Prosperity Bancshares, Inc.® Reports Strong 2011 Earnings

HOUSTON, Jan. 20, 2012 /PRNewswire/ -- Prosperity Bancshares, Inc.® (NYSE: PB), the parent company of Prosperity Bank®, reported net income for the quarter ended December 31, 2011 of $36.406 million or $0.77 per diluted common share, an increase in net income of $3.608 million or 11.0%, compared with $32.798 million or $0.70 per diluted common share for the same period in 2010.  Prosperity also reported net income for the year ended December 31, 2011 of $141.749 million or $3.01 per diluted common share, up 11.0% from 2010 net income of $127.708 million and up 10.3% from 2010 diluted earnings per common share of $2.73.

"We are proud of our performance in 2011.  We finished the year with record net income of $141.749 million, an 11.0% increase over 2010.  For the full year, our loans increased 8.1% or $280.883 million while our deposits also increased 8.1% or $605.334 million," said David Zalman, Prosperity's Chairman and Chief Executive Officer.  "Our entire team is honored to have been recognized by Forbes as the 'Best Bank in America' in their 2012 rankings.  This recognition is the result of all of our associates hard work and dedication and reflects our industry leading asset quality, our strong earnings, and our continued focus on building shareholder value," concluded Zalman.

Prosperity's management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Specifically, Prosperity reviews tangible book value per share, return on average tangible common equity and the tangible equity to tangible assets ratio.  Prosperity has included in this Earnings Release information relating to these non-GAAP financial measures for the applicable periods presented.  Please refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of these non-GAAP financial measures.

Results of operations for the three months ended December 31, 2011

For the three months ended December 31, 2011, net income was $36.406 million compared with $32.798 million for the same period in 2010.  Net income per diluted common share was $0.77 for the three months ended December 31, 2011 compared with $0.70 for the same period in 2010. Returns on average assets, average common equity and average tangible common equity for the three months ended December 31, 2011 were 1.50%, 9.35% and 23.86%, respectively.  Prosperity's efficiency ratio (excluding net gains and losses on the sale of assets) was 40.77% for the three months ended December 31, 2011.

Net interest income before provision for credit losses for the quarter ended December 31, 2011 increased 0.7% to $80.087 million compared with $79.509 million during the same period in 2010 and decreased 3.0% or $2.451 million compared with $82.538 million during the three months ended September 30, 2011.  The net interest margin on a tax equivalent basis decreased to 3.82% for the three months ended December 31, 2011 compared with 3.99% for the same period in 2010 and decreased 20 basis points from 4.02% for the three months ended September 30, 2011.  The 20 basis point linked quarter decrease was impacted by increased amortization expense from the securities portfolio.   Amortization expense for the three months ended December 31, 2011 increased $2.086 million on a linked quarter basis to $9.670 million.  At December 31, 2011, the Company had $68.194 million in premium remaining on its securities portfolio.

Non-interest income increased $160 thousand or 1.2% to $14.065 million for the three months ended December 31, 2011 compared with $13.905 million for the same period in 2010.  The increase was mainly attributable to an increase in debit card and ATM card income, partially offset by a decrease NSF fees.

Non-interest expense decreased $2.842 million or 6.9% to $38.385 million for the three months ended December 31, 2011 compared with $41.227 million during the same period in 2010.  The decrease was mainly attributable to a decrease in ORE expenses and reduced FDIC assessments.

Loans at December 31, 2011 were $3.766 billion, an increase of $280.883 million or 8.1%, compared with $3.485 billion at December 31, 2010.  Loans increased 0.8% (3.0% annualized) or $28.276 million on a linked quarter basis compared with loans of $3.737 billion at September 30, 2011. 

Deposits at December 31, 2011 were $8.060 billion, an increase of $605.334 million or 8.1% compared with $7.455 billion at December 31, 2010.  Linked quarter deposits increased $261.515 million or 3.4% (13.4% annualized) from $7.799 billion at September 30, 2011. 

Average loans increased 9.6% or $328.225 million to $3.750 billion for the quarter ended December 31, 2011 compared with $3.422 billion for the same period of 2010.  Linked quarter average loans increased 1.5% or $55.884 million from $3.694 billion at September 30, 2011. Average deposits increased 6.0% to $7.899 billion for the quarter ended December 31, 2011 compared with $7.453 billion for the same period of 2010.  Linked quarter average deposits increased 3.2% or $246.534 million from $7.653 billion at September 30, 2011.

At December 31, 2011, construction loans totaled $482.140 million, consisting of approximately $136 million of single family residential construction loans; $43 million of land development loans; $61 million of raw land loans; $87 million of residential lot loans; $50 million of commercial lot loans; and $105 million of commercial construction and other construction loans.  This is a decrease of $8.053 million from construction loans at September 30, 2011.

At December 31, 2011, Prosperity had $9.823 billion in total assets, $3.766 billion in loans and $8.060 billion in deposits. Assets, loans and deposits at December 31, 2011 increased by 3.7%, 8.1% and 8.1%, respectively, compared with their level at December 31, 2010.

Asset Quality

Non-performing assets totaled $12.052 million or 0.14% of quarterly average earning assets at December 31, 2011 compared with $15.842 million or 0.20% of quarterly average earning assets at December 31, 2010 and $13.363 million or 0.16% of quarterly average earnings assets at September 30, 2011.  The allowance for credit losses was 1.37% of total loans at December 31, 2011, 1.40% at September 30, 2011 and 1.48% of total loans at December 31, 2010.

The provision for credit losses was $1.150 million for the three months ended December 31, 2011 and $2.900 million for the three months ended December 31, 2010.  Net charge offs were $2.069 million for the three months ended December 31, 2011 and $2.670 million for the three months ended December 31, 2010.

 

Non-performing assets

(In thousands)

Dec 31, 2011

Sept 30, 2011

Dec 31, 2010

 

Amount

#

Amount

#

Amount

#

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Commercial

$     767

17

$    1,440

17

$     1,317

17

Construction

4,649

28

5,042

30

8,469

46

1-4 family (including home equity)

3,689

38

3,894

38

3,933

38

Commercial real estate (including multi-family)

2,877

9

2,885

11

2,022

6

Agriculture

49

3

51

3

11

1

Consumer

21

4

51

4

90

13

Total

$ 12,052

99

$ 13,363

103

$ 15,842

121

 

Net Charge-offs

(In thousands)

Three Months Ended

Dec 31, 2011

Three Months Ended

Sept 30, 2011

Three Months Ended

Dec 31, 2010

 

(Unaudited)

(Unaudited)

(Unaudited)

Commercial

$           676

$           7

$           855

Construction

153

(197)

1,014

1-4 family (including home equity)

843

134

314

Commercial real estate  (including multi-family)

218

271

285

Agriculture

--

--

--

Consumer

179

153

202

Total

$         2,069

$            368

$         2,670

 

The provision for credit losses was $5.200 million for the twelve months ended December 31, 2011; a decrease of $8.385 million compared with $13.585 million for the twelve months ended December 31, 2010.  Net charge offs were $5.190 million for the twelve months ended December 31, 2011 and $13.864 million for the twelve months ended December 31, 2010.

Results of operations for the twelve months ended December 31, 2011

For the twelve months ended December 31, 2011, net income was $141.749 million compared with $127.708 million for the same period in 2010.  Net income per diluted common share was $3.01 for the twelve months ended December 31, 2011 compared with $2.73 for the same period in 2010.

Returns on average assets, average common equity and average tangible common equity for the twelve months ended December 31, 2011 were 1.47%, 9.36% and 25.11%, respectively.  Prosperity's efficiency ratio (excluding net gains and losses on the sale of assets) was 42.76% for the twelve months ended December 31, 2011.

Net interest income before provision for credit losses for the twelve months ended December 31, 2011 increased $8.520 million or 2.7%, to $326.668 million compared with $318.148 million during the same period in 2010. The net interest margin on a tax equivalent basis decreased to 3.98% for the twelve months ended December 31, 2011 compared with 4.04% for the same period in 2010.

Non-interest income increased $2.210 million or 4.1% to $56.043 million for the twelve months ended December 31, 2011 compared with $53.833 million for the same period in 2010.  The increase was mainly attributable to an increase in debit card and ATM card income and a decrease in loss on sale of ORE, partially offset by a decrease NSF fees.

Non-interest expense decreased $2.849 million or 1.7% to $163.745 million for the twelve months ended December 31, 2011 compared with $166.594 million for the same period in 2010.  The decrease was due primarily to decreases in FDIC assessments, CDI amortization, ORE expenses and other non-interest expenses partially offset by an increase in salaries and benefits expense.

Conference Call

Prosperity's management team will host a conference call on Friday, January 20, 2012 at 10:30 a.m. Eastern Standard Time (9:30 a.m. Central Standard Time) to discuss Prosperity's fourth quarter and full year 2011 earnings. Individuals and investment professionals may participate in the call by dialing 800-862-9098, the reference code is PBTX.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Prosperity's website at www.prosperitybanktx.com.  The webcast may be accessed directly from Prosperity's Investor Relations page by clicking on the "4th Quarter Results and Webcast" link.

Prosperity Transfers Listing to NYSE Under Symbol "PB"

Prosperity transferred the listing of its common stock from the NASDAQ Global Select Market to the New York Stock Exchange (NYSE). The Company began trading, under the new ticker symbol "PB" on the NYSE on December 28, 2011. 

Acquisition of The Bank Arlington

On January 19, 2012, Prosperity announced the signing of a definitive agreement to acquire The Bank Arlington.  The Bank Arlington operates one (1) banking office in Arlington, Texas, in the Dallas/Fort Worth CMSA. As of December 31, 2011, The Bank Arlington reported total assets of $37.3 million, total loans of $21.3 million and total deposits of $32.8 million.

Under the terms of the definitive agreement, Prosperity will issue up to 138,600 shares of Prosperity common stock for all outstanding shares of The Bank Arlington capital stock, subject to certain conditions and potential adjustments.

Acquisition of East Texas Financial Services, Inc.

On December 9, 2011, Prosperity announced the signing of a definitive agreement to acquire East Texas Financial Services, Inc. (OTC BB: FFBT) and its wholly-owned subsidiary, First Federal Bank Texas ("Firstbank").

East Texas Financial Services operates four (4) banking offices in the Tyler MSA, including three (3) locations in Tyler, Texas and one (1) location in Gilmer, Texas. As of December 31, 2011, First Federal Bank reported total assets of $199.0 million, total loans of $163.1 million and total deposits of $126.7 million.

Under the terms of the definitive agreement, Prosperity will issue up to 531,000 shares of Prosperity common stock for all outstanding shares of East Texas Financial Services capital stock, subject to certain conditions and potential adjustments.

Acquisition of Texas Bankers, Inc.

On January 1, 2012, Prosperity completed the previously announced acquisition of Texas Bankers, Inc. and its wholly-owned subsidiary, Bank of Texas, Austin, Texas. The transaction continues Prosperity's strategic growth and expansion of the franchise in Central Texas.

The three (3) Bank of Texas banking offices in the Austin, Texas CMSA consist of a location in Rollingwood, which upon operational integration will be consolidated with Prosperity's Westlake location and remain in Bank of Texas' Rollingwood banking office; one banking center in downtown Austin, which upon operational integration will be consolidated into Prosperity's downtown Austin location; and another banking center in Thorndale. Prosperity now operates thirty-four (34) banking centers in the Central Texas area including Austin and San Antonio.

Texas Bankers, Inc. reported total assets of $77.0 million, total loans of $27.6 million and total deposits of $70.4 million on December 31, 2011.

Under the terms of the agreement, Prosperity issued 314,953 shares of Prosperity common stock for all outstanding shares of Texas Bankers capital stock which resulted in a premium of $5.2 million.

Prosperity Bancshares, Inc.®

Prosperity Bancshares Inc.®, recently named "America's Best Bank" by Forbes is a $9.8 billion Houston, Texas based regional financial holding company, formed in 1983. Operating under a community banking philosophy and seeking to develop broad customer relationships based on service and convenience, Prosperity offers a variety of traditional loan and deposit products to its customers, which consist primarily of small and medium sized businesses and consumers. In addition to established banking products, Prosperity offers a complete line of services including: Internet Banking services at http://www.prosperitybanktx.com, Retail Brokerage Services, MasterMoney Debit Cards, and 24 hour voice response banking. Prosperity currently operates one hundred seventy five (175) full service banking locations; fifty-nine (59) in the Houston area; twenty (20) in the South Texas area including Corpus Christi and Victoria; thirty-one (31) in the Dallas/Fort Worth area; twenty-one (21) in the East Texas area; thirty-four (34) in the Central Texas area including Austin and San Antonio; and ten (10) in the Bryan/College Station area.

Bryan/College Station Area -

Dallas/Fort Worth Area -

Mount Vernon

Cleveland

Bryan

Bryan-East

Bryan-North

Caldwell

College Station

Greens Prairie

Madisonville

Navasota

Rock Prairie

Wellborn Road

 

Central Texas Area -

 

Austin -

183

Allandale

Cedar Park

Congress

Lakeway

Liberty Hill

Northland

Oak Hill

Parmer Lane

Research Blvd

Westlake

 

 

Other Central Texas

Locations -

Bastrop

Cuero

Dime Box

Dripping Springs

Elgin

Flatonia

Georgetown

Gonzales

Hallettsville

Kingsland

La Grange

Lexington

New Braunfels

Pleasanton

Round Rock

San Antonio

Schulenburg

Seguin

Smithville

Thorndale

Weimar

Yoakum

Yorktown

Dallas -

Abrams Centre

Balch Springs

Camp Wisdom

Cedar Hill

Central Expressway

East Renner

Frisco

Frisco-West

Independence

Kiest

McKinney

McKinney-Stonebridge

Midway

Preston Forest

Preston Road

Red Oak

Sachse

The Colony

Turtle Creek

Westmoreland

 

Fort Worth -

Haltom City

Keller

Roanoke

Stockyards

 

 

Other Dallas/Fort Worth

Locations -

Azle

Ennis

Gainesville

Mesquite

Muenster

Sanger

Waxahachie

 

 

East Texas Area -

Athens

Athens-South

Blooming Grove

Canton

Carthage

Corsicana

Crockett

Eustace

Grapeland

Gun Barrel City

Jacksonville

Kerens

Longview

 

Palestine

Rusk

Seven Points

Teague

Tyler

Tyler-University

Winnsboro

 

Houston Area -

 

 

Houston -

Aldine

Allen Parkway

Bellaire

Beltway

Clear Lake

Copperfield

Cypress

Downtown

Eastex

Fairfield

First Colony

Gessner

Gladebrook

Harrisburg

Heights

Highway 6 West

Hillcroft

Little York

Medical Center

Memorial Drive

Northside

Pasadena

Pecan Grove

Piney Point

River Oaks

Royal Oaks

Sugar Land

SW Medical Center

Tanglewood

Uptown

Waugh Drive

West University

Woodcreek

 

 

Other Houston Area

Locations -

Angleton

Bay City

Beaumont

Cinco Ranch

East Bernard

El Campo

Dayton

Galveston

Groves

Hempstead

Hitchcock

Katy

Liberty

Magnolia

Mont Belvieu

Nederland

Needville

Shadow Creek

Sweeny

Tomball

Waller

West Columbia

Wharton

Winnie

Wirt

 

 

 

 

South Texas Area -

 

Corpus Christi -

Airline

Carmel

Northwest

Saratoga

Water Street

 

 

Other South Texas

Locations -

Alice

Aransas Pass

Beeville

Edna

Goliad

Kingsville

Mathis

Padre Island

Palacios

Port Lavaca

Portland

Rockport

Sinton

Victoria

Victoria-North

 

 

 

 


In connection with the proposed merger of East Texas Financial Services, Inc. into Prosperity, Prosperity has filed with the Securities and Exchange Commission a registration statement on Form S-4 to register the shares of Prosperity's common stock to be issued to the stockholders of East Texas Financial Services. The registration statement includes a proxy statement/prospectus which will be sent to the stockholders of East Texas Financial Services seeking their approval of the proposed transaction.

WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT PROSPERITY, EAST TEXAS FINANCIAL SERVICES AND THE PROPOSED TRANSACTION.

In connection with the proposed merger of The Bank Arlington into Prosperity Bank, Prosperity will file with the Securities and Exchange Commission a registration statement on Form S-4 to register the shares of Prosperity's common stock to be issued to the shareholders The Bank Arlington. The registration statement will include a proxy statement/prospectus which will be sent to the shareholders of The Bank Arlington seeking their approval of the proposed transaction.

WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT PROSPERITY, THE BANK ARLINGTON AND THE PROPOSED TRANSACTION.

Investors and security holders may obtain free copies of these documents through the website maintained by the Securities and Exchange Commission at http://www.sec.gov.  Documents filed with the SEC by Prosperity will be available free of charge by directing a request by telephone or mail to Prosperity Bancshares, Inc., Prosperity Bank Plaza, 4295 San Felipe, Houston, Texas 77027 Attn: Investor Relations. Prosperity's telephone number is (281) 269-7199.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains, and the remarks by Prosperity's management on the conference call may contain, forward-looking statements within the meaning of the securities laws that are based on current expectations, assumptions, estimates and projections about Prosperity, and its subsidiaries.  These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of Prosperity's control, which may cause actual results to differ materially from those expressed or implied by the forward-looking statements.  These risks and uncertainties include but are not limited to whether Prosperity can: successfully identify acquisition targets and integrate the businesses of acquired companies and banks;  continue to sustain its current internal growth rate or total growth rate; provide products and services that appeal to its customers; continue to have access to debt and equity capital markets; and achieve its sales objectives.  Other risks include, but are not limited to: the possibility that credit quality could deteriorate; actions of competitors; changes in laws and regulations (including changes in governmental interpretations of regulations and changes in accounting standards); a deterioration or downgrade in the credit quality and credit agency ratings of the securities in Prosperity's securities portfolio; customer and consumer demand, including customer and consumer response to marketing; effectiveness of spending, investments or programs; fluctuations in the cost and availability of supply chain resources; economic conditions, including currency rate fluctuations and interest rate fluctuations; weather; and the stock price volatility associated with "small-cap" companies.  These and various other factors are discussed in Prosperity's Annual Report on Form 10-K for the year ended December 31, 2010 and other reports and statements Prosperity has filed with the SEC. Copies of the SEC filings for Prosperity Bancshares'® may be downloaded from the Internet at no charge from www.prosperitybanktx.com.

 

Prosperity Bancshares, Inc. ®

Financial Highlights

(Dollars and share amounts in thousands, except per share data)

 

 

Three Months Ended

Twelve Months Ended

 

Dec 31, 2011

Dec 31, 2010

Dec 31, 2011

Dec 31, 2010

Selected Earnings and Per

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Share Data

 

 

 

 

 

 

 

 

 

Total interest income

$         89,658

$         92,436

$        371,908

$        384,537

Total interest expense

9,571

12,927

45,240

66,389

Net interest income

80,087

79,509

326,668

318,148

Provision for credit losses

1,150

2,900

5,200

13,585

Net interest income after

 

 

 

 

     provision for credit losses

78,937

76,609

321,468

304,563

 

 

 

 

 

Total non-interest income

14,065

13,905

56,043

53,833

Total non-interest expense

38,385

41,227

163,745

166,594

Net income before taxes

54,617

49,287

213,766

191,802

Federal income taxes

18,211

16,489

72,017

64,094

 

 

 

 

 

Net income

$         36,406

$         32,798

$         141,749

$         127,708

 

 

 

 

 

Basic earnings per share

$0.78

$0.70

$3.03

$2.74

 

 

 

 

 

Diluted earnings per share

$0.77

$0.70

$3.01

$2.73

 

 

 

 

 

Period end shares outstanding

46,910

46,684

46,910

46,684

Weighted average shares

 

 

 

 

     outstanding (basic)

46,893

46,671

46,846

46,621

Weighted average shares

 

 

 

 

     outstanding (diluted)

47,028

46,818

47,017

46,832


 

 

Prosperity Bancshares, Inc. ®

Financial Highlights

(Dollars in thousands)

 

 

Three Months Ended

Twelve Months Ended

 

Dec 31, 2011

Dec 31, 2010

Dec 31, 2011

Dec 31, 2010

Balance Sheet Averages

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

 

 

 

 

 

Total loans

$      3,749,923

$      3,421,698

$      3,648,701

$      3,394,502

Investment securities

4,596,017

4,542,433

4,625,833

4,508,918

Federal funds sold and

 

 

 

 

     other earning assets

62,035

14,305

26,879

48,944

Total earning assets

8,407,975

7,978,436

8,301,413

7,952,364

Allowance for credit losses

(51,713)

(51,551)

(51,871)

(52,151)

Cash and due from banks

136,856

133,620

131,374

130,554

Goodwill

924,537

923,687

924,506

907,548

Core Deposit Intangibles (CDI)

21,890

29,822

24,767

32,532

Other real estate

9,803

13,121

10,220

14,490

Fixed assets, net

160,261

160,177

159,983

158,667

Other assets

119,870

133,839

128,492

134,376

Total assets

$      9,729,479

$      9,321,151

$      9,628,884

$      9,278,380

 

 

 

 

 

 

 

 

 

 

Non-interest bearing deposits

$      1,924,037

$      1,661,448

$      1,800,102

$      1,567,676

Interest bearing deposits

5,975,081

5,791,726

5,951,094

5,965,063

Total deposits

7,899,118

7,453,174

7,751,196

7,532,739

Securities sold under

 

 

 

 

     repurchase agreements

60,999

77,759

68,049

81,623

Federal funds purchased and

 

 

 

 

     other borrowings

66,834

198,677

152,716

109,260

Junior subordinated

 

 

 

 

     debentures

85,055

92,265

86,557

92,265

Other liabilities

60,628

54,429

56,617

56,334

Shareholders' equity(A)

1,556,845

1,444,847

1,513,749

1,406,159

Total liabilities and equity

$      9,729,479

$      9,321,151

$      9,628,884

$      9,278,380

 

(A)  Includes $14,515 and $17,516, in after-tax unrealized gains on available for sale securities for the three month periods ending December 31, 2011 and December 31, 2010, respectively,  and $14,680 and $17,693 for the twelve month periods ending December 31, 2011 and December 31, 2010, respectively.

 

 

Prosperity Bancshares, Inc. ®

Financial Highlights

(Dollars in thousands)

 

 

 

Three Months Ended

Twelve Months Ended

 

 

Dec 31, 2011

Dec 31, 2010

Dec 31, 2011

Dec 31, 2010

 

Income Statement Data

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

 

 

 

 

 

 

 

Interest on loans

$            53,899

$            52,722

$           214,273

$           209,711

 

Interest on securities

35,719

39,708

157,580

174,707

 

Interest on federal funds sold and

 

 

 

 

 

     other earning assets

40

6

55

119

 

Total interest income

89,658

92,436

371,908

384,537

 

Interest expense - deposits

8,682

11,749

40,975

61,509

 

Interest expense - debentures

632

803

2,984

3,250

 

Interest expense - other

257

375

1,281

1,630

 

Total interest expense

9,571

12,927

45,240

66,389

 

Net interest income(B)

80,087

79,509

326,668

318,148

 

Provision for credit losses

1,150

2,900

5,200

13,585

 

Net interest income after

 

 

 

 

 

     provision for credit losses

78,937

76,609

321,468

304,563

 

Non-sufficient funds (NSF) fees

5,860

6,905

24,442

27,580

 

Debit card and ATM card income

4,189

3,261

15,391

12,582

 

Service charges on deposit accounts

2,515

2,614

9,981

10,088

 

Net gain on sale of assets

--

2

377

402

 

Net (loss) gain on sale of ORE

(473)

(915)

(904)

(4,262)

 

Net loss on sale of securities

--

--

(581)

--

 

Other non-interest income

1,974

2,038

7,337

7,443

 

Total non-interest income

14,065

13,905

56,043

53,833

 

 

 

 

 

 

 

Salaries and benefits(C)

21,258

21,421

92,057

86,980

 

CDI amortization

1,879

2,172

7,780

9,016

 

Net occupancy and equipment

3,655

3,975

14,634

15,153

 

Depreciation

2,051

1,999

8,150

8,313

 

Data processing

 

 

 

 

 

 and software amortization

1,417

1,515

6,823

6,222

 

Regulatory assessments and FDIC   insurance

1,518

2,812

8,901

11,039

 

ORE Expense

680

1,013

1,501

3,483

 

Other non-interest expense

5,927

6,320

23,899

26,388

 

Total non-interest expense

38,385

41,227

163,745

166,594

 

Net income before taxes

54,617

49,287

213,766

191,802

 

Federal income taxes

18,211

16,489

72,017

64,094

 

Net income available

 

 

 

 

 

to common shareholders

$           36,406

$           32,798

$            141,749

$          127,708

 

(B) Net interest income on a tax equivalent basis would be $80,937 and $80,238 for the three months ended December 31, 2011 and December 31, 2010, respectively, and $330,282 and $321,049 for the twelve months ended December 31, 2011 and December 31, 2010, respectively.

 

(C) Salaries and benefits includes equity compensation expenses of $972 and $825 for the three months ended December 31, 2011 and December 31, 2010, respectively, and $3,576 and $3,037 for the twelve months ended December 31, 2011 and December 31, 2010, respectively.

 

 

 

 

 

 

 

Prosperity Bancshares, Inc.®

Financial Highlights

(Dollars and share amounts in thousands, except per share data)

 

 

As of and for the

As of and for the

 

Three Months Ended

Twelve Months Ended

 

Dec 31, 2011

Dec 31, 2010

Dec 31, 2011

Dec 31, 2010

Common Share and

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

     Other Data

 

 

 

 

Employees - FTE

1,664

1,708

1,664

1,708

 

 

 

 

 

Book value per share

$          33.41

$          31.11

$          33.41

$          31.11

Tangible book value per share

$          13.25

$          10.70

$          13.25

$          10.70

 

 

 

 

 

 

 

 

 

 

Period end shares outstanding

46,910

46,684

46,910

46,684

Weighted average shares

 

 

 

 

     outstanding (basic)

46,893

46,671

46,846

46,621

Weighted average shares

 

 

 

 

     outstanding (diluted)

47,028

46,818

47,017

46,832

 

 

 

 

 

Non-accrual loans

$          3,578

$          4,439

$          3,578

$          4,439

Accruing loans 90 or more

 

 

 

 

     days past due

--

189

--

189

Restructured loans

--

--

--

--

Total non-performing loans

3,578

4,628

3,578

4,628

Repossessed assets

146

161

146

161

Other real estate

8,328

11,053

8,328

11,053

  Total non-performing assets

$        12,052

$        15,842

$        12,052

$        15,842

 

 

 

 

 

Allowance for credit losses at

 

 

 

 

     end of period

$        51,594

$        51,584

$        51,594

$        51,584

 

 

 

 

 

Net charge-offs

$          2,069

$          2,670

$          5,190

$        13,864

 

 

 

 

 

Basic earnings per share

$            0.78

$            0.70

$            3.03

$             2.74

 

 

 

 

 

Diluted earnings per share

$            0.77

$            0.70

$            3.01

$             2.73

 

 

 

 

 


 

Prosperity Bancshares, Inc.®

Financial Highlights

 

 

Three Months Ended

Twelve Months Ended

 

Dec 31, 2011

Dec 31, 2010

Dec 31, 2011

Dec 31, 2010

Performance Ratios

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

 

 

 

 

 

Return on average

 

 

 

 

     assets (annualized) 

1.50%

1.41%

1.47%

1.38%

Return on average common

 

 

 

 

     equity (annualized)    

9.35%

9.08%

9.36%

9.08%

Return on average tangible

 

 

 

 

     common equity (annualized) 

23.86%

26.70%

25.11%

27.40%

Net interest margin(D)

 

 

 

 

     (tax equivalent) (annualized)

3.82%

3.99%

3.98%

4.04%

 

 

 

 

 

Efficiency ratio(E)

40.77%

44.13%

42.76%

44.83%

 

 

 

 

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

Non-performing assets to

 

 

 

 

     average earning assets

0.14%

0.20%

0.15%

0.20%

Non-performing assets to loans

 

 

 

 

     and other real estate

0.32%

0.45%

0.32%

0.45%

Net charge-offs

 

 

 

 

     to average loans

0.06%

0.08%

0.14%

0.41%

Allowance for credit losses to

 

 

 

 

     total loans

1.37%

1.48%

1.37%

1.48%

 

 

 

 

 

Common Stock Market Price

 

 

 

 

 

 

 

 

 

High

$41.74

$39.96

$46.87

$43.66

 

 

 

 

 

Low

$31.31

$30.37

$30.91

$28.27

 

 

 

 

 

Period end market price

$40.35

$39.28

$40.35

$39.28

 

(D) Net interest margin for all periods presented is calculated on an actual 365 day basis.

 

(E) Prosperity's efficiency ratio is calculated by dividing total non-interest expense (excluding credit loss provisions) by net interest income plus non-interest income (excluding net gains and losses on the sale of assets and securities).  Additionally, taxes are not part of this calculation.

 

Prosperity Bancshares, Inc.®

Financial Highlights

(Dollars in thousands)

 

 

Dec 31, 2011

Sept 30, 2011

June 30, 2011

Mar 31, 2011

 

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Loan Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

$    439,854

11.7%

$   451,541

12.1%

$   455,791

12.4%

$   460,066

12.9%

Construction

482,140

12.8%

490,193

13.1%

483,581

13.2%

494,159

13.8%

1-4 family residential

1,007,266

26.8%

981,388

26.3%

941,250

25.7%

882,807

24.7%

Home equity

146,999

3.8%

139,553

3.7%

131,213

3.6%

123,696

3.4%

Commercial real estate

1,441,226

38.3%

1,426,704

38.2%

1,411,501

38.5%

1,385,031

38.8%

Agriculture

170,234

4.5%

168,011

4.5%

160,780

4.4%

144,535

4.1%

Consumer

78,187

2.1%

80,240

2.1%

81,132

2.2%

82,626

2.3%

Total Loans

$ 3,765,906

 

$3,737,630

 

$3,665,248

 

$3,572,920

 

 

 

 

 

 

 

 

 

 

Deposit Types

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing DDA

$ 1,972,226

24.5%

$1,861,907

23.9%

$1,788,756

23.3%

$1,730,427

22.2%

Interest bearing DDA

1,532,701

19.0%

1,332,914

17.1%

1,358,649

17.7%

1,432,766

18.3%

Money Market

2,042,243

25.3%

1,995,248

25.6%

1,878,679

24.5%

2,014,674

25.8%

Savings

514,780

6.4%

498,451

6.4%

471,082

6.1%

454,649

5.8%

Time < $100

968,806

12.0%

1,005,672

12.9%

1,037,492

13.6%

1,072,343

13.7%

Time > $100

1,029,498

12.8%

1,104,547

14.1%

1,133,034

14.8%

1,111,525

14.2%

Total Deposits

$ 8,060,254

 

