Cullen/Frost Bankers, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2016; Announces Impairment Charges
January 25, 2017 at 09:00 am
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Cullen/Frost Bankers, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended Dec. 31, 2016. Cullen/Frost reported net income available to common shareholders for the fourth quarter of 2016 of $81.7 million, or $1.28 per diluted common share, compared to fourth quarter 2015 earnings of $56.2 million, or $0.90 per diluted common share. For the fourth quarter of 2016, returns on average assets and common equity were 1.09% and 11.03% respectively, compared to 0.78% and 8.07% for the same period in 2015. Net interest income was $201.6 million against $186.1 million reported last year. Income before income taxes was $92.2 million against $61.9 million reported last year. Book value per common share at end of the quarter was $45.03 against $44.30 reported a year ago.
The company also reported 2016 annual net income available to common shareholders of $296.2 million, an increase of 9.2% compared to 2015 earnings of $271.3 million. On a per-share basis, 2016 earnings were $4.70 per diluted common share, compared to $4.28 per diluted common share reported in 2015. For the year 2016, returns on average assets and common equity were 1.03% and 10.16% respectively, compared to 0.97% and 9.86% reported in 2015. Net interest income was $776.3 million against $736.6 million reported last year. Income before income taxes was $341.4 million against $319.8 million reported last year.
For the quarter, the company reported net charge-offs of $5.7 million against $8.5 million reported in the same period last year.
Cullen/Frost Bankers, Inc. is a financial holding and bank holding company. The Company's segments include Banking and Frost Wealth Advisors. The Banking segment includes both commercial and consumer banking services and Frost Insurance Agency. Its commercial banking services are provided to corporations and other business clients and include a range of lending and cash management products. Its consumer banking services include direct lending and depository services. Its Frost Insurance Agency provides insurance brokerage services to individuals and businesses covering corporate and personal property and casualty products, as well as group health and life insurance products. The Frost Wealth Advisors segment includes fee-based services within private trust, retirement services, and financial management services, including personal wealth management and securities brokerage services. The Company serves a range of industries, including energy, manufacturing, construction, and others.
Cullen/Frost Bankers, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2016; Announces Impairment Charges