Cullen/Frost Bankers, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the Fiscal Year 2018
January 25, 2018 at 07:30 pm IST
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Cullen/Frost Bankers, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $223,914,000 against $201,603,000 a year ago. Total non-interest income was $90,075,000 against $93,434,000 a year ago. Income before income taxes was $109,607,000 against $92,247,000 a year ago. Net income available to common shareholders was $98,508,000 or $1.53 per diluted share against $81,703,000 or $1.28 per diluted share a year ago. Return on average assets was 1.26% against 1.09% a year ago. Return on average common equity 12.66% against 11.03% a year ago. Book value per common share at end of quarter was $49.68 against $45.03 a year ago.
For the year, the company reported net interest income of $866,422,000 against $776,336,000 a year ago. Total non-interest income was $336,470,000 against $349,708,000 a year ago. Income before income taxes was $408,363,000 against $341,411,000 a year ago. Net income available to common shareholders was $356,086,000 or $5.51 per diluted share against $296,198,000 or $4.70 per diluted share a year ago. Return on average assets was 1.17% against 1.03% a year ago. Return on average common equity 11.76% against 10.16% a year ago. Fourth quarter and full-year 2017 results were favorably impacted by a $4.0 million (or $0.06 per share) net-benefit to adjust deferred taxes as a result of the Tax Cuts and Jobs Act.
For the quarter, the company reported net charge-offs of $7,041,000 against $5,667,000 a year ago.
For the fiscal year 2018, the company projects an effective tax rate in 2018 of about 10%. Regarding estimates for full year 2018 earnings, company currently believes that the current need of analyst estimates of $6.12 is too low.
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 Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the Fiscal Year 2018