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Profit slipped at Cullen/Frost Bankers (CFR) in San Antonio as expenses rose last quarter.
July 24 -
Managing the royalties of oil and gas landowners could generate big new fee opportunities for well-positioned banks.
September 23 -
Cullen/Frost Bankers, led by Dick Evans, is breaking into oil-rich west Texas with a deal for WNB Bancshares. The seller was attractive partly because it resembled Cullen/Frost, Evans says.
August 15
Cullen/Frost Bankers (CFR) in San Antonio reported a small downtick in quarterly profit after announcing a merger that would expand its business in the Texas energy sector.
The $23.5 billion-asset holding company for Frost Bank earned $58.4 million in the third quarter, down less than 1% from the same period in 2012, it said Wednesday. Per-share earnings were 96 cents, meeting the average forecast of analysts polled by Bloomberg.
Cullen/Frost's net interest income rose by 3%, to $155.4 million, as its average earning assets grew by 10%, to $21.2 billion. Its net interest margin tightened by 16 basis points, to 3.38%.
Cullen/Frost's provision for loan losses was up 104%, at $5.1 million, and its net chargeoffs doubled, to $5.4 million.
Noninterest income increased by 4%, to $74 million, as revenue from asset management grew. The bank's noninterest expense rose by 5%, to $151.8 million, as its headcount increased. The bank also recorded $853,000 in expenses related to its agreement in August to
The WNB Bancshares merger would allow Cullen/Frost to expand into the oil- and gas-rich Permian Basis region in western Texas and
