Prosperity Bancshares, Inc.® Reports Strong 2010 Earnings
- 4Q 2010 Earnings Per Share of $0.70 (diluted)
- Non-Performing Assets Declined to 0.20% of 4Q Average Earning Assets
- Total Risk Based Capital is 14.87%
- Tier 1 Leverage Capital is 6.87%
- 4Q 2010 Loans Increased $71.2 million or 8.3% Annualized Growth
HOUSTON, Jan. 21, 2011 /PRNewswire/ -- Prosperity Bancshares, Inc.® (Nasdaq: PRSP), the parent company of Prosperity Bank®, reported net income for the quarter ended December 31, 2010 of $32.798 million or $0.70 per diluted common share, an increase in net income of $2.229 million or 7.3%, compared with $30.569 million or $0.65 per diluted common share for the same period in 2009. Prosperity also reported net income for the year ended December 31, 2010 of $127.708 million or $2.73 per diluted common share, up 14.2% from 2009 net income of $111.879 million and up 13.3% from 2009 diluted earnings per common share of $2.41.
“I am very proud of our performance in 2010,” said David Zalman, Prosperity’s Chairman and Chief Executive Officer. “Our company’s performance last year set records for net income and earnings per share. Additionally, our team is beginning to see traction on our loan growth initiative.
Our performance last year confirms our continued belief in building customer relationships one customer at a time with experienced bankers in the markets we serve. We are looking forward to 2011 and will maintain our focus on building shareholder value.
Looking forward, we believe the current environment provides an excellent opportunity for our bank. We believe our bank is in an enviable position from almost every standpoint. We have strong earnings, sound asset quality, 175 banking locations throughout one of the fastest growing states in the nation along with dedicated, experienced customer focused associates.
We intend to capitalize on the current environment as we continue to solicit new loan customers while taking care of our existing customer’s growth needs. We believe that many of our competitors are limited as to the loans they can make due to factors such as a concentration in commercial real estate loans, or asset quality issues which divert their attention from developing new opportunities. Our team is actively calling on existing customers and prospects. With this focus, we intend to grow in this challenging period,” 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, 2010
For the three months ended December 31, 2010, net income was $32.798 million compared with $30.569 million for the same period in 2009. Net income per diluted common share was $0.70 for the three months ended December 31, 2010 compared with $0.65 for the same period in 2009. Returns on average assets, average common equity and average tangible common equity for the three months ended December 31, 2010 were 1.41%, 9.08% and 26.70%, respectively. Prosperity's efficiency ratio (excluding net gains and losses on the sale of assets) was 44.13% for the three months ended December 31, 2010.
Net interest income before provision for credit losses for the quarter ended December 31, 2010 decreased 0.7% to $79.509 million compared with $80.089 million during the same period in 2009. The decrease was attributable primarily to lower yields on investment securities. The net interest margin on a tax equivalent basis decreased to 3.99% for the three months ended December 31, 2010 compared with 4.24% for the same period in 2009.
Non-interest income decreased $806 thousand or 5.5% to $13.905 million for the three months ended December 31, 2010 compared with $14.711 million for the same period in 2009. The decrease was mainly attributable to an increase in losses on the sale of other real estate owned ("ORE").
Non-interest expense increased $1.051 million or 2.6% to $41.227 million for the fourth quarter of 2010 compared with $40.176 million for the fourth quarter of 2009. The increase was mainly attributable to increased salaries and benefits resulting from the First Bank and U.S. Bank acquisitions.
Balance Sheet Data (at period end) |
Dec 31, 2010 |
Sept 30, 2010 |
Dec 31, 2009 |
|
(In Thousands) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Loans: |
||||
Acquired with U.S. Bank branches |
$ 28,379 |
$ 28,814 |
-- |
|
Acquired with First Bank branches |
53,982 |
53,653 |
-- |
|
All other |
3,402,662 |
3,331,352 |
3,376,703 |
|
Total Loans |
$ 3,485,023 |
$ 3,413,819 |
$ 3,376,703 |
|
Deposits: |
||||
Acquired with U.S. Bank branches |
$ 283,478 |
$ 312,335 |
-- |
|
Acquired with First Bank branches |
355,049 |
414,412 |
-- |
|
All other |
6,816,393 |
6,764,833 |
7,258,550 |
|
Total Deposits |
$ 7,454,920 |
$ 7,491,580 |
$ 7,258,550 |
|
Loans at December 31, 2010 were $3.485 billion, an increase of $108.320 million or 3.2%, compared with $3.377 billion at December 31, 2009. Loans increased 2.1% or $71.204 million on a linked quarter basis compared with loans of $3.414 billion at September 30, 2010. As reflected in the table below, linked quarter loans for the fourth quarter of 2010 were impacted by the loans acquired in connection with the U.S. Bank and First Bank acquisitions. Excluding the loans acquired in these acquisitions, linked quarter loans increased 8.6% on an annualized basis.
Deposits at December 31, 2010 were $7.455 billion, an increase of $196.370 million or 2.7%, compared with $7.259 billion at December 31, 2009. Linked quarter deposits decreased $36.660 million or 0.5% from $7.492 billion at September 30, 2010. As reflected in the table below, linked quarter deposits for the fourth quarter of 2010 were impacted by the deposits assumed in connection with the U.S. Bank and First Bank acquisitions. Excluding the deposits assumed in these acquisitions, linked quarter deposits increased 3.1% on an annualized basis.
Average loans increased 0.9% or $32.169 million to $3.422 billion for the quarter ended December 31, 2010 compared with $3.390 billion for the same period of 2009. Linked quarter average loans increased 0.4% or $13.376 million from $3.408 billion at September 30, 2010. Average deposits increased 5.1% to $7.453 billion for the quarter ended December 31, 2010 compared with $7.089 billion for the same period of 2009. Linked quarter average deposits decreased 2.0% or $155.109 million from $7.608 billion at September 30, 2010.
