Prosperity Bancshares (NYSE: PB) reported Q1 EPS of $1.39, $0.21 better than the analyst estimate of $1.18.

"I am proud to announce that Prosperity posted diluted earnings per share of $1.39 for the first quarter of 2020, a 17.8% increase compared with the same period in 2019. Our merger with LegacyTexas was completed on November 1, 2019 and our management teams continue to find commonalties and strengths that we expect will benefit our company, shareholders and associates going forward. Our planned operational integration remains on schedule for June of this year," said David Zalman, Prosperity's Senior Chairman and Chief Executive Officer.

"In our efforts to continue enhance shareholder value, during the first quarter 2020 Prosperity repurchased 2.092 million shares of its common stock at a weighted average price of $52.59 per share," continued Zalman.

"Also, during the first quarter of 2020, Prosperity increased its allowance for credit losses on loans to $327.206 million from $87.469 million for the fourth quarter of 2019 after adopting accounting standard ASU 2016-13, also known as CECL. The amount of the allowance is based on our CECL methodology. We believe that these additional reserves should help insulate the company during these challenging and unprecedented times. Our allowance for credit losses to total loans, excluding warehouse purchase program loans, now stands at 1.88% compared to 0.51% at December 31, 2019," added Zalman.

"While today's challenges are certainly extraordinary, Prosperity has a deep management team with experience navigating and adapting to difficult times. We entered this economic downturn from a position of strength, with sound credit quality, robust capital and liquidity and solid operating fundamentals. We believe that our team will see us through and we remain confident in our long-term future," stated Zalman.

"I would like to thank every associate at Prosperity. Throughout the past several months, while dealing with various personal challenges related to the pandemic, our retail team operated at full capacity, enabling us to keep our locations open and serve our customers' daily needs. Additionally, our operational staff and lending team were crucial in accepting, processing and submitting thousands of SBA PPP applications and closing the loans, working around the clock to assist our customers," concluded Zalman.

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