Texas
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0-25051
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74-2331986
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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4295 San Felipe
Houston, Texas 77027
(Address of principal executive offices including zip code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits.
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Number
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Description of Exhibit
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99.1
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Press Release issued by Prosperity Bancshares, Inc. dated October 21, 2011.
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PROSPERITY BANCSHARES, INC.
(Registrant)
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Dated: October 21, 2011
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By:
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/s/ James D. Rollins III | |
James D. Rollins III
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President and Chief Operating Officer
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Number
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Description of Exhibit
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99.1
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Press Release issued by Prosperity Bancshares, Inc. dated October 21, 2011.
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Prosperity Bancshares, Inc.® Reports Strong Third Quarter Earnings
- 3Q11 Earnings Per Share of $0.77 (diluted)
- YTD Loan Growth 9.7% (annualized)
- Tangible Common Equity Ratio increased 116 bp to 6.89% over last year
- Cash Dividend Increased 11.4%
- Non-Performing Assets remain low at 0.16% of Average Earning Assets
HOUSTON, Oct. 21, 2011 /PRNewswire/ -- Prosperity Bancshares, Inc.® (NASDAQ: PRSP), the parent company of Prosperity Bank®, reported net income for the quarter ended September 30, 2011 of $36.373 million or $0.77 per diluted common share, an increase in net income of $4.207 million or 13.1%, compared with $32.166 million or $0.69 per diluted common share for the same period in 2010.
"Thanks to our customers, our associates and the leadership of our directors, we continued our strong financial performance, recording an increase of 13.1% in net income compared to the same quarter last year. As a result of our associates' calling efforts, our loans increased 9.5% or $323.8 million over the past 12 months," commented David Zalman, Chairman and Chief Executive Officer. "Our company continues to exhibit excellent loan quality and our tangible common equity ratio increased to 6.89% from 5.73% one year ago – all from retained earnings."
"Our bank is in an enviable position with 175 full service banking locations throughout one of the fastest growing states in our nation. We are capitalizing on the current environment by attracting new loan customers as well as taking care of our existing customers' growth needs," continued Zalman. "I also look forward to welcoming Gordon Muir and his team of talented bankers upon the closing of our merger with Bank of Texas in early 2012."
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 September 30, 2011
For the three months ended September 30, 2011, net income was $36.373 million compared with $32.166 million for the same period in 2010. Net income per diluted common share was $0.77 for the three months ended September 30, 2011 and $0.69 for the same period in 2010. Returns on average assets, average common equity and average tangible common equity for the three months ended September 30, 2011 were 1.52%, 9.51% and 25.03%, respectively. Prosperity's efficiency ratio (excluding net gains and losses on the sale of securities and assets) was 42.38% for the three months ended September 30, 2011.
Net interest income before provision for credit losses for the quarter ended September 30, 2011 increased 2.8% to $82.538 million compared with $80.267 million during the same period in 2010. The increase was attributable to a 1.8% increase in average earning assets during the same period. Additionally, the average yield on interest earning assets decreased 23 basis points while the rate paid on interest bearing liabilities decreased 30 basis points for the same period. The net interest margin on a tax equivalent basis increased to 4.02% for the three months ended September 30, 2011 compared with 3.97% for the same period in 2010. On a linked quarter basis, the tax equivalent net interest margin decreased four basis points to 4.02% for the three months ended September 30, 2011 from 4.06% reported for the three months ended June 30, 2011.
Non-interest income increased $927,000 or 6.8% to $14.581 million for the three months ended September 30, 2011 compared with $13.654 million for the same period in 2010. The increase was mainly attributable to a reduction in net loss on the sale of other real estate and an increase in debit card and ATM card income, partially offset by a decrease in NSF income.
Non-interest expense decreased $1.442 million or 3.4% to $41.151 million for the three months ended September 30, 2011 compared with $42.593 million for the same period in 2010. The decrease was attributable primarily due to a decrease in ORE expenses and reduced FDIC assessments partially offset by an increase in salaries and benefits expense.
Average loans increased 8.4% or $285.717 million to $3.694 billion for the quarter ended September 30, 2011 compared with $3.408 billion for the same period in 2010. Average deposits increased 0.6% or $44.301 million to $7.653 billion for the quarter ended September 30, 2011 compared with $7.608 billion for the same period in 2010.
Loans at September 30, 2011 were $3.738 billion, an increase of $323.811 million or 9.5%, compared with $3.414 billion at September 30, 2010. Loans increased 2.0% (7.9% annualized) or $72.382 million on a linked quarter basis compared with loans of $3.665 billion at June 30, 2011.
Deposits at September 30, 2011 were $7.799 billion, an increase of $307.159 million or 4.1%, compared with $7.492 billion at September 30, 2010. Linked quarter deposits increased $131.047 million or 1.7% (6.8% annualized) from $7.668 billion at June 30, 2011.
At September 30, 2011, construction loans totaled $490.193 million, consisting of $126.926 million of single family residential construction loans; $44.400 million of land development loans; $64.178 million of raw land loans; $88.600 million of residential lot loans; $54.016 million of commercial lot loans; and $112.073 million of commercial and other construction loans. This is an increase of $6.612 million from construction loans at June 30, 2011.
At September 30, 2011, Prosperity had $9.567 billion in total assets, $3.738 billion in loans, and $7.799 billion in deposits. Assets, loans and deposits at September 30, 2011 increased by 3.6%, 9.5% and 4.1%, respectively, compared with their level at September 30, 2010.
Asset Quality
Non-performing assets totaled $13.363 million or 0.16% of average earning assets at September 30, 2011 compared with $20.700 million or 0.26% of average earning assets at September 30, 2010 and $12.680 million or 0.15% of average earnings assets at June 30, 2011. The allowance for credit losses was 1.40% of total loans at September 30, 2011 compared with 1.50% at September 30, 2010 and 1.42% of total loans at June 30, 2011.