At December 31, 2010, construction loans totaled $502.327 million, consisting of approximately $118 million of single family residential construction loans; $53 million of land development loans; $64 million of raw land loans; $89 million of residential lot loans; $52 million of commercial lot loans; and $126 million of commercial construction and other construction loans. This is an increase of $3.927 million from construction loans at September 30, 2010.
At December 31, 2010, Prosperity had $9.477 billion in total assets, $3.485 billion in loans and $7.455 billion in deposits. Assets, loans and deposits at December 31, 2010 increased by 7.1%, 3.2% and 2.7%, respectively, compared with their level at December 31, 2009.
Results of operations for the twelve months ended December 31, 2010
For the twelve months ended December 31, 2010, net income was $127.708 million compared with $111.879 million for the same period in 2009. Net income per diluted common share was $2.73 for the twelve months ended December 31, 2010 compared with $2.41 for the same period in 2009.
Returns on average assets, average common equity and average tangible common equity for the twelve months ended December 31, 2010 were 1.38%, 9.08% and 27.40%, respectively. Prosperity's efficiency ratio (excluding net gains and losses on the sale of assets) was 44.83% for the twelve months ended December 31, 2010.
Net interest income before provision for credit losses for the twelve months ended December 31, 2010 increased $11.047 million or 3.6%, to $318.148 million compared with $307.101 million during the same period in 2009. The increase was attributable primarily to a 4.8% increase in average earning assets and lower deposit pricing.
Non-interest income decreased $6.264 million or 10.4% to $53.833 million for the twelve months ended December 31, 2010 compared with $60.097 million for the same period in 2009. The decrease was mainly attributable to an increase in net loss on sale of ORE and decreases in service charges on deposit accounts resulting from a decrease in NSF fees.
Non-interest expense decreased $3.106 million or 1.8% to $166.594 million for the twelve months ended December 31, 2010 compared with $169.700 million for the same period in 2009. The decrease was due primarily to a decrease in FDIC assessments.
Asset Quality
Non-performing assets totaled $15.842 million or 0.20% of average earning assets at December 31, 2010 compared with $16.356 million or 0.22% of average earning assets at December 31, 2009 and $20.700 million or 0.26% of average earnings assets at September 30, 2010. Non-performing assets at December 31, 2010 consisted of $4.439 million in non-accrual loans, $189 thousand in accruing loans 90 or more days past due, approximately $161 thousand in repossessed assets and $11.053 million in ORE. The allowance for credit losses was 1.48% of total loans at December 31, 2010, 1.54% at December 31, 2009 and 1.50% of total loans at September 30, 2010.
The provision for credit losses was $2.900 million for the three months ended December 31, 2010 and $8.500 million for the three months ended December 31, 2009. Net charge offs were $2.670 million for the three months ended December 31, 2010 and $3.949 million for the three months ended December 31, 2009.
Non-performing assets (In thousands) |
Dec 31, 2010 |
Sept 30, 2010 |
Dec 31, 2009 |
||||
Amount |
# |
Amount |
# |
Amount |
# |
||
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||||
Commercial |
$ 1,317 |
17 |
$ 1,446 |
20 |
$ 1,390 |
19 |
|
Construction |
8,469 |
46 |
7,740 |
44 |
5,622 |
43 |
|
1-4 family (including home equity) |
3,933 |
38 |
4,024 |
46 |
2,383 |
26 |
|
Commercial real estate (including multi-family) |
2,022 |
6 |
7,383 |
9 |
6,834 |
14 |
|
Agriculture |
11 |
1 |
0 |
0 |
0 |
0 |
|
Consumer |
90 |
13 |
107 |
15 |
127 |
11 |
|
Total |
$ 15,842 |
121 |
$ 20,700 |
134 |
$ 16,356 |
113 |
|
Net Charge-offs (In thousands) |
Three Months Ended Dec 31, 2010 |
Three Months Ended Sept 30, 2010 |
Three Months Ended Dec 31, 2009 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
Commercial |
$ 855 |
$ 464 |
$ 1,762 |
|
Construction |
1,014 |
829 |
1,009 |
|
1-4 family (including home equity) |
314 |
392 |
446 |
|
Commercial real estate (including multi-family) |
285 |
2,138 |
312 |
|
Agriculture |
-- |
(4) |
10 |
|
Consumer |
202 |
554 |
410 |
|
Total |
$ 2,670 |
$ 4,373 |
$ 3,949 |
|
The provision for credit losses was $13.585 million for the twelve months ended December 31, 2010, a decrease of $15.190 million compared with $28.775 million for the twelve months ended December 31, 2009. Net charge offs were $13.864 million for the twelve months ended December 31, 2010 and $13.881 million for the twelve months ended December 31, 2009.
Conference Call
Prosperity's management team will host a conference call on Friday, January 21, 2011 at 10:30 a.m. Eastern Standard Time (9:30 a.m. Central Standard Time) to discuss Prosperity's fourth quarter and full year 2010 earnings. Individuals and investment professionals may participate in the call by dialing 1-800-895-0198, 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 Investor Relations page by clicking on the "4th Quarter Results and Webcast" link.
Acquisition of First Bank's Texas Branches
On April 30, 2010, Prosperity completed the previously announced acquisition of nineteen (19) Texas retail bank branches of First Bank, a Missouri state-chartered bank. Prosperity Bank paid a premium of 5.5% for approximately $500 million in deposits and purchased approximately $100 million in loans and other assets attributable to the branches.
First Bank's Texas locations were all in the Houston and Dallas metropolitan areas and represented a strategic enhancement to Prosperity's presence in these markets. After the consolidation of locations near existing Prosperity banking centers, Prosperity operates thirty-one (31) Dallas/Fort Worth area banking centers and sixty (60) Houston area banking centers.
The deposits assumed were primarily core deposits and the $100 million in loans purchased were individually selected by Prosperity from First Bank's loan portfolio associated with the Texas branches and consisted of performing business and consumer-related Texas-based loans.
Acquisition of U. S. Bank's Texas Branches
On March 29, 2010, Prosperity completed the previously announced acquisition of the three (3) Texas retail bank branches of U.S. Bank. The transaction continued Prosperity's strategic growth and expansion of the franchise in Texas. Prosperity Bank paid a premium for approximately $375 million in deposits, as well as purchased certain loans and other assets attributable to the branches.
