Prosperity Bancshares (NYSE: PB) reported Q3 EPS of $1.18, in-line with the analyst estimate of $1.18. Revenue for the quarter came in at $0 versus the consensus estimate of $190.47 million.

"We are pleased to announce that Prosperity will increase its quarterly dividend for the fourth quarter of 2018 to $0.41 per share from $0.36 per share, a 13.9% increase. Prosperity shareholders have enjoyed a 13% compounded annual growth rate in dividends from 2003-2017. We will continue striving to build deposits, loans and other services to increase shareholder value," said David Zalman, Prosperity's Chairman and Chief Executive Officer.

"Economic fundamentals are strong in the communities we serve. The low national unemployment rate, together with a GDP that is stronger than we have seen in years, has resulted in interest rate increases that may continue over the next year. The increased interest rates have affected the rates we pay on deposits, the rates we charge on loans and the rates we earn on bonds. We believe that the economy has provided an opportunity for the Federal Reserve to normalize rates and be ready to respond to any future economic downturn. We expect the increased interest rates to help our bank," continued Zalman.

"Prosperity achieved 5.8% annualized loan growth on a linked quarter basis and a 20.4% increase in earnings per share to $1.18 compared with the third quarter 2017. We also experienced a 5.3% increase in average noninterest-bearing deposits year over year," added Zalman.

"Texas and Oklahoma should continue to prosper with no or low state income tax, a business friendly political climate and a tailwind from the energy sector. Further, Texas has four out of the top ten fastest growing MSAs in the United States – those being Houston, Dallas, Austin and San Antonio," stated Zalman.

"I would like to thank our shareholders and our associates for making this all possible," concluded Zalman.

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