HOUSTON (AP) _ Prosperity Bancshares Inc. (PB) on Wednesday reported second-quarter net income of $130.9 million.
The Houston-based bank said it had earnings of $1.41 per share. Earnings, adjusted for non-recurring gains, were $1.25 per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.13 per share.
The financial holding company posted revenue of $312.3 million in the period. Its revenue net of interest expense was $284.6 million, which also beat Street forecasts. Six analysts surveyed by Zacks expected $279 million.
Prosperity Bancshares shares have decreased 23% since the beginning of the year. The stock has dropped 19% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PB at https://www.zacks.com/ap/PB
Automated Insights, source Associated Press News