PR Newswire
SAN ANTONIO, April 26, 2017
SAN ANTONIO, April 26, 2017 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported first quarter 2017 results. The company's net income available to common shareholders for the first quarter of 2017 was $82.9 million, compared to $66.8 million in the first quarter of 2016. On a per-share basis, net income was $1.28 per diluted common share, compared to $1.07 per diluted common share reported a year earlier. Returns on average assets and common equity were 1.12 percent and 11.55 percent, respectively, compared to 0.96 percent and 9.55 percent, respectively, for the same period a year earlier.
For the first quarter of 2017, net interest income on a taxable-equivalent basis increased 10.1 percent to $252.4 million, compared to the $229.2 million reported for the same quarter of 2016. Average loans for the first quarter of 2017 increased $592.1 million, or 5.1 percent, to $12.1 billion, from the $11.5 billion reported for the first quarter a year earlier. Average deposits for the quarter were $25.8 billion compared to $24.0 billion reported for last year's first quarter, an increase of 7.8 percent.
"We continue to build momentum from the last half of 2016, particularly in net interest income and loan growth," said Cullen/Frost Chairman and CEO Phil Green.
"Frost is well-positioned to continue growing in a higher interest rate environment, and at the same time, we have never lost sight of our culture and our value proposition, which have served us so well. In February, Frost received 33 national and regional Greenwich Excellence awards for satisfaction in small-business and middle-market banking and treasury management. That's more than any other bank in the country, and having a third party like Greenwich acknowledge it shows the commitment that Frost and our Frost bankers have made to providing high quality customer service."
Noted financial data for the first quarter of 2017 follows:
Cullen/Frost Bankers, Inc. will host a conference call on Wednesday, April 26, 2017, at 10 a.m. Central Time (CT) to discuss the results for the quarter. The media and other interested parties are invited to access the call in a "listen only" mode at 1-800-944-6430. Digital playback of the conference call will be available after 2 p.m. CT until midnight Sunday, April 30, 2017 at 855-859-2056 with Conference ID # of 9304464. The call will also be available by webcast at the URL listed below and available for playback after 2 p.m. CT. After entering the Web site, www.frostbank.com, scroll down to the bottom of the home page. Under Company Information, click on Investor Relations.
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $30.5 billion in assets at March 31, 2017. One of the 50 largest U.S. banks, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com.
Forward-Looking Statements and Factors that Could Affect Future Results
Certain statements contained in this Earnings Release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.
Greg Parker
Investor Relations
210.220.5632
or
Bill Day
Media Relations
210.220.5427
Cullen/Frost Bankers, Inc. | |||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
| | | | | | | | | | ||||||||||
| 2017 | | 2016 | ||||||||||||||||
| 1st Qtr | | 4th Qtr | | 3rd Qtr | | 2nd Qtr(2) | | 1st Qtr(2) | ||||||||||
CONDENSED INCOME STATEMENTS | | | | | | | | | | ||||||||||
Net interest income | $ | 208,509 | | | $ | 201,603 | | | $ | 194,507 | | | $ | 190,502 | | | $ | 189,724 | |
Net interest income (1) | 252,393 | | | 244,961 | | | 235,665 | | | 230,158 | | | 229,173 | | |||||
Provision for loan losses | 7,952 | | | 8,939 | | | 5,045 | | | 9,189 | | | 28,500 | | |||||
Non-interest income: | | | | | | | | | | ||||||||||
Trust and investment management fees | 26,470 | | | 26,434 | | | 26,451 | | | 26,021 | | | 25,334 | | |||||
Service charges on deposit accounts | 20,769 | | | 20,434 | | | 20,540 | | | 19,865 | | | 20,364 | | |||||
Insurance commissions and fees | 13,821 | | | 11,342 | | | 11,029 | | | 9,360 | | | 15,423 | | |||||
Interchange and debit card transaction fees | 5,574 | | | 5,531 | | | 5,435 | | | 5,381 | | | 5,022 | | |||||
Other charges, commissions and fees | 9,592 | | | 9,798 | | | 10,703 | | | 10,069 | | | 9,053 | | |||||
Net gain (loss) on securities transactions | — | | | 109 | | | (37) | | | — | | | 14,903 | | |||||
Other | 7,474 | | | 19,786 | | | 7,993 | | | 7,321 | | | 6,044 | | |||||
Total non-interest income | 83,700 | | | 93,434 | | | 82,114 | | | 78,017 | | | 96,143 | | |||||
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Non-interest expense: Werbung Mehr Nachrichten zur Cullen-Frost Aktie kostenlos abonnieren
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