$7,798,739

 

$7,667,692

 

$7,816,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan to Deposit Ratio

46.7%

 

47.9%

 

47.8%

 

45.7%

 

 

 

 

 

 

 

 

 

 

Construction Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single family residential construction

$    136,030

28.2%

$   126,926

25.9%

$   124,995

25.8%

$   112,175

22.7%

Land development

43,084

8.9%

44,400

9.1%

46,405

9.6%

50,600

10.2%

Raw land

61,177

12.7%

64,178

13.1%

69,769

14.4%

70,074

14.2%

Residential lots

86,848

18.0%

88,600

18.1%

86,515

17.9%

86,359

17.5%

Commercial lots

49,645

10.3%

54,016

11.0%

54,419

11.3%

50,543

10.2%

Commercial Construction and other

105,356

21.9%

112,073

22.8%

101,478

21.0%

124,408

25.2%

Total Construction Loans

$    482,140

 

$   490,193

 

$   483,581

 

$   494,159

 

 

Prosperity Bancshares, Inc.®

Financial Highlights

(Dollars in thousands)

 

 

Dec 31, 2011

Sept 30, 2011

June 30, 2011

Mar 31, 2011

Dec 31, 2010

Balance Sheet Data

 (at period end)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

 

 

 

 

 

 

Total loans

$    3,765,906

$   3,737,630

$   3,665,248

$   3,572,920

$    3,485,023

Investment securities(F)

4,658,936

4,430,530

4,641,664

4,798,642

4,617,116

Federal funds sold

642

294

350

517

393

Allowance for credit losses

(51,594)

(52,513)

(51,932)

(51,760)

(51,584)

Cash and due from banks

212,800

211,261

145,910

145,521

158,975

Goodwill

924,537

924,537

924,537

924,537

924,258

Core deposit intangibles

20,996

22,874

24,799

26,742

28,776

Other real estate

8,328

8,216

8,841

10,465

11,053

Fixed assets, net

159,656

160,099

160,119

159,050

159,053

Other assets

122,464

124,159

137,611

136,313

143,509

Total assets

$    9,822,671

$   9,567,087

$   9,657,147

$   9,722,947

$    9,476,572

 

 

 

 

 

 

Demand deposits

$    1,972,226

$   1,861,907

$   1,788,756

$   1,730,427

$    1,673,190

Interest bearing deposits

6,088,028

5,936,832

5,878,936

6,085,957

5,781,730

Total deposits

8,060,254

7,798,739

7,667,692

7,816,384

7,454,920

Securities sold under

 

 

 

 

 

     repurchase agreements

54,883

66,166

91,288

51,847

60,659

Federal funds purchased and

 

 

 

 

 

     other borrowings

12,790

13,583

248,839

228,092

374,433

Junior subordinated debentures

85,055

85,055

85,055

85,055

92,265

Other liabilities

42,424

62,205

52,625

61,071

41,956

Total liabilities

8,255,406

8,025,748

8,145,499

8,242,449

8,024,233

Shareholders' equity(G)

1,567,265

1,541,339

1,511,648

1,480,498

1,452,339

Total liabilities and equity

$    9,822,671

$   9,567,087

$   9,657,147

$   9,722,947

$    9,476,572

 

 

 

 

 

 

 

(F) Includes $20,726, $24,278, $23,647, $21,088 and $22,007 in unrealized gains on available for sale securities for the quarterly periods ending  December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010,  respectively.

(G) Includes $13,472, $15,781, $15,371, $13,707 and $14,304 in after-tax unrealized gains on available for sale securities for the quarterly periods ending December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.

 

Prosperity Bancshares, Inc.®

Financial Highlights

(Dollars in thousands)

 

 

Three Months Ended

 

Dec 31, 2011

Sept 30, 2011

June 30, 2011

Mar 31, 2011

Dec 31, 2010

Income Statement Data

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

 

 

 

 

 

 

Interest on loans

$            53,899

$           54,471

$        53,703

$        52,200

$        52,722

Interest on securities

35,719

38,714

41,943

41,204

39,708

Interest on federal funds

 

 

 

 

 

  sold and other earning assets

40

4

6

5

6

    Total interest income

89,658

93,189

95,652

93,409

92,436

Interest expense- deposits

8,682

9,717

11,064

11,512

11,749

Interest expense- debentures

632

607

598

1,147

803

Interest expense- other

257

327

360

337

375

    Total interest expense

9,571

10,651

12,022

12,996

12,927

    Net interest income

80,087

82,538

83,630

80,413

79,509

Provision for credit losses

1,150

950

1,400

1,700

2,900

    Net interest income after

 

 

 

 

 

      provision for credit losses

78,937

81,588

82,230

78,713

76,609

Non-sufficient funds (NSF) fees

5,860

6,249

6,226

6,107

6,905

Debit card and ATM card income

4,189

3,941

3,809

3,452

3,261

Service charges on

 

 

 

 

 

        deposits accounts

2,515

2,472

2,511

2,483

2,614

Net gain on sale of assets

--

17

195

165

2

Net loss on sale of ORE

(473)

95

(366)

(160)

(915)

Net loss on the sale of securities

--

--

(581)

--

--

Other non-interest income

1,974

1,807

1,736

1,820

2,038

    Total non-interest income

14,065

14,581

13,530

13,867

13,905

Salaries and benefits

21,258

23,601

23,994

23,204

21,421

CDI amortization

1,879

1,924

1,943

2,034

2,172

Net occupancy and equipment

3,655

3,784

3,547

3,648

3,975

Depreciation

2,051

2,041

2,037

2,021

1,999

Data processing

 

 

 

 

 

     and software amortization

1,417

1,954

1,780

1,672

1,515

Regulatory assessments and

     FDIC insurance

1,518

1,488

2,894

3,001

2,812

ORE expense

680

235

294

292

1,013

Other non-interest expense

5,927

6,124

6,025

5,823

6,320

    Total non-interest expense

38,385

41,151

42,514

41,695

41,227

    Net income before taxes

54,617

55,018

53,246

50,885

49,287

Federal income taxes

18,211

18,645

18,154

17,007

16,489

    Net income available

 

 

 

 

 

       to common shareholders

$           36,406

$           36,373

$        35,092

$        33,878

$        32,798

 

