Printer Friendly

CULLEN/FROST REPORTS SECOND QUARTER EARNINGS

 SAN ANTONIO, July 15 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NASDAQ-NMS: CFBI) today reported net income of $10.7 million, or $.96 per common share, for the second quarter of 1993, compared with $5.3 million, or $.50 per common share, for the same quarter last year.
 "Operating earnings remain at record-high levels and business volumes are strong -- $3.1 billion in deposits and trust assets exceeding $10 billion," said T.C. Frost, chairman of the board. "During the second quarter, we completed the conversion to our systems of the New First City Banks acquired earlier this year. This expansion places the Corporation's lead bank, Frost National Bank, as number one in the San Antonio market and sixth in Austin."
 Year-to-date results for 1993 are net income of $27.0 million, or $2.43 per common share, compared with net income of $8.7 million, or $.83 per common share, for the 1992 six-month period.
 Results for the first two quarters of 1993 were influenced by several non-recurring items, including transition costs associated with the New First City acquisition and a mandatory change in accounting for income taxes adopted during the first quarter. Excluding these items, net income increased to $12.0 million for the second quarter from $11.0 million for the first quarter of this year.
 Highlights include:
 --Net interest income on a non-taxable equivalent basis was $32.8 million for the second quarter of 1993 compared with $28.9 million for the same quarter last year.
 --Non-interest income for the second quarter totaled $18.8 million, up from $15.5 million during the same period in 1992.
 --Non-interest expenses excluding the provision for real estate losses were $40.5 million for the second quarter of 1993 compared with $33.6 million for the second quarter of 1992. This included approximately $2.0 million in transition costs during the second quarter of 1993.
 --The combined provision for possible loan losses and real estate valuations was $251,000 for the second quarter of 1993, down from $5.45 million for the same period in 1992. Net charge-offs of $339,000 were reported during the second quarter compared with $3.04 million for the same period last year. Non-performing assets were $42 million, down from $77 million at June 30, 1992.
 --Total deposits were $3.1 billion at June 30, 1993, compared to $2.7 billion a year ago.
 --Equity to assets increased to 6.99 percent at June 30, 1993, from 6.16 percent a year ago.
 Cullen/Frost Bankers, Inc. is a multi-bank holding company with assets of $3.5 billion at June 30, 1993. The corporation has four member banks with a total of 27 offices in five major Texas banking markets--San Antonio, Austin, Corpus Christi, Houston/Galveston and Dallas.
 Cullen/Frost Bankers' stock is traded in the over-the-counter (OTC) market under the NASDAQ symbol CFBI.
 CULLEN/FROST BANKERS, INC.
 Consolidated Financial Summary (Unaudited)
 (in thousands of dollars)
 1993 1992
 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr
 Condensed Income
 Statements
 Net interest
 income $ 32,834 $ 30,980 $ 29,687 $ 29,251 $ 28,894
 Net interest
 income(A) 33,063 31,206 29,950 29,523 29,175
 Provision (credit)
 for possible
 loan losses --- (590) 200 1,000 418
 Non-interest
 income 18,822 17,683 16,250 15,911 15,549
 Provision for real
 estate losses 251 913 1,730 3,365 5,036
 Non-interest
 expense(B) 40,460 40,395 34,547 33,200 33,600
 Net income 10,727 16,224(C) 8,041 7,403 5,340
 Per Common Share Data
 (adjusted for 10 percent stock dividend)
 Net income-Primary $ .96 $ 1.47(C) $ .74 $ .69 $ .50
 Shareholders'
 equity 22.28 21.29 19.80 19.08 18.36
 Average common and
 common equivalent
 shares 11,149,081 11,102,284 11,057,560 11,010,958 10,956,548
 Balance Sheet Summary
 (in millions of dollars)
 Average Balance:
 Loans $ 1,178 $ 1,092 $ 1,009 $ 1,006 $ 1,031
 Earning assets 3,065 2,834 2,697 2,644 2,603
 Total assets 3,579 3,316 3,117 3,060 3,010
 Private deposits 3,040 2,819 2,637 2,585 2,569
 Public funds 110 93 114 117 113
 Total deposits 3,150 2,912 2,751 2,702 2,682
 Period-End Balance:
 Loans $ 1,181 $ 1,176 $ 1,011 $ 1,010 $ 1,009
 Earning assets 2,964 2,979 2,708 2,631 2,597
 Total assets 3,494 3,537 3,151 3,064 3,025
 Total deposits 3,102 3,126 2,769 2,718 2,692
 Shareholders'
 equity 244 233 206 195 186
 CAPITAL RATIOS
 Tier 1 Capital Ratio
 (in percentages) 13.79 12.78 15.66 15.63 14.67
 Total Capital
 Ratio 15.16 14.15 17.52 17.57 16.61
 Equity to Assets
 Ratio 6.99 6.69 6.54 6.37 6.16
 Leverage Ratio 5.52 5.56 6.43 6.19 5.99
 (A)Taxable-equivalent basis assuming a 34% tax rate.
 (B) Excluding the provision for real estate losses. Includes transition costs of approximately $2.0 million and $3.0 million for the second and first quarters of 1993, respectively.
 (C)Includes the one-time benefit of $8,439,000 related to a change in accounting for income taxes.
 CULLEN/FROST BANKERS, INC.
 Consolidated Financial Summary (Unaudited)
 (in thousands of dollars)
 1993 1992
 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr
 Selected Financial Data
 Return on
 average assets
 (in percentages) 1.20 1.98 1.03 .96 .71
 Return on average
 equity 17.87 27.86 15.61 15.14 11.48
 Net interest income
 to average earning
 assets(A) 4.32 4.43 4.43 4.45 4.49
 Allowance for possible
 loan losses $ 31,050 $ 31,389 $ 31,897 $ 33,678 $ 34,245
 As a percentage of
 period-end loans
 (in percentages) 2.63 2.67 3.15 3.33 3.39
 Net charge-offs:
 Real estate $ 76 $ 484 $ 2,142 $ 214 $ 2,444
 Commercial
 and industrial (22) (637) (164) 543 372
 Energy (2) (5) (31) (14) (3)
 Consumer 297 440 13 827 233
 Other (10) (364) 21 (3) (9)
 Total $ 339 $ (82) $ 1,981 $ 1,567 $ 3,037
 As a percentage of
 average loans .12 (.03) .78 .62 1.18
 Non-performing assets:
 Non-accrual loans $ 20,073 $ 23,742 $ 23,117 $ 33,224 $ 34,505
 Restructured loans 647 712 31 31 32
 Foreclosed assets,
 net of allowance 21,427 26,175 28,155 31,187 42,064
 Total $ 42,147 $ 50,629 $ 51,303 $ 64,442 $ 76,601
 As a percentage of:
 Total assets 1.21 1.43 1.63 2.10 2.53
 Total loans plus
 foreclosed assets 3.50 4.21 4.94 6.19 7.29
 (A)Taxable-equivalent basis assuming a 34 percent tax rate.
 CULLEN/FROST BANKERS, INC.
 Consolidated Financial Summary (Unaudited)
 (in thousands of dollars)
 Six Months Ended June 30
 1993 1992
 Condensed Income Statements
 Net interest income $ 63,814 $ 57,719
 Net interest income(A) 64,269 58,313
 Provision(credit)for possible
 loan losses (590) (2,050)
 Non-interest income 36,505 29,652
 Provision for real estate
 losses 1,164 14,216
 Non-interest expense(B) 80,855 66,440
 Net income(C) 26,951 8,678
 PER COMMON SHARE DATA
 (adjusted for 10 percent Stock Dividend)
 Net income - Primary(C) $ 2.43 $ .83
 Shareholders' equity 22.28 18.36
 Average common and common
 equivalent shares 11,125,822 10,903,558
 BALANCE SHEET SUMMARY
 (in millions of dollars)
 Average Balance:
 Loans $ 1,135 $ 1,042
 Earning assets 2,950 2,604
 Total assets 3,449 3,022
 Private deposits 2,930 2,583
 Public funds 102 112
 Total deposits 3,032 2,695
 Period-End Balance:
 Loans $ 1,181 $ 1,009
 Earning assets 2,964 2,597
 Total assets 3,494 3,025
 Total deposits 3,102 2,692
 Shareholders' Equity 244 186
 (A)Taxable-equivalent basis assuming a 34% tax rate.
 (B)Excluding the provision for real estate losses. Year-to-date 1993 includes approximately $5.0 million in transition costs related to the New First City acquisition.
 (C)Year-to-date 1993 net income includes the one-time benefit of $8,439,000 related to a change in accounting for income taxes.
 CULLEN/FROST BANKERS, INC.
 Consolidated Financial Summary (Unaudited)
 (in thousands of dollars)
 Six Months Ended June 30
 1993 1992
 SELECTED FINANCIAL DATA
 Return on average assets
 (in percentages 1.58 .58
 Return on average equity 22.79 9.47
 Net interest income to
 average earning assets(A) 4.37 4.49
 Allowance for possible
 loan losses $ 31,050 $ 34,245
 As a percentage of
 period-end loans (in percentages) 2.63 3.39
 Net charge-offs:
 Real estate $ 560 $ 1,991
 Commercial
 and industrial (659) 44
 Energy (7) (100)
 Consumer 737 525
 Other (374) 3,632
 Total $ 257 $ 6,092
 As a percentage of
 average loans (in percentages) .05 1.18
 Non-performing assets:
 Non-accrual loans $ 20,073 $ 34,505
 Restructured loans 647 32
 Foreclosed assets,
 net of allowance 21,427 42,064
 Total $ 42,147 $ 76,601
 As a percentage of:
 Total assets 1.21 2.53
 Total loans plus
 foreclosed assets 3.50 7.29
 (A)Taxable-equivalent basis assuming a 34 percent tax rate.
 -0- 7/15/93
 /CONTACT: John D. Gellhausen of Cullen/Frost Bankers, Inc., 210-220-4878, or Tammy Valentine, of Dublin-McCarter & Associates, 210-227-0221, for Cullen/Frost Bankers, Inc./
 (CFBI)


CO: Cullen/Frost Bankers, Inc. ST: Texas IN: FIN SU: ERN

MP -- NY015 -- 1847 07/15/93 10:22 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 15, 1993
Words:1586
Previous Article:MICROPROSE ANNOUNCES MERGER AGREEMENT, REPORTS FINANCIAL RESULTS
Next Article:BOISE CASCADE REPORTS FINANCIAL RESULTS
Topics:


Related Articles
CULLEN/FROST REPORTS FOURTH QUARTER EARNINGS
CULLEN/FROST REPORTS THIRD QUARTER EARNINGS
CULLEN/FROST REPORTS FIRST QUARTER EARNINGS
CULLEN/FROST REPORTS THIRD QUARTER EARNINGS
CULLEN/FROST REPORTS FIRST QUARTER EARNINGS
CULLEN/FROST REPORTS SECOND QUARTER EARNINGS
CULLEN/FROST REPORTS THIRD QUARTER EARNINGS
CULLEN/FROST REPORTS SECOND QUARTER EARNINGS
Cullen/Frost Ends 1996 With Strong Annual Earnings
Cullen/Frost Reports First Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters