Cullen/Frost Reports 4th Quarter And 2015 Annual Results

- Average annual loans reach $11.3 billion, up 9.4 percent

- Average annual deposits for 2015 rise 9.0 percent

27 Jan, 2016, 09:00 ET from Cullen/Frost Bankers, Inc.

SAN ANTONIO, Jan. 27, 2016 /PRNewswire/ -- Cullen/Frost Bankers, Inc. today reported fourth quarter results and annual earnings for 2015, a week after the Texas financial services leader indicated the corporation would raise its provision for loan losses to $34.0 million for the quarter.

Cullen/Frost reported net income available to common shareholders for the fourth quarter of 2015 of $56.2 million, or $0.90 per diluted common share, compared to fourth quarter 2014 earnings of $70.7 million, or $1.11 per diluted common share. For the fourth quarter of 2015, returns on average assets and common equity were 0.78 percent and 8.07 percent respectively, compared to 1.02 percent and 10.36 percent for the same period in 2014.

The company also reported 2015 annual net income available to common shareholders of $271.3 million, an increase of 0.5 percent compared to 2014 earnings of $269.9 million. On a per-share basis, 2015 earnings were $4.28 per diluted common share, compared to $4.29 per diluted common share reported in 2014. For the year 2015, returns on average assets and common equity were 0.97 percent and 9.86 percent respectively, compared to 1.05 percent and 10.51 percent reported in 2014.

During the fourth quarter of 2015, average deposits rose by 3.2 percent to $24.5 billion, up $760 million from the $23.7 billion reported in the fourth quarter of 2014. Average loans increased 4.2 percent to $11.4 billion compared to $10.9 billion in the fourth quarter of 2014.

"In an environment of volatility in the energy sector, we adjusted our reserve level to manage the risk in our portfolio," said Dick Evans, Cullen/Frost chairman and CEO. "The oil downturn has lasted longer than expected, but we were still able to grow year-over-year net income, even with the higher provision.

"The results are a testament to our company's underlying financial strength. I am proud of the way our team is taking care of customers and helping us manage through the volatility, just as we have done throughout our 148-year history.

"I am confident in the strength of this company. Both capital and liquidity remain at high levels.

"Continued growth in loans in the fourth quarter and for 2015 reflects our determination to leverage the new business relationships we added throughout the downturn," said Evans. "The primary driver for deposit growth for the fourth quarter and for 2015 was new customers who responded to our value proposition and way of doing business. At year end, our assets were at an all-time high of $28.6 billion," Evans continued. "With interest rates remaining at low levels, it was encouraging to see good growth from last year in taxable equivalent net interest income for the fourth quarter.

"The Texas economy's broad diversification is helping the state get through the current decline in energy prices, and I remain confident in the state's resilience. Texas jobs grew 1.4 percent in 2015, compared to the U.S. average of 1.9 percent.

"We remain focused on the volatility in energy prices and are in close communication with our energy-related customers. In addition to reserves already allocated, we provided $22 million for possible energy industry exposure primarily based on our sensitivity stress test. In this volatile market, we are comfortable that our energy exposure is manageable."

During the year, Frost received further validation of its outstanding service culture and performance by well-regarded third parties. In a Consumer Reports survey of its subscribers on their satisfaction with banks, Frost was top-rated among regional and community banks. And for the sixth consecutive year, Frost received the highest ranking in customer satisfaction in Texas in the J.D. Power and Associates 2015 U.S. Retail Banking Satisfaction Study.

"It is outstanding people at every level here at Frost who make our results possible, and I am grateful to them for their dedication to our company and for the way they live our culture and take amazing care of customers."

Evans said the company opened three new financial centers in 2015 in the Dallas region, in addition to relocating several older locations to new facilities across the state and renovating others. Frost moved its Dallas region headquarters into new offices in the Frost Tower in the Uptown area of Dallas as the named tenant and announced plans to relocate its Tarrant County region headquarters into the Frost Tower now under construction in downtown Fort Worth, where Frost will also be the named tenant. In San Antonio, Frost announced plans to move its corporate headquarters to a new downtown high-rise, to be called the Frost Tower, in 2018 or 2019.  Frost will be the named tenant in the tower, which is being developed by Weston Urban.

"We continue to deliver on our commitment to innovate, and in 2015, we launched new technologies that make our customers' lives better," continued Evans. "We released our new app for Apple Watch to give customers quick access to their account balances and recent transactions. During the year, we also introduced several new features on our smartphone app for iPhone and Android devices that allow customers to freeze a debit card, enter travel alerts and see all of their investments in one place.

