Cullen/Frost Bankers, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $223,914,000 against $201,603,000 a year ago. Total non-interest income was $90,075,000 against $93,434,000 a year ago. Income before income taxes was $109,607,000 against $92,247,000 a year ago. Net income available to common shareholders was $98,508,000 or $1.53 per diluted share against $81,703,000 or $1.28 per diluted share a year ago. Return on average assets was 1.26% against 1.09% a year ago. Return on average common equity 12.66% against 11.03% a year ago. Book value per common share at end of quarter was $49.68 against $45.03 a year ago.

For the year, the company reported net interest income of $866,422,000 against $776,336,000 a year ago. Total non-interest income was $336,470,000 against $349,708,000 a year ago. Income before income taxes was $408,363,000 against $341,411,000 a year ago. Net income available to common shareholders was $356,086,000 or $5.51 per diluted share against $296,198,000 or $4.70 per diluted share a year ago. Return on average assets was 1.17% against 1.03% a year ago. Return on average common equity 11.76% against 10.16% a year ago. Fourth quarter and full-year 2017 results were favorably impacted by a $4.0 million (or $0.06 per share) net-benefit to adjust deferred taxes as a result of the Tax Cuts and Jobs Act.

For the quarter, the company reported net charge-offs of $7,041,000 against $5,667,000 a year ago.

For the fiscal year 2018, the company projects an effective tax rate in 2018 of about 10%. Regarding estimates for full year 2018 earnings, company currently believes that the current need of analyst estimates of $6.12 is too low.