Cullen/Frost Reports Steady 4th Quarter Results, Annual Earnings for 2009
Consistent Performance in Challenging Economy
- Record deposit levels
- Non-performing loans decline
- Capital ratios remain strong
SAN ANTONIO, Jan. 27 /PRNewswire-FirstCall/ -- Cullen/Frost Bankers, Inc. today reported results for the fourth quarter and full year of 2009, as the Texas financial services leader continued to operate well in a challenging economy and extended low rate environment.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030109/CFRLOGO)
Cullen/Frost reported net income for the fourth quarter of 2009 of $51.5 million, or $.86 per diluted common share, compared to fourth quarter 2008 earnings of $53.0 million, or $.89 per diluted common share. For the fourth quarter of 2009, returns on average assets and equity were 1.25 percent and 10.70 percent respectively, compared to 1.47 percent and 12.79 percent for the same period of 2008.
The company also reported annual earnings for 2009 of $179.0 million, or $3.00 per diluted common share, compared to 2008 earnings of $207.3 million, or $3.50 per diluted common share. For the year, returns on average assets and equity were 1.14 percent and 9.78 percent respectively, compared to the 1.51 percent and 13.11 percent reported in 2008.
During the fourth quarter of 2009, Cullen/Frost saw non-performing assets decline by $40.6 million from the previous quarter. In addition, the company recognized a pre-tax net gain of $16.3 million related to the prepayment of certain debt and the termination of the related interest rate swap.
"Overall, our company performed well in 2009 in the midst of a very difficult economy," said Dick Evans, Cullen/Frost chairman and CEO. "I was pleased to see a nearly $2 billion increase in average deposits for the year, a record for Cullen/Frost, from customers who see Frost as a safe haven. Today we have strong capital levels — stronger even than when we declined TARP 15 months ago — and are well positioned for growth.
"I was encouraged to see a $40 million reduction in non-performers this quarter, and credit quality continues to be at manageable levels. Although the provision was higher, it exceeded net charge-offs, increasing the reserve level to 1.50 percent of loans," said Evans.
Evans said that customer uncertainty about the Texas economy continued to impact the lending environment, noting that loans are down despite a strong calling effort that has brought in new relationships. Business owners, Evans said, are largely on the sidelines, paying down debt and reducing inventory.
"We are working harder in this environment to grow the number of relationships and to broaden and deepen existing ones. When the economy begins to grow again, we will be well positioned to reap the benefits of this effort.
"In November of 2009 we completed construction on the $50 million Frost Technology Center, a state-of-the-art facility that ensures our capacity to meet future data and information technology needs as the company grows. We have also updated our technology infrastructure and enhanced the security of our data processing systems and customer information."
Evans said the company opened four new financial centers in 2009, including locations in Austin, San Antonio and Plano in the Dallas region. Late in the year, Frost opened a financial center in Houston that was a relocation of an older facility. The company also introduced Frost Mobile in 2009, which has been well received by customers who appreciate the added flexibility and convenience of doing business with Frost from their mobile phones.
"We have a seasoned staff who knows how to adapt in a tough environment. We are fortunate to have that experience level and to operate in a pro-business state. I continue to be optimistic about our prospects.
"I appreciate the efforts of our outstanding employees around the state, and I am inspired by their energy, their expertise and their commitment to our culture and to taking great care of our customers."
For the year ended December 31, 2009, average annual total loans were $8.7 billion, an increase of 4.1 percent compared to $8.3 billion for the previous year. Average annual total deposits for 2009 rose to $12.4 billion, up 17.9 percent over the $10.5 billion reported in 2008. Net interest income on a taxable-equivalent basis grew to $577.7 million, a 4.2 percent increase over the $554.4 million reported a year earlier, reflecting the impact of increasing volumes. For 2009, non-interest income rose to $293.7 million, up 2.2 percent over the $287.3 million reported for 2008, while non-interest expense increased 9.4 percent over the previous year to $532.2 million and was heavily impacted by $21.2 million in higher FDIC insurance premiums.