"Cullen/Frost has consistently delivered value to our shareholders, paying and increasing our dividend for 22 consecutive years," said Evans. "I remain very optimistic about our company's future."

For 2015, average total loans were $11.3 billion, an increase of $1.0 billion, or 9.4 percent, from the $10.3 billion reported the previous year. Average total deposits for 2015 rose to $24.0 billion, up 9.0 percent, or $2.0 billion, over the $22.1 billion reported in 2014. Net interest income on a taxable-equivalent basis increased to $888.0 million, up 9.9 percent, over the $807.9 million reported a year earlier, reflecting the impact of the increasing volume of earning assets. Non-interest income for the year rose 2.7 percent to $328.7 million over the $320.1 million reported for 2014. For 2015, total revenue on a taxable equivalent basis increased 7.9 percent to $1.2 billion, while non-interest expense increased 6.0 percent over the previous year to $693.7 million. Cullen/Frost acquired WNB Bancshares, Inc., with loans of $670.6 million and deposits of $1.6 billion, on May 30, 2014. These loans and deposits, and the results of operations, are included in annual comparisons from the date of acquisition.

Noted financial data for the fourth quarter:

  • Tier 1 and Total Risk-Based Capital Ratios for the Corporation at the end of the fourth quarter of 2015 were 12.38 percent and 13.85 percent, respectively and are in excess of well-capitalized levels. The Common Equity Tier 1 ratio was 11.37 percent at December 31, 2015. The tangible common equity ratio was 7.46 percent at the end of the fourth quarter of 2015, compared to 7.39 percent for the same quarter last year. The tangible common equity ratio, which is a non-GAAP financial measure, is equal to end-of-period shareholders' common equity less goodwill and intangible assets divided by end-of-period total assets less goodwill and intangible assets.
  • Net interest income on a taxable-equivalent basis for the fourth quarter totaled $225.6 million, an increase of 6.1 percent compared to the $212.6 million reported for the fourth quarter of 2014. This increase resulted primarily from an increase in the average volume of earning assets. The net interest margin was 3.43 percent for the fourth quarter, compared to 3.34 percent for the fourth quarter of 2014 and 3.48 percent for the third quarter of 2015.
  • Non-interest income for the fourth quarter of 2015 was $83.2 million, up $513,000 from the $82.6 million reported a year earlier. Insurance commissions and fees increased $1.6 million due mainly to increases in the employee benefits line of business. The increase was partially offset by lower trust and investment management fees at $26.3 million, down $1.0 million compared to $27.3 million a year earlier. This decrease was due to a $758,000 decline in oil and gas fees and an $813,000 decrease in fees for securities lending, a business Frost exited at the end of the first quarter 2015. These were offset in part by a $1.1 million increase in investment fees, which are generally assessed based on the market value of trust assets that are managed and held in custody. Trust assets were $30.7 billion at the end of the fourth quarter of 2015, compared to $30.5 billion at December 31, 2014.
  • Non-interest expense for the fourth quarter of 2015 was $173.4 million, up $4.4 million or 2.6 percent from the $169.0 million reported for the fourth quarter of 2014. Employee benefits increased $2.7 million or 19.9 percent, primarily related to retirement plan expense, which was up $1.3 million, and higher medical and dental expenses, up $762,000. Net occupancy expense increased $1.8 million, mainly from higher depreciation expense and property taxes related to Frost's new operations and support center. Furniture and equipment was up $1.1 million or 6.7 percent due mainly to technology initiatives and our new operations and support center. Other expense was down $1.3 million, resulting from a $2.5 million decrease in advertising, marketing and communications expenses offset by increased professional services costs of $1.2 million.
  • For the fourth quarter of 2015, the provision for loan losses was $34.0 million, compared to net charge-offs of $8.5 million. For the fourth quarter of 2014, the provision for loan losses was $4.4 million, compared to net charge-offs of $3.2 million. The allowance for loan losses as a percentage of total loans was 1.18 percent at December 31, 2015, compared to 0.97 percent last quarter and 0.91 percent at year-end 2014. Non-performing assets were $85.7 million at year end, compared to $58.2 million the previous quarter, and $65.2 million at year-end 2014.

