By RTT News, October 23, 2013, 06:47:00 AM EDT
(RTTNews.com) - Prosperity Bancshares, Inc.( PB ), the parent company of Prosperity Bank, Wednesday posted a higher third-quarter net income, with increase in net interest income. Earnings also surpassed the Street estimates.
For the three-month period, the company reported net income of $55.2 million or $0.91 per share, compared with $46.1 million or $0.82 per share.
On average, eighteen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.90 for the quarter. Analysts' estimates typically exclude one-time items.
Net interest income before provision for credit losses, increased 18.4 percent to $126.5 million compared with $106.8 million last year. The company said that the increase was primarily due to a 15.3 percent growth in average interest-earning assets for the same period.
Non-interest income decreased 9.5 percent to $21.5 million,from prior year's $23.8 million. The decrease was primarily due to a decline in debit card income as a result of a Durbin Amendment, the company said in a statement.
Due to additional non-interest expenses associated with the acquisition of Coppermark Bancshares, non-interest expense increased 2.1 percent to $61.5 million, compared with $60.2 million a year ago.
The company declared a fourth quarter cash dividend of $0.24, an increase of 11.6 percent over the third quarter dividend, payable on January 2, 2014 to shareholders of record on December 16.
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