SAN ANTONIO, April 25, 2019 /PRNewswire/ -- Cullen/Frost
Bankers, Inc. (NYSE:CFR) today reported first quarter 2019 results.
Net income available to common shareholders for the first quarter
of 2019 was $114.5 million, compared
to $104.5 million in the first
quarter of 2018, representing an increase of 9.6 percent. On a
per-share basis, net income for the first quarter of 2019 was
$1.79 per diluted common share, up
11.2 percent compared to $1.61 per
diluted common share reported a year earlier. Returns on average
assets and average common equity were 1.48 percent and 14.08
percent, respectively, for the first quarter of 2019 compared to
1.36 percent and 13.62 percent, respectively, for the same period a
year earlier.
For the first quarter of 2019, net interest income was
$246.5 million, up 7.3 percent
compared to the same quarter in 2018. Average loans for the first
quarter of 2019 increased $910.6
million, or 6.8 percent, to $14.2
billion, from the $13.3
billion reported for the first quarter a year earlier.
Average deposits for the quarter were $26.1
billion compared to $26.4
billion reported for last year's first quarter, a decrease
of 1.2 percent.
"During the first quarter, Frost bankers throughout the state
continued to execute soundly and consistently on our organic growth
plan," said Cullen/Frost Chairman and CEO Phil Green. "Our focus is on building and
cultivating long-term relationships with our customers, and
remaining true to the Frost culture that has sustained us for more
than 150 years. "Noted financial data for the first quarter of 2019
follows:
- The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital
Ratios at the end of the first quarter of 2019 were 12.34 percent,
13.00 percent and 14.68 percent, respectively, and continue to be
in excess of well-capitalized levels and exceed Basel III minimum
requirements.
- Net interest income of $246.5
million represented a 7.3 percent increase over the prior
year period. The net interest margin was 3.79 percent for the first
quarter of 2019, up 7 basis points over the fourth quarter of 2018
net interest margin of 3.72 percent.
- Non-interest income for the first quarter of 2019 totaled
$96.8 million, an increase of
$5.3 million, or 5.8 percent, from
the $91.4 million reported for the
first quarter of 2018. Insurance commissions and fees of
$18.4 million increased $2.4 million, or 15.2 percent, from the previous
year. The increase was driven by increases in benefits commissions,
property and casualty commissions, and life insurance commissions.
Trust and investment management fees were $31.7 million, up $2.1
million, or 7.1 percent, from the first quarter of 2018.
Higher trust and investment management fees were primarily driven
by strong performance in equity markets and higher oil and gas
fees. Other non-interest income in the first quarter of 2019 was
$13.6 million, up $661,000, or 5.1 percent, from the first quarter
last year. The increase was partly impacted by gains on the sale of
various branch and operational facilities which totaled
$4.0 million in the first quarter of
2019 compared to $3.7 million in the
same period last year.
- Non-interest expense was $201.8
million for the quarter, up $5.2
million, or 2.6 percent, compared to the $196.6 million reported for the first quarter a
year earlier. Total salaries and wages rose $5.8 million, or 6.7 percent, to $92.5 million, due to an increase in the number
of employees and normal annual merit and market increases.
Technology, furniture and equipment expense for the first quarter
increased by $2.0 million, or 10.1
percent, from the first quarter of 2018. The increase was primarily
driven by a $1.6 million increase in
software maintenance expense. Deposit insurance expense decreased
by $2.1 million compared to the first
quarter of 2018, primarily due to the termination of the FDIC's
quarterly surcharge in the fourth quarter of 2018 as the Deposit
Insurance Fund reserve ratio exceeded the statutory minimum as of
September 30, 2018. Other
non-interest expense was down $1.5
million or 3.5 percent compared to the first quarter of
2018. The decrease from the year-ago period was mainly driven by a
$3.7 million donation to the Frost
Charitable Foundation in the first quarter of 2018.