Non-performing assets | Sept 30, 2011 | June 30, 2011 | Sept 30, 2010 | ||||
Amount | # | Amount | # | Amount | # | ||
Commercial | $ 1,440 | 17 | $ 875 | 15 | $ 1,446 | 20 | |
Construction | 5,042 | 30 | 4,692 | 26 | 7,740 | 44 | |
1-4 family (including home equity) | 3,894 | 38 | 2,875 | 32 | 4,024 | 46 | |
Commercial real estate (including multi-family) | 2,885 | 11 | 4,151 | 18 | 7,383 | 9 | |
Agriculture | 51 | 3 | 51 | 3 | 0 | 0 | |
Consumer | 51 | 4 | 36 | 3 | 107 | 15 | |
Total | $ 13,363 | 103 | $ 12,680 | 97 | $ 20,700 | 134 | |
Net Charge-offs | Three Months | Three Months | Three Months | |
Commercial | $ 7 | $ 271 | $ 464 | |
Construction | (197) | 455 | 829 | |
1-4 family (including home equity) | 134 | 157 | 392 | |
Commercial real estate (including multi-family) | 271 | 177 | 2,138 | |
Agriculture | -- | -- | (4) | |
Consumer | 153 | 169 | 554 | |
Total | $ 368 | $ 1,229 | $ 4,373 | |
The provision for credit losses was $950,000 for the three months ended September 30, 2011 and $3.000 million for the three months ended September 30, 2010. Net charge offs were $368,000 for the three months ended September 30, 2011 and $4.373 million for the three months ended September 30, 2010.
The provision for credit losses was $4.050 million for the nine months ended September 30, 2011 compared to $10.685 million for the nine months ended September 30, 2010. Net charge offs were $3.121 million for the nine months ended September 30, 2011 compared to $11.194 million for the nine months ended September 30, 2010.
Results of operations for the nine months ended September 30, 2011
For the nine months ended September 30, 2011, net income was $105.343 million compared with $94.910 million for the same period in 2010. Net income per diluted common share was $2.24 for the nine months ended September 30, 2011 compared with $2.03 for the same period in 2010. Returns on average assets, average common equity and average tangible common equity for the nine months ended September 30, 2011 were 1.46%, 9.37% and 25.58%, respectively. Prosperity's efficiency ratio was 43.41% for the nine months ended September 30, 2011.
Net interest income before provision for credit losses for the nine months ended September 30, 2011 increased $7.942 million or 3.3%, to $246.581 million compared with $238.639 million during the same period in 2010. The increase was attributable primarily to a 4.1% increase in average earning assets during the same period.
Non-interest income increased $2.050 million or 5.1% to $41.978 million for the nine months ended September 30, 2011 compared with $39.928 million for the same period in 2010. The increase was mainly attributable to a decrease in net loss on the sale of other real estate and an increase in debit and ATM card income partially offset by a decrease in NSF income.
Non-interest expense decreased $7,000 or 0.01% to $125.360 million for the nine months ended September 30, 2011 compared with $125.367 million for the same period in 2010.
Dividend Increase
Prosperity Bancshares, Inc. has increased their regular cash dividend to $0.78 per share per year. The fourth quarter cash dividend of $0.195, an increase of 11.4%, is payable on January 2, 2012 to all shareholders of record as of December 16, 2011.
Conference Call
Prosperity's management team will host a conference call on Friday, October 21, 2011 at 10:30 a.m. Eastern Daylight Time (9:30 a.m. Central Daylight Time) to discuss Prosperity's third quarter earnings. Individuals and investment professionals may participate in the call by dialing 800-895-0198, 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 Home page under News and Events.
Acquisition of Texas Bankers, Inc.
On September 13, 2011 Prosperity Bancshares, Inc.® announced the signing of a definitive agreement to acquire Texas Bankers, Inc. and its wholly-owned subsidiary, Bank of Texas, Austin, Texas.
Texas Bankers, Inc. operates three (3) banking offices in the Austin, Texas CMSA including a location in Rollingwood, which will be consolidated with Prosperity's Westlake location and remain in Bank of Texas' Rollingwood banking office; one in downtown Austin which will be consolidated into Prosperity's downtown Austin location and another in Thorndale. As of September 30, 2011, Bank of Texas reported total assets of $71.3 million, loans of $30.5 million and deposits of $63.1 million.
Under the terms of the definitive agreement, Prosperity will issue 315,000 shares of Prosperity common stock for all outstanding shares of Texas Bankers capital stock, subject to certain conditions and potential adjustments. The transaction is expected to be consummated during the first quarter of 2012, although delays may occur.
Prosperity Bancshares, Inc.®
Prosperity Bancshares, Inc.®, a $9.6 billion Houston, Texas based regional financial holding company, formed in 1983, operates under a community banking philosophy and seeks 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; sixty (60) 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-three (33) 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 - | Jacksonville | Bay City | |
Kerens | Beaumont | |||
Bryan | Dallas - | Longview | Cinco Ranch | |
Bryan-East | Abrams Centre | Mount Vernon | Cleveland | |
Bryan-North | Balch Springs | Palestine | East Bernard | |
Caldwell | Camp Wisdom | Rusk | El Campo | |
College Station | Cedar Hill | Seven Points | Dayton | |
Greens Prairie | Central Expressway | Teague | Galveston | |
Madisonville | East Renner | Tyler | Groves | |
Navasota | Frisco | Tyler-University | Hempstead | |
Rock Prairie | Frisco-West | Winnsboro | Hitchcock | |
Wellborn Road | Independence | Katy | ||
Kiest | Liberty | |||
Central Texas Area - | McKinney | Houston Area - | Magnolia | |
McKinney-Stonebridge | Mont Belvieu | |||
Austin - | Midway | Houston - | Nederland | |
183 | Preston Forest | Aldine | Needville | |
Allandale | Preston Road | Allen Parkway | Shadow Creek | |
Cedar Park | Red Oak | Bellaire | Sweeny | |
Congress | Sachse | Beltway | Tomball | |
Lakeway | The Colony | Clear Lake | Waller | |
Liberty Hill | Turtle Creek | Copperfield | West Columbia | |
Northland | Westmoreland | Cypress | Wharton | |
Oak Hill | Downtown | Winnie | ||
Parmer Lane | Eastex | Wirt | ||
Research Blvd | Fort Worth - | Fairfield | ||
West Lake | Haltom City | First Colony | ||
Keller | Gessner | South Texas Area - | ||
Roanoke | Gladebrook | |||
Other Central Texas | Stockyards | Harrisburg | Corpus Christi - | |
Locations - | Heights | Airline | ||
Bastrop | Highway 6 West | Carmel | ||
Cuero | Other Dallas/Fort Worth | Hillcroft | Northwest | |
Dime Box | Locations - | Little York | Saratoga | |
Dripping Springs | Azle | Medical Center | Water Street | |
Elgin | Ennis | Memorial Drive | ||
Flatonia | Gainesville | Northside | Other South Texas | |
Georgetown | Mesquite | Pasadena | Locations - | |
Gonzales | Muenster | Pecan Grove | Alice | |
Hallettsville | Sanger | Piney Point | Aransas Pass | |
Kingsland | Waxahachie | River Oaks | Beeville | |
La Grange | Royal Oaks | Edna | ||
Lexington | Sugar Land | Goliad | ||
New Braunfels | East Texas Area - | SW Medical Center | Kingsville | |
Pleasanton | Athens | Tanglewood | Mathis | |
Round Rock | Athens-South | Uptown | Palacios | |
San Antonio | Blooming Grove | Waugh Drive | Port Aransas | |
Schulenburg | Canton | West University | Port Lavaca | |
Seguin | Carthage | Westheimer | Portland | |
Smithville | Corsicana | Woodcreek | Rockport | |
Weimar | Crockett | Sinton | ||
Yoakum | Eustace | Other Houston Area | Victoria | |
Yorktown | Grapeland | Locations - | Victoria-North | |
Gun Barrel City | Angleton | |||
In connection with the proposed acquisition of Texas Bankers, Inc., 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 shareholders of Texas Bankers. The registration statement includes a proxy statement/prospectus which will be sent to the shareholders of Texas Bankers seeking their approval of the proposed transaction.
WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND 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, TEXAS BANKERS 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, that 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, Inc.® may be downloaded from the Internet at no charge from www.prosperitybanktx.com.
Prosperity Bancshares, Inc. ® | |||||
Three Months Ended | Nine Months Ended | ||||
Sept 30, 2011 | Sept 30, 2010 | Sept 30, 2011 | Sept 30, 2010 | ||
Selected Earnings and Per | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Share Data | |||||
Total interest income | $ 93,189 | $ 96,247 | $ 282,250 | $ 292,101 | |
Total interest expense | 10,651 | 15,980 | 35,669 | 53,462 | |
Net interest income | 82,538 | 80,267 | 246,581 | 238,639 | |
Provision for credit losses | 950 | 3,000 | 4,050 | 10,685 | |
Net interest income after | |||||
provision for credit losses | 81,588 | 77,267 | 242,531 | 227,954 | |
Total non-interest income | 14,581 | 13,654 | 41,978 | 39,928 | |
Total non-interest expense | 41,151 | 42,593 | 125,360 | 125,367 | |
Net income before taxes | 55,018 | 48,328 | 159,149 | 142,515 | |
Federal income taxes | 18,645 | 16,162 | 53,806 | 47,605 | |
Net income | $ 36,373 | $ 32,166 | $ 105,343 | $ 94,910 | |
Basic earnings per share | $0.78 | $0.69 | $2.25 | $2.04 | |
Diluted earnings per share | $0.77 | $0.69 | $2.24 | $2.03 | |
Period end shares outstanding | 46,893 | 46,653 | 46,893 | 46,653 | |
Weighted average shares | |||||
outstanding (basic) | 46,890 | 46,640 | 46,830 | 46,604 | |
Weighted average shares | |||||
outstanding (diluted) | 47,033 | 46,774 | 47,013 | 46,835 | |
Prosperity
Bancshares, Inc. ® | |||||
Three Months Ended | Nine Months Ended | ||||
Sept 30, 2011 | Sept 30, 2010 | Sept 30, 2011 | Sept 30, 2010 | ||
Balance Sheet Averages | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Total loans | $ 3,694,039 | $ 3,408,322 | 3,614,590 | 3,385,337 | |
Investment securities | 4,524,213 | 4,667,697 | 4,635,880 | 4,497,623 | |
Federal funds sold and | |||||
other temporary | |||||
investments | 18,636 | 12,812 | 15,031 | 60,618 | |
Total earning assets | 8,236,888 | 8,088,831 | 8,265,501 | 7,943,578 | |
Allowance for credit losses | (52,208) | (52,577) | (51,924) | (52,354) | |
Cash and due from banks | 125,750 | 127,497 | 129,526 | 129,520 | |
Goodwill | 924,537 | 921,714 | 924,496 | 902,109 | |
Core deposit intangibles (CDI) | 23,814 | 32,178 | 25,737 | 33,445 | |
Other real estate (ORE) | 8,637 | 15,840 | 10,360 | 14,952 | |
Fixed assets, net | 160,476 | 160,831 | 159,890 | 158,158 | |
Other assets | 132,180 | 143,407 | 138,896 | 142,019 | |
Total assets | $ 9,560,074 | $ 9,437,721 | $ 9,602,482 | $ 9,271,427 | |
Non-interest bearing deposits | $ 1,828,957 | $ 1,577,013 | $ 1,758,182 | $ 1,535,936 | |
Interest bearing deposits | 5,823,627 | 6,031,270 | 5,943,012 | 6,023,479 | |
Total deposits | 7,652,584 | 7,608,283 | 7,701,194 | 7,559,415 | |
Securities sold under | |||||
repurchase agreements | 90,821 | 94,181 | 70,425 | 82,925 | |
Federal funds purchased and | |||||
other borrowings | 135,336 | 159,423 | 181,656 | 79,127 | |
Junior subordinated | |||||
debentures | 85,055 | 92,265 | 87,058 | 92,265 | |
Other liabilities | 66,560 | 63,785 | 62,765 | 64,433 | |
Shareholders' equity(A) | 1,529,718 | 1,419,784 | 1,499,384 | 1,393,262 | |
Total liabilities and equity | $ 9,560,074 | $ 9,437,721 | $ 9,602,482 | $ 9,271,427 | |
(A) Includes $15,702 and $18,392 in after tax unrealized gains on available for sale securities for the three months ending September 30, 2011 and September 30, 2010, respectively, and $14,735 and $17,752 for the nine months ending September 30, 2011 and September 30, 2010, respectively. | |||||
Prosperity Bancshares, Inc.
