UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 29, 2011
PROSPERITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Texas | 0-25051 | 74-2231986 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
4295 San Felipe
Houston, Texas 77027
(Address of principal executive offices including zip code)
Registrants telephone number, including area code: (281) 269-7199
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 | Regulation FD Disclosure. |
On November 29, 2011, management of Prosperity Bancshares, Inc. (the Company) presented information regarding the Companys business and operational results for the third quarter ending September 30, 2011 to investors at the 2011 FRB Fall Investor Conference in New York sponsored by FBR Capital Markets & Co. The slide presentation given at this conference is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The foregoing description is qualified by reference to such exhibit.
As provided in General Instruction B.2 to Form 8-K, the information in Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K is being furnished to the Securities and Exchange Commission and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits. The following is furnished as an exhibit to this Current Report on Form 8-K:
Exhibit Number |
Description of Exhibit | |
99.1 - | Investor presentation given November 29, 2011. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PROSPERITY BANCSHARES, INC. | ||||
(Registrant) | ||||
Dated: November 29, 2011 | By: | /s/ James D. Rollins III | ||
James D. Rollins III | ||||
President and Chief Operating Officer |
EXHIBIT INDEX
Exhibit Number |
Description of Exhibit | |
99.1 - | Investor presentation given November 29, 2011. |
Exhibit 99.1
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Statements contained in this presentation which are not historical facts and which pertain to future operating results of Prosperity Bank and its subsidiaries constitute forward-looking statements within the meaning of the Private Securities Litigation reform Act of 1995. These forward-looking statements involve significant risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the companys periodic filings with the SEC. Copies of the SEC filings for Prosperity Bancshares® may be downloaded from the Internet at no charge from www.prosperitybanktx.com.
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a Track Record of Success
| A Texas based Financial Holding Company with approximately $10 billion in assets |
| 3rd largest Texas based commercial bank by Texas deposits |
| Strong balance sheet growth 10 year CAGR of 30% loans, 28% deposits and 30% assets |
| Strong earnings growth 10 year CAGR of 14% for EPS (diluted) and 32% for net income |
| Shareholder driven with approximately 9% inside ownership |
| Excellent asset quality Net Charge Offs / Average Loans of 0.01% for three months ending September 30, 2011 |
| Excellent cost control under 50% efficiency ratio |
| Since 2000, integrated over 20 successful acquisitions |
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| Net Interest Margin was 4.02% for the third quarter 2011 |
| Non- Performing Assets to Average Earning Assets remain low at 0.16% or $13.363 million |
| Strong Earnings of $36.373 million or $0.77 per share (diluted) and 1.52% Return on Assets for the third quarter 2011 |
| Tangible Common Equity Ratio improved to 6.89% at September 30, 2011 |
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U.S. Bureau of Labor Statistics | ||||
www.texaswideopenforbusiness.com |