Cullen/Frost Bankers, Inc. will host a conference call on Wednesday, January 27, 2016, at 10 a.m. Central Time (CT) to discuss the results for the quarter and the year. The media and other interested parties are invited to access the call in a "listen only" mode at 800-944-6430. Digital playback of the conference call will be available after 12 p.m. CT until midnight Sunday, January 31, 2016 at 855-859-2056, with the Conference ID# of 28245582. The call will also be available by audio webcast on the company's website, frostbank.com, and available for playback after 2 p.m. CT. After entering the website 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 $28.6 billion in assets at December 31, 2015. One of the top 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:

  • 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.
  • Acquisitions and integration of acquired businesses.
  • The 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)

2015

2014

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr

4th Qtr

CONDENSED INCOME STATEMENTS

Net interest income

$

186,139

$

186,981

$

182,809

$

180,703

$

178,992

Net interest income (1)

225,649

225,553

220,131

216,702

212,627

Provision for loan losses

34,000

6,810

2,873

8,162

4,400

Non-interest income:

Trust and investment management fees

26,289

25,590

26,472

27,161

27,271

Service charges on deposit accounts

20,686

20,854

20,033

19,777

20,691

Insurance commissions and fees

12,398

11,763

10,130

14,635

10,818

Interchange and debit card transaction fees

5,075

5,031

4,917

4,643

4,783

Other charges, commissions and fees

8,981

10,016

10,113

8,441

9,619

Net gain (loss) on securities transactions

(107)

(52)

228

3

Other

9,833

10,176

7,317

8,330

9,457

Total non-interest income

83,155

83,378

78,982

83,215

82,642

Non-interest expense:

Salaries and wages

78,247

79,552

76,633

76,072

77,903

Employee benefits

15,970

16,210

17,339

20,227

13,318

Net occupancy

16,800

17,380

16,429

15,081

15,010

Furniture and equipment

16,904

16,286

15,649

15,534

15,849

Deposit insurance

3,667

3,676

3,563

3,613

3,549

Intangible amortization

766

816

849

894

996

Other

41,045

41,649

42,777

40,090

42,376

Total non-interest expense

173,399

175,569

173,239

171,511

169,001

Income before income taxes

61,895

87,980

85,679

84,245

88,233

Income taxes

3,657

12,130

12,602

12,082

15,529

Net income

58,238

75,850

73,077

72,163

72,704

Preferred stock dividends

2,016

2,016

2,015

2,016

2,016

Net income available to common shareholders

$

56,222

$

73,834

$

71,062

$

70,147

$

70,688

PER COMMON SHARE DATA

Earnings per common share - basic

$

0.90

$

1.18

$

1.12

$

1.11

$

1.12

Earnings per common share - diluted

0.90

1.17

1.11

1.10

1.11

Cash dividends per common share

0.53

0.53

0.53

0.51

0.51

Book value per common share at end of quarter

44.30

44.32

43.17

43.80

42.87

OUTSTANDING COMMON SHARES

Period-end common shares

61,982

62,282

63,180

63,164

63,149

Weighted-average common shares - basic

62,202

62,629

63,119

63,094

63,061

Dilutive effect of stock compensation

648

690

832

685

866

Weighted-average common shares - diluted

62,850

63,319

63,951

63,779

63,927

SELECTED ANNUALIZED RATIOS

Return on average assets

0.78

%

1.04

%

1.03

%

1.02

%

1.02

%

Return on average common equity

8.07

10.73

10.34

10.34

10.36

Net interest income to average earning assets (1)

3.43

3.48

3.47

3.41

3.34

(1) Taxable-equivalent basis assuming a 35% tax rate.

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

2015

2014

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr

4th Qtr

BALANCE SHEET SUMMARY ($ in millions)

Average Balance:

Loans

$

11,371

$

11,362

$

11,259

$

11,073

$

10,909

Earning assets

26,409

25,979

25,597

25,827

25,569

Total assets

28,556

28,066

27,677

27,936

27,599

Non-interest-bearing demand deposits

10,539

10,262

9,950

9,961

10,054

Interest-bearing deposits

13,916

13,836

13,741

13,951

13,639

Total deposits

24,455

24,098

23,691

23,912

23,693

Shareholders' equity

2,907

2,875

2,902

2,897

2,851

Period-End Balance:

Loans

$

11,487

$

11,359

$

11,401

$

11,215

$

10,988

Earning assets

26,431

26,224

25,565

25,926

26,052

Goodwill and intangible assets

663

664

665

666

667

Total assets

28,567

28,341

27,782

28,159

28,278

Total deposits

24,344

24,324

23,841

24,150

24,136

Shareholders' equity

2,890

2,905

2,872

2,911

2,851

Adjusted shareholders' equity (1)

