Cullen/Frost Bankers, Inc. (CFR: Quote) posted first quarter profit of $61.03 million or $0.99 per share versus $51.93 million or $0.85 per share a year ago.
On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.92 per share. Analysts' estimates typically exclude special items.
Net interest income grew to $149.71 million from $141.76 million a year ago. Total non-interest income was down to $71.98 million or $72.33 million in the prior-year quarter. Analysts estimated revenues of $236.96 million.
"Cullen/Frost's record quarterly earnings reflect our ability to operate effectively despite regulatory challenges and low interest rate headwinds in a slowly recovering economy," said Dick Evans, Cullen/Frost chairman and CEO.
"We are starting to see some growth in period-end loans compared to last quarter thanks to the foundation of new and expanded customer relationships we nurtured during the recession, although many businesses are still being cautious. Our strong deposit growth trend continued as we added another $1.9 billion in average deposits since the first quarter of 2011. Since year-end 2007, we have increased our asset size by more than 50 percent..."
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by RTT Staff Writer
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