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U.S. Bureau of Labor Statistics | ||||
www.texaswideopenforbusiness.com |
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U.S. Bureau of Labor Statistics | ||||
www.texaswideopenforbusiness.com |
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$ in millions
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* | Excluding the non-cash after tax impairment charge related to FNMA/FLHMC preferred stock of $6.5 million, EPS was $1.94 |
** | Excluding the non-cash after tax impairment charge related to FNMA/FLHMC preferred stock of $9.1 million, EPS was $1.86 |
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September 30, 2011
3Q11 Cost of Deposits= 0.50%
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Amount | % of total | |||||||
Non-interest Bearing DDA |
$ | 1,861,907 | 23.87 | % | ||||
Interest Bearing DDA |
1,332,914 | 17.09 | ||||||
MMA & Savings |
2,493,699 | 31.98 | ||||||
CDs & IRAs<100m |
1,005,672 | 12.90 | ||||||
CDs & IRAs>100m |
1,104,547 | 14.16 | ||||||
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Total Deposits |
$ | 7,798,739 | 100.00 | % |
$ in thousands
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$ in millions
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$ in thousands
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Texas Peer Group Includes: CFR, EBTX, FFIN, FBTX, IBOC, MCBI, SBSI, SNBI, SBIB, SBIT, TCBI, TRBS & TXUI
^ SNBI, SBIT, TRBS & TXUI have been acquired and were excluded from 2006 & 2007 and FBTX failed and was excluded from 2008
NOTE: 3Q11 does not include IBOC or TCBI as required data was not reported
Source: SNL Financial
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Texas Peer Group Includes: CFR, EBTX, FFIN, FBTX, IBOC, MCBI, SBSI, SNBI, SBIB, SBIT, TCBI, TRBS & TXUI
^ SNBI, SBIT, TRBS & TXUI have been acquired and were excluded from 2006 & 2007 and FBTX failed and was excluded from 2008
Source: SNL Financial
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Corporate Headquarters | Investor Contacts | |
Prosperity Bank Plaza | David Zalman | |
4295 San Felipe | Chairman & Chief Executive Officer | |
Houston, Texas 77027 | 979.543.2200 | |
david.zalman@prosperitybanktx.com | ||
281.269.7199 Telephone | Dan Rollins | |
281.269-7222 Fax | President & Chief Operating Officer | |
www.prosperitybanktx.com | 281.269.7199 | |
dan.rollins@prosperitybanktx.com | ||
David Hollaway | ||
Chief Financial Officer | ||
979.543.2200 | ||
david.hollaway@prosperitybanktx.com |
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As Originally Reported ($ in thousands, except EPS) |
2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 3Q 2011 | |||||||||||||||||||||
Non Interest Income |
$ | 30,021 | $ | 33,982 | $ | 52,923 | $ | 52,370 | $ | 60,097 | $ | 53,833 | $ | 14,581 | ||||||||||||||
Net Interest Income |
$ | 110,897 | $ | 138,145 | $ | 200,435 | $ | 227,729 | $ | 307,101 | $ | 318,148 | $ | 82,538 | ||||||||||||||
Net Income |
$ | 47,860 | $ | 61,725 | $ | 90,635 | * | $ | 93,623 | ** | $ | 111,879 | $ | 127,708 | $ | 36,373 | ||||||||||||
Book Value Per Share |
$ | 16.69 | $ | 20.26 | $ | 25.51 | $ | 27.24 | $ | 29.03 | $ | 31.11 | $ | 32.87 | ||||||||||||||
Tangible Book Value Per Share |
$ | 6.48 | $ | 6.62 | $ | 7.42 | $ | 7.43 | $ | 9.43 | $ | 10.70 | $ | 12.67 | ||||||||||||||
ROAA |
1.42 | % | 1.44 | % | 1.49 | %* | 1.33 | %** | 1.26 | % | 1.38 | % | 1.52 | % | ||||||||||||||
ROAE |
11.56 | % | 10.24 | % | 8.72 | %* | 7.85 | %** | 8.57 | % | 9.08 | % | 9.51 | % | ||||||||||||||
ROAE- tangible |
29.88 | % | 31.53 | % | 32.34 | %* | 26.77 | %** | 28.66 | % | 27.40 | % | 25.03 | % | ||||||||||||||
Efficiency Ratio |
48.91 | % | 45.27 | % | 46.19 | % | 46.51 | % | 46.27 | % | 44.83 | % | 42.38 | % | ||||||||||||||
Leverage Ratio |
7.83 | % | 7.76 | % | 8.09 | % | 5.68 | % | 6.47 | % | 6.87 | % | 7.70 | % | ||||||||||||||
Tier I Risk Capital |
15.34 | % | 13.52 | % | 13.13 | % | 10.27 | % | 12.61 | % | 13.64 | % | 15.47 | % | ||||||||||||||
Total Risk Capital |
16.37 | % | 14.55 | % | 14.11 | % | 11.17 | % | 13.86 | % | 14.87 | % | 16.69 | % | ||||||||||||||
Tangible Ratio |
5.46 | % | 5.24 | % | 5.88 | % | 4.19 | % | 5.53 | % | 5.86 | % | 6.89 | % |
* | Does not include the non-cash after tax impairment charge related to FNMA/FLHMC preferred stock of $6.5 million. |
** | Does not include the non-cash after tax impairment charge related to FNMA/FLHMC preferred stock of $9.1 million. |
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At Announcement | ||||||||||||||||||||||||||||||||
Date of Announcement |
Seller |
# of Branches |
City |
State | Type | Consideration |
Accounting Method |
PRSP Assets ($000) |
Sellers Assets ($000) |
Sellers Assets Contribution (%) |
Deal Value ($ In MM |
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1 | 02/07/08 | 1st Choice Bancorp, Inc. |
1 | Houston |
TX | Bank | Mixed | Purchase | 6,372,343 | 313,900 | 4.69 | 66.2 | ||||||||||||||||||||
2 | 05/01/07 | The Bank of Navasota |
1 | Navasota |
TX | Bank | Common Stock | Purchase | 6,247,926 | 72,300 | 1.14 | 17.1 | ||||||||||||||||||||
3 | 07/19/06 | Texas United Bancshares, Inc. |
34 | La Grange |
TX | Bank | Common Stock | Purchase | 4,547,220 | 1,818,000 | 27.82 | 357.1 | ||||||||||||||||||||
4 | 11/16/05 | SNB Bancshares, Inc. |
6 | Houston |
TX | Bank | Mixed | Purchase | 3,493,972 | 1,121,747 | 24.30 | 242.7 | ||||||||||||||||||||
5 | 09/12/05 | Grapeland Bancshares, Inc. |
2 | Grapeland |
TX | Bank | Common Stock | Purchase | 3,479,747 | 73,000 | 2.15 | 7.3 | ||||||||||||||||||||
6 | 10/26/04 | FirstCapital Bankers, Inc. |
20 | Corpus Christi |
TX | Thrift | Common Stock | Purchase | 2,709,169 | 773,566 | 22.21 | 135.7 | ||||||||||||||||||||
7 | 05/12/04 | Village Bank and Trust |
1 | Austin |
TX | Thrift | Cash | Purchase | 2,449,553 | 110,400 | 4.31 | 20.2 | ||||||||||||||||||||
8 | 04/26/04 | Liberty Bank |
4 | Austin |
TX | Thrift | Mixed | Purchase | 2,449,553 | 186,000 | 7.06 | 42.0 | ||||||||||||||||||||
9 | 10/06/03 | First State Bank of North Texas |
3 | Dallas |
TX | Bank | Mixed | Purchase | 2,078,532 | 93,900 | 4.32 | 21.3 | ||||||||||||||||||||
10 | 07/21/03 | Mainbancorp |
3 | Dallas |
TX | Bank | Mixed | Purchase | 1,983,277 | 195,700 | 8.98 | 39.7 | ||||||||||||||||||||
11 | 03/05/03 | BankDallas SSB |
1 | Dallas |
TX | Thrift | Cash | Purchase | 1,822,256 | 40,716 | 2.19 | 7.0 | ||||||||||||||||||||
12 | 02/03/03 | Abrams Centre Bancshares, Inc. |
1 | Dallas |
TX | Bank | Cash | Purchase | 1,822,256 | 95,388 | 4.97 | 16.3 | ||||||||||||||||||||
13 | 08/15/02 | First National Bank of Bay City |
1 | Bay City |
TX | Bank | Cash | Purchase | 1,360,356 | 28,174 | 2.03 | 5.0 | ||||||||||||||||||||
14 | 07/15/02 | Southwest Bank Holding Company |
2 | Dallas |
TX | Bank | Cash | Purchase | 1,289,637 | 127,055 | 8.97 | 21.0 | ||||||||||||||||||||
15 | 05/02/02 | Paradigm Bancorporation, Incorporated |
8 | Houston |
TX | Bank | Common Stock | Purchase | 1,289,637 | 259,262 | 16.74 | 41.6 | ||||||||||||||||||||