Noted financial data for the fourth quarter:
|
|
|
|
|
|
Other income increased $16.2 million from the fourth quarter of 2008 due primarily to the $17.7 million gain recognized from the termination of the interest rate swap associated with certain debt that was paid off early. |
|
Trust income was $17.7 million, compared to $17.5 million for the fourth quarter of 2008, with most of this increase resulting from higher investment fees due to increases in the equities market. Investment fees are assessed based on the market value of trust assets, which totaled $22.7 billion at December 31, 2009 up $1 billion from the fourth quarter a year ago. This increase was partially offset by lower oil and gas fees from the same period last year, as oil and natural gas prices have decreased, impacting the amount of royalties received. |
|
Service charges on deposits were $26.0 million, an increase of $2.3 million or 9.8 percent, compared to $23.7 million reported for the previous year's fourth quarter. Impacting this was a $2.0 million increase in service charges on commercial accounts, resulting from higher treasury management fees. A drop in the earnings credit rate for commercial accounts compared to a year earlier, impacted treasury management fees. When interest rates are lower, customers earn less credit for their deposit balances, which, in turn, increases the amount of service charges to be paid for through fees. |
|
|
|
|
|
Cullen/Frost Bankers, Inc. will host a conference call on Wednesday, January 27, 2010 at 10:00 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 12:00 p.m. CT until midnight Sunday, January 31, 2010 at 800-642-1687, with the Conference ID# of 49680053. The call will also be available by webcast at the URL listed below and available for playback after 2:00 p.m. CT. After entering the website, www.frostbank.com, go to "About Frost" on the top navigation bar, then click on Investor Relations.
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with assets of $16.3 billion at December 31, 2009. The corporation provides a full range of commercial and consumer banking products, investment and brokerage services, insurance products and investment banking services. Its subsidiary, Frost Bank, operates more than 100 financial centers across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost is the largest banking organization headquartered in Texas that operates only in Texas, with a legacy of helping clients with their financial needs during three centuries.
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 the Corporation's future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Corporation 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 the Corporation and its customers and the Corporation's assessment of that impact.
- Volatility and disruption in national and international financial markets.
- Government intervention in the U.S. financial system.
- Changes in 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.
- Political instability.
- 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 the Corporation's borrowers.
- Technological changes.
- Acquisitions and integration of acquired businesses.