® | |||||
Three Months Ended | Nine Months Ended | ||||
Sept 30, 2011 | Sept 30, 2010 | Sept 30, 2011 | Sept 30, 2010 | ||
Income Statement Data | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Interest on loans | $ 54,471 | $ 52,855 | $ 160,374 | $ 156,989 | |
Interest on securities | 38,714 | 43,382 | 121,861 | 134,999 | |
Interest on federal funds sold and | |||||
other temporary investments | 4 | 10 | 15 | 113 | |
Total interest income | 93,189 | 96,247 | 282,250 | 292,101 | |
Interest expense – deposits | 9,717 | 14,702 | 32,293 | 49,760 | |
Interest expense – debentures | 607 | 857 | 2,352 | 2,447 | |
Interest expense – other | 327 | 421 | 1,024 | 1,255 | |
Total interest expense | 10,651 | 15,980 | 35,669 | 53,462 | |
Net interest income (B) | 82,538 | 80,267 | 246,581 | 238,639 | |
Provision for credit losses | 950 | 3,000 | 4,050 | 10,685 | |
Net interest income after | |||||
provision for credit losses | 81,588 | 77,267 | 242,531 | 227,954 | |
Non-sufficient funds (NSF) fees | 6,249 | 7,274 | 18,582 | 20,675 | |
Debit card and ATM card income | 3,941 | 3,393 | 11,202 | 9,321 | |
Service charges on deposit accounts | 2,472 | 2,534 | 7,466 | 7,474 | |
Net gain on sale of assets | 17 | 1 | 377 | 400 | |
Net gain (loss) on sale of ORE | 95 | (1,364) | (431) | (3,347) | |
Net loss on sale of securities | -- | -- | (581) | -- | |
Other non-interest income | 1,807 | 1,816 | 5,363 | 5,405 | |
Total non-interest income | 14,581 | 13,654 | 41,978 | 39,928 | |
Salaries and benefits (C) | 23,601 | 22,016 | 70,799 | 65,559 | |
CDI amortization | 1,924 | 2,274 | 5,901 | 6,844 | |
Net occupancy and equipment | 3,784 | 4,036 | 10,979 | 11,178 | |
Depreciation | 2,041 | 2,161 | 6,099 | 6,314 | |
Debit card, data processing | |||||
and software amortization | 1,954 | 1,550 | 5,406 | 4,707 | |
Regulatory assessments and | |||||
FDIC insurance | 1,488 | 2,817 | 7,383 | 8,227 | |
ORE expense | 235 | 1,053 | 821 | 2,470 | |
Other non-interest expense | 6,124 | 6,686 | 17,972 | 20,068 | |
Total non-interest expense | 41,151 | 42,593 | 125,360 | 125,367 | |
Net income before taxes | 55,018 | 48,328 | 159,149 | 142,515 | |
Federal income taxes | 18,645 | 16,162 | 53,806 | 47,605 | |
Net income available | |||||
to common shareholders | $ 36,373 | $ 32,166 | $ 105,343 | $ 94,910 | |
(B) Net interest income on a tax equivalent basis would be $83,440 and $81,014 for the three months ended September 30, 2011 and September 30, 2010, respectively, and $249,345 and $240,811 for the nine months ended September 30, 2011 and September 30, 2010, respectively. | |||||
(C) Salaries and benefits includes stock-based compensation expense of $961 and $729 for the three months ended September 30, 2011 and September 30, 2010, respectively, and $2,604 and $2,212 for the nine months ended September 30, 2011 and September 30, 2010, respectively. | |||||
Prosperity Bancshares, Inc.® | |||||
Three Months Ended | Nine Months Ended | ||||
Sept 30, 2011 | Sept 30, 2010 | Sept 30, 2011 | Sept 30, 2010 | ||
Common Share and | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Other Data | |||||
Employees - FTE | 1,678 | 1,719 | 1,678 | 1,719 | |
Book value per share | $ 32.87 | $ 30.64 | $ 32.87 | $ 30.64 | |
Tangible book value per share | $ 12.67 | $ 10.17 | $ 12.67 | $ 10.17 | |
Period end shares outstanding | 46,893 | 46,653 | 46,893 | 46,653 | |
Weighted average shares | |||||
outstanding (basic) | 46,890 | 46,640 | 46,830 | 46,604 | |
Weighted average shares | |||||
outstanding (diluted) | 47,033 | 46,774 | 47,013 | 46,835 | |
Non-accrual loans | $ 5,105 | $ 7,530 | $ 5,105 | $ 7,530 | |
Restructured loans | 0 | 0 | 0 | 0 | |
Accruing loans 90 or more | |||||
days past due | 20 | 1,776 | 20 | 1,776 | |
Total non-performing loans | 5,125 | 9,306 | 5,125 | 9,306 | |
Repossessed assets | 22 | 161 | 22 | 161 | |
Other real estate | 8,216 | 11,233 | 8,216 | 11,233 | |
Total non-performing assets | $ 13,363 | $ 20,700 | $ 13,363 | $ 20,700 | |
Allowance for credit losses at | |||||
end of period | $ 52,513 | $ 51,354 | $ 52,513 | $ 51,354 | |
Net charge-offs | $ 368 | $ 4,373 | $ 3,121 | $ 11,194 | |
Basic earnings per share | $ 0.78 | $ 0.69 | $ 2.25 | $ 2.04 | |
Diluted earnings per share | $ 0.77 | $ 0.69 | $ 2.24 | $ 2.03 | |
Prosperity Bancshares, Inc.® | ||||||
Three Months Ended | Nine Months Ended | |||||
