Prosperity's Q2 Beats

PRSP, a Zacks #3 Rank ("Hold") stock, has gained more than 2% on volume of approximately 1.3 million, which is well above the average daily volume of about 438,000.

Analysts, on average, have raised full-year expectations over the past month, sending the consensus up 3 cents, or 1.4%, to $2.18 per share.

The holding company of Prosperity Bank recorded a 13% year-over-year growth in net income to $26.5 million.

Net Interest income rose 40% to $75.5 million, driven by a robust 41% growth in average earning assets arising from the acquisition of Franklin bank in November last year.

Non-interest income grew 16% to $15.1 million on higher service charges on deposit accounts related to Franklin bank.

Provision for credit losses stood at $13 million at the end of the quarter, compared to $2.2 million a year ago.