- The ability to increase market share and control expenses.
- Changes in the competitive environment among financial holding companies and other financial service providers.
- The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Corporation and its subsidiaries must comply.
- 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 Corporation's organization, compensation and benefit plans.
- The costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews.
- Greater than expected costs or difficulties related to the integration of new products and lines of business.
- The Corporation's 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. The Corporation undertakes no 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 |
|
Renee Sabel |
|
Media Relations |
|
210/220-5416 |
|
Cullen/Frost Bankers, Inc. |
|||||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||||||||||
(In thousands, except per share amounts) |
|||||||||||||||||||||
2009 |
2008 |
||||||||||||||||||||
4th Qtr |
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
|||||||||||||||||
CONDENSED INCOME STATEMENTS |
|||||||||||||||||||||
Net interest income |
$ |
138,594 |
$ |
133,989 |
$ |
134,464 |
$ |
129,632 |
$ |
138,081 |
|||||||||||
Net interest income(1) |
150,743 |
144,915 |
144,325 |
137,733 |
143,707 |
||||||||||||||||
Provision for possible loan losses |
22,250 |
16,940 |
16,601 |
9,601 |
8,550 |
||||||||||||||||
Non-interest income: |
|||||||||||||||||||||
Trust fees |
17,669 |
16,755 |
16,875 |
15,969 |
17,483 |
||||||||||||||||
Service charges on deposit accounts |
26,017 |
26,395 |
25,152 |
24,910 |
23,697 |
||||||||||||||||
Insurance commissions and fees |
6,734 |
8,505 |
7,106 |
10,751 |
6,470 |
||||||||||||||||
Other charges, commissions and fees |
7,804 |
6,845 |
6,288 |
6,762 |
8,407 |
||||||||||||||||
Net gain (loss) on securities transactions |
(1,309) |
-- |
49 |
-- |
(133) |
||||||||||||||||
Other |
29,430 |
10,991 |
12,536 |
11,472 |
13,274 |
||||||||||||||||
Total non-interest income |
86,345 |
69,491 |
68,006 |
69,864 |
69,198 |
||||||||||||||||
Non-interest expense: |
|||||||||||||||||||||
Salaries and wages |
58,736 |
58,591 |
56,540 |
56,776 |
58,468 |
||||||||||||||||
Employee benefits |
12,756 |
13,445 |
13,783 |
15,240 |
10,517 |
||||||||||||||||
Net occupancy |
11,523 |
11,111 |
10,864 |
10,690 |
10,384 |
||||||||||||||||
Furniture and equipment |
12,065 |
11,133 |
10,662 |
10,363 |
10,010 |
||||||||||||||||
Deposit insurance |
5,126 |
4,643 |
11,667 |
4,376 |
1,785 |
||||||||||||||||
Intangible amortization |
1,473 |
1,564 |
1,719 |
1,781 |
1,929 |
||||||||||||||||
Other |
32,537 |
31,747 |
31,054 |
30,273 |
30,450 |
||||||||||||||||
Total non-interest expense |
134,216 |
132,234 |
136,289 |
129,499 |
123,543 |
||||||||||||||||
Income before income taxes |
68,473 |
54,306 |
49,580 |
60,396 |
75,186 |
||||||||||||||||
Income taxes |
16,979 |
9,607 |
11,721 |
15,414 |
22,223 |
||||||||||||||||
Net income |
$ |
51,494 |
$ |
44,699 |
$ |
37,859 |
$ |
44,982 |
$ |
52,963 |
|||||||||||
PER SHARE DATA |
|||||||||||||||||||||
Net income - basic |
$ |
0.86 |
$ |
0.75 |
$ |
0.64 |
$ |
0.76 |
$ |
0.89 |
|||||||||||
Net income - diluted |
0.86 |
0.75 |