Sept 30, 2011 | Sept 30, 2010 | Sept 30, 2011 | Sept 30, 2010 | |||
Performance Ratios | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
Return on average assets (annualized) | 1.52% | 1.36% | 1.46% | 1.36% | ||
Return on average common | ||||||
equity (annualized) | 9.51% | 9.06% | 9.37% | 9.08% | ||
Return on average tangible | ||||||
common equity (annualized) | 25.03% | 27.62% | 25.58% | 27.65% | ||
Net interest margin | ||||||
(tax equivalent) (annualized) (D) | 4.02% | 3.97% | 4.03% | 4.05% | ||
Efficiency ratio(E) | 42.38% | 45.35% | 43.41% | 47.07% | ||
Asset Quality Ratios | ||||||
Non-performing assets to | ||||||
average earning assets | 0.16% | 0.26% | 0.16% | 0.26% | ||
Non-performing assets to loans | ||||||
and other real estate | 0.36% | 0.60% | 0.36% | 0.60% | ||
Net charge-offs to average loans | 0.01% | 0.13% | 0.09% | 0.33% | ||
Allowance for credit losses to | ||||||
total loans | 1.40% | 1.50% | 1.40% | 1.50% | ||
Common Stock Market Price | ||||||
High | $46.87 | $36.05 | $46.87 | $43.66 | ||
Low | $30.91 | $28.27 | $30.91 | $28.27 | ||
Period end market price | $32.68 | $32.47 | $32.68 | $32.47 | ||
(D) Net interest margin for all periods presented is calculated on an actual 365 day basis. | ||||||
(E)The efficiency ratio is calculated by dividing total non-interest expense (excluding provision for credit losses) by net interest income plus non-interest income (excluding net gains and losses on the sale of securities and assets). Additionally, taxes are not part of this calculation. | ||||||
Prosperity Bancshares, Inc.® | |||||||||
Sept 30, 2011 | June 30, 2011 | March 31, 2011 | Dec 31, 2010 | ||||||
Loan Portfolio | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
Commercial | $ 451,541 | 12.1% | $ 455,791 | 12.4% | $ 460,066 | 12.9% | $ 440,480 | 12.6% | |
Construction | 490,193 | 13.1% | 483,581 | 13.2% | 494,159 | 13.8% | 502,327 | 14.4% | |
1-4 family residential | 981,388 | 26.3% | 941,250 | 25.7% | 882,807 | 24.7% | 824,057 | 23.7% | |
Home equity | 139,553 | 3.7% | 131,213 | 3.6% | 123,696 | 3.4% | 118,781 | 3.4% | |
Commercial real estate | 1,426,704 | 38.2% | 1,411,501 | 38.5% | 1,385,031 | 38.8% | 1,370,649 | 39.3% | |
Agriculture | 168,011 | 4.5% | 160,780 | 4.4% | 144,535 | 4.1% | 140,752 | 4.1% | |
Consumer | 80,240 | 2.1% | 81,132 | 2.2% | 82,626 | 2.3% | 87,977 | 2.5% | |
Total Loans | $3,737,630 | $3,665,248 | $3,572,920 | $3,485,023 | |||||
Deposit Types | |||||||||
Non-interest bearing DDA | $1,861,907 | 23.9% | $1,788,756 | 23.3% | $1,730,427 | 22.2% | $1,673,190 | 22.4% | |
Interest bearing DDA | 1,332,914 | 17.1% | 1,358,649 | 17.7% | 1,432,766 | 18.3% | 1,412,337 | 19.0% | |
Money Market | 1,995,248 | 25.6% | 1,878,679 | 24.5% | 2,014,674 | 25.8% | 1,748,344 | 23.5% | |
Savings | 498,451 | 6.4% | 471,082 | 6.1% | 454,649 | 5.8% | 423,026 | 5.6% | |
Time < $100 | 1,005,672 | 12.9% | 1,037,492 | 13.6% | 1,072,343 | 13.7% | 1,119,336 | 15.0% | |
Time > $100 | 1,104,547 | 14.1% | 1,133,034 | 14.8% | 1,111,525 | 14.2% | 1,078,687 | 14.5% | |
Total Deposits | $7,798,739 | $7,667,692 | $7,816,384 | $7,454,920 | |||||
Loan to Deposit Ratio | 45.9% | 47.8% | 45.7% | 46.7% | |||||
Construction Loans | |||||||||
Single family residential construction | $ 126,926 | 25.9% | $ 124,995 | 25.8% | $ 112,175 | 22.7% | $ 118,207 | 23.5% | |
Land development | 44,400 | 9.1% | 46,405 | 9.6% | 50,600 | 10.2% | 52,773 | 10.5% | |
Raw land | 64,178 | 13.1% | 69,769 | 14.4% | 70,074 | 14.2% | 64,524 | 12.9% | |
Residential lots | 88,600 | 18.1% | 86,515 | 17.9% | 86,359 | 17.5% | 88,648 | 17.6% | |
Commercial lots | 54,016 | 11.0% | 54,419 | 11.3% | 50,543 | 10.2% | 52,183 | 10.4% | |
Commercial | |||||||||
construction and other | 112,073 | 22.8% | 101,478 | 21.0% | 124,408 | 25.2% | _ 125,992 | 25.1% | |
Total Construction Loans | $ 490,193 | $ 483,581 | $ 494,159 | $ 502,327 | |||||
Prosperity Bancshares, Inc.® | ||||||
Sept 30, 2011 | June 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | Sept 30, 2010 | ||
Balance Sheet Data (at period end) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Total loans | $ 3,737,630 | $ 3,665,248 | $ 3,572,920 | $ 3,485,023 | $ 3,413,819 | |
Investment securities (F) | 4,430,530 | 4,641,664 | 4,798,642 | 4,617,116 | 4,472,639 | |
Federal funds sold | 294 | 350 | 517 | 393 | 553 | |
