Cullen/Frost Reports 4th Quarter And 2015 Annual Results
- Average annual loans reach $11.3 billion, up 9.4 percent
- Average annual deposits for 2015 rise 9.0 percent
- Average annual loans reach $11.3 billion, up 9.4 percent
- Average annual deposits for 2015 rise 9.0 percent
SAN ANTONIO, Jan. 27, 2016 /PRNewswire/ -- Cullen/Frost Bankers, Inc. today reported fourth quarter results and annual earnings for 2015, a week after the Texas financial services leader indicated the corporation would raise its provision for loan losses to $34.0 million for the quarter.
Cullen/Frost reported net income available to common shareholders for the fourth quarter of 2015 of $56.2 million, or $0.90 per diluted common share, compared to fourth quarter 2014 earnings of $70.7 million, or $1.11 per diluted common share. For the fourth quarter of 2015, returns on average assets and common equity were 0.78 percent and 8.07 percent respectively, compared to 1.02 percent and 10.36 percent for the same period in 2014.
The company also reported 2015 annual net income available to common shareholders of $271.3 million, an increase of 0.5 percent compared to 2014 earnings of $269.9 million. On a per-share basis, 2015 earnings were $4.28 per diluted common share, compared to $4.29 per diluted common share reported in 2014. For the year 2015, returns on average assets and common equity were 0.97 percent and 9.86 percent respectively, compared to 1.05 percent and 10.51 percent reported in 2014.
During the fourth quarter of 2015, average deposits rose by 3.2 percent to $24.5 billion, up $760 million from the $23.7 billion reported in the fourth quarter of 2014. Average loans increased 4.2 percent to $11.4 billion compared to $10.9 billion in the fourth quarter of 2014.
"In an environment of volatility in the energy sector, we adjusted our reserve level to manage the risk in our portfolio," said Dick Evans, Cullen/Frost chairman and CEO. "The oil downturn has lasted longer than expected, but we were still able to grow year-over-year net income, even with the higher provision.
"The results are a testament to our company's underlying financial strength. I am proud of the way our team is taking care of customers and helping us manage through the volatility, just as we have done throughout our 148-year history.
"I am confident in the strength of this company. Both capital and liquidity remain at high levels.
"Continued growth in loans in the fourth quarter and for 2015 reflects our determination to leverage the new business relationships we added throughout the downturn," said Evans. "The primary driver for deposit growth for the fourth quarter and for 2015 was new customers who responded to our value proposition and way of doing business. At year end, our assets were at an all-time high of $28.6 billion," Evans continued. "With interest rates remaining at low levels, it was encouraging to see good growth from last year in taxable equivalent net interest income for the fourth quarter.
"The Texas economy's broad diversification is helping the state get through the current decline in energy prices, and I remain confident in the state's resilience. Texas jobs grew 1.4 percent in 2015, compared to the U.S. average of 1.9 percent.
"We remain focused on the volatility in energy prices and are in close communication with our energy-related customers. In addition to reserves already allocated, we provided $22 million for possible energy industry exposure primarily based on our sensitivity stress test. In this volatile market, we are comfortable that our energy exposure is manageable."
During the year, Frost received further validation of its outstanding service culture and performance by well-regarded third parties. In a Consumer Reports survey of its subscribers on their satisfaction with banks, Frost was top-rated among regional and community banks. And for the sixth consecutive year, Frost received the highest ranking in customer satisfaction in Texas in the J.D. Power and Associates 2015 U.S. Retail Banking Satisfaction Study.
"It is outstanding people at every level here at Frost who make our results possible, and I am grateful to them for their dedication to our company and for the way they live our culture and take amazing care of customers."
