2014 as the Best Bank in America. The earnings speak for themselves, with diluted earnings per share of $1.01 for the quarter, an increase of 17.4% compared with the first quarter of 2013. We continued to see good organic loan growth. Excluding loans acquired in acquisitions, loans at March 31, 2014 grew 8.2% compared with March 31, 2013 and 1.8% (7.2% annualized) on a linked quarter basis. We continue to see strong organic deposit growth as well," said David Zalman, Prosperity's Chairman and Chief Executive Officer.

"We are finished with the operational integration of First Victoria National Bank and could not be more pleased. All of the associates with First Victoria have been great and have taken a number of leadership roles in our company. We completed the acquisition of F&M Bank this month and expect the operational integration to take place in June. We are very excited about this transaction and look forward to a great future and relationship with all of the associates of F&M," continued Zalman.

"I am also pleased to announce Prosperity Bancshares' inclusion into the 2013 Keefe Bruyette & Woods Honor Roll. To qualify for this honor, the company must maintain extraordinarily high quantitative metrics for the last 10 years. "Thirty-one banking institutions posted a 10-year record worthy of admission to this year's KBW Honor Roll," added Zalman.

"I continue to see growth and prosperity for our company. Texas and Oklahoma continue to have some of the best economies in the United States. We continue to see large population gains, low unemployment, strong housing markets, strong construction, commercial, manufacturing markets and an influx of companies moving operations to Texas and Oklahoma because of a friendly business climate supported by state government," concluded Zalman.

For earnings history and earnings-related data on Prosperity Bancshares (PB) click here.

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