Allowance for credit losses | (52,513) | (51,932) | (51,760) | (51,584) | (51,354) | |
Cash and due from banks | 211,261 | 145,910 | 145,521 | 158,975 | 140,678 | |
Goodwill | 924,537 | 924,537 | 924,537 | 924,258 | 923,933 | |
Core deposit intangibles | 22,874 | 24,799 | 26,742 | 28,776 | 30,948 | |
Other real estate | 8,216 | 8,841 | 10,465 | 11,053 | 11,233 | |
Fixed assets, net | 160,099 | 160,119 | 159,050 | 159,053 | 159,717 | |
Other assets | 124,159 | 137,611 | 136,313 | 143,509 | 136,336 | |
Total assets | $ 9,567,087 | $ 9,657,147 | $ 9,722,947 | $ 9,476,572 | $ 9,238,502 | |
Demand deposits | $ 1,861,907 | $ 1,788,756 | $ 1,730,427 | $ 1,673,190 | $ 1,623,078 | |
Interest bearing deposits | 5,936,832 | 5,878,936 | 6,085,957 | 5,781,730 | 5,868,502 | |
Total deposits | 7,798,739 | 7,667,692 | 7,816,384 | 7,454,920 | 7,491,580 | |
Securities sold under | ||||||
repurchase agreements | 66,166 | 91,288 | 51,847 | 60,659 | 96,416 | |
Federal funds purchased and | ||||||
other borrowings | 13,583 | 248,839 | 228,092 | 374,433 | 71,686 | |
Junior subordinated | ||||||
debentures | 85,055 | 85,055 | 85,055 | 92,265 | 92,265 | |
Other liabilities | 62,205 | 52,625 | 61,071 | 41,956 | 56,985 | |
Total liabilities | 8,025,748 | 8,145,499 | 8,242,449 | 8,024,233 | 7,808,932 | |
Shareholders' equity (G) | 1,541,339 | 1,511,648 | 1,480,498 | 1,452,339 | 1,429,570 | |
Total liabilities and equity | $ 9,567,087 | $ 9,657,147 | $ 9,722,947 | $ 9,476,572 | $ 9,238,502 | |
(F) Includes $24,278, $23,647, $21,088, $22,007 and $26,869 in unrealized gains on available for sale securities for the quarterly periods ending September 30, 2011, June 30, 2011, March 31, 2011, December 31, 2010, and September 30, 2010, respectively. | ||||||
(G) Includes $15,781, $15,371, $13,707, $14,304 and $17,465 in after-tax unrealized gains on available for sale securities for the quarterly periods ending September 30, 2011, June 30, 2011, March 31, 2011, December 31, 2010, and September 30, 2010, respectively. | ||||||
Prosperity Bancshares, Inc.® Financial Highlights (Dollars in thousands) | ||||||
Three Months Ended | ||||||
Sept 30, 2011 | June 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | Sept 30, 2010 | ||
Income Statement Data | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Interest on loans | $ 54,471 | $ 53,703 | $ 52,200 | $ 52,722 | $ 52,855 | |
Interest on securities | 38,714 | 41,943 | 41,204 | 39,708 | 43,382 | |
Interest on federal funds | ||||||
sold and other earning assets | 4 | 6 | 5 | 6 | 10 | |
Total interest income | 93,189 | 95,652 | 93,409 | 92,436 | 96,247 | |
Interest expense - deposits | 9,717 | 11,064 | 11,512 | 11,749 | 14,702 | |
Interest expense - debentures | 607 | 598 | 1,147 | 803 | 857 | |
Interest expense - other | 327 | 360 | 337 | 375 | 421 | |
Total interest expense | 10,651 | 12,022 | 12,996 | 12,927 | 15,980 | |
Net interest income | 82,538 | 83,630 | 80,413 | 79,509 | 80,267 | |
Provision for credit losses | 950 | 1,400 | 1,700 | 2,900 | 3,000 | |
Net interest income after | ||||||
provision for credit losses | 81,588 | 82,230 | 78,713 | 76,609 | 77,267 | |
Non-sufficient funds (NSF) fees | 6,249 | 6,226 | 6,107 | 6,905 | 7,274 | |
Debit card and ATM card income | 3,941 | 3,809 | 3,452 | 3,261 | 3,393 | |
Service charges on deposit accounts | 2,472 | 2,511 | 2,483 | 2,614 | 2,534 | |
Net gain (loss) on sale of assets | 17 | 195 | 165 | 2 | 1 | |
Net (loss) gain on sale of ORE | 95 | (366) | (160) | (915) | (1,364) | |
Net loss on sale of securities | -- | (581) | -- | -- | -- | |
Other non-interest income | 1,807 | 1,736 | 1,820 | 2,038 | 1,816 | |
Total non-interest income | 14,581 | 13,530 | 13,867 | 13,905 | 13,654 | |
Salaries and benefits | 23,601 | 23,994 | 23,204 | 21,421 | 22,016 | |
CDI amortization | 1,924 | 1,943 | 2,034 | 2,172 | 2,274 | |
Net occupancy and equipment | 3,784 | 3,547 | 3,648 | 3,975 | 4,036 | |
Depreciation | 2,041 | 2,037 | 2,021 | 1,999 | 2,161 | |
Debit card, data processing and | ||||||
software amortization | 1,954 | 1,780 | 1,672 | 1,515 | 1,550 | |
Regulatory assessments and | ||||||
FDIC insurance | 1,488 | 2,894 | 3,001 | 2,812 | 2,817 | |
ORE expense | 235 | 294 | 292 | 1,013 | 1,053 | |
Other non-interest expense | 6,124 | 6,025 | 5,823 | 6,320 | 6,686 | |
Total non-interest expense | 41,151 | 42,514 | 41,695 | 41,227 | 42,593 | |
