Cullen/Frost Bankers, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Charge-Off for the Fourth Quarter Ended December 31, 2013; Provides Tax Rate Guidance for the Full Year 2014
January 29, 2014 at 07:30 pm IST
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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%.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Charge-Off for the Fourth Quarter Ended December 31, 2013; Provides Tax Rate Guidance for the Full Year 2014