CULLEN/FROST BANKERS, INC. 
By SAN ANTONIO, Jan. 29, 2014 /PRNewswire/ -- Cullen/Frost Bankers, Inc. today reported solid fourth quarter and annual earnings for 2013, as the Texas financial services leader continues to operate well despite persistent rate and economic headwinds.
(Logo: http://photos.prnewswire.com/prnh/20030109/CFRLOGO)
Cullen/Frost reported net income available to common shareholders for the fourth quarter of 2013 of $60.6 million, or $.99 per diluted common share, compared to fourth quarter 2012 earnings of $60.2 million, or $.97 per diluted common share. For the fourth quarter of 2013, returns on average assets and common equity were 1.02 percent and 10.21 percent respectively, compared to 1.09 percent and 9.84 percent for the same period of 2012.
The company also reported 2013 annual net income available to common shareholders of $231.1 million, compared to 2012 earnings of $238.0 million. On a per-share basis, 2013 earnings were $3.80 per diluted common share, compared to the $3.86 per diluted common share reported in 2012. For the year, returns on average assets and common equity were 1.02 percent and 9.93 percent respectively, compared to the 1.14 percent and 10.03 percent reported in 2012.
At the end of the fourth quarter of 2013, Cullen/Frost's non-performing assets declined by $35.5 million from the fourth quarter of 2012 and $28.3 million from the third quarter of 2013. Non-performing assets are at the lowest level since the fourth quarter of 2008.
"I am pleased to report solid results for 2013, demonstrating Cullen/Frost's steady performance in a sluggish but slowly improving economy," said Dick Evans, Cullen/Frost chairman and CEO. "In an environment of continued regulatory, economic and rate challenges, we are executing our plan and operating well. I am especially pleased to report that average loans for the year grew 9.1 percent, to $9.2 billion, thanks largely to our focused efforts to leverage the new relationships we added during the recession.
"Deposit growth remains strong, as both new and existing customers helped spur a $2.0 billion year-over-year increase in average deposits. In light of a persistently low interest rate environment, I was encouraged to see a 6.4 percent growth from last year in taxable equivalent net interest income. Our capital levels remain strong.
"For the fourth quarter, we saw good growth in both average loans and average deposits, with loans increasing by 5.4 percent to $9.3 billion and deposits rising by 9.1 percent to $20.1 billion, compared to the fourth quarter of 2012. At the end of 2013, our assets were at an all-time high of $24.3 billion," Evans continued.
"During the fourth quarter, we acquired an independent Houston-based insurance agency, Kolkhorst Insurance, which will enable us to expand our presence in this important market.
"Non-performing assets declined significantly this quarter, both from the fourth quarter of 2012 and the third quarter of 2013, evidence of Cullen/Frost's strong credit disciplines.
"Operating only in Texas continues to be a significant benefit for Frost as the state's economy once again outpaced that of the nation in 2013. Texas jobs grew 2.5 percent in 2013, compared to the U.S. average of 1.7 percent.
"I continue to be very optimistic about our company's future. Businesses are cautiously beginning to grow again, but confidence in the economic recovery is still guarded," Evans continued.
During the year, Frost received further validation of its outstanding service culture and performance from well-regarded third parties. In April, for the fourth consecutive year, Frost Bank received the highest ranking in customer satisfaction in Texas in the J.D. Power and Associates 2012 U.S. Retail Banking Satisfaction Study(SM), outperforming 12 other Texas banks ranked. In January of 2013, Frost Bank received a record 22 Greenwich Excellence Awards for superior performance in overall client satisfaction and other relationship and service categories in small-business and middle-market banking, marking the eighth consecutive year Frost was recognized.
"Through our commitment to our culture and value proposition, Cullen/Frost has been able to expand our customer base and bring value to shareholders, paying and increasing the dividend we pay shareholders for 19 consecutive years. During the first quarter of 2013, we also issued $150 million in non-cumulative perpetual preferred stock to yield 5.375 percent.
Evans said the company opened three new financial centers in 2013, two in the Dallas region and one in Houston, while also relocating several older locations to new facilities across the state. Maintaining its commitment to expand access for customers, Frost provided regular updates and enhancements to the bank's top-rated apps for iPhone and Android and added the convenience of Frost-branded ATMs at Love Field in Dallas. Along with the ATMs through Frost's branding relationship with Corner Stores, Frost now has the third-largest ATM network in the state.
"I am grateful for the extraordinary team of people here at Frost. They deliver on our value proposition and live our culture every day, and I thank them for their dedication to our customers and our company."
For 2013, average annual total loans were $9.2 billion, a $773 million increase from the $8.5 billion reported the previous year. Average annual total deposits for 2013 rose to $19.3 billion, up 11.4 percent, or $2.0 billion, over the $17.3 billion reported in 2012. Net interest income on a taxable-equivalent basis increased to $710.9 million, up 6.4 percent over the $668.2 million reported a year earlier, reflecting the impact of the increasing volume of earning assets. For 2013, non-interest income increased 4.9 percent from 2012 (6 percent without the impact of securities gains at the end of both years), while non-interest expense increased 6.4 percent over the previous year to $611.9 million.
Noted financial data for the fourth quarter:
-- Tier 1 and Total Risk-Based Capital Ratios for the Corporation at the
end of the fourth quarter of 2013 were 14.65 percent and 15.79 percent,
respectively and are in excess of well-capitalized levels. The ratio of
tangible common equity to tangible assets was 7.68 percent at the end of
the fourth quarter of 2013, compared to 8.30 percent for the same
quarter last year. This tangible common equity ratio, which is a
non-GAAP financial measure, is equal to end-of-period shareholders'
common equity less goodwill and intangible assets divided by
end-of-period total assets less goodwill and intangible assets. Frost's
current capital levels would meet today the fully phased-in Basel III
capital requirements issued by the U.S. bank regulators.
-- Net