0.63 |
0.76 |
0.89 |
||||||||||||||||
Cash dividends |
0.43 |
0.43 |
0.43 |
0.42 |
0.42 |
||||||||||||||||
Book value at end of quarter |
31.55 |
31.80 |
30.12 |
30.34 |
29.68 |
||||||||||||||||
OUTSTANDING SHARES |
|||||||||||||||||||||
Period-end shares |
60,038 |
59,929 |
59,653 |
59,423 |
59,416 |
||||||||||||||||
Weighted-average shares - basic |
59,762 |
59,537 |
59,331 |
59,189 |
59,171 |
||||||||||||||||
Dilutive effect of stock compensation |
|
|
|
|
|
||||||||||||||||
Weighted-average shares - diluted |
59,826 |
59,628 |
59,450 |
59,264 |
59,482 |
||||||||||||||||
SELECTED ANNUALIZED RATIOS |
|||||||||||||||||||||
Return on average assets |
1.25 |
% |
1.11 |
% |
0.98 |
% |
1.23 |
% |
1.47 |
% |
|||||||||||
Return on average equity |
10.70 |
9.70 |
8.35 |
10.33 |
12.79 |
||||||||||||||||
Net interest income to average earning assets(1) |
|
|
|
|
|
||||||||||||||||
(1) Taxable-equivalent basis assuming a 35% tax rate. |
|||||||||||||||||||||
Cullen/Frost Bankers, Inc. |
|||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||||||
2009 |
2008 |
||||||||||||||||
4th Qtr |
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
|||||||||||||
BALANCE SHEET SUMMARY |
|||||||||||||||||
($ in millions) |
|||||||||||||||||
Average Balance: |
|||||||||||||||||
Loans |
$ |
8,440 |
$ |
8,582 |
$ |
8,784 |
$ |
8,809 |
$ |
8,712 |
|||||||
Earning assets |
14,501 |
14,121 |
13,632 |
12,942 |
12,435 |
||||||||||||
Total assets |
16,335 |
16,047 |
15,519 |
14,881 |
14,347 |
||||||||||||
Non-interest-bearing demand deposits |
4,574 |
4,343 |
4,138 |
3,971 |
3,803 |
||||||||||||
Interest-bearing deposits |
8,644 |
8,453 |
8,045 |
7,487 |
7,106 |
||||||||||||
Total deposits |
13,218 |
12,796 |
12,183 |
11,458 |
10,909 |
||||||||||||
Shareholders' equity |
1,909 |
1,829 |
1,818 |
1,766 |
1,647 |
||||||||||||
Period-End Balance: |
|||||||||||||||||
Loans |
$ |
8,368 |
$ |
8,519 |
$ |
8,644 |
$ |
8,779 |
$ |
8,844 |
|||||||
Earning assets |
14,437 |
14,436 |
13,855 |
13,530 |
13,001 |
||||||||||||
Goodwill and intangible assets |
547 |
549 |
549 |
551 |
551 |
||||||||||||
Total assets |
16,288 |
16,158 |
15,785 |
15,331 |
15,034 |
||||||||||||
Total deposits |
13,313 |
12,922 |
12,497 |
12,033 |
11,509 |
||||||||||||
Shareholders' equity |
1,894 |
1,906 |
1,797 |
1,803 |
1,764 |
||||||||||||
Adjusted shareholders' equity(1) |
1,740 |
1,709 |
1,675 |
1,650 |
1,626 |
||||||||||||
ASSET QUALITY |
|||||||||||||||||
($ in thousands) |
|||||||||||||||||
Allowance for possible loan losses |
$ |
125,309 |
$ |
123,122 |
$ |
122,501 |
$ |
114,168 |
$ |
110,244 |
|||||||
as a percentage of period-end loans |
1.50 |
% |
1.45 |
% |
1.42 |
% |
1.30 |
% |
1.25 |
% |
|||||||
Net charge-offs |
$ |
20,063 |
$ |
16,319 |
$ |
8,268 |
$ |
5,677 |
$ |
5,415 |
|||||||
Annualized as a percentage of average loans |
0.94 |
% |
0.75 |
% |
0.38 |
% |
0.26 |
% |
0.25 |
% |
|||||||
Non-performing assets: |
|||||||||||||||||
Non-accrual loans |
$ |
146,867 |
$ |
191,754 |
$ |
168,805 |
$ |
114,233 |
$ |
65,174 |
|||||||
Foreclosed assets |
33,312 |
29,112 |
21,478 |
13,533 |
12,866 |
||||||||||||
Total |
$ |
180,179 |
$ |
220,866 |
$ |
190,283 |
$ |
127,766 |
$ |
78,040 |
|||||||
