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Prosperity Bancshares Q1 earnings up 13%

Prosperity Bancshares has reported that its net income for the first quarter ended March 31, 2008 was $22.94 million, an increase of $2.71 million, or 13.4%, compared with $20.23 million for the same quarter of 2007.

Net interest income before provision for credit losses for the quarter increased 12.8% to $51.1 million compared with $46.09 million during the corresponding period in 2007. The increase was attributable primarily to an 8.9% increase in average earning assets.

Non-interest income was $12.68 million for the period, an increase of 8.6% as compared to $11.67 million for the same period in 2007.

Loans as at March 31, 2008 were $3.16 billion, a decrease of $86.1 million, or 2.7%, compared with $3.25 billion as at March 31, 2007. Meanwhile, deposits as at March 31, 2008 were $4.95 billion, an increase of $20.5 million or 0.4%, compared with $4.93 billion as at the same date in 2007.

David Zalman, chairman and CEO of Prosperity Bancshares, said: Our strong asset quality along with our style of community banking should continue to help us build value for our shareholders.