The three locations acquired by Prosperity were the Texas locations U.S. Bank acquired from the FDIC on October 30, 2009 when U.S. Bank acquired the nine (9) subsidiary banks of FBOP Corporation. The Texas banks were Madisonville State Bank in Madisonville, Texas; Citizens National Bank in Teague, Texas; and North Houston Bank in Houston, Texas.
Prosperity Bancshares, Inc.®
Prosperity Bancshares, Inc.®, a $9.5 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 - |
|
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 |
|
Weimar |
|
Yoakum |
|
Yorktown |
|
Dallas/Fort Worth Area - |
|
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 |
|
Mount Vernon |
|
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 |
|
Westheimer |
|
Woodcreek |
|
Other Houston Area |
|
Locations - |
|
Angleton |
|
Bay City |
|
Beaumont |
|
Cinco Ranch |
|
Cleveland |
|
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 |
|
"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, 2009 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, 2010 |
Dec 31, 2009 |
Dec 31, 2010 |
Dec 31, 2009 |
||
Selected Earnings and Per |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Share Data |
|||||
Total interest income |
$ 92,436 |
$ 99,585 |
$ 384,537 |
$ 409,614 |
|
Total interest expense |
12,927 |
19,496 |
66,389 |
102,513 |
|
Net interest income |
79,509 |
80,089 |
318,148 |
307,101 |
|
Provision for credit losses |
2,900 |
8,500 |
13,585 |
28,775 |
|
Net interest income after |
|||||
provision for credit losses |
76,609 |
71,589 |
304,563 |
278,326 |
|
Total non-interest income |
13,905 |
14,711 |
53,833 |
60,097 |
|
Total non-interest expense |
41,227 |
40,176 |
166,594 |
169,700 |
|
Net income before taxes |
49,287 |
46,124 |
191,802 |
168,723 |
|
Federal income taxes |
16,489 |
15,555 |
64,094 |
56,844 |
|
Net income |
$ 32,798 |
$ 30,569 |
$ 127,708 |
$ 111,879 |
|
Basic earnings per share |
$0.70 |
$0.66 |
$2.74 |
$2.42 |
|
Diluted earnings per share |
$0.70 |
$0.65 |
$2.73 |
$2.41 |
|
Period end shares outstanding |
46,684 |
46,541 |
46,684 |
46,541 |
|
Weighted average shares |
|||||
outstanding (basic) |
46,671 |
46,524 |
46,621 |
46,177 |
|
Weighted average shares |
|||||
outstanding (diluted) |
46,818 |
46,800 |
46,832 |
46,354 |
|
Prosperity Bancshares, Inc. ® |
|||||
Financial Highlights |
|||||
(Dollars in thousands) |
|||||
Three Months Ended |
Twelve Months Ended |
||||
Dec 31, 2010 |
Dec 31, 2009 |
Dec 31, 2010 |
Dec 31, 2009 |
||
Balance Sheet Averages |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Total loans |
$ 3,421,698 |
$ 3,389,529 |
$ 3,394,502 |
$ 3,455,761 |
|
Investment securities |
4,542,433 |
4,152,752 |
4,508,918 |
4,052,989 |
|
Federal funds sold and |
|||||
other earning assets |
14,305 |
13,607 |
48,944 |
77,328 |
|
Total earning assets |
7,978,436 |
7,555,888 |
7,952,364 |
7,586,078 |
|
Allowance for credit losses |
(51,551) |
(48,894) |
(52,151) |
(42,279) |
|
Cash and due from banks |
133,620 |
131,189 |
130,554 |
137,040 |
|
Goodwill |
923,687 |
876,979 |
907,548 |
875,841 |
|
Core Deposit Intangibles (CDI) |
29,822 |
36,543 |
32,532 |
38,543 |
|
Other real estate |
13,121 |
12,308 |
14,490 |
11,710 |
|
Fixed assets, net |
160,177 |
149,649 |
158,667 |
143,562 |
|
Other assets |
133,839 |
105,351 |
134,376 |
101,199 |
|
Total assets |
$ 9,321,151 |
$ 8,819,013 |
$ 9,278,380 |
$ 8,851,694 |
|
Non-interest bearing deposits |
$ 1,661,448 |
$ 1,481,514 |
$ 1,567,676 |
$ 1,488,699 |
|
Interest bearing deposits |
5,791,726 |
5,607,074 |
5,965,063 |
5,723,316 |
|
Total deposits |
7,453,174 |
7,088,588 |
7,532,739 |
7,212,015 |
|
Securities sold under |
|||||
repurchase agreements |
77,759 |
88,094 |
81,623 |
93,625 |
|
Federal funds purchased and |
|||||
other borrowings |
198,677 |
141,073 |
109,260 |
75,747 |
|
Junior subordinated |
|||||
debentures |
92,265 |
92,265 |
92,265 |
92,265 |
|
Other liabilities |
54,429 |
66,410 |
56,334 |
73,293 |
|
Shareholders' equity (A) |
1,444,847 |
1,342,583 |
1,406,159 |
1,304,749 |
|
Total liabilities and equity |
$ 9,321,151 |
$ 8,819,013 |
$ 9,278,380 |
$ 8,851,694 |
|
(A) Includes $17,516 and $18,216, in after-tax unrealized gains on available for sale securities for the three month periods ending December 31, 2010 and December 31, 2009, respectively, and $17,693 and $14,889 for the twelve month periods ending December 31, 2010 and December 31, 2009, respectively. |
|
Prosperity Bancshares, Inc. ® |
