Cullen/Frost Bankers, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Tax Rate Guidance for the Fiscal Year 2013
January 30, 2013 at 09:30 pm IST
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Cullen/Frost Bankers, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company announced net income of $60.2 million compared to $55.4 million reported in the fourth quarter of 2011. This was $0.97 a share versus $0.90 in the fourth quarter of 2011. Return on average assets and equity were 1.09% and 9.84%, respectively. Net interest income was $172.2 million compared to $165.3 million last year. This increase primarily resulted from an increase in the average volume of interest earning assets and was partly offset by a decrease in the net interest margin.
For the year, the company reported earnings of $238 million, an increase of 9.4% over the 2011 earnings of $217.5 million. For the year, return on average assets and equity were 1.14% and 10.03%, respectively, compared to 1.17% and 10.01% reported in 2011. For 2012, net interest income on a taxable equivalent basis increased to $668.2 million, up 4.1% over $642.1 million reported in 2011.
The company provided tax rate guidance for the fiscal year 2013. The company announced nondeductible premium interest there because it had some higher muni purchases, but the company thinks it'll probably be a little lower than the 24, but, say, something around 20%.
Cullen/Frost Bankers, Inc. is a financial holding and bank holding company. The Company's segments include Banking and Frost Wealth Advisors. The Banking segment includes both commercial and consumer banking services and Frost Insurance Agency. Its commercial banking services are provided to corporations and other business clients and include a range of lending and cash management products. Its consumer banking services include direct lending and depository services. Its Frost Insurance Agency provides insurance brokerage services to individuals and businesses covering corporate and personal property and casualty products, as well as group health and life insurance products. The Frost Wealth Advisors segment includes fee-based services within private trust, retirement services, and financial management services, including personal wealth management and securities brokerage services. The Company serves a range of industries, including energy, manufacturing, construction, and others.
Cullen/Frost Bankers, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Tax Rate Guidance for the Fiscal Year 2013