Prosperity Bancshares, Inc.®

Financial Highlights

 

 

Three Months Ended

 

Dec 31, 2011

Sept. 30, 2011

June 30, 2011

Mar 31, 2011

Dec 31, 2010

Comparative Quarterly

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Asset Quality, Performance

 

 

 

 

 

     & Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

Return on average

 

 

 

 

 

     assets (annualized)

1.50%

1.52%

1.45%

1.42%

1.41%

Return on average common

 

 

 

 

 

     equity (annualized)

9.35%

9.51%

9.36%

9.22%

9.08%

Return on average tangible

 

 

 

 

 

     equity (annualized)

23.86%

25.03%

25.56%

26.22%

26.70%

Net interest margin

 

 

 

 

 

     (tax equivalent) (annualized)

3.82%

4.02%

4.06%

4.02%

3.99%

 

 

 

 

 

 

Employees – FTE

1,664

1,678

1,675

1,672

1,708

 

 

 

 

 

 

Efficiency ratio

40.77%

42.38%

43.58%

44.30%

44.13%

Non-performing assets to

 

 

 

 

 

     average earning assets

0.14%

0.16%

0.15%

0.16%

0.20%

Non-performing assets to loans

 

 

 

 

 

     and other real estate

0.32%

0.36%

0.35%

0.36%

0.45%

Net charge-offs to

 

 

 

 

 

     average loans

0.06%

0.01%

0.03%

0.04%

0.08%

Allowance for credit losses to

 

 

 

 

 

     total loans

1.37%

1.40%

1.42%

1.45%

1.48%

 

 

 

 

 

 

Book value per share

$33.41

$32.87

$32.24

$31.65

$31.11

 

 

 

 

 

 

Tangible book value per share

$13.25

$12.67

$11.99

$11.31

$10.70

 

 

 

 

 

 

Tier 1 risk-based capital

15.90%

15.47%

14.72%

14.00%

13.64%

 

 

 

 

 

 

Total risk-based capital

17.09%

16.69%

15.93%

15.21%

14.87%

 

 

 

 

 

 

Tier 1 leverage capital

7.89%

7.70%

7.24%

6.97%

6.87%

 

 

 

 

 

 

Tangible equity to tangible assets

7.00%

6.89%

6.46%

6.03%

5.86%

 

 

 

 

 

 

Equity to assets

15.96%

16.11%

15.65%

15.23%

15.33%

 

 

 

 

 

 

 

Prosperity Bancshares, Inc.®

Supplemental Financial Data (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended December 31, 2011

Three Months Ended December 31, 2010

YIELD ANALYSIS

Average

Interest Earned

Average

Average

Interest Earned

Average

 

Balance

/ Interest Paid

Yield/Rate

Balance

/ Interest Paid

Yield/Rate

 

 

 

 

 

 

 

Interest Earning Assets:

 

 

 

 

 

 

Loans

$     3,749,923

$       53,899

5.70%

$    3,421,698

$         52,722

6.11%

Investment securities

4,596,017

35,719

3.11%

4,542,433

39,708

3.50%

Federal funds sold and other

 

 

 

 

 

 

   earning assets

62,035

40

0.26%

14,305

6

0.17%

  Total interest earning assets

8,407,975

$       89,658

4.23%

7,978,436

$          92,436

4.60%

Allowance for credit losses

(51,713)

 

 

(51,551)

 

 

Non-interest earning assets

1,373,217

 

 

1,394,266

 

 

  Total assets

$     9,729,479

 

 

$    9,321,151

 

 

 

 

 

 

 

 

 

Interest Bearing Liabilities:

 

 

 

 

 

 

Interest bearing demand deposits

$     1,363,900

$         1,450

0.42%

$    1,291,312

$            1,772

0.54%

Savings and money market deposits

2,553,227

2,450

0.38%

2,229,295

3,189

0.57%

Certificates and other time deposits

2,057,954

4,782

0.92%

2,271,119

6,788

1.19%

Securities sold under repurchase agreements           

60,999

63

0.41%

77,759

110

0.56%

Federal funds purchased and other borrowings

66,834

194

1.15%

198,677

265

0.53%

Junior subordinated debentures

85,055

632

2.95%

92,265

803

3.45%

  Total interest bearing liabilities

$     6,187,969

$         9,571

    0.61%(H)

$    6,160,427

$         12,927

    0.83%(H)

Non-interest bearing liabilities:

 

 

 

 

 

 

Non-interest bearing demand deposits

$     1,924,037

 

 

$    1,661,448

 

 

Other liabilities

60,628

 

 

54,429

 

 

  Total liabilities

$     8,172,634

 

 

$    7,876,304

 

 

Shareholders' equity

$     1,556,845

 

 

$    1,444,847

 

 

  Total liabilities and shareholders' equity

$     9,729,479

 

 

$    9,321,151

 

 

 

 

 

 

 

 

 

Net Interest Income & Margin

 

$        80,087

3.78%

 

$         79,509

3.95%

 

 

 

 

 

 

 

Net Interest Income & Margin

 

 

 

 

 

 

     (tax equivalent)

 

$        80,937

3.82%

 

$         80,238

3.99%

 

(H) The Company's total cost of funds, including non-interest bearing deposits was 0.47% and 0.66% for the three months ended December 31, 2011 and December 31, 2010, respectively.


 

Prosperity Bancshares, Inc.®

Supplemental Financial Data (Unaudited)

(Dollars in thousands)

 

 

Twelve Months Ended December 31, 2011

Twelve Months Ended December 31, 2010

YIELD ANALYSIS

Average

Interest Earned

Average

Average

Interest Earned

Average

 

Balance

/ Interest Paid

Yield/Rate

Balance

/ Interest Paid

Yield/Rate

 

 

 

 

 

 

 

Interest Earning Assets:

 

 

 

 

 

 

Loans

$     3,648,701

$         214,273

5.87%

$    3,394,502

$         209,711

6.18%

Investment securities

4,625,833

157,580

3.41%

4,508,918

174,707

3.87%

Federal funds sold and other

 

 

 

 

 

 

     earning assets

26,879

55

0.20%

48,944

119

0.24%

  Total interest earning assets

8,301,413

$         371,908

4.48%

7,952,364

$         384,537

4.84%

Allowance for credit losses

(51,871)