- For the first quarter of 2019, the provision for loan losses
was $11.0 million, compared to net
charge-offs of $6.8 million. This
compares with $3.8 million in
provisions and $9.2 million in net
charge-offs for the fourth quarter of 2018, and $6.9 million in provisions and $12.4 million in net charge-offs in the first
quarter of 2018. The allowance for loan losses as a percentage of
total loans was 0.95 percent at March 31,
2019, compared to 0.94 percent at the end of the fourth
quarter of 2018 and 1.12 percent at the end of the first quarter of
2018. Non-performing assets were $97.4
million at the end of the first quarter of 2019, compared to
$74.9 million at the end of the
fourth quarter of 2018 and $136.6
million at the end of the first quarter of 2018.
The Cullen/Frost board declared a second-quarter cash dividend
of $0.71 per common share,
representing a 6.0 percent increase over the previous year's
dividend, payable June 14, 2019 to
shareholders of record on May 31 of
this year. The board of directors declared a cash dividend of
$.3359375 per share of the
Noncumulative Perpetual Preferred Stock, Series A, which is traded
on the NYSE under the symbol "CFR PrA." The Series A Preferred
Stock dividend is payable on June 17,
2019, to shareholders of record on May 31 of this year.
Cullen/Frost Bankers, Inc. will host a conference call on
Thursday, April 25, 2019, 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 or via webcast on
our investor relations website linked below.
Playback of the conference call will be available after
2 p.m. CT on the day of the call
until midnight Sunday, April 28, 2019
at 855-859-2056 with Conference ID # of 5498778. The call will also
be available by webcast at the URL listed below after 2 p.m. CT on the day of the call.
Cullen/Frost investor relations website:
www.frostbank.com/investor-relations/
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding
company, headquartered in San
Antonio, with $31.7 billion in
assets at March 31, 2019. One of the 60 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
www.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, services or operations; (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:
- Local, regional, national and international economic conditions
and the impact they may have on us and our customers and our
assessment of that impact.
- Volatility and disruption in national and international
financial and commodity markets.
- Government intervention in the U.S. financial system.
- Changes in the mix of loan geographies, sectors and types or
the level of non-performing assets and charge-offs.
- Changes in estimates of future reserve requirements based upon
the periodic review thereof under relevant regulatory and
accounting requirements.
- The effects of and changes in trade and monetary and fiscal
policies and laws, including the interest rate policies of the
Federal Reserve Board.
- Inflation, interest rate, securities market and monetary
fluctuations.
- The effect of changes in laws and regulations (including laws
and regulations concerning taxes, banking, securities and
insurance) with which we and our subsidiaries must comply.
- The soundness of other financial institutions.
- Political instability.
- Impairment of our goodwill or other intangible assets.
- Acts of God or of war or terrorism.
- The timely development and acceptance of new products and
services and perceived overall value of these products and services
by users.
- Changes in consumer spending, borrowings and savings
habits.
- Changes in the financial performance and/or condition of our
borrowers.
- Technological changes.
- The cost and effects of failure, interruption, or breach of
security of our systems.
- Acquisitions and integration of acquired businesses.
- Our ability to increase market share and control expenses.
- Our ability to attract and retain qualified employees.
- Changes in the competitive environment in our markets and among
banking organizations and other financial service providers.
- The effect of changes in accounting policies and practices, as
may be adopted by the regulatory agencies, as well as the Public
Company Accounting Oversight Board, the Financial Accounting
Standards Board and other accounting standard setters.
- Changes in the reliability of our vendors, internal control
systems or information systems.
- Changes in our liquidity position.
- Changes in our organization, compensation and benefit
plans.
- The costs and effects of legal and regulatory developments, the
resolution of legal proceedings or regulatory or other governmental
inquiries, the results of regulatory examinations or reviews and
the ability to obtain required regulatory approvals.
- Greater than expected costs or difficulties related to the
integration of new products and lines of business.
- Our success at managing the risks involved in the foregoing
items.
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.
Cullen/Frost
Bankers, Inc.
|
CONSOLIDATED
FINANCIAL SUMMARY (UNAUDITED)
|
(In thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
1st
Qtr
|
|
4th
Qtr
|
|
3rd
Qtr
|
|
2nd
Qtr
|
|
1st
Qtr
|
CONDENSED INCOME
STATEMENTS
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
246,469
|
|
|
$
|
249,209
|
|
|
$
|
241,665
|
|
|
$
|
237,270
|
|
|
$
|
229,748
|
|
Net interest income
(1)
|
271,179
|
|
|
273,810
|
|
|
265,687
|
|
|
260,531
|
|
|
252,536
|
|
Provision for loan
losses
|
11,003
|
|
|
3,767
|
|
|
2,650
|
|
|
8,251
|
|
|
6,945
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
Trust and investment
management fees
|
31,697
|
|
|
29,882
|
|
|
30,801
|
|
|
29,121
|
|
|
29,587
|
|
Service charges on
deposit accounts
|
20,790
|
|
|
21,632
|
|
|
21,569
|
|
|
21,142
|
|
|
20,843
|
|
Insurance commissions
and fees
|
18,406
|
|
|
11,394
|
|
|
11,037
|
|
|
10,556
|
|
|
15,980
|
|
Interchange and debit
card transaction fees
|
3,280
|
|
|
3,774
|
|
|
3,499
|
|
|
3,446
|
|
|
3,158
|
|
Other charges,
commissions and fees
|
9,062
|
|
|
9,371
|
|
|
9,580
|
|
|
9,273
|
|
|
9,007
|
|
Net gain (loss) on
securities transactions
|
—
|
|
|
(43)
|
|
|
(34)
|
|
|
(60)
|
|
|
(19)
|
|
Other
|
13,550
|
|
|
11,108
|
|
|
11,205
|
|
|
11,588
|
|
|
12,889
|
|
Total non-interest
income
|
96,785
|
|
|
87,118
|
|
|
87,657
|
|
|
85,066
|
|
|
91,445
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
92,476
|
|
|
90,878
|
|
|
87,547
|
|
|
85,204
|
|
|
86,683
|
|
Employee
benefits
|
23,526
|
|
|
19,066
|
|
|
18,355
|
|
|
17,907
|
|
|
21,995
|
|
Net
occupancy
|
19,267
|
|
|
17,699
|
|
|
19,894
|
|
|
19,455
|
|
|
19,740
|
|
Technology, furniture
and equipment
|
21,664
|
|
|
21,960
|
|
|
21,004
|
|
|
20,459
|
|
|
19,679
|
|
Deposit
insurance
|
2,808
|
|
|
2,219
|
|
|
4,694
|
|
|
4,605
|
|
|
4,879
|
|
Intangible
amortization
|
325
|
|
|
331
|
|
|
336
|
|
|
369
|
|
|
388
|
|
Other
|
41,734
|
|
|
47,544
|
|
|
41,838
|
|
|
40,909
|
|
|
43,247
|
|
Total non-interest
expense
|
201,800
|
|
|
199,697
|
|
|
193,668
|
|
|
188,908
|
|
|
196,611
|
|
Income before income
taxes
|
130,451
|
|
|
132,863
|
|
|
133,004
|
|
|
125,177
|
|
|
117,637
|
|
Income
taxes
|
13,955
|
|
|
13,610
|
|
|
15,160
|
|
|
13,836
|
|
|
11,157
|
|
Net income
|
116,496
|
|
|
119,253
|
|
|
117,844
|
|
|
111,341
|
|
|
106,480
|
|
Preferred stock
dividends
|
2,016
|
|
|
2,016
|
|
|
2,016
|
|
|
2,015
|
|
|
2,016
|
|
Net income available
to common shareholders
|
$
|
114,480
|
|
|
$
|
117,237
|
|
|
$
|
115,828
|
|
|
$
|
109,326
|
|
|
$
|
104,464
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
1.80
|
|
|
$
|
1.84
|
|
|
$
|
1.80
|
|
|
$
|
1.70
|
|
|
$
|
1.63
|
|
Earnings per common
share - diluted
|
1.79
|
|
|
1.82
|
|
|
1.78
|
|
|
1.68
|
|
|
1.61
|
|
Cash dividends per
common share
|
0.67
|
|
|
0.67
|
|
|
0.67
|
|
|
0.67
|
|
|
0.57
|
|
Book value per common
share at end of quarter
|
54.68
|
|
|
51.19
|
|
|
49.49
|
|
|
49.53
|
|
|
48.58
|
|
|
|
|
|
|
|
|
|
|
|
OUTSTANDING COMMON
SHARES
|
|
|
|
|
|
|
|
|
|
Period-end common
shares
|
63,081
|
|
|
62,986
|
|
|
63,923
|
|
|
63,904
|
|
|
63,794
|
|
Weighted-average
common shares - basic
|
63,009
|
|
|
63,441
|
|
|
63,892
|
|
|
63,837
|
|
|
63,649
|
|
Dilutive effect of
stock compensation
|
819
|
|
|
811
|
|
|
1,022
|
|
|
1,062
|
|
|
1,013
|
|
Weighted-average
common shares - diluted
|
63,828
|
|
|
64,252
|
|
|
64,914
|
|
|
64,899
|
|
|
64,662
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED ANNUALIZED
RATIOS
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.48
|
%
|
|
1.48
|
%
|
|
1.49
|
%
|
|
1.43
|
%
|
|
1.36
|
%
|
Return on average
common equity
|
14.08
|
|
|
14.85
|
|
|
14.40
|
|
|
14.03
|
|
|
13.62
|
|
Net interest income
to average earning assets
|
3.79
|
|
|
3.72
|
|
|
3.66
|
|
|
3.64
|
|
|
3.52
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Taxable-equivalent basis assuming a 21% tax rate.
|
Cullen/Frost
Bankers, Inc.
|
CONSOLIDATED
FINANCIAL SUMMARY (UNAUDITED)
|
|
|
2019
|
|
2018
|
|
1st
Qtr
|
|
4th
Qtr
|
|
3rd
Qtr
|
|
2nd
Qtr
|
|
1st
Qtr
|
BALANCE SHEET
SUMMARY
|
|
|
|
|
|
|
|
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
Average
Balance:
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
14,205
|
|
|
$
|
13,949
|
|
|
$
|
13,683
|
|
|
$
|
13,537
|
|
|
$
|
13,295
|
|
Earning
assets
|
28,954
|
|
|
29,153
|
|
|
28,796
|
|
|
28,647
|
|
|
29,002
|
|
Total
assets
|
31,356
|
|
|
31,330
|
|
|
30,918
|
|
|
30,758
|
|
|
31,131
|
|
Non-interest-bearing
demand deposits
|
10,193
|
|
|
10,740
|
|
|
10,690
|
|
|
10,629
|
|
|
10,972
|
|
Interest-bearing
deposits
|
15,919
|
|
|
15,767
|
|
|
15,462
|
|
|
15,440
|
|
|
15,457
|
|
Total
deposits
|
26,112
|
|
|
26,507
|
|
|
26,152
|
|
|
26,069
|
|
|
26,429
|
|
Shareholders'
equity
|
3,441
|
|
|
3,277
|
|
|
3,335
|
|
|
3,270
|
|
|
3,255
|
|
|
|
|
|
|
|
|
|
|
|
Period-End
Balance:
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
14,406
|
|
|
$
|
14,100
|
|
|
$
|
13,815
|
|
|
$
|
13,712
|
|
|
$
|
13,364
|
|
Earning
assets
|
29,283
|
|
|
29,894
|
|
|
29,042
|
|
|
28,494
|
|
|
29,414
|
|
Goodwill and
intangible assets
|
658
|
|
|
659
|
|
|
659
|
|
|
659
|
|
|
660
|
|
Total
assets
|
31,665
|
|
|
32,293
|
|
|
31,223
|
|
|
30,687
|
|
|
31,459
|
|
Total
deposits
|
26,295
|
|
|
27,149
|
|
|
26,349
|
|
|
25,996
|
|
|
26,678
|
|
Shareholders'
equity
|
3,594
|
|
|
3,369
|
|
|
3,308
|
|
|
3,310
|
|
|
3,243
|
|
Adjusted
shareholders' equity (1)
|
3,500
|
|
|
3,433
|
|
|
3,449
|
|
|
3,373
|
|
|
3,297
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY
|
|
|
|
|
|
|
|
|
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses:
|
$
|
136,350
|
|
|
$
|
132,132
|
|
|
$
|
137,578
|
|
|
$
|
150,226
|
|
|
$
|
149,885
|
|
As a percentage of
period-end loans
|
0.95
|
%
|
|
0.94
|
%
|
|
1.00
|
%
|
|
1.10
|
%
|
|
1.12
|
%
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs:
|
$
|
6,785
|
|
|
$
|
9,213
|
|
|
$
|
15,298
|
|
|
$
|
7,910
|
|
|
$
|
12,424
|
|
Annualized as a
percentage of average loans
|
0.19
|
%
|
|
0.26
|
%
|
|
0.44
|
%
|
|
0.23
|
%
|
|
0.38
|
%
|
|
|
|
|
|
|
|
|
|
|
Non-performing
assets:
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
|
92,162
|
|
|
$
|
73,739
|
|
|
$
|
82,601
|
|
|
$
|
119,181
|
|
|
$
|
123,152
|
|
Restructured
loans
|
4,028
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,058
|
|
Foreclosed
assets
|
1,175
|
|
|
1,175
|
|
|
3,765
|
|
|
3,643
|
|
|
1,371
|
|
Total
|
$
|
97,365
|
|
|
$
|
74,914
|
|
|
$
|
86,366
|
|
|
$
|
122,824
|
|
|
$
|
136,581
|
|
As a percentage
of:
|
|
|
|
|
|
|
|
|
|
Total loans and
foreclosed assets
|
0.68
|
%
|
|
0.53
|
%
|
|
0.62
|
%
|
|
0.90
|
%
|
|
1.02
|
%
|
Total
assets
|
0.31
|
|
|
0.23
|
|
|
0.28
|
|
|
0.40
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED CAPITAL
RATIOS
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Risk-Based Capital Ratio (2)
|
12.34
|
%
|
|
12.27
|
%
|
|
12.56
|
%
|
|
12.33
|
%
|
|
12.30
|
%
|
Tier 1 Risk-Based
Capital Ratio (2)
|
13.00
|
|
|
12.94
|
|
|
13.24
|
|
|
13.02
|
|
|
13.01
|
|
Total Risk-Based
Capital Ratio (2)
|
14.68
|
|
|
14.64
|
|
|
14.99
|
|
|
14.85
|
|
|
14.89
|
|
Leverage
Ratio
|
9.35
|
|
|
9.06
|
|
|
9.19
|
|
|
9.02
|
|
|
8.62
|
|
Equity to Assets
Ratio (period-end)
|
11.35
|
|
|
10.43
|
|
|
10.60
|
|
|
10.78
|
|
|
10.31
|
|
Equity to Assets
Ratio (average)
|
10.97
|
|
|
10.46
|
|
|
10.79
|
|
|
10.63
|
|
|
10.46
|
|
|
|
|
|
|
|
|
|
|
|
(1) Shareholders'
equity excluding accumulated other comprehensive income
(loss).
|
|
(2) After a review of
risk-weight classifications during the first quarter of 2019,
risk-weightings for certain loans were reclassified. Amounts
reported prior to March 31. 2019 have been revised to reflect these
reclassifications.
|
Cullen/Frost
Bankers, Inc.
|
TAXABLE-EQUIVALENT
YIELD/COST AND AVERAGE BALANCES (UNAUDITED)
|
|
|
2019
|
|
2018
|
|
1st
Qtr
|
|
4th
Qtr
|
|
3rd
Qtr
|
|
2nd
Qtr
|
|
1st
Qtr
|
TAXABLE-EQUIVALENT
YIELD/COST (1)
|
|
|
|
|
|
|
|
|
|
Earning
Assets:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
2.50
|
%
|
|
2.35
|
%
|
|
2.05
|
%
|
|
1.93
|
%
|
|
1.55
|
%
|
Federal funds sold
and resell agreements
|
2.58
|
|
|
2.41
|
|
|
2.14
|
|
|
1.92
|
|
|
1.66
|
|
Securities
|
3.37
|
|
|
3.39
|
|
|
3.41
|
|
|
3.36
|
|
|
3.36
|
|
Loans, net of
unearned discounts
|
5.33
|
|
|
5.20
|
|
|
5.04
|
|
|
4.90
|
|
|
4.65
|
|
Total earning
assets
|
4.27
|
|
|
4.15
|
|
|
4.04
|
|
|
3.93
|
|
|
3.71
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
Savings and interest
checking
|
0.09
|
|
|
0.08
|
|
|
0.09
|
|
|
0.08
|
|
|
0.07
|
|
Money market deposit
accounts
|
1.09
|
|
|
1.00
|
|
|
0.93
|
|
|
0.74
|
|
|
0.41
|
|
Time
accounts
|
1.43
|
|
|
1.14
|
|
|
0.87
|
|
|
0.66
|
|
|
0.51
|
|
Public
funds
|
1.39
|
|
|
1.31
|
|
|
1.11
|
|
|
0.99
|
|
|
0.73
|
|
Total
interest-bearing deposits
|
0.69
|
|
|
0.63
|
|
|
0.57
|
|
|
0.46
|
|
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
Total
deposits
|
0.42
|
|
|
0.37
|
|
|
0.34
|
|
|
0.27
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and repurchase agreements
|
1.72
|
|
|
1.56
|
|
|
0.90
|
|
|
0.25
|
|
|
0.24
|
|
Junior subordinated
deferrable interest debentures
|
4.40
|
|
|
4.24
|
|
|
4.09
|
|
|
3.85
|
|
|
3.35
|
|
Subordinated notes
payable and other notes
|
4.72
|
|
|
4.72
|
|
|
4.72
|
|
|
4.72
|
|
|
4.72
|
|
Total
interest-bearing liabilities
|
0.81
|
|
|
0.74
|
|
|
0.64
|
|
|
0.50
|
|
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
3.46
|
|
|
3.41
|
|
|
3.40
|
|
|
3.43
|
|
|
3.38
|
|
Net interest income
to total average earning assets
|
3.79
|
|
|
3.72
|
|
|
3.66
|
|
|
3.64
|
|
|
3.52
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
|
|
|
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
$
|
1,729
|
|
|
$
|
2,452
|
|
|
$
|
2,799
|
|
|
$
|
2,885
|
|
|
$
|
3,683
|
|
Federal funds sold
and resell agreements
|
250
|
|
|
317
|
|
|
260
|
|
|
296
|
|
|
186
|
|
Securities
|
12,770
|
|
|
12,435
|
|
|
12,053
|
|
|
11,928
|
|
|
11,839
|
|
Loans, net of
unearned discount
|
14,205
|
|
|
13,949
|
|
|
13,683
|
|
|
13,537
|
|
|
13,295
|
|
Total earning
assets
|
$
|
28,954
|
|
|
$
|
29,153
|
|
|
$
|
28,796
|
|
|
$
|
28,647
|
|
|
$
|
29,002
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
Savings and interest
checking
|
$
|
6,774
|
|
|
$
|
6,673
|
|
|
$
|
6,675
|
|
|
$
|
6,688
|
|
|
$
|
6,635
|
|
Money market deposit
accounts
|
7,696
|
|
|
7,792
|
|
|
7,620
|
|
|
7,578
|
|
|
7,590
|
|
Time
accounts
|
895
|
|
|
836
|
|
|
799
|
|
|
787
|
|
|
778
|
|
Public
funds
|
554
|
|
|
467
|
|
|
369
|
|
|
387
|
|
|
453
|
|
Total
interest-bearing deposits
|
15,919
|
|
|
15,767
|
|
|
15,462
|
|
|
15,440
|
|
|
15,457
|
|
|
|
|
|
|
|
|
|
|
|
Total
deposits
|
26,112
|
|
|
26,507
|
|
|
26,152
|
|
|
26,069
|
|
|
26,429
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and repurchase agreements
|
1,180
|
|
|
1,138
|
|
|
1,011
|
|
|
1,020
|
|
|
1,050
|
|
Junior subordinated
deferrable interest debentures
|
136
|
|
|
136
|
|
|
136
|
|
|
136
|
|
|
136
|
|
Subordinated notes
payable and other notes
|
99
|
|
|
99
|
|
|
99
|
|
|
99
|
|
|
99
|
|
Total
interest-bearing funds
|
$
|
17,334
|
|
|
$
|
17,140
|
|
|
$
|
16,708
|
|
|
$
|
16,695
|
|
|
$
|
16,742
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Taxable-equivalent basis assuming a 21% tax rate.
|
A.B. Mendez
Investor Relations
210.220.5234
or
Bill Day
Media Relations
210.220.5427
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SOURCE Cullen/Frost Bankers, Inc.