8-K

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)

Registrant’s 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 Company’s 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.

EX-99.1

Exhibit 99.1

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 company’s 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

• 3^rd 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

4

5

U.S. Bureau of Labor Statistics

www.texaswideopenforbusiness.com

6

U.S. Bureau of Labor Statistics

www.texaswideopenforbusiness.com

7

U.S. Bureau of Labor Statistics

www.texaswideopenforbusiness.com

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$ in millions

9

* 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%

	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
CD’s & IRA’s<100m		1,005,672		12.90
CD’s & IRA’s>100m		1,104,547		14.16
Total Deposits	$	7,798,739		100.00	%

$ in thousands

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12

$ in millions

13

$ in thousands

14

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
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)
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
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	%
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	%

$ in millions

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