Cullen/Frost Bankers, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net interest income of $159,208,000 compared to $154,405,000 a year ago. Income before income taxes was $77,332,000 compared to $80,100,000 a year ago. Net income available to common shareholders was $60,555,000 compared to $60,188,000 a year ago. Diluted earnings per share were $0.99 compared to $0.97 a year ago. Book value per share as at December 31, 2013 was $39.13 compared to $39.32 a year ago. Return on average assets was 1.02% compared to 1.09% a year ago. Return on average common equity was 10.21% compared to 9.84% a year ago. Net interest income on a taxable-equivalent basis for the fourth quarter totaled $185.0 million, an increase of 7.4 percent compared to the $172.2 million reported for the fourth quarter of 2012. This increase primarily resulted from an increase in the average volume of earning assets and was partly offset by a decrease in the net interest margin.

For the year, the company reported net interest income of $620,555,000 compared to $604,861,000 a year ago. Income before income taxes was $290,881,000 compared to $308,475,000 a year ago. Net income available to common shareholders was $231,147,000 compared to $237,952,000 a year ago. Diluted earnings per share were $3.80 compared to $3.86 a year ago. Book value per common share as on December 31, 2013 was $39.13 compared to $39.32 a year ago. Return on average assets was 1.02% compared to 1.14% a year ago. Return on average common equity was 9.93% compared to 10.03% a year ago. Net interest income on a taxable-equivalent basis was $710,850,000 compared to $668,176,000 a year ago.

The company reported net charge-off for the fourth quarter ended December 31, 2013. For the quarter, the company reported net charge-offs of $6,608,000 compared to $5,073,000 a year ago.

For the full year 2014, the company expects tax rate to be down a little bit, probably closer around 16%.