Cullen/Frost Bankers in San Antonio said it plans to report a large increase in its loan-loss provision because of issues in the energy sector.
The $28.3 billion-asset company said in a press release Wednesday that it expects its fourth-quarter provision to be $34 million. In comparison, Cullen/Frost set aside $6.8 million in the third quarter and $5.9 million in the fourth quarter of 2014.
The higher provision is a result of the ongoing downturn in the energy sector, Dick Evans, the company's chairman and chief executive, said in the release.
Cullen/Frost is set to report earnings next Wednesday.