|||||
Financial Highlights |
|||||
(Dollars in thousands) |
|||||
Three Months Ended |
Twelve Months Ended |
||||
Dec 31, 2010 |
Dec 31, 2009 |
Dec 31, 2010 |
Dec 31, 2009 |
||
Income Statement Data |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Interest on loans |
$ 52,722 |
$ 53,461 |
$ 209,711 |
$ 219,320 |
|
Interest on securities |
39,708 |
46,116 |
174,707 |
190,106 |
|
Interest on federal funds sold and |
|||||
other earning assets |
6 |
8 |
119 |
188 |
|
Total interest income |
92,436 |
99,585 |
384,537 |
409,614 |
|
Interest expense - deposits |
11,749 |
18,062 |
61,509 |
95,834 |
|
Interest expense - debentures |
803 |
803 |
3,250 |
3,760 |
|
Interest expense - other |
375 |
631 |
1,630 |
2,919 |
|
Total interest expense |
12,927 |
19,496 |
66,389 |
102,513 |
|
Net interest income (B) |
79,509 |
80,089 |
318,148 |
307,101 |
|
Provision for credit losses |
2,900 |
8,500 |
13,585 |
28,775 |
|
Net interest income after |
|||||
provision for credit losses |
76,609 |
71,589 |
304,563 |
278,326 |
|
Service charges on |
|||||
deposit accounts |
12,780 |
12,953 |
50,250 |
51,742 |
|
Net gain on sale of assets |
2 |
145 |
402 |
422 |
|
Net (loss) gain on sale of ORE |
(915) |
(135) |
(4,262) |
417 |
|
Brokered mortgage income |
78 |
36 |
205 |
305 |
|
Other non-interest income |
1,960 |
1,712 |
7,238 |
7,211 |
|
Total non-interest income |
13,905 |
14,711 |
53,833 |
60,097 |
|
Salaries and benefits (C) |
21,421 |
19,747 |
86,980 |
84,396 |
|
CDI amortization |
2,172 |
2,441 |
9,016 |
10,076 |
|
Net occupancy and equipment |
3,975 |
3,794 |
15,153 |
14,910 |
|
Depreciation |
1,999 |
2,056 |
8,313 |
8,226 |
|
Data processing |
|||||
and software amortization |
1,515 |
1,386 |
6,222 |
6,449 |
|
Regulatory assessments and FDIC insurance |
2,812 |
2,473 |
11,039 |
13,661 |
|
Other non-interest expense |
7,333 |
8,279 |
29,871 |
31,982 |
|
Total non-interest expense |
41,227 |
40,176 |
166,594 |
169,700 |
|
Net income before taxes |
49,287 |
46,124 |
191,802 |
168,723 |
|
Federal income taxes |
16,489 |
15,555 |
64,094 |
56,844 |
|
Net income available to common shareholders |
$ 32,798 |
$ 30,569 |
$ 127,708 |
$ 111,879 |
|
(B) Net interest income on a tax equivalent basis would be $80,238 and $80,770 for the three months ended December 31, 2010 and December 31, 2009, respectively, and $321,049 and $309,866 for the twelve months ended December 31, 2010 and December 31, 2009, respectively. |
|
(C) Salaries and benefits includes equity compensation expenses of $825 and $628 for the three months ended December 31, 2010 and December 31, 2009, respectively, and $3,037 and $1,515 for the twelve months ended December 31, 2010 and December 31, 2009, 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, 2010 |
Dec 31, 2009 |
Dec 31, 2010 |
Dec 31, 2009 |
||
Common Share and |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Other Data |
|||||
Employees - FTE |
1,708 |
1,594 |
1,708 |
1,594 |
|
Book value per share |
$ 31.11 |
$ 29.03 |
$ 31.11 |
$ 29.03 |
|
Tangible book value per share |
$ 10.70 |
$ 9.43 |
$ 10.70 |
$ 9.43 |
|
Period end shares outstanding |
46,684 |
46,541 |
46,684 |
46,541 |
|
Weighted average shares |
|||||
outstanding (basic) |
46,671 |
46,524 |
46,621 |
46,177 |
|
Weighted average shares |
|||||
outstanding (diluted) |
46,818 |
46,800 |
46,832 |
46,354 |
|
Non-accrual loans |
$ 4,439 |
$ 6,079 |
$ 4,439 |
$ 6,079 |
|
Accruing loans 90 or more |
|||||
days past due |
189 |
2,332 |
189 |
2,332 |
|
Restructured loans |
0 |
0 |
0 |
0 |
|
Total non-performing loans |
4,628 |
8,411 |
4,628 |
8,411 |
|
Repossessed assets |
161 |
116 |
161 |
116 |
|
Other real estate |
11,053 |
7,829 |
11,053 |
7,829 |
|
Total non-performing assets |
$ 15,842 |
$ 16,356 |
$ 15,842 |
$ 16,356 |
|
Allowance for credit losses at |
|||||
end of period |
$ 51,584 |
$ 51,863 |
$ 51,584 |
$ 51,863 |
|
Net charge-offs |
$ 2,670 |
$ 3,949 |
$ 13,864 |
$ 13,881 |
|
Basic earnings per share |
$ 0.70 |
$ 0.66 |
$ 2.74 |
$ 2.42 |
|
Diluted earnings per share |
$ 0.70 |
$ 0.65 |
$ 2.73 |
$ 2.41 |
|
Prosperity Bancshares, Inc.® |
|||||
Financial Highlights |
|||||
Three Months Ended |
Twelve Months Ended |
||||
Dec 31, 2010 |
Dec 31, 2009 |
Dec 31, 2010 |
Dec 31, 2009 |
||
Performance Ratios |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Return on average |
|||||
assets (annualized) |
1.41% |
1.39% |
1.38% |
1.26% |
|
Return on average common |