Net income before taxes | 55,018 | 53,246 | 50,885 | 49,287 | 48,328 | |
Federal income taxes | 18,645 | 18,154 | 17,007 | 16,489 | 16,162 | |
Net income available | ||||||
to common shareholders | $ 36,373 | $ 35,092 | $ 33,878 | $ 32,798 | $ 32,166 | |
Prosperity Bancshares, Inc.® | ||||||
Comparative Quarterly | Three Months Ended | |||||
Asset Quality, Performance | Sept 30, 2011 | June 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | Sept 30, 2010 | |
& Capital Ratios | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Return on average | ||||||
assets (annualized) | 1.52% | 1.45% | 1.42% | 1.41% | 1.36% | |
Return on average common | ||||||
equity (annualized) | 9.51% | 9.36% | 9.22% | 9.08% | 9.06% | |
Return on average tangible | ||||||
common equity (annualized) | 25.03% | 25.56% | 26.22% | 26.70% | 27.62% | |
Net interest margin | ||||||
(tax equivalent) (annualized) | 4.02% | 4.06% | 4.02% | 3.99% | 3.97% | |
Employees – FTE | 1,678 | 1,675 | 1,672 | 1,708 | 1,719 | |
Efficiency ratio | 42.38% | 43.58% | 44.30% | 44.13% | 45.35% | |
Non-performing assets to | ||||||
average earning assets | 0.16% | 0.15% | 0.16% | 0.20% | 0.26% | |
Non-performing assets to loans | ||||||
and other real estate | 0.36% | 0.35% | 0.36% | 0.45% | 0.60% | |
Net charge-offs to | ||||||
average loans | 0.01% | 0.03% | 0.04% | 0.08% | 0.13% | |
Allowance for credit losses to | ||||||
total loans | 1.40% | 1.42% | 1.45% | 1.48% | 1.50% | |
Book value per share | $32.87 | $32.24 | $31.65 | $31.11 | $30.64 | |
Tangible book value per share | $12.67 | $11.99 | $11.31 | $10.70 | $10.17 | |
Tier 1 risk-based capital | 15.47% | 14.72% | 14.00% | 13.64% | 13.23% | |
Total risk-based capital | 16.69% | 15.93% | 15.21% | 14.87% | 14.47% | |
Tier 1 leverage capital | 7.70% | 7.24% | 6.97% | 6.87% | 6.45% | |
Tangible equity to tangible | ||||||
assets | 6.89% | 6.46% | 6.03% | 5.86% | 5.73% | |
Equity to assets | 16.11% | 15.65% | 15.23% | 15.33% | 15.47% | |
Prosperity Bancshares, Inc.® | |||||||
Three Months Ended September 30, 2011 | Three Months Ended September 30, 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 | $ 3,694,039 | $ 54,471 | 5.85% | $ 3,408,322 | $ 52,855 | 6.15% | |
Investment securities | 4,524,213 | 38,714 | 3.42% | 4,667,697 | 43,382 | 3.72% | |
Federal funds sold and other | |||||||
temporary investments | 18,636 | 4 | 0.09% | 12,812 | 10 | 0.31% | |
Total interest earning assets | 8,236,888 | $ 93,189 | 4.49% | 8,088,831 | $ 96,247 | 4.72% | |
Allowance for credit losses | (52,208) | (52,577) | |||||
Non-interest earning assets | 1,375,394 | 1,401,467 | |||||
Total assets | $ 9,560,074 | $ 9,437,721 | |||||
Interest Bearing Liabilities: | |||||||
Interest bearing demand deposits | $ 1,319,800 | $ 1,667 | 0.50% | $ 1,290,299 | $ 1,967 | 0.60% | |
Savings and money market deposits | 2,369,745 | 2,702 | 0.45% | 2,240,630 | 3,658 | 0.65% | |
Certificates and other time deposits | 2,134,082 | 5,348 | 0.99% | 2,500,341 | 9,077 | 1.44% | |
Securities sold under repurchase agreements | 90,821 | 127 | 0.55% | 94,181 | 162 | 0.68% | |
Federal funds purchased and other borrowings | 135,336 | 200 | 0.59% | 159,423 | 259 | 0.64% | |
Junior subordinated debentures | 85,055 | 607 | 2.83% | 92,265 | 857 | 3.69% | |
Total interest bearing liabilities | 6,134,839 | $ 10,651 | 0.69% | 6,377,139 | $ 15,980 | 0.99% | |
Non-interest bearing liabilities: | |||||||
Non-interest bearing demand deposits | 1,828,957 | 1,577,013 | |||||
Other liabilities | 66,560 | 63,785 | |||||
Total liabilities | 8,030,356 | 8,017,937 | |||||
Shareholders' equity | 1,529,718 | 1,419,784 | |||||
Total liabilities and shareholders' equity | $ 9,560,074 | $ 9,437,721 | |||||
Net Interest Income & Margin | $ 82,538 | 3.98% | $ 80,267 | 3.94% | |||
Net Interest Income & Margin | |||||||
(tax equivalent) | $ 83,440 | 4.02% | $ 81,014 | 3.97% | |||
Prosperity Bancshares, Inc.® | |||||||
Nine Months Ended September 30, 2011 | Nine Months Ended September 30, 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 | $ 3,614,590 | $ 160,374 | 5.93% | $ 3,385,337 | $ 156,989 | 6.20% | |
Investment securities | 4,635,880 | 121,861 | 3.50% | 4,497,623 | 134,999 | 4.00% | |
Federal funds sold and other | |||||||
temporary investments | 15,031 | 15 | 0.13% | 60,618 | 113 | 0.25% | |
Total interest earning assets | 8,265,501 | $ 282,250 | 4.57% | 7,943,578 | $ 292,101 | 4.92% | |