 

 

(52,151)

 

 

Non-interest earning assets

1,379,342

 

 

1,378,167

 

 

  Total assets

$     9,628,884

 

 

$    9,278,380

 

 

 

 

 

 

 

 

 

Interest Bearing Liabilities:

 

 

 

 

 

 

Interest bearing demand deposits

$      1,393,501

$            7,416

0.53%

$     1,336,400

$            8,994

0.67%

Savings and money market deposits

2,421,735

11,836

0.49%

2,189,695

15,159

0.69%

Certificates and other time deposits

2,135,858

21,723

1.02%

2,438,968

37,356

1.53%

Securities sold under repurchase agreements           

68,049

369

0.54%

81,623

595

0.73%

Federal funds purchased and other borrowings

 

152,716

 

912

 

0.60%

 

109,260

 

1,035

 

0.95%

Junior subordinated debentures

86,557

2,984

3.45%

92,265

3,250

3.52%

  Total interest bearing liabilities

6,258,416

$           45,240

   0.72%(I)

6,248,211

$          66,389

   1.06%(I)

Non-interest bearing liabilities:

 

 

 

 

 

 

Non-interest bearing demand deposits

1,800,102

 

 

1,567,676

 

 

Other liabilities

56,617

 

 

56,334

 

 

  Total liabilities

8,115,135

 

 

7,872,221

 

 

Shareholders' equity

1,513,749

 

 

1,406,159

 

 

  Total liabilities and shareholders' equity

$     9,628,884

 

 

$    9,278,380

 

 

 

 

 

 

 

 

 

Net Interest Income & Margin

 

$       326,668

3.94%

 

$        318,148

4.00%

 

 

 

 

 

 

 

Net Interest Income & Margin

 

 

 

 

 

 

     (tax equivalent)

 

$       330,282

3.98%

 

$        321,049

4.04%

 

(I) The Company's total cost of funds, including non-interest bearing deposits was 0.56% and 0.85% for the years ended December 31, 2011 and December 31, 2010, respectively.


Prosperity Bancshares, Inc.®
Notes to Selected Financial Data
(Dollars and share amounts  in thousands, except per share data)

Consolidated Financial Highlights

NOTES TO SELECTED FINANCIAL DATA

Prosperity's management uses certain non−GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Specifically, Prosperity reviews tangible book value per share, return on average tangible common equity and the tangible equity to tangible assets ratio for internal planning and forecasting purposes.  Prosperity has included in this Earnings Release information relating to these non-GAAP financial measures for the applicable periods presented.  Prosperity believes these non-GAAP financial measures provide information useful to investors in understanding Prosperity's financial results and Prosperity believes that its presentation, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting Prosperity's business and allows investors to view performance in a manner similar to management, the entire financial services sector, bank stock analysts and bank regulators. Further, Prosperity believes that these non-GAAP measures provide useful information by excluding certain items that may not be indicative of its core operating earnings and business outlook.  These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Prosperity strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

 

Three months ended

Return on average tangible common equity:

Dec 31,

2011

Sept 30,

2011

June 30,

2011

Mar 31,

2011

Dec 31,

2010

 

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Net income

$     36,406

$      36,373

$        35,092

$     33,878

$     32,798

Average shareholders' equity

1,556,845

1,529,718

1,499,385

1,469,048

1,444,847

Less: Average goodwill and other intangible assets

(946,427)

(948,351)

(950,265)

(952,123)

(953,509)

       Average tangible shareholders' equity

$   610,418

$   581,367

$      549,120

$   516,925

$   491,338

Return on average tangible common  equity:

23.86%

25.03%

25.56%

26.22%

26.70%

 

 

 

 

 

 

Tangible book value per share:

 

 

 

Shareholders' equity

$1,567,265

$1,541,339

$ 1,511,648

$1,480,498

$1,452,339

Less: Goodwill and other intangible assets

(945,533)

(947,411)

(949,336)

(951,279)

(953,034)

         Tangible shareholders' equity

$   621,732

$   593,928

$    562,312

$   529,219

$   499,305

 

 

 

 

 

 

Period end shares outstanding

46,910

46,893

46,888

46,782

46,684

Tangible book value per share:

$       13.25

$       12.67

$        11.99

$       11.31

$        10.70

 

 

 

 

 

 

Tangible equity to tangible assets ratio:

 

 

Tangible shareholders' equity

$   621,732

$   593,928

$    562,312

$   529,219

$  499,305

 

 

 

 

 

 

Total assets

$9,822,671

$9,567,087

$ 9,657,147

$9,722,947

$9,476,572

Less: Goodwill and other intangible assets

(945,533)

(947,411)

(949,336)

(951,279)

(953,034)

       Tangible assets

$8,877,138

$ 8,619,676

$ 8,707,811

$8,771,668

$8,523,538

 

 

 

 

 

 

Tangible equity to tangible assets ratio:

7.00%

6.89%

6.46%

6.03%

5.86%

 

Prosperity Bancshares, Inc.®

Notes to Selected Financial Data (Unaudited)

(Dollars and share amounts in thousands, except per share data)

 

 

Twelve Months Ended

 

Dec 31, 2011

Dec 31, 2010

Return on average tangible common equity:

(unaudited)

(unaudited)

Net income

$               141,749

$               127,708

Average shareholders' equity

1,513,749

1,406,159

Less: Average goodwill and other intangible assets

(949,273)

(940,080)

         Average tangible shareholders' equity

$               564,476

$               466,079

Return on average tangible common equity:

25.11%

27.40%

 

 

 

Tangible book value per share:

 

 

Shareholders equity

$            1,567,265

$            1,452,339

Less: Goodwill and other intangible assets

(945,533)

(953,034)

         Tangible shareholders' equity

$               621,732

$               499,305

 

 

 

Period end shares outstanding

46,910

46,684

Tangible book value per share:

$                  13.25

$                   10.70

 

 

 

Tangible equity to tangible assets ratio:

 

Tangible shareholders' equity

$               621,732

$               499,305

 

 

 

Total assets

$            9,822,671

$            9,476,572

Less: Goodwill and other intangible assets

(945,533)

(953,034)

       Tangible assets

$            8,877,138

$            8,523,538

 

 

 

Tangible equity to tangible assets ratio:

7.00%

5.86%

 

SOURCE Prosperity Bancshares, Inc.

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