|||||
equity (annualized) |
9.08% |
9.11% |
9.08% |
8.57% |
|
Return on average tangible |
|||||
common equity (annualized) |
26.70% |
28.50% |
27.40% |
28.66% |
|
Net interest margin (D) |
|||||
(tax equivalent) (annualized) |
3.99% |
4.24% |
4.04% |
4.08% |
|
Efficiency ratio (E) |
44.13% |
42.44% |
44.83% |
46.27% |
|
Asset Quality Ratios |
|||||
Non-performing assets to |
|||||
average earning assets |
0.20% |
0.22% |
0.20% |
0.22% |
|
Non-performing assets to loans |
|||||
and other real estate |
0.45% |
0.48% |
0.45% |
0.48% |
|
Net charge-offs |
|||||
to average loans |
0.08% |
0.12% |
0.41% |
0.40% |
|
Allowance for credit losses to |
|||||
total loans |
1.48% |
1.54% |
1.48% |
1.54% |
|
Common Stock Market Price |
|||||
High |
$39.96 |
$41.18 |
$43.66 |
$41.18 |
|
Low |
$30.37 |
$33.62 |
$28.27 |
$20.04 |
|
Period end market price |
$39.28 |
$40.47 |
$39.28 |
$40.47 |
|
(D) Net interest margin for all periods presented is calculated on an actual 365 or actual 366 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). Additionally, taxes are not part of this calculation. |
|
Prosperity Bancshares, Inc.® |
|||||||||
Financial Highlights |
|||||||||
(Dollars in thousands) |
|||||||||
Dec 31, 2010 |
Sept 30, 2010 |
June 30, 2010 |
Mar 31, 2010 |
||||||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||||
Loan Portfolio |
|||||||||
Commercial |
$ 440,480 |
12.64% |
$ 419,539 |
12.29% |
$ 440,274 |
12.85% |
$ 412,602 |
12.32% |
|
Construction |
502,327 |
14.41% |
498,400 |
14.60% |
514,793 |
15.03% |
539,430 |
16.11% |
|
1-4 family residential |
824,057 |
23.65% |
789,859 |
23.14% |
758,670 |
22.15% |
729,015 |
21.77% |
|
Home equity |
118,781 |
3.41% |
114,846 |
3.36% |
116,071 |
3.39% |
119,754 |
3.58% |
|
Commercial real estate |
1,370,649 |
39.33% |
1,357,046 |
39.75% |
1,349,834 |
39.42% |
1,302,357 |
38.90% |
|
Agriculture |
140,752 |
4.04% |
143,917 |
4.22% |
148,770 |
4.34% |
140,418 |
4.19% |
|
Consumer |
87,977 |
2.52% |
90,212 |
2.64% |
96,628 |
2.82% |
104,807 |
3.13% |
|
Total Loans |
$ 3,485,023 |
$ 3,413,819 |
$ 3,425,040 |
$ 3,348,383 |
|||||
Deposit Types |
|||||||||
Non-interest bearing DDA |
$ 1,673,190 |
22.44% |
$ 1,623,078 |
21.66% |
$ 1,576,727 |
20.18% |
$ 1,525,079 |
20.07% |
|
Interest bearing DDA |
1,412,337 |
18.95% |
1,278,564 |
17.07% |
1,359,041 |
17.39% |
1,354,393 |
17.82% |
|
Money Market |
1,748,344 |
23.45% |
1,799,923 |
24.03% |
1,901,149 |
24.33% |
1,807,704 |
23.79% |
|
Savings |
423,026 |
5.67% |
402,707 |
5.38% |
385,376 |
4.93% |
360,776 |
4.75% |
|
Time < $100 |
1,119,336 |
15.01% |
1,224,226 |
16.34% |
1,316,602 |
16.85% |
1,284,271 |
16.90% |
|
Time > $100 |
1,078,687 |
14.48% |
1,163,082 |
15.52% |
1,275,034 |
16.32% |
1,266,756 |
16.67% |
|
Total Deposits |
$ 7,454,920 |
$ 7,491,580 |
$ 7,813,929 |
$ 7,598,979 |
|||||
Loan to Deposit Ratio |
46.7% |
45.6% |
43.8% |
44.1% |
|||||
Construction Loans |
|||||||||
Single family residential construction |
$ 118,207 |
23.52% |
$ 127,325 |
25.55% |
$ 136,127 |
26.45% |
$ 134,963 |
25.03% |
|
Land development |
52,773 |
10.51% |
55,902 |
11.22% |
74,570 |
14.49% |
76,871 |
14.25% |
|
Raw land |
64,524 |
12.85% |
67,108 |
13.46% |
68,112 |
13.23% |
76,817 |
14.24% |
|
Residential lots |
88,648 |
17.65% |
88,611 |
17.78% |
93,764 |
18.21% |
99,012 |
18.35% |
|
Commercial lots |
52,183 |
10.39% |
48,346 |
9.70% |
49,341 |
9.58% |
49,863 |
9.24% |
|
Commercial Construction and other |
125,992 |
25.08% |
111,108 |
22.29% |
92,879 |
18.04% |
101,904 |
18.89% |
|
Total Construction Loans |
$ 502,327 |
$ 498,400 |
$ 514,793 |
$ 539,430 |
|||||
Prosperity Bancshares, Inc.® |
||||||
Financial Highlights |
||||||
(Dollars in thousands) |
||||||
Dec 31, 2010 |
Sept 30, 2010 |
June 30, 2010 |
Mar 31, 2010 |
Dec 31, 2009 |
||
Balance Sheet Data (at period end) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Total loans |
$ 3,485,023 |
$ 3,413,819 |
$ 3,425,040 |
$ 3,348,383 |
$ 3,376,703 |
|
Investment securities (F) |
4,617,116 |
4,472,639 |
4,817,847 |
4,525,506 |
4,118,290 |
|
Federal funds sold |
393 |
553 |
823 |
577 |
354 |
|
Allowance for credit losses |
(51,584) |
(51,354) |
(52,727) |
(51,893) |
(51,863) |
|
Cash and due from banks |
158,975 |
140,678 |
148,395 |
169,534 |
194,963 |
|
Goodwill |
924,258 |
923,933 |
921,484 |
890,123 |
876,987 |
|
Core deposit intangibles |
28,776 |
30,948 |
33,389 |
33,094 |
35,385 |
|
Other real estate |
11,053 |
11,233 |
