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%.