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CULLEN/FROST REPORTS FIRST QUARTER EARNINGS

 CULLEN/FROST REPORTS FIRST QUARTER EARNINGS
 SAN ANTONIO, April 21 /PRNewswire/ -- Cullen/Frost Bankers, Inc.


(NASDAQ: CFBI) today reported net income of $3.3 million or $.36 per common share for the first quarter of 1992, compared with $2.1 million or $.23 per common share for the fourth quarter of 1991. Net income for the first quarter of 1991 was $555,000 or $.06 per common share.
 "We are pleased to see progress in our core earnings, the continued improvement in asset quality, and growth in capital," said T.C. Frost, chairman of the board.
 Non-performing assets declined to $87 million, down from $127 million a year ago and $101 million at year-end 1991.
 "We have taken significant steps to further strengthen our balance sheet this quarter. Additions to the real estate reserves totalled $9.2 million. The Mexican government bonds acquired to assist that country's recovery were charged down $3.7 million and sold. This reduces the credit based on Mexican assets to $2.0 million exclusive of credit to banks to finance trade with Mexico," Frost added.
 "The ability to take these actions and to report the highest quarterly profit since September of 1985 is testimony to the improvement in our overall condition," Frost said.
 The principal contribution to the increase in earnings over the last quarter of last year was an increase in net interest income.
 Both improvement in net interest income and a decrease in the combined provisions for loan losses and real estate valuation were responsible for the gain in profit over the same quarter last year.
 Highlights for the first quarter of 1992 were:
 Additions to the real estate reserves totalled $9.2 million compared with $6.5 million in the last quarter of 1991 and $3.3 million for the first quarter of last year. This expense is expected to decrease for the remainder of 1992.
 Improved asset quality permitted a re-evaluation of the loan loss reserve resulting in $2.5 million returned to earnings this quarter. The reserve at March 31, 1992, was $36.9 million or 95 percent of non-accrual and restructured loans. This compares with 77 percent one year ago and 116 percent last quarter.
 Excluding the sale of the Mexican government bonds this quarter, there was a net recovery of $622,000 on charged-off loans compared to net charge-offs of $5.2 million a year ago and $1.6 million for the fourth quarter of 1991.
 Cullen/Frost Bankers, Inc. is a multi-bank holding company with assets of $3.0 billion at March 31, 1992. The corporation has four member banks and 23 offices in five major Texas banking markets--San Antonio, Houston/Galveston, Austin, Corpus Christi and Dallas.
 CULLEN/FROST BANKERS, INC.
 Condensed Income Statements
 (In thousands of dollars - Unaudited)
 1992 1991
 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
 Net interest
 income $28,825 $27,803 $27,133 $26,649 $26,929
 Net interest
 income(A) 29,138 28,219 27,685 27,208 27,542
 Provision for possible
 loan losses (2,468) 225 1,725 3,025 5,045
 Non-interest income 14,103 14,157 14,345 15,355 13,625
 Provision for real
 estate losses 9,180 6,498 6,099 4,875 3,327
 Non-interest
 expense(B) 32,840 32,776 32,946 37,040 31,577
 Net income (loss) 3,338 2,104 503 (2,957) 555
 PER COMMON SHARE DATA
 Net income (loss) $.36 $.23 $.06 $(.33) $.06
 Shareholders' equity 19.64 19.30 19.16 19.1 19.55
 Average common and
 common equivalent
 shares 9,852,490 9,159,330 9,123,838 9,011,943 8,922,764
 CULLEN/FROST BANKERS, INC.
 Balance Sheet Summary
 (In millions of dollars)
 1992 1991
 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
 Average Balance:
 Loans $1,054 $1,073 $1,117 $1,174 $1,236
 Earning assets 2,605 2,625 2,681 2,671 2,750
 Total assets 3,033 3,058 3,114 3,085 3,162
 Private deposits 2,597 2,619 2,624 2,603 2,630
 Public funds 111 105 147 147 157
 Total deposits 2,708 2,724 2,771 2,750 2,787
 Period-End Balance:
 Loans $1,032 $1,073 $1,093 $1,143 $1,200
 Earning assets 2,603 2,611 2,759 2,584 2,731
 Total assets 3,046 3,079 3,257 3,063 3,138
 Total deposits 2,727 2,766 2,934 2,735 2,769
 Shareholders'
 equity 180 176 173 172 175
 CAPITAL RATIOS - 1990 RULES
 Tier 1 Capital
 Ratio (in pcts.) 14.12 13.39 12.65 11.85 11.66
 Total Capital Ratio 16.44 15.69 14.98 14.13 14.04
 Leverage Ratio 5.74 5.56 5.36 5.37 5.31
 (A) Taxable-equivalent basis assuming a 34 percent tax rate.
 (B) Excluding the provision for real estate losses.
 CULLEN/FROST BANKERS, INC.
 Selected Financial Data
 (In thousands of dollars - Unaudited)
 1992 1991
 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
 Return on average
 assets (in pcts.) .44 .27 .06 N/A .07
 Return on aver. equity 7.40 4.71 1.14 N/A 1.29
 Net interest income to
 average earning
 assets(A) 4.48 4.29 4.12 4.07 4.02
 Allowance for possible
 loan losses $36,864 $42,387 $43,714 $42,509 $45,499
 As a percentage
 of period-end
 loans 3.57 3.95 4.00 3.72 3.79
 Net charge-offs:
 Real estate $(453) $1,990 $945 $3,011 $2,111
 Commercial
 and industrial (328) (847) (175) 976 2,038
 Energy (97) 20 8 (28) (2)
 Consumer 292 342 86 754 824
 Other 3,641 47 (344) 1,302 179
 Total $3,055 $1,552 $520 $6,015 $5,150
 As a percentage of
 average loans 1.17 .57 .18 2.06 1.69
 Non-performing
 assets:
 Non-accrual
 loans $38,699 $36,172 $39,875 $38,535 $59,059
 Restructured loans 32 313 315 323 330
 Foreclosed assets,
 net of allow. 48,620 64,157 74,889 83,737 67,283
 Total $87,351 $100,642 $115,079 $122,595 $126,672
 As a percentage of:
 Total assets 2.87 3.27 3.53 4.00 4.04
 Total loans plus
 foreclosed assets 8.09 8.85 9.86 9.99 10.00
 (A) Taxable-equivalent basis assuming a 34 percent tax rate.
 -0- 4/21/92
 /CONTACT: Michael D. Benson of Cullen/Frost, 512-220-5571, or Robin Magers of Dublin-McCarter & Associates, 512-227-0221, for Cullen/Frost/
 (CFBI) CO: Cullen/Frost Bankers Inc. ST: Texas IN: FIN SU: ERN SM -- NY020 -- 0470 04/21/92 10:02 EDT
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Date:Apr 21, 1992
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