12,520 |
12,991 |
7,829 |
|
Fixed assets, net |
159,053 |
159,717 |
161,267 |
152,886 |
148,855 |
|
Other assets |
143,509 |
136,336 |
140,784 |
137,532 |
142,897 |
|
Total assets |
$ 9,476,572 |
$ 9,238,502 |
$ 9,608,822 |
$ 9,218,733 |
$ 8,850,400 |
|
Demand deposits |
$ 1,673,190 |
$ 1,623,078 |
$ 1,576,727 |
$ 1,525,079 |
$ 1,492,612 |
|
Interest bearing deposits |
5,781,730 |
5,868,502 |
6,237,202 |
6,073,900 |
5,765,938 |
|
Total deposits |
7,454,920 |
7,491,580 |
7,813,929 |
7,598,979 |
7,258,550 |
|
Securities sold under |
||||||
repurchase agreements |
60,659 |
96,416 |
93,060 |
68,441 |
72,596 |
|
Federal funds purchased and |
||||||
other borrowings |
374,433 |
71,686 |
154,935 |
15,879 |
26,140 |
|
Junior subordinated debentures |
92,265 |
92,265 |
92,265 |
92,265 |
92,265 |
|
Other liabilities |
41,956 |
56,985 |
50,499 |
65,262 |
49,604 |
|
Total liabilities |
8,024,233 |
7,808,932 |
8,204,688 |
7,840,826 |
7,499,155 |
|
Shareholders' equity (G) |
1,452,339 |
1,429,570 |
1,404,134 |
1,377,907 |
1,351,245 |
|
Total liabilities and equity |
$ 9,476,572 |
$ 9,238,502 |
$ 9,608,822 |
$ 9,218,733 |
$ 8,850,400 |
|
(F) Includes $22,007, $26,869, $28,028, $27,710 and $25,855 in unrealized gains on available for sale securities for the quarterly periods ending December 31, 2010, September 30, 2010, June 30, 2010, March 31, 2010 and December 31, 2009, respectively. |
|
(G) Includes $14,304, $17,465, $18,218, $18,011 and $16,806 in after-tax unrealized gains on available for sale securities for the quarterly periods ending December 31, 2010, September 30, 2010, June 30, 2010, March 31, 2010 and December 31, 2009, respectively. |
|
Prosperity Bancshares, Inc.® |
||||||
Financial Highlights |
||||||
(Dollars in thousands) |
||||||
Three Months Ended |
||||||
Dec 31, 2010 |
Sept 30, 2010 |
June 30, 2010 |
Mar 31, 2010 |
Dec 31, 2009 |
||
Income Statement Data |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Interest on loans |
$ 52,722 |
$ 52,855 |
$ 52,681 |
$ 51,453 |
$ 53,461 |
|
Interest on securities |
39,708 |
43,382 |
46,603 |
45,014 |
46,116 |
|
Interest on federal funds |
||||||
sold and other earning assets |
6 |
10 |
74 |
29 |
8 |
|
Total interest income |
92,436 |
96,247 |
99,358 |
96,496 |
99,585 |
|
Interest expense- deposits |
11,749 |
14,702 |
17,573 |
17,485 |
18,062 |
|
Interest expense- debentures |
803 |
857 |
799 |
791 |
803 |
|
Interest expense- other |
375 |
421 |
386 |
448 |
631 |
|
Total interest expense |
12,927 |
15,980 |
18,758 |
18,724 |
19,496 |
|
Net interest income |
79,509 |
80,267 |
80,600 |
77,772 |
80,089 |
|
Provision for credit losses |
2,900 |
3,000 |
3,275 |
4,410 |
8,500 |
|
Net interest income after |
||||||
provision for credit losses |
76,609 |
77,267 |
77,325 |
73,362 |
71,589 |
|
Service charges on |
||||||
deposits accounts |
12,780 |
13,201 |
12,680 |
11,589 |
12,953 |
|
Net gain on sale of assets |
2 |
1 |
399 |
0 |
145 |
|
Net loss on sale of ORE |
(915) |
(1,364) |
(1,689) |
(294) |
(135) |
|
Brokered mortgage income |
78 |
64 |
50 |
13 |
36 |
|
Other non-interest income |
1,960 |
1,752 |
1,856 |
1,670 |
1,712 |
|
Total non-interest income |
13,905 |
13,654 |
13,296 |
12,978 |
14,711 |
|
Salaries and benefits |
21,421 |
22,016 |
22,431 |
21,112 |
19,747 |
|
CDI amortization |
2,172 |
2,274 |
2,280 |
2,290 |
2,441 |
|
Net occupancy and equipment |
3,975 |
4,036 |
3,708 |
3,434 |
3,794 |
|
Depreciation |
1,999 |
2,161 |
2,147 |
2,006 |
2,056 |
|
Data processing |
||||||
and software amortization |
1,515 |
1,550 |
1,742 |
1,415 |
1,386 |
|
Regulatory assessments and FDIC insurance |
2,812 |
2,817 |
2,801 |
2,609 |
2,473 |
|
Other non-interest expense |
7,333 |
7,739 |
7,940 |
6,859 |
8,279 |
|
Total non-interest expense |
41,227 |
42,593 |
43,049 |
39,725 |
40,176 |
|
Net income before taxes |
49,287 |
48,328 |
47,572 |
46,615 |
46,124 |
|
Federal income taxes |
16,489 |
16,162 |
15,826 |
15,617 |
15,555 |
|
Net income available |
||||||
to common shareholders |
$ 32,798 |
$ 32,166 |
$ 31,746 |
$ 30,998 |
$ 30,569 |
|
Prosperity Bancshares, Inc.® |
||||||
Financial Highlights |
||||||
Three Months Ended |
||||||
Dec 31, 2010 |
Sept. 30, 2010 |
June 30, 2010 |
Mar 31, 2010 |
Dec 31, 2009 |
||
Comparative Quarterly |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Asset Quality, Performance |
||||||
& Capital Ratios |
||||||
Return on average |
||||||
assets (annualized) |
1.41% |
1.36% |
1.34% |
1.40% |
1.39% |
|
Return on average common |
||||||
equity (annualized) |
9.08% |
9.06% |
9.12% |
9.07% |
9.11% |
|
Return on average tangible |
||||||
equity (annualized) |
26.70% |
27.62% |
28.08% |
27.22% |
28.50% |
|
Net interest margin |
||||||
(tax equivalent) (annualized) |
3.99% |
3.97% |
4.00% |
4.20% |
4.24% |
|
Employees – FTE |
1,708 |
1,719 |
1,753 |
1,651 |
1,594 |
|
Efficiency ratio |
44.13% |
45.35% |
46.04% |
43.77% |
42.44% |
|
Non-performing assets to |
||||||
average earning assets |
0.20% |
0.26% |
0.27% |
0.26% |
0.22% |
|
Non-performing assets to loans |
||||||
and other real estate |
0.45% |
0.60% |
0.64% |
0.59% |
0.48% |
|
Net charge-offs to |
||||||
average loans |
0.08% |
0.13% |
0.07% |
0.13% |
0.12% |
|
Allowance for credit losses to |
||||||
total loans |
1.48% |
1.50% |
1.54% |
1.55% |
1.54% |
|
Book value per share |
$31.11 |
$30.64 |
$30.12 |
$29.58 |
$29.03 |
|
Tangible book value per share |
$10.70 |
$10.17 |
$9.64 |
$9.76 |
$9.43 |
|
Tier 1 risk-based capital |
13.64% |
13.23% |
12.31% |
12.82% |
12.61% |
|
Total risk-based capital |
14.87% |
14.47% |
13.56% |
14.07% |
13.86% |
|
Tier 1 leverage capital |
6.87% |
6.45% |
6.10% |
6.61% |
6.47% |
|
Tangible equity to tangible assets |
5.86% |
5.73% |
5.19% |
5.48% |
5.53% |
|
Equity to assets |
15.33% |
15.47% |
14.61% |
14.95% |
15.27% |
|
Prosperity Bancshares, Inc.® |
|||||||
Supplemental Financial Data (Unaudited) |
|||||||
(Dollars in thousands) |
|||||||
Three Months Ended December 31, 2010 |
Three Months Ended December 31, 2009 |
||||||
YIELD ANALYSIS |
Average |
Interest Earned |
Average |
Average |
Interest Earned |
Average |
|
Balance |
/ Interest Paid |
Yield/Rate |
Balance |
/ Interest Paid |
Yield/Rate |
||
Interest Earning Assets: |
|||||||
Loans |
$ 3,421,698 |
$ 52,722 |
6.11% |
$ 3,389,529 |
$ 53,461 |
6.26% |
|
Investment securities |
4,542,433 |
39,708 |
3.50% |
4,152,752 |
46,116 |
4.44% |
|
Federal funds sold and other |
|||||||
earning assets |
14,305 |
6 |
0.17% |
13,607 |
8 |
0.23% |
|
Total interest earning assets |
7,978,436 |
$ 92,436 |
4.60% |
7,555,888 |
$ 99,585 |
5.23% |
|
Allowance for credit losses |
(51,551) |
(48,894) |
|||||
Non-interest earning assets |
1,394,266 |
1,312,019 |
|||||
Total assets |
$ 9,321,151 |
$ 8,819,013 |
|||||
Interest Bearing Liabilities: |
|||||||
Interest bearing demand deposits |
$ 1,291,312 |
$ 1,772 |
0.54% |
$ 1,119,119 |
$ 2,030 |
0.72% |
|
Savings and money market deposits |
2,229,295 |
3,189 |
0.57% |
1,988,158 |
4,150 |
0.83% |
|
Certificates and other time deposits |
2,271,119 |
6,788 |
1.19% |
2,499,797 |
11,882 |
1.89% |
|
Securities sold under repurchase agreements |
77,759 |
110 |
0.56% |
88,094 |
218 |
0.98% |
|
Federal funds purchased and other borrowings |
198,677 |
265 |
0.53% |
141,073 |
413 |
1.16% |
|
Junior subordinated debentures |
92,265 |
803 |
3.45% |
92,265 |
803 |
3.45% |
|
Total interest bearing liabilities |
$ 6,160,427 |
$ 12,927 |
0.83% |
$ 5,928,506 |
$ 19,496 |
1.30% |
|
Non-interest bearing liabilities: |
|||||||
Non-interest bearing demand deposits |
$ 1,661,448 |
$ 1,481,514 |
|||||
Other liabilities |
54,429 |
66,410 |
|||||
Total liabilities |
$ 7,876,304 |
$ 7,476,430 |
|||||
Shareholders' equity |
$ 1,444,847 |
$ 1,342,583 |
|||||
Total liabilities and shareholders' equity |
$ 9,321,151 |
$ 8,819,013 |
|||||
Net Interest Income & Margin |
$ 79,509 |
3.95% |
$ 80,089 |
4.21% |
|||
Net Interest Income & Margin |
|||||||
(tax equivalent) |
$ 80,238 |
3.99% |
$ 80,770 |
4.24% |
|||
Prosperity Bancshares, Inc.® |
|||||||
Supplemental Financial Data (Unaudited) |
|||||||
(Dollars in thousands) |
|||||||
Twelve Months Ended December 31, 2010 |
Twelve Months Ended December 31, 2009 |
||||||
YIELD ANALYSIS |
Average |
Interest Earned |
Average |
Average |
Interest Earned |
Average |
|
Balance |
/ Interest Paid |
Yield/Rate |
Balance |
/ Interest Paid |
Yield/Rate |
||
Interest Earning Assets: |
|||||||
Loans |
$ 3,394,502 |
$ 209,711 |
6.18% |
$ 3,455,761 |
$ 219,320 |
6.35% |
|
Investment securities |
4,508,918 |
174,707 |
3.87% |
4,052,989 |
190,106 |
4.69% |
|
Federal funds sold and other |
|||||||
earning assets |
48,944 |
119 |
0.24% |
77,328 |
188 |
0.24% |
|
Total interest earning assets |
7,952,364 |
$ 384,537 |
4.84% |
7,586,078 |
$ 409,614 |
5.40% |
|
Allowance for credit losses |
(52,151) |
(42,279) |
|||||
Non-interest earning assets |
1,378,167 |
1,307,895 |
|||||
Total assets |
$ 9,278,380 |
$ 8,851,694 |
|||||
Interest Bearing Liabilities: |
|||||||
Interest bearing demand deposits |
$ 1,336,400 |
$ 8,994 |
0.67% |
$ 1,082,332 |
$ 8,587 |
0.79% |
|
Savings and money market deposits |
2,189,695 |
15,159 |
0.69% |
1,910,721 |
19,405 |
1.02% |
|
Certificates and other time deposits |
2,438,968 |
37,356 |
1.53% |
2,730,263 |
67,842 |
2.48% |
|
Securities sold under repurchase agreements |
81,623 |
595 |
0.73% |
93,625 |
1,166 |
1.25% |
|
Federal funds purchased and other borrowings |
109,260 |
1,035 |
0.95% |
75,747 |
1,753 |
2.31% |
|
Junior subordinated debentures |
92,265 |
3,250 |
3.52% |
92,265 |
3,760 |
4.08% |
|
Total interest bearing liabilities |
6,248,211 |
$ 66,389 |
1.06% |
5,984,953 |
$ 102,513 |
1.71% |
|
Non-interest bearing liabilities: |
|||||||
Non-interest bearing demand deposits |
1,567,676 |
1,488,699 |
|||||
Other liabilities |
56,334 |
73,293 |
|||||
Total liabilities |
7,872,221 |
7,546,945 |
|||||
Shareholders' equity |
1,406,159 |
1,304,749 |
|||||
Total liabilities and shareholders' equity |
$ 9,278,380 |
$ 8,851,694 |
|||||
Net Interest Income & Margin |
$ 318,148 |
4.00% |
$ 307,101 |
4.05% |
|||
Net Interest Income & Margin |
|||||||
(tax equivalent) |
$ 321,049 |
4.04% |
$ 309,866 |
4.08% |
|||
Prosperity Bancshares, Inc.® |
|
Notes to Selected Financial Data (Unaudited) |
|
(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 |
||||||
Dec 31, 2010 |
Sept 30, 2010 |
June 30, 2010 |
Mar 31, 2010 |
Dec 31, 2009 |
||
Return on average tangible common equity: |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
|
Net income |
$ 32,798 |
$ 32,166 |
$ 31,746 |
$ 30,998 |
$ 30,569 |
|
Average shareholders' equity |
1,444,847 |
1,419,784 |
1,392,493 |
1,367,511 |
1,342,583 |
|
Less: Average goodwill and other intangible assets |
(953,509) |
(953,892) |
(940,246) |
(912,065) |
(913,522) |
|
Average tangible shareholders' equity |
$ 491,338 |
$ 465,892 |
$ 452,247 |
$ 455,446 |
$ 429,061 |
|
Return on average tangible common equity: |
26.70% |
27.62% |
28.08% |
27.22% |
28.50% |
|
Tangible book value per share: |
||||||
Shareholders' equity |
$1,452,339 |
$1,429,570 |
$ 1,404,134 |
$1,377,907 |
$1,351,245 |
|
Less: Goodwill and other intangible assets |
(953,034) |
(954,881) |
(954,873) |
(923,217) |
(912,372) |
|
Tangible shareholders' equity |
$ 499,305 |
$ 474,689 |
$ 449,261 |
$ 454,690 |
$ 438,873 |
|
Period end shares outstanding |
46,684 |
46,653 |
46,622 |
46,575 |
46,541 |
|
Tangible book value per share: |
$ 10.70 |
$ 10.17 |
$ 9.64 |
$ 9.76 |
$ 9.43 |
|
Tangible equity to tangible assets ratio: |
||||||
Tangible shareholders' equity |
$ 499,305 |
$ 474,689 |
$ 449,261 |
$ 454,690 |
$ 438,873 |
|
Total assets |
$9,476,572 |
$9,238,502 |
$ 9,608,822 |
$9,218,733 |
$ 8,850,400 |
|
Less: Goodwill and other intangible assets |
(953,034) |
(954,881) |
(954,873) |
(923,217) |
(912,372) |
|
Tangible assets |
$8,523,538 |
$8,283,621 |
$ 8,653,949 |
$8,295,516 |
$ 7,938,028 |
|
Tangible equity to tangible assets ratio: |
5.86% |
5.73% |
5.19% |
5.48% |
5.53% |
|
Prosperity Bancshares, Inc.® |
|||
Notes to Selected Financial Data (Unaudited) |
|||
(Dollars and share amounts in thousands, except per share data) |
|||
Twelve Months Ended |
|||
Dec 31, 2010 |
Dec 31, 2009 |
||
Return on average tangible common equity: |
(unaudited) |
(unaudited) |
|
Net income |
$ 127,708 |
$ 111,879 |
|
Average shareholders' equity |
1,406,159 |
1,304,749 |
|
Less: Average goodwill and other intangible assets |
(940,080) |
(914,384) |
|
Average tangible shareholders' equity |
$ 466,079 |
$ 390,365 |
|
Return on average tangible common equity: |
27.40% |
28.66% |
|
Tangible book value per share: |
|||
Shareholders equity |
$ 1,452,339 |
$ 1,351,245 |
|
Less: Goodwill and other intangible assets |
(953,034) |
(912,372) |
|
Tangible shareholders' equity |
$ 499,305 |
$ 438,873 |
|
Period end shares outstanding |
46,684 |
46,541 |
|
Tangible book value per share: |
$ 10.70 |
$ 9.43 |
|
Tangible equity to tangible assets ratio: |
|||
Tangible shareholders' equity |
$ 499,305 |
$ 38,873 |
|
Total assets |
$ 9,476,572 |
$ 8,850,400 |
|
Less: Goodwill and other intangible assets |
(953,034) |
(912,372) |
|
Tangible assets |
$ 8,523,538 |
$ 7,938,028 |
|
Tangible equity to tangible assets ratio: |
5.86% |
5.53% |
|
SOURCE Prosperity Bancshares, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article