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CULLEN/FROST REPORTS THIRD QUARTER EARNINGS

 CULLEN/FROST REPORTS THIRD QUARTER EARNINGS
 SAN ANTONIO, Oct. 15 /PRNewswire/ -- Cullen/Frost Bankers, Inc.


(NASDAQ-NMS: CFBI) today reported net income of $7.4 million, or $.76 per common share, for the third quarter of 1992, compared with $5.3 million, or $.55 per common share, for the second quarter. Net income for the third quarter of 1991 was $503,000 or $.06 per common share.
 "Improved performance across the board contributed to this continuing progress in earnings," said T.C. Frost, chairman of the board. "Operating income grew, while asset quality continued to improve."
 Year-to-date results are net income of $16.1 million, or $1.67 per common share. "These nine month results exceed annual earnings for every year since 1982," Frost added. For the first three quarters of 1991, Cullen/Frost reported a net loss of $1.9 million, or $.21 per common share. Last year's results were negatively affected by a $5.4 million settlement on a nine-year-old lawsuit.
 Non-performing assets declined to $64 million, down from $77 million at the end of the second quarter of this year. At Sept. 30, 1991, non-performing assets totaled $115 million.
 Comparing the second and third quarters of this year, factors contributing to the improved earnings included increases in both net interest income and non-interest income, as well as lower combined provisions for loan losses and real estate valuations. Year to date, net interest income and non-interest income were strongly ahead, while provisions for loan losses declined significantly.
 Other financial highlights include:
 -- Capital ratios improved. Equity to assets increased to 6.37 percent at September 30, 1992, from 5.32 percent a year ago.
 -- Net interest income was $87.0 million for the nine months ended Sept. 30, 1992, an increase of $6.3 million over the same period last year.
 -- Non-interest income for the nine months ended Sept. 30, 1992, totaled $45.6 million, compared with $43.3 million during the same period in 1991.
 -- The quarterly combined provision for possible loan losses and real estate valuations was $4.4 million, down from $5.5 million for the second quarter. Year to date, the combined provision was $16.5 million compared with $24.1 million for the same period in 1991. The balance in the reserve for loan losses was $33.7 million at the end of the quarter, 101.3 percent of non-accrual and restructured loans.
 -- For the third quarter, net charge-offs of loans were $1.6 million compared to $3.0 million for the previous quarter. Net charge-offs totaled $7.7 million for the first three quarters of this year, compared with $11.7 million for the nine months ended September 30, 1991.
 -- Sales of foreclosed assets during the first nine months of 1992 were 24 percent above the same period in 1991, reflecting continued improvements in the real estate market.
 Cullen/Frost Bankers Inc. is a multi-bank holding company with assets of $3.1 billion at Sept. 30, 1992. The Corporation has four member banks and 23 offices in the five major Texas banking markets -- San Antonio, Houston/Galveston, Austin, Corpus Christi 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
 Condensed Income Statements
 (Unaudited, in thousands of dollars)
 1992 1991
 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
 Net interest
 income 29,251 $ 28,894 $ 28,825 $ 27,803 $ 27,133
 Net interest
 income (A) 29,523 29,175 29,138 28,219 27,685
 Provision for
 possible
 loan losses 1,000 418 (2,468) 225 1,725
 Non-interest
 income 15,911 15,549 14,103 14,157 14,345
 Provision for
 real estate
 losses 3,365 5,036 9,180 6,498 6,099
 Non-interest
 expense(B) 33,200 33,600 32,840 32,776 32,946
 Net income 7,403 5,340 3,338 2,104 503
 Per Common
 Share Data
 Net income
 - Primary $.76 $.55 $.36 $.23 $.06
 Shareholders'
 equity 20.99 20.20 19.64 19.30 19.16
 Average common and
 common equivalent
 shares 10,009,962 9,960,498 9,852,490 9,159,330 9,123,838
 Balance Sheet Summary
 (In millions of dollars)
 Average Balance:
 Loans $1,006 $1,031 $1,054 $1,073 1,117
 Earning assets 2,644 2,603 2,605 2,625 2,681
 Total assets 3,060 3,010 3,033 3,058 3,114
 Priv. deposits 2,585 2,569 2,597 2,619 2,624
 Public funds 117 113 111 105 147
 Total deposits 2,702 2,682 2,708 2,724 2,771
 Period-End Balance:
 Loans $1,010 $1,009 $1,032 $1,073 $1,093
 Earning assets 2,631 2,597 2,603 2,611 2,759
 Total assets 3,064 3,025 3,046 3,079 3,257
 Total deposits 2,718 2,692 2,727 2,766 2,934
 Shareholders'
 equity 195 186 180 176 173
 Capital Ratios - 1992 Rules
 (as a percent)
 Tier 1 Capital
 Ratio 15.63 14.67 13.71 12.98 12.25
 Total Capital
 Ratio 17.57 16.61 15.79 15.04 14.33
 Leverage Ratio 6.19 5.99 5.74 5.56 5.36
 (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
 Consolidated Financial Summary
 (Unaudited, in thousands of dollars)
 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
 Return on
 average assets
 (as a percent) .96 .71 .44 .27 .06
 Return on average
 equity 15.14 11.48 7.40 4.71 1.14
 Net interest
 income to
 average earning
 assets(A) 4.45 4.49 4.48 4.29 4.12
 Allowance for
 possible
 loan losses $33,678 $34,245 $36,864 $42,387 $43,714
 As a percentage
 of period-end
 loans 3.33 3.39 3.57 3.95 4.00
 Net charge-offs:
 Real estate $214 $2,444 $(453) $1,990 $945
 Commercial and
 industrial 543 372 (328) (847) (175)
 Energy (14) (3) (97) 20 8
 Consumer 827 233 292 342 86
 Other (3) (9) 3,641 47 (344)
 Total $1,567 $3,037 $3,055 $1,552 $520
 As a percentage of
 average loans .62 1.18 1.17 .57 .18
 Non-performing
 assets:
 Non-accrual
 loans $33,224 $34,505 $38,699 $36,172 $39,875
 Restructured
 loans 31 32 32 313 315
 Foreclosed
 assets,
 net of
 allowance 31,187 42,064 48,620 64,157 74,889
 Total $ 64,442 $ 76,601 $87,351 $100,642 $115,079
 As a percentage of:
 Total assets 2.10 2.53 2.87 3.27 3.53
 Total loans
 plus foreclosed
 assets 6.19 7.29 8.09 8.85 9.86
 (A) -- Taxable-equivalent basis assuming a 34 percent tax rate.
 CULLEN/FROST BANKERS, INC.
 Consolidated Financial Summary
 Condensed Income Statements
 (Unaudited, in thousands of dollars)
 Nine Months Ended Sept. 30 1992 1991
 Net interest income $ 86,970 $ 80,711
 Net interest income(A) 87,836 82,435
 Provision for possible
 loan losses (1,050) 9,795
 Non-interest income 45,563 43,325
 Provision for real estate
 losses 17,581 14,301
 Non-interest expense(B) 99,640 101,563
 Net income (loss) 16,081 (1,899)
 Per Common Share Data
 Net income (loss) - Primary $ 1.67 $ (.21)
 Shareholders' equity 20.99 19.16
 Average common and common
 equivalent shares 9,947,360 9,060,262
 Balance Sheet Summary
 (in millions of dollars)
 Average Balance:
 Loans $ 1,030 $1,175
 Earning assets 2,617 2,700
 Total assets 3,034 3,120
 Private deposits 2,584 2,619
 Public funds 113 150
 Total deposits 2,697 2,769
 Period-End Balance:
 Loans $ 1,010 $1,093
 Earning assets 2,631 2,759
 Total assets 3,064 3,257
 Total deposits 2,718 2,934
 Shareholders' Equity 195 173
 (A) --Taxable-equivalent basis assuming a 34 percent tax rate.
 (B) -- Excluding the provision for real estate losses.
 CULLEN/FROST BANKERS, INC.
 Consolidated Financial Summary
 Selected Financial Data
 (Unaudited, in thousands of dollars)
 Nine Months Ended Sept. 30: 1992 1991
 Return on average assets (as a percent) .71 N/A
 Return on average equity 11.44 N/A
 Net interest income to average earning assets(A) 4.48 4.07
 Allowance for possible loan losses $ 33,678 $ 43,714
 As a percentage of period-end loans 3.33 4.00
 Net charge-offs:
 Real estate $ 2,205 $ 6,067
 Commercial and industrial 587 2,839
 Energy (114) (22)
 Consumer 1,352 1,664
 Other 3,629 1,137
 Total $ 7,659 $ 11,685
 As a percentage of average loans .99 1.33
 Non-performing assets:
 Non-accrual loans $ 33,224 $ 39,875
 Restructured loans 31 315
 Foreclosed assets, net of allowance 31,187 74,889
 Total $ 64,442 $ 115,079
 As a percentage of:
 Total assets 2.10 3.53
 Total loans plus foreclosed assets 6.19 9.86
 (A) -- Taxable-equivalent basis assuming a 34 percent tax rate.
 -0- 10/15/92
 /CONTACT: Michael D. Benson, 512-220-5571, or Tammy Valentine, 512-227-0221, both of Dublin-McCarter & Associates, for Cullen/Frost Bankers, Inc./
 (CFBI) CO: Cullen Frost Bankers, Inc. ST: Texas IN: FIN SU: ERN TS -- NY014 -- 0269 10/15/92 09:38 EDT
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Date:Oct 15, 1992
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