Bank holding company Cullen/Frost Bankers, Inc. (CFR) on Thursday reported that fourth quarter net income available to common shareholders surged to $189.51 million or $2.91 per share from $99.35 million or $1.54 per share in the prior-year quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $2.75 per share for the quarter. Analysts' estimates, usually, exclude one-time items.
Net interest income on a tax-equivalent basis surged 60.5 percent to $423.9 million from $264.0 million in the year-ago quarter. The company's non-interest income was down 3.1 percent to $105.7 million from $109.1 million in the prior-year period. Analysts expected revenues of $501.42 million for the quarter.
The Cullen/Frost board declared a first-quarter cash dividend of $0.87 per common share, payable March 15, 2023 to shareholders of record on February 28 of this year.
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