As a percentage of: |
|||||||||||||||||
Total loans and foreclosed assets |
2.14 |
% |
2.58 |
% |
2.20 |
% |
1.45 |
% |
0.88 |
% |
|||||||
Total assets |
1.11 |
1.37 |
1.21 |
0.83 |
0.52 |
||||||||||||
CONSOLIDATED CAPITAL RATIOS |
|||||||||||||||||
Tier 1 Risk-Based Capital Ratio |
11.91 |
% |
11.49 |
% |
10.91 |
% |
10.64 |
% |
10.30 |
% |
|||||||
Total Risk-Based Capital Ratio |
14.19 |
13.72 |
13.34 |
12.98 |
12.58 |
||||||||||||
Leverage Ratio |
8.50 |
8.47 |
8.50 |
8.70 |
8.80 |
||||||||||||
Equity to Assets Ratio |
|
|
|
|
|
||||||||||||
Equity to Assets Ratio |
|
|
|
|
|
||||||||||||
(1) Shareholders' equity excluding accumulated other comprehensive income (loss). |
|||||||||||||||||
Cullen/Frost Bankers, Inc. |
||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||
Year Ended December 31 |
||||||||||||||||
2009 |
2008 |
2007 |
2006 |
2005 |
||||||||||||
CONDENSED INCOME STATEMENTS |
||||||||||||||||
Net interest income |
$ |
536,679 |
$ |
534,025 |
$ |
518,737 |
$ |
469,163 |
$ |
391,266 |
||||||
Net interest income(1) |
577,716 |
554,353 |
534,195 |
479,138 |
398,938 |
|||||||||||
Provision for possible loan losses |
65,392 |
37,823 |
14,660 |
14,150 |
10,250 |
|||||||||||
Non-interest income: |
||||||||||||||||
Trust fees |
67,268 |
74,554 |
70,359 |
63,469 |
58,353 |
|||||||||||
Service charges on deposit accounts |
102,474 |
87,566 |
80,718 |
77,116 |
78,751 |
|||||||||||
Insurance commissions and fees |
33,096 |
32,904 |
30,847 |
28,230 |
27,731 |
|||||||||||
Other charges, commissions and fees |
27,699 |
35,557 |
32,558 |
28,105 |
23,125 |
|||||||||||
Net gain (loss) on securities transactions |
(1,260) |
(159) |
15 |
(1) |
19 |
|||||||||||
Other |
64,429 |
56,900 |
53,734 |
43,828 |
42,400 |
|||||||||||
Total non-interest income |
293,706 |
287,322 |
268,231 |
240,747 |
230,379 |
|||||||||||
Non-interest expense: |
||||||||||||||||
Salaries and wages |
230,643 |
225,943 |
209,982 |
190,784 |
166,059 |
|||||||||||
Employee benefits |
55,224 |
47,219 |
47,095 |
46,231 |
41,577 |
|||||||||||
Net occupancy |
44,188 |
40,464 |
38,824 |
34,695 |
31,107 |
|||||||||||
Furniture and equipment |
44,223 |
37,799 |
32,821 |
26,293 |
23,912 |
|||||||||||
Deposit insurance |
25,812 |
4,597 |
1,220 |
1,162 |
1,110 |
|||||||||||
Intangible amortization |
6,537 |
7,906 |
8,860 |
5,628 |
4,859 |
|||||||||||
Other |
125,611 |
122,717 |
123,644 |
105,560 |
98,383 |
|||||||||||
Total non-interest expense |
532,238 |
486,645 |
462,446 |
410,353 |
367,007 |
|||||||||||
Income before income taxes |
232,755 |
296,879 |
309,862 |
285,407 |
244,388 |
|||||||||||
Income taxes |
53,721 |
89,624 |
97,791 |
91,816 |
78,965 |
|||||||||||
Net income |
$ |
179,034 |
$ |
207,255 |
$ |
212,071 |
$ |
193,591 |
$ |
165,423 |
||||||
PER SHARE DATA |
||||||||||||||||
Net income - basic |
$ |
3.00 |
$ |
3.51 |
$ |
3.59 |
$ |
3.48 |
$ |
3.14 |
||||||
Net income - diluted |
3.00 |
3.50 |
3.57 |
3.44 |
3.09 |
|||||||||||
Cash dividends |
1.71 |
1.66 |
1.54 |
1.32 |
1.165 |
|||||||||||
Book value |
31.55 |
29.68 |
25.18 |
23.01 |
18.03 |
|||||||||||
OUTSTANDING SHARES |
||||||||||||||||
Period-end shares |
60,038 |
59,416 |
58,662 |
59,839 |
54,483 |
|||||||||||
