PB FY 2010 Earnings Report — Prosperity Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Prosperity Bancshares, Inc.PB

FY 2010 Earnings

Reported March 1, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$438M	—	$470M	—	-6.7%
Op. Income	$192M	—	$168M	—	14.2%
Gross Margin	81.8%	—	72.0%	—	9.7pp
Net Margin	29.1%	—	23.8%	—	5.3pp
EPS (Diluted)	$2.73	—	$2.41	—	13.3%
Free Cash Flow	$164M	—	$39M	—	323.8%

Revenue Flow

Item	Amount
REVENUE	$438M
Cost of Revenue	$80M
GROSS PROFIT	$358M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$104M
SG&A Expenses	$104M
Other Expenses	$62M
Operating Expenses	$167M
Cost & Expenses	$247M
OPERATING INCOME	$192M
Interest Income	$385M
Interest Expense	$66M
Other Income/Expenses	$0
INCOME BEFORE TAX	$192M
Income Tax Expense	$64M
Net Income from Continuing Ops	$128M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$128M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$128M
D&A	$17M
EBIT	$192M
EBITDA	$209M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$438M
Cost of Revenue	$80M
GROSS PROFIT	$358M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$104M
SG&A Expenses	$104M
Other Expenses	$62M
Operating Expenses	$167M
Cost & Expenses	$247M
OPERATING INCOME	$192M
Interest Income	$385M
Interest Expense	$66M
Other Income/Expenses	$0
INCOME BEFORE TAX	$192M
Income Tax Expense	$64M
Net Income from Continuing Ops	$128M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$128M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$128M
D&A	$17M
EBIT	$192M
EBITDA	$209M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$128M
Depreciation & Amortization	$17M
Stock-Based Compensation	$3M
Deferred Income Tax	$0
Other Non-Cash Items	$38M
Change in Working Capital	-$9M
OPERATING CASH FLOW	$178M
Capital Expenditure	-$14M
Acquisitions (Net)	$711M
Purchases of Investments	-$2.9B
Sales/Maturities of Investments	$2.4B
Other Investing Activities	-$21M
NET CASH FROM INVESTING	$152M
Net Debt Issuance	$348M
Common Stock Repurchased	$0
Common Dividends Paid	-$30M
Other Financing Activities	-$684M
NET CASH FROM FINANCING	-$366M
FREE CASH FLOW	$164M
Net Change in Cash	-$36M

Balance Sheet

Item	Amount
Cash & Equivalents	$159M
Short-Term Investments	$0
Net Receivables	$30M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$189M
PP&E (Net)	$159M
Goodwill	$924M
Intangible Assets	$29M
Long-Term Investments	$8.1B
Tax Assets	$0
Other Non-Current Assets	$125M
TOTAL NON-CURRENT ASSETS	$9.3B
TOTAL ASSETS	$9.5B
Account Payables	$4M
Short-Term Debt	$61M
Deferred Revenue	$0
Other Current Liabilities	$7.5B
TOTAL CURRENT LIABILITIES	$7.5B
Long-Term Debt	$467M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$38M
TOTAL NON-CURRENT LIABILITIES	$505M
TOTAL LIABILITIES	$8.0B
Common Stock	$47M
Additional Paid-In Capital	$876M
Retained Earnings	$516M
Treasury Stock	-$607.0K
Accum. Other Comp. Income	$14M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.5B
Minority Interest	$0
TOTAL EQUITY	$1.5B
TOTAL LIABILITIES & EQUITY	$9.5B
Total Debt	$527M
Net Debt	$368M