Evans said the company opened three new financial centers in 2015 in the Dallas region, in addition to relocating several older locations to new facilities across the state and renovating others. Frost moved its Dallas region headquarters into new offices in the Frost Tower in the Uptown area of Dallas as the named tenant and announced plans to relocate its Tarrant County region headquarters into the Frost Tower now under construction in downtown Fort Worth, where Frost will also be the named tenant. In San Antonio, Frost announced plans to move its corporate headquarters to a new downtown high-rise, to be called the Frost Tower, in 2018 or 2019. Frost will be the named tenant in the tower, which is being developed by Weston Urban.
"We continue to deliver on our commitment to innovate, and in 2015, we launched new technologies that make our customers' lives better," continued Evans. "We released our new app for Apple Watch to give customers quick access to their account balances and recent transactions. During the year, we also introduced several new features on our smartphone app for iPhone and Android devices that allow customers to freeze a debit card, enter travel alerts and see all of their investments in one place.
"Cullen/Frost has consistently delivered value to our shareholders, paying and increasing our dividend for 22 consecutive years," said Evans. "I remain very optimistic about our company's future."
For 2015, average total loans were $11.3 billion, an increase of $1.0 billion, or 9.4 percent, from the $10.3 billion reported the previous year. Average total deposits for 2015 rose to $24.0 billion, up 9.0 percent, or $2.0 billion, over the $22.1 billion reported in 2014. Net interest income on a taxable-equivalent basis increased to $888.0 million, up 9.9 percent, over the $807.9 million reported a year earlier, reflecting the impact of the increasing volume of earning assets. Non-interest income for the year rose 2.7 percent to $328.7 million over the $320.1 million reported for 2014. For 2015, total revenue on a taxable equivalent basis increased 7.9 percent to $1.2 billion, while non-interest expense increased 6.0 percent over the previous year to $693.7 million. Cullen/Frost acquired WNB Bancshares, Inc., with loans of $670.6 million and deposits of $1.6 billion, on May 30, 2014. These loans and deposits, and the results of operations, are included in annual comparisons from the date of acquisition.
Noted financial data for the fourth quarter:
Cullen/Frost Bankers, Inc. will host a conference call on Wednesday, January 27, 2016, at 10 a.m. Central Time (CT) to discuss the results for the quarter and the year. The media and other interested parties are invited to access the call in a "listen only" mode at 800-944-6430. Digital playback of the conference call will be available after 12 p.m. CT until midnight Sunday, January 31, 2016 at 855-859-2056, with the Conference ID# of 28245582. The call will also be available by audio webcast on the company's website, frostbank.com, and available for playback after 2 p.m. CT. After entering the website www.frostbank.com, scroll down to the bottom of the home page. Under Company Information, click on Investor Relations.
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $28.6 billion in assets at December 31, 2015. One of the top 50 largest U.S. banks, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com.
Forward-Looking Statements and Factors that Could Affect Future Results
Certain statements contained in this Earnings Release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.
Cullen/Frost Bankers, Inc. |
|||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||||||||
(In thousands, except per share amounts) |
|||||||||||||||||||
2015 |
2014 |
||||||||||||||||||
4th Qtr |
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
|||||||||||||||
CONDENSED INCOME STATEMENTS |
|||||||||||||||||||
Net interest income |
$ |
186,139 |
$ |
186,981 |
$ |
182,809 |
$ |
180,703 |
$ |
178,992 |
|||||||||
Net interest income (1) |
225,649 |
225,553 |
220,131 |
216,702 |
212,627 |
||||||||||||||
Provision for loan losses |
34,000 |
6,810 |
2,873 |
8,162 |
4,400 |
||||||||||||||
Non-interest income: |
|||||||||||||||||||
Trust and investment management fees |
26,289 |
25,590 |
26,472 |
27,161 |
27,271 |
||||||||||||||
Service charges on deposit accounts |
20,686 |
20,854 |
20,033 |
19,777 |
20,691 |
||||||||||||||
Insurance commissions and fees |
12,398 |
11,763 |
10,130 |
14,635 |
10,818 |
||||||||||||||
Interchange and debit card transaction fees |
5,075 |
5,031 |
4,917 |
4,643 |
4,783 |
||||||||||||||
Other charges, commissions and fees |
8,981 |
10,016 |
10,113 |
8,441 |
9,619 |
||||||||||||||
Net gain (loss) on securities transactions |
(107) |
(52) |
— |
228 |
3 |
||||||||||||||
Other |
9,833 |
10,176 |
7,317 |
8,330 |
9,457 |
||||||||||||||
Total non-interest income |
83,155 |
83,378 |
78,982 |
83,215 |
82,642 |
||||||||||||||
Non-interest expense: |
|||||||||||||||||||
Salaries and wages |
78,247 |
79,552 |
76,633 |
76,072 |
77,903 |
||||||||||||||
Employee benefits |
15,970 |
16,210 |
17,339 |
20,227 |
13,318 |
||||||||||||||
Net occupancy |
16,800 |
17,380 |
16,429 |
15,081 |
15,010 |
||||||||||||||
Furniture and equipment |
16,904 |
16,286 |
15,649 |
15,534 |
15,849 |
||||||||||||||
Deposit insurance |
3,667 |
3,676 |
3,563 |
3,613 |
3,549 |
||||||||||||||
Intangible amortization |
766 |
816 |
849 |
894 |
996 |
||||||||||||||
Other |
41,045 |
41,649 |
42,777 |
40,090 |
42,376 |
||||||||||||||
Total non-interest expense |
173,399 |
175,569 |
173,239 |
171,511 |
169,001 |
||||||||||||||
Income before income taxes |
61,895 |
87,980 |
85,679 |
84,245 |
88,233 |
||||||||||||||
Income taxes |
3,657 |
12,130 |
12,602 |
12,082 |
15,529 |
||||||||||||||
Net income |
58,238 |
75,850 |
73,077 |
72,163 |
72,704 |
||||||||||||||
Preferred stock dividends |
2,016 |
2,016 |
2,015 |
2,016 |
2,016 |
||||||||||||||
Net income available to common shareholders |
$ |
56,222 |
$ |
73,834 |
$ |
71,062 |
$ |
70,147 |
$ |
70,688 |
|||||||||
PER COMMON SHARE DATA |
|||||||||||||||||||
Earnings per common share - basic |
$ |
0.90 |
$ |
1.18 |
$ |
1.12 |
$ |
1.11 |
$ |
1.12 |
|||||||||
Earnings per common share - diluted |
0.90 |
1.17 |
1.11 |
1.10 |
1.11 |
||||||||||||||
Cash dividends per common share |
0.53 |
0.53 |
0.53 |
0.51 |
0.51 |
||||||||||||||
Book value per common share at end of quarter |
44.30 |
44.32 |
43.17 |
43.80 |
42.87 |
||||||||||||||
OUTSTANDING COMMON SHARES |
|||||||||||||||||||
Period-end common shares |
61,982 |
62,282 |
63,180 |
63,164 |
63,149 |
||||||||||||||
Weighted-average common shares - basic |
62,202 |
62,629 |
63,119 |
63,094 |
63,061 |
||||||||||||||
Dilutive effect of stock compensation |
648 |
690 |
832 |
685 |
866 |
||||||||||||||
Weighted-average common shares - diluted |
62,850 |
63,319 |
63,951 |
63,779 |
63,927 |
||||||||||||||
SELECTED ANNUALIZED RATIOS |
|||||||||||||||||||
Return on average assets |
0.78 |
% |
1.04 |
% |
1.03 |
% |
1.02 |
% |
1.02 |
% |
|||||||||
Return on average common equity |
8.07 |
10.73 |
10.34 |
10.34 |
10.36 |
||||||||||||||
Net interest income to average earning assets (1) |
3.43 |
3.48 |
3.47 |
3.41 |
3.34 |
||||||||||||||
(1) Taxable-equivalent basis assuming a 35% tax rate. |
Cullen/Frost Bankers, Inc. |
|||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||||||||
2015 |
2014 |
||||||||||||||||||
4th Qtr |
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
|||||||||||||||
BALANCE SHEET SUMMARY ($ in millions) |
|||||||||||||||||||
Average Balance: |
|||||||||||||||||||
Loans |
$ |
11,371 |
$ |
11,362 |
$ |
11,259 |
$ |
11,073 |
$ |
10,909 |
|||||||||
Earning assets |
26,409 |
25,979 |
25,597 |
25,827 |
25,569 |
||||||||||||||
Total assets |
28,556 |
28,066 |
27,677 |
27,936 |
27,599 |
||||||||||||||
Non-interest-bearing demand deposits |
10,539 |
10,262 |
9,950 |
9,961 |
10,054 |
||||||||||||||
Interest-bearing deposits |
13,916 |
13,836 |
13,741 |
13,951 |
13,639 |
||||||||||||||
Total deposits |
24,455 |
24,098 |
23,691 |
23,912 |
23,693 |
||||||||||||||
Shareholders' equity |
2,907 |
2,875 |
2,902 |
2,897 |
2,851 |
||||||||||||||
Period-End Balance: |
|||||||||||||||||||
Loans |
$ |
11,487 |
$ |
11,359 |
$ |
11,401 |
$ |
11,215 |
$ |
10,988 |
|||||||||
Earning assets |
26,431 |
26,224 |
25,565 |
25,926 |
26,052 |
||||||||||||||
Goodwill and intangible assets |
663 |
664 |
665 |
666 |
667 |
||||||||||||||
Total assets |
28,567 |
28,341 |
27,782 |
28,159 |
28,278 |
||||||||||||||
Total deposits |
24,344 |
24,324 |
23,841 |
24,150 |
24,136 |
||||||||||||||
Shareholders' equity |
2,890 |
2,905 |
2,872 |
2,911 |
2,851 |
||||||||||||||
Adjusted shareholders' equity (1) |
2,776 |
2,771 |
2,789 |
2,751 |
2,710 |
||||||||||||||
ASSET QUALITY ($ in thousands) |
|||||||||||||||||||
Allowance for loan losses: |
$ |
135,859 |
$ |
110,373 |
$ |
106,607 |
$ |
105,708 |
$ |
99,542 |
|||||||||
As a percentage of period-end loans |
1.18 |
% |
0.97 |
% |
0.94 |
% |
0.94 |
% |
0.91 |
% |
|||||||||
Net charge-offs: |
$ |
8,514 |
$ |
3,044 |
$ |
1,974 |
$ |
1,996 |
$ |
3,170 |
|||||||||
Annualized as a percentage of average loans |
0.30 |
% |
0.11 |
% |
0.07 |
% |
0.07 |
% |
0.12 |
% |
|||||||||
Non-performing assets: |
|||||||||||||||||||
Non-accrual loans |
$ |
83,467 |
$ |
55,452 |
$ |
50,053 |
$ |
56,314 |
$ |
59,925 |
|||||||||
Restructured loans |
— |
— |
— |
— |
— |
||||||||||||||
Foreclosed assets |
2,255 |
2,778 |
2,381 |
3,293 |
5,251 |
||||||||||||||
Total |
$ |
85,722 |
$ |
58,230 |
$ |
52,434 |
$ |
59,607 |
$ |
65,176 |
|||||||||
As a percentage of: |
|||||||||||||||||||
Total loans and foreclosed assets |
0.75 |
% |
0.51 |
% |
0.46 |
% |
0.53 |
% |
0.59 |
% |
|||||||||
Total assets |
0.30 |
% |
0.21 |
% |
0.19 |
% |
0.21 |
% |
0.23 |
||||||||||
CONSOLIDATED CAPITAL RATIOS (2) |
|||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital Ratio (3) |
11.37 |
% |
11.57 |
% |
11.70 |
% |
11.55 |
% |
N/A |
||||||||||
Tier 1 Risk-Based Capital Ratio |
12.38 |
12.61 |
12.74 |
12.60 |
13.67 |
% |
|||||||||||||
Total Risk-Based Capital Ratio |
13.85 |
13.96 |
14.06 |
13.93 |
14.55 |
||||||||||||||
Leverage Ratio |
7.79 |
7.91 |
8.07 |
7.89 |
8.16 |
||||||||||||||
Equity to Assets Ratio (period-end) |
10.12 |
10.25 |
10.34 |
10.34 |
10.08 |
||||||||||||||
Equity to Assets Ratio (average) |
10.18 |
10.24 |
10.48 |
10.37 |
10.33 |
||||||||||||||
(1) |
Shareholders' equity excluding accumulated other comprehensive income (loss). |
||||||||||||||||||
(2) |
Capital ratios in 2015 were calculated in accordance with the Basel III Capital Rules which became effective on January 1, 2015, subject to transition provisions. Capital ratios for prior periods were calculated in accordance with previous capital rules. |
||||||||||||||||||
(3) |
The Common Equity Tier 1 Risk-Based Capital Ratio is a newly required ratio under the Basel III Capital Rules and represents common equity, net of any accumulated other comprehensive income (loss), less goodwill and intangible assets, net of any associated deferred tax liabilities, divided by risk-weighted assets, subject to transition provisions. |
Cullen/Frost Bankers, Inc. |
|||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||||||||
(In thousands, except per share amounts) |
|||||||||||||||||||
Year Ended December 31, |
|||||||||||||||||||
2015 |
2014 |
2013 |
2012 |
2011 |
|||||||||||||||
CONDENSED INCOME STATEMENTS |
|||||||||||||||||||
Net interest income |
$ |
736,632 |
$ |
686,934 |
$ |
620,555 |
$ |
604,861 |
$ |
581,776 |
|||||||||
Net interest income (1) |
888,035 |
807,937 |
710,850 |
668,176 |
642,066 |
||||||||||||||
Provision for loan losses |
51,845 |
16,314 |
20,582 |
10,080 |
27,445 |
||||||||||||||
Non-interest income: |
|||||||||||||||||||
Trust and investment management fees |
105,512 |
106,237 |
91,375 |
83,317 |
78,297 |
||||||||||||||
Service charges on deposit accounts |
81,350 |
81,946 |
81,432 |
83,392 |
86,125 |
||||||||||||||
Insurance commissions and fees |
48,926 |
45,115 |
43,140 |
39,948 |
35,421 |
||||||||||||||
Interchange and debit card transaction fees |
19,666 |
18,372 |
16,979 |
16,933 |
29,625 |
||||||||||||||
Other charges, commissions and fees |
37,551 |
36,180 |
34,185 |
30,180 |
27,750 |
||||||||||||||
Net gain (loss) on securities transactions |
69 |
38 |
1,176 |
4,314 |
6,414 |
||||||||||||||
Other |
35,656 |
32,256 |
34,531 |
30,703 |
26,370 |
||||||||||||||
Total non-interest income |
328,730 |
320,144 |
302,818 |
288,787 |
290,002 |
||||||||||||||
Non-interest expense: |
|||||||||||||||||||
Salaries and wages |
310,504 |
292,349 |
273,692 |
258,752 |
252,028 |
||||||||||||||
Employee benefits |
69,746 |
60,151 |
62,407 |
57,635 |
52,939 |
||||||||||||||
Net occupancy |
65,690 |
55,745 |
50,468 |
48,975 |
46,968 |
||||||||||||||
Furniture and equipment |
64,373 |
62,087 |
58,443 |
55,279 |
51,469 |
||||||||||||||
Deposit insurance |
14,519 |
13,232 |
11,682 |
11,087 |
12,714 |
||||||||||||||
Intangible amortization |
3,325 |
3,520 |
3,141 |
3,896 |
4,387 |
||||||||||||||
Other |
165,561 |
167,656 |
152,077 |
139,469 |
137,593 |
||||||||||||||
Total non-interest expense |
693,718 |
654,740 |
611,910 |
575,093 |
558,098 |
||||||||||||||
Income before income taxes |
319,799 |
336,024 |
290,881 |
308,475 |
286,235 |
||||||||||||||
Income taxes |
40,471 |
58,047 |
53,015 |
70,523 |
68,700 |
||||||||||||||
Net income |
279,328 |
277,977 |
237,866 |
237,952 |
217,535 |
||||||||||||||
Preferred stock dividends |
8,063 |
8,063 |
6,719 |
— |
— |
||||||||||||||
Net income available to common shareholders |
$ |
271,265 |
$ |
269,914 |
$ |
231,147 |
$ |
237,952 |
$ |
217,535 |
|||||||||
PER COMMON SHARE DATA |
|||||||||||||||||||
Earnings per common share - basic |
$ |
4.31 |
$ |
4.32 |
$ |
3.82 |
$ |
3.87 |
$ |
3.55 |
|||||||||
Earnings per common share - diluted |
4.28 |
4.29 |
3.80 |
3.86 |
3.54 |
||||||||||||||
Cash dividends per common share |
2.10 |
2.03 |
1.98 |
1.90 |
1.83 |
||||||||||||||
Book value per common share at end of quarter |
44.30 |
42.87 |
39.13 |
39.32 |
37.27 |
||||||||||||||
OUTSTANDING COMMON SHARES |
|||||||||||||||||||
Period-end common shares |
61,982 |
63,149 |
60,566 |
61,479 |
61,264 |
||||||||||||||
Weighted-average common shares - basic |
62,758 |
62,072 |
60,350 |
61,298 |
61,101 |
||||||||||||||
Dilutive effect of stock compensation |
715 |
902 |
766 |
345 |
177 |
||||||||||||||
Weighted-average common shares - diluted |
63,473 |
62,974 |
61,116 |
61,643 |
61,278 |
||||||||||||||
SELECTED ANNUALIZED RATIOS |
|||||||||||||||||||
Return on average assets |
0.97 |
% |
1.05 |
% |
1.02 |
% |
1.14 |
% |
1.17 |
% |
|||||||||
Return on average common equity |
9.86 |
10.51 |
9.93 |
10.03 |
10.01 |
||||||||||||||
Net interest income to average earning assets (1) |
3.45 |
3.41 |
3.41 |
3.59 |
3.88 |
||||||||||||||
(1) Taxable-equivalent basis assuming a 35% tax rate |
Cullen/Frost Bankers, Inc. |
|||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||||||||
Year Ended December 31, |
|||||||||||||||||||
2015 |
2014 |
2013 |
2012 |
2011 |
|||||||||||||||
BALANCE SHEET SUMMARY ($ in millions) |
|||||||||||||||||||
Average Balance: |
|||||||||||||||||||
Loans |
$ |
11,267 |
$ |
10,299 |
$ |
9,230 |
$ |
8,457 |
$ |
8,043 |
|||||||||
Earning assets |
25,955 |
23,877 |
20,991 |
19,016 |
16,769 |
||||||||||||||
Total assets |
28,062 |
25,768 |
22,752 |
20,827 |
18,569 |
||||||||||||||
Non-interest-bearing demand deposits |
10,180 |
9,125 |
7,658 |
7,022 |
5,739 |
||||||||||||||
Interest-bearing deposits |
13,861 |
12,928 |
11,610 |
10,270 |
9,484 |
||||||||||||||
Total deposits |
24,041 |
22,053 |
19,268 |
17,292 |
15,223 |
||||||||||||||
Shareholders' equity |
2,895 |
2,712 |
2,455 |
2,373 |
2,172 |
||||||||||||||
Period-End Balance: |
|||||||||||||||||||