Weighted-average shares - basic |
59,456 |
58,846 |
58,952 |
55,467 |
52,481 |
|||||||||||
Dilutive effect of stock compensation |
58 |
324 |
645 |
1,043 |
1,235 |
|||||||||||
Weighted-average shares - diluted |
59,514 |
59,170 |
59,597 |
56,510 |
53,716 |
|||||||||||
SELECTED ANNUALIZED RATIOS |
||||||||||||||||
Return on average assets |
1.14 |
% |
1.51 |
% |
1.63 |
% |
1.67 |
% |
1.63 |
% |
||||||
Return on average equity |
9.78 |
13.11 |
15.20 |
18.03 |
18.78 |
|||||||||||
Net interest income to average earning assets(1) |
4.23 |
4.67 |
4.69 |
4.67 |
4.45 |
|||||||||||
(1) Taxable-equivalent basis assuming a 35% tax rate. |
||||||||||||||||
Cullen/Frost Bankers, Inc. |
|||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||||||
Year Ended December 31 |
|||||||||||||||||
2009 |
2008 |
2007 |
2006 |
2005 |
|||||||||||||
BALANCE SHEET SUMMARY |
|||||||||||||||||
($ in millions) |
|||||||||||||||||
Average Balance: |
|||||||||||||||||
Loans |
$ |
8,653 |
$ |
8,314 |
$ |
7,464 |
$ |
6,524 |
$ |
5,594 |
|||||||
Earning assets |
13,804 |
11,868 |
11,340 |
10,203 |
8,969 |
||||||||||||
Total assets |
15,702 |
13,685 |
13,042 |
11,581 |
10,143 |
||||||||||||
Non-interest-bearing demand deposits |
4,259 |
3,615 |
3,524 |
3,334 |
3,009 |
||||||||||||
Interest bearing deposits |
8,161 |
6,916 |
6,689 |
5,850 |
5,124 |
||||||||||||
Total deposits |
12,420 |
10,531 |
10,213 |
9,184 |
8,133 |
||||||||||||
Shareholders' equity |
1,831 |
1,580 |
1,395 |
1,074 |
881 |
||||||||||||
Period-End Balance: |
|||||||||||||||||
Loans |
$ |
8,368 |
$ |
8,844 |
$ |
7,769 |
$ |
7,373 |
$ |
6,085 |
|||||||
Earning assets |
14,437 |
13,001 |
11,556 |
11,461 |
10,197 |
||||||||||||
Goodwill and intangible assets |
547 |
551 |
558 |
563 |
184 |
||||||||||||
Total assets |
16,288 |
15,034 |
13,485 |
13,224 |
11,741 |
||||||||||||
Total deposits |
13,313 |
11,509 |
10,530 |
10,388 |
9,146 |
||||||||||||
Shareholders' equity |
1,894 |
1,764 |
1,477 |
1,377 |
982 |
||||||||||||
Adjusted shareholders' equity(1) |
1,740 |
1,626 |
1,484 |
1,432 |
1,033 |
||||||||||||
ASSET QUALITY |
|||||||||||||||||
($ in thousands) |
|||||||||||||||||
Allowance for possible loan losses |
$ |
125,309 |
$ |
110,244 |
$ |
92,339 |
$ |
96,085 |
$ |
80,325 |
|||||||
As a percentage of period-end loans |
1.50 |
% |
1.25 |
% |
1.19 |
% |
1.30 |
% |
1.32 |
% |
|||||||
Net charge-offs: |
$ |
50,327 |
$ |
19,918 |
$ |
18,406 |
$ |
11,110 |
$ |
8,921 |
|||||||
As a percentage of average loans |
0.58 |
% |
0.24 |
% |
0.25 |
% |
0.17 |
% |
0.16 |
% |
|||||||
Non-performing assets: |
|||||||||||||||||
Non-accrual loans |
$ |
146,867 |
$ |
65,174 |
$ |
24,443 |
$ |
52,204 |
$ |
33,179 |
|||||||
Foreclosed assets |
33,312 |
12,866 |
5,406 |
5,545 |
5,748 |
||||||||||||
Total |
$ |
180,179 |
$ |
78,040 |
$ |
29,849 |
$ |
57,749 |
$ |
38,927 |
|||||||
As a percentage of: |
|||||||||||||||||
Total loans and foreclosed assets |
2.14 |
% |
0.88 |
% |
0.38 |
% |
0.78 |
% |
0.64 |
% |
|||||||
Total assets |
1.11 |
0.52 |
0.22 |
0.44 |
0.33 |
||||||||||||
(1) Shareholders' equity excluding accumulated other comprehensive income (loss). |
|||||||||||||||||
SOURCE Cullen/Frost Bankers, Inc.
Share this article