16 | 04/26/02 | First State Bank |
1 | Needville |
TX | Bank | Cash | Purchase | 1,289,637 | 17,539 | 1.36 | 3.7 | ||||||||||||||||||||
17 | 02/22/02 | Texas Guaranty Bank, N.A. |
2 | Houston |
TX | Bank | Cash | Purchase | 1,262,152 | 75,019 | 5.61 | 11.8 | ||||||||||||||||||||
18 | 11/08/00 | Commercial Bancshares, Inc. |
12 | Houston |
TX | Bank | Common Stock | Pooling | 693,079 | 401,271 | 36.67 | 53.3 | ||||||||||||||||||||
19 | 06/21/99 | South Texas Bancshares, Inc. |
3 | Beeville |
TX | Bank | Cash | Purchase | 461,903 | 142,091 | 23.53 | 23.4 | ||||||||||||||||||||
20 | 06/05/98 | Union State Bank |
1 | East Bernard |
TX | Bank | Cash | Purchase | 339,287 | 79,174 | 18.92 | 17.6 |
Branch Acquisitions
Date of Announcement |
Seller |
# of Branches | Branch Type | Branch Locale State |
Amount of Deposits Transferred ($000) |
Deposit Premium ($000) |
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1 | 2/8/2010 | First Bank |
19 | Bank | TX | 500,000 | 36,000 | |||||||||||
2 | 1/19/2010 | U.S. Bank |
3 | Bank | TX | 420,000 | 13,000 | |||||||||||
3 | 11/7/2008 | Franklin Bank |
46 | Bank | TX | 3,700,000 | 60,000 | |||||||||||
4 | 10/22/2007 | Banco Popular North America |
6 | Bank | TX | 140,000 | NA | |||||||||||
5 | 6/15/2000 | Compass Bancshares, Inc. |
5 | Bank | TX | 87,000 | NA | |||||||||||
6 | 2/27/1998 | Grimes County Capital Corporation |
1 | Bank | TX | 5,900 | 250 | |||||||||||
7 | 3/30/1997 | Wells Fargo & Company |
1 | Bank | TX | NA | NA | |||||||||||
8 | 3/11/1996 | Victoria Bankshares, Inc. |
1 | Bank | TX | 46,000 | NA |
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12/31/2005 | 12/31/2006 | 12/31/2007 | 12/31/2008 | 12/31/2009 | 12/31/2010 | CAGR | ||||||||||||||||||||||||||||||||||||||||||||||
Loan Composition |
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Commercial |
$ | 222.8 | 14.4 | % | $ | 297.7 | 13.7 | % | $ | 453.6 | 14.5 | % | $ | 499.1 | 14.0 | % | $ | 415.5 | 12.3 | % | $ | 440.5 | 12.6 | % | 14.6 | % | ||||||||||||||||||||||||||
Construction |
$ | 206.7 | 13.4 | % | $ | 433.2 | 19.9 | % | $ | 683.2 | 21.7 | % | $ | 666.1 | 18.6 | % | $ | 557.2 | 16.5 | % | $ | 502.3 | 14.4 | % | 19.4 | % | ||||||||||||||||||||||||||
1-4 Family Residential |
$ | 313.2 | 20.3 | % | $ | 377.0 | 17.3 | % | $ | 526.3 | 16.7 | % | $ | 668.1 | 18.7 | % | $ | 709.1 | 21.0 | % | $ | 824.1 | 23.6 | % | 21.3 | % | ||||||||||||||||||||||||||
Home Equity |
$ | 58.7 | 3.8 | % | $ | 63.4 | 2.9 | % | $ | 93.9 | 3.0 | % | $ | 107.0 | 3.0 | % | $ | 117.7 | 3.5 | % | $ | 118.8 | 3.4 | % | 15.1 | % | ||||||||||||||||||||||||||
Commercial Real Estate |
$ | 619.3 | 40.3 | % | $ | 881.1 | 40.5 | % | $ | 1,148.7 | 36.6 | % | $ | 1,343.4 | 37.7 | % | $ | 1,339.2 | 39.7 | % | $ | 1,370.6 | 39.3 | % | 17.2 | % | ||||||||||||||||||||||||||
Agriculture |
$ | 56.3 | 3.6 | % | $ | 57.4 | 2.6 | % | $ | 114.0 | 3.6 | % | $ | 145.7 | 4.1 | % | $ | 135.5 | 4.0 | % | $ | 140.8 | 4.0 | % | 20.1 | % | ||||||||||||||||||||||||||
Consumer |
$ | 65.1 | 4.2 | % | $ | 66.7 | 3.1 | % | $ | 123.2 | 3.9 | % | $ | 137.7 | 3.9 | % | $ | 102.4 | 3.0 | % | $ | 88.0 | 2.5 | % | 6.2 | % | ||||||||||||||||||||||||||
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Total Loans |
$ | 1,542.1 | 100.0 | % | $ | 2,176.5 | 100.0 | % | $ | 3,142.9 | 100.0 | % | $ | 3,567.1 | 100.0 | % | $ | 3,376.7 | 100.0 | % | $ | 3,485.0 | 100.0 | % | 17.7 | % | ||||||||||||||||||||||||||
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$ in millions
21
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