Loans |
$ |
11,487 |
$ |
10,988 |
$ |
9,516 |
$ |
9,224 |
$ |
7,995 |
|||||||||
Earning assets |
26,431 |
26,052 |
22,238 |
21,148 |
18,498 |
||||||||||||||
Goodwill and intangible assets |
663 |
666 |
543 |
544 |
539 |
||||||||||||||
Total assets |
28,567 |
28,278 |
24,313 |
23,124 |
20,317 |
||||||||||||||
Total deposits |
24,344 |
24,136 |
20,689 |
19,497 |
16,757 |
||||||||||||||
Shareholders' equity |
2,890 |
2,851 |
2,514 |
2,417 |
2,284 |
||||||||||||||
Adjusted shareholders' equity (1) |
2,776 |
2,710 |
2,374 |
2,179 |
2,036 |
||||||||||||||
ASSET QUALITY ($ in thousands) |
|||||||||||||||||||
Allowance for loan losses: |
$ |
135,859 |
$ |
99,542 |
$ |
92,438 |
$ |
104,453 |
$ |
110,147 |
|||||||||
As a percentage of period-end loans |
1.18 |
% |
0.91 |
% |
0.97 |
% |
1.13 |
% |
1.38 |
% |
|||||||||
Net charge-offs: |
$ |
15,528 |
$ |
9,210 |
$ |
32,597 |
$ |
15,774 |
$ |
43,614 |
|||||||||
Annualized as a percentage of average loans |
0.14 |
% |
0.09 |
% |
0.35 |
% |
0.19 |
% |
0.54 |
% |
|||||||||
Non-performing assets: |
|||||||||||||||||||
Non-accrual loans |
$ |
83,467 |
$ |
59,925 |
$ |
56,720 |
$ |
89,744 |
$ |
94,338 |
|||||||||
Restructured loans |
— |
— |
1,137 |
— |
— |
||||||||||||||
Foreclosed assets |
2,255 |
5,251 |
11,916 |
15,502 |
26,608 |
||||||||||||||
Total |
$ |
85,722 |
$ |
65,176 |
$ |
69,773 |
$ |
105,246 |
$ |
120,946 |
|||||||||
As a percentage of: |
|||||||||||||||||||
Total loans and foreclosed assets |
0.75 |
% |
0.59 |
% |
0.73 |
% |
1.14 |
% |
1.51 |
% |
|||||||||
Total assets |
0.30 |
0.23 |
0.29 |
0.46 |
0.60 |
||||||||||||||
CONSOLIDATED CAPITAL RATIOS (2) |
|||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital Ratio (3) |
11.37 |
% |
N/A |
N/A |
N/A |
N/A |
|||||||||||||
Tier 1 Risk-Based Capital Ratio |
12.38 |
13.68 |
% |
14.39 |
% |
13.68 |
% |
14.38 |
% |
||||||||||
Total Risk-Based Capital Ratio |
13.85 |
14.55 |
15.52 |
15.11 |
16.24 |
||||||||||||||
Leverage Ratio |
7.79 |
8.16 |
8.49 |
8.28 |
8.66 |
||||||||||||||
Equity to Assets Ratio (period-end) |
10.12 |
10.08 |
10.34 |
10.45 |
11.24 |
||||||||||||||
Equity to Assets Ratio (average) |
10.32 |
10.53 |
10.79 |
11.39 |
11.70 |
||||||||||||||
(1) |
Shareholders' equity excluding accumulated other comprehensive income (loss). |
||||||||||||||||||
(2) |
Capital ratios in 2015 were calculated in accordance with the Basel III Capital Rules which became effective on January 1, 2015, subject to transition provisions. Capital ratios for prior periods were calculated in accordance with previous capital rules. |
||||||||||||||||||
(3) |
The Common Equity Tier 1 Risk-Based Capital Ratio is a newly required ratio under the Basel III Capital Rules and represents common equity, net of any accumulated other comprehensive income (loss), less goodwill and intangible assets, net of any associated deferred tax liabilities, divided by risk-weighted assets, subject to transition provisions. |
Greg Parker
Investor Relations
210.220.5632
or
Renee Sabel
Media Relations
210.220.5416
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SOURCE Cullen/Frost Bankers, Inc.
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