Allowance for credit losses | (51,924) | (52,354) | |||||
Non-interest earning assets | 1,388,905 | 1,380,203 | |||||
Total assets | $ 9,602,482 | $ 9,271,427 | |||||
Interest Bearing Liabilities: | |||||||
Interest bearing demand deposits | $ 1,403,477 | $ 5,966 | 0.57% | $ 1,351,595 | $ 7,222 | 0.71% | |
Savings and money market deposits | 2,377,423 | 9,386 | 0.53% | 2,176,350 | 11,970 | 0.74% | |
Certificates and other time deposits | 2,162,112 | 16,941 | 1.05% | 2,495,534 | 30,568 | 1.64% | |
Securities sold under repurchase agreements | 70,425 | 306 | 0.58% | 82,925 | 485 | 0.78% | |
Federal funds purchased and other borrowings | 181,656 | 718 | 0.53% | 79,127 | 770 | 1.30% | |
Junior subordinated debentures | 87,058 | 2,352 | 3.61% | 92,265 | 2,447 | 3.55% | |
Total interest bearing liabilities | 6,282,151 | $ 35,669 | 0.76% | 6,277,796 | $ 53,462 | 1.14% | |
Non-interest bearing liabilities: | |||||||
Non-interest bearing demand deposits | 1,758,182 | 1,535,936 | |||||
Other liabilities | 62,765 | 64,433 | |||||
Total liabilities | 8,103,098 | 7,878,165 | |||||
Shareholders' equity | 1,499,384 | 1,393,262 | |||||
Total liabilities and shareholders' equity | $ 9,602,482 | $ 9,271,427 | |||||
Net Interest Income & Margin | $ 246,581 | 3.99% | $ 238,639 | 4.02% | |||
Net Interest Income & Margin | |||||||
(tax equivalent) | $ 249,345 | 4.03% | $ 240,811 | 4.05% | |||
Prosperity
Bancshares, Inc.® | |
(Dollars in thousands) | |
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 | ||||||
Sept 30, | June 30, | Mar 31, | Dec 31, | Sept 30, | ||
Return on average tangible common equity: | ||||||
Net income | $ 36,373 | $ 35,092 | $ 33,878 | $ 32,798 | $ 32,166 | |
Average shareholders' equity | 1,529,718 | 1,499,385 | 1,469,048 | 1,444,847 | 1,419,784 | |
Less: Average goodwill and other intangible assets | (948,351) | (950,265) | (952,123) | (953,509) | (953,892) | |
Average tangible shareholders' equity | $ 581,367 | $ 549,120 | $ 516,925 | $ 491,338 | $ 465,892 | |
Return on average tangible common equity: | 25.03% | 25.56% | 26.22% | 26.70% | 27.62% | |
Tangible book value per share: | ||||||
Shareholders' equity | $1,541,339 | $ 1,511,648 | $1,480,498 | $1,452,339 | $1,429,570 | |
Less: Goodwill and other intangible assets | (947,411) | (949,336) | (951,279) | (953,034) | (954,881) | |
Tangible shareholders' equity | $ 593,928 | $ 562,312 | $ 529,219 | $ 499,305 | $ 474,689 | |
Period end shares outstanding | 46,893 | 46,888 | 46,782 | 46,684 | 46,653 | |
Tangible book value per share: | $ 12.67 | $ 11.99 | $ 11.31 | $ 10.70 | $ 10.17 | |
Tangible equity to tangible assets ratio: | ||||||
Tangible shareholders' equity | $ 593,928 | $ 562,312 | $ 529,219 | $ 499,305 | $ 474,689 | |
Total assets | $9,567,087 | $ 9,657,147 | $9,722,947 | $9,476,572 | $9,238,502 | |
Less: Goodwill and other intangible assets | (947,411) | (949,336) | (951,279) | (953,034) | (954,881) | |
Tangible assets | $8,619,676 | $ 8,707,811 | $8,771,668 | $8,523,538 | $8,283,621 | |
Tangible equity to tangible assets ratio: | 6.89% | 6.46% | 6.03% | 5.86% | 5.73% | |
Prosperity Bancshares, Inc.® Notes to Selected Financial Data (Unaudited) | |||
Nine Months Ended | |||
Sept 30, 2011 | Sept 30, 2010 | ||
Return on average tangible common equity: | |||
Net income | $ 105,343 | $ 94,910 | |
Average shareholders' equity | 1,499,384 | 1,393,262 | |
Less: Average goodwill and other intangible assets | (950,233) | (935,554) | |
Average tangible shareholders' equity | $ 549,151 | $ 457,708 | |
Return on average tangible common equity: | 25.58% | 27.65% | |
Tangible book value per share: | |||
Shareholders' equity | $ 1,541,339 | $ 1,429,570 | |
Less: Goodwill and other intangible assets | (947,411) | (954,881) | |
Tangible shareholders' equity | $ 593,928 | $ 474,689 | |
Period end shares outstanding | 46,893 | 46,653 | |
Tangible book value per share: | $ 12.67 | $ 10.17 | |
Tangible equity to tangible assets ratio: | |||
Tangible shareholders' equity | $ 593,928 | $ 474,689 | |
Total assets | $ 9,567,087 | $ 9,238,502 | |
Less: Goodwill and other intangible assets | (947,411) | (954,881) | |
Tangible assets | $ 8,619,676 | $ 8,283,621 | |
Tangible equity to tangible assets ratio: | 6.89% | 5.73% | |
CONTACT: Dan Rollins, President and Chief Operating Officer, +1-281-269-7199, dan.rollins@prosperitybanktx.com