2,776

2,771

2,789

2,751

2,710

ASSET QUALITY ($ in thousands)

Allowance for loan losses:

$

135,859

$

110,373

$

106,607

$

105,708

$

99,542

As a percentage of period-end loans

1.18

%

0.97

%

0.94

%

0.94

%

0.91

%

Net charge-offs:

$

8,514

$

3,044

$

1,974

$

1,996

$

3,170

Annualized as a percentage of average loans

0.30

%

0.11

%

0.07

%

0.07

%

0.12

%

Non-performing assets:

Non-accrual loans

$

83,467

$

55,452

$

50,053

$

56,314

$

59,925

Restructured loans

Foreclosed assets

2,255

2,778

2,381

3,293

5,251

Total

$

85,722

$

58,230

$

52,434

$

59,607

$

65,176

As a percentage of:

Total loans and foreclosed assets

0.75

%

0.51

%

0.46

%

0.53

%

0.59

%

Total assets

0.30

%

0.21

%

0.19

%

0.21

%

0.23

CONSOLIDATED CAPITAL RATIOS (2)

Common Equity Tier 1 Risk-Based Capital Ratio (3)

11.37

%

11.57

%

11.70

%

11.55

%

N/A

Tier 1 Risk-Based Capital Ratio

12.38

12.61

12.74

12.60

13.67

%

Total Risk-Based Capital Ratio

13.85

13.96

14.06

13.93

14.55

Leverage Ratio

7.79

7.91

8.07

7.89

8.16

Equity to Assets Ratio (period-end)

10.12

10.25

10.34

10.34

10.08

Equity to Assets Ratio (average)

10.18

10.24

10.48

10.37

10.33

(1)

Shareholders' equity excluding accumulated other comprehensive income (loss).

(2)

Capital ratios in 2015 were calculated in accordance with the Basel III Capital Rules which became effective on January 1, 2015, subject to transition provisions. Capital ratios for prior periods were calculated in accordance with previous capital rules.

(3)

The Common Equity Tier 1 Risk-Based Capital Ratio is a newly required ratio under the Basel III Capital Rules and represents common equity, net of any accumulated other comprehensive income (loss), less goodwill and intangible assets, net of any associated deferred tax liabilities, divided by risk-weighted assets, subject to transition provisions.

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)

Year Ended December 31,

2015

2014

2013

2012

2011

CONDENSED INCOME STATEMENTS

Net interest income

$

736,632

$

686,934

$

620,555

$

604,861

$

581,776

Net interest income (1)

888,035

807,937

710,850

668,176

642,066

Provision for loan losses

51,845

16,314

20,582

10,080

27,445

Non-interest income:

Trust and investment management fees

105,512

106,237

91,375

83,317

78,297

Service charges on deposit accounts

81,350

81,946

81,432

83,392

86,125

Insurance commissions and fees

48,926

45,115

43,140

39,948

35,421

Interchange and debit card transaction fees

19,666

18,372

16,979

16,933

29,625

Other charges, commissions and fees

37,551

36,180

34,185

30,180

27,750

Net gain (loss) on securities transactions

69

38

1,176

4,314

6,414

Other

35,656

32,256

34,531

30,703

26,370

Total non-interest income

328,730

320,144

302,818

288,787

290,002

Non-interest expense:

Salaries and wages

310,504

292,349

273,692

258,752

252,028

Employee benefits

69,746

60,151

62,407

57,635

52,939

Net occupancy

65,690

55,745

50,468

48,975

46,968

Furniture and equipment

64,373

62,087

58,443

55,279

51,469

Deposit insurance

14,519

13,232

11,682

11,087

12,714

Intangible amortization

3,325

3,520

3,141

3,896

4,387

Other

165,561

167,656

152,077

139,469

137,593

Total non-interest expense

693,718

654,740

611,910

575,093

558,098

Income before income taxes

319,799

336,024

290,881

308,475

286,235

Income taxes

40,471

58,047

53,015

70,523

68,700

Net income

279,328

277,977

237,866

237,952

217,535

Preferred stock dividends

8,063

8,063

6,719

Net income available to common shareholders

$

271,265

$

269,914

$

231,147

$

237,952

$

217,535

PER COMMON SHARE DATA

Earnings per common share - basic

$

4.31

$

4.32

$

3.82

$

3.87

$

3.55

Earnings per common share - diluted

4.28

4.29

3.80

3.86

3.54

Cash dividends per common share

2.10

2.03

1.98

1.90

1.83

Book value per common share at end of quarter

44.30

42.87

39.13

39.32

37.27

OUTSTANDING COMMON SHARES

Period-end common shares

61,982

63,149

60,566

61,479

61,264

Weighted-average common shares - basic

62,758

62,072

60,350

61,298

61,101

Dilutive effect of stock compensation

715

902

766

345

177

Weighted-average common shares - diluted

63,473

62,974

61,116

61,643

61,278

SELECTED ANNUALIZED RATIOS

Return on average assets

0.97

%

1.05

%

1.02

%

1.14

%

1.17

%

Return on average common equity

9.86

10.51

9.93

10.03

10.01

Net interest income to average earning assets (1)

3.45

3.41

3.41

3.59

3.88

(1) Taxable-equivalent basis assuming a 35% tax rate

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

Year Ended December 31,

2015

2014

2013

2012

2011

BALANCE SHEET SUMMARY ($ in millions)

Average Balance:

Loans

$

11,267

$

10,299

$

9,230

$

8,457

$

8,043

Earning assets

25,955

23,877

20,991

19,016

16,769

Total assets

28,062

25,768

22,752

20,827

18,569

Non-interest-bearing demand deposits

10,180

9,125

7,658

7,022

5,739

Interest-bearing deposits

13,861

12,928

11,610

10,270

9,484

Total deposits

24,041

22,053

19,268

17,292

15,223

Shareholders' equity

2,895

2,712

2,455

2,373

2,172

Period-End Balance:

Loans

$

11,487

$

10,988

$

9,516

$

9,224

$

7,995

Earning assets

26,431

26,052

22,238

21,148

18,498

Goodwill and intangible assets

663

666

543

544

539

Total assets

28,567

28,278

24,313

23,124

20,317

Total deposits

24,344

24,136

20,689

19,497

16,757

Shareholders' equity

2,890

2,851

2,514

2,417

2,284

Adjusted shareholders' equity (1)

2,776

2,710

2,374

2,179

2,036

ASSET QUALITY ($ in thousands)

Allowance for loan losses:

$

135,859

$

99,542

$

92,438

$

104,453

$

110,147

As a percentage of period-end loans

1.18

%

0.91

%

0.97

%

1.13

%

1.38

%

Net charge-offs:

$

15,528

$

9,210

$

32,597

$

15,774

$

43,614

Annualized as a percentage of average loans

0.14

%

0.09

%

0.35

%

0.19

%

0.54

%

Non-performing assets:

Non-accrual loans

$

83,467

$

59,925

$

56,720

$

89,744

$

94,338

Restructured loans

1,137

Foreclosed assets

2,255

5,251

11,916

15,502

26,608

  Total

$

85,722

$

65,176

$

69,773

$

105,246

$

120,946

As a percentage of:

  Total loans and foreclosed assets

0.75

%

0.59

%

0.73

%

1.14

%

1.51

%

  Total assets

0.30

0.23

0.29

0.46

0.60

CONSOLIDATED CAPITAL RATIOS (2)

Common Equity Tier 1 Risk-Based Capital Ratio (3)

11.37

%

N/A

N/A

N/A

N/A

Tier 1 Risk-Based Capital Ratio

12.38

13.68

%

14.39

%

13.68

%

14.38

%

Total Risk-Based Capital Ratio

13.85

14.55

15.52

15.11

16.24

Leverage Ratio

7.79

8.16

8.49

8.28

8.66

Equity to Assets Ratio (period-end)

10.12

10.08

10.34

10.45

11.24

Equity to Assets Ratio (average)

10.32

10.53

10.79

11.39

11.70

(1)

Shareholders' equity excluding accumulated other comprehensive income (loss).

(2)

Capital ratios in 2015 were calculated in accordance with the Basel III Capital Rules which became effective on January 1, 2015, subject to transition provisions. Capital ratios for prior periods were calculated in accordance with previous capital rules.

(3)

The Common Equity Tier 1 Risk-Based Capital Ratio is a newly required ratio under the Basel III Capital Rules and represents common equity, net of any accumulated other comprehensive income (loss), less goodwill and intangible assets, net of any associated deferred tax liabilities, divided by risk-weighted assets, subject to transition provisions.

 

Greg Parker Investor Relations 210.220.5632

or

Renee Sabel Media Relations 210.220.5416

Logo - http://photos.prnewswire.com/prnh/20030109/CFRLOGO

 

SOURCE Cullen/Frost Bankers, Inc.



RELATED LINKS

http://www.frostbank.com