Prosperity Bancshares Inc. Reports Q4 EPS $0.77 vs $0.76 Est

Prosperity Bancshares, Inc.

, the parent company of Prosperity Bank, reported net income for the quarter ended December 31, 2011 of $36.406 million or $0.77 per diluted common share, an increase in net income of $3.608 million or 11.0%, compared with $32.798 million or $0.70 per diluted common share for the same period in 2010. Prosperity also reported net income for the year ended December 31, 2011 of $141.749 million or $3.01 per diluted common share, up 11.0% from 2010 net income of $127.708 million and up 10.3% from 2010 diluted earnings per common share of $2.73. "We are proud of our performance in 2011. We finished the year with record net income of $141.749 million, an 11.0% increase over 2010. For the full year, our loans increased 8.1% or $280.883 million while our deposits also increased 8.1% or $605.334 million," said David Zalman, Prosperity's Chairman and Chief Executive Officer. "Our entire team is honored to have been recognized by Forbes as the 'Best Bank in America' in their 2012 rankings. This recognition is the result of all of our associates hard work and dedication and reflects our industry leading asset quality, our strong earnings, and our continued focus on building shareholder value," concluded Zalman. Prosperity's management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Specifically, Prosperity reviews tangible book value per share, return on average tangible common equity and the tangible equity to tangible assets ratio. Prosperity has included in this Earnings Release information relating to these non-GAAP financial measures for the applicable periods presented. Please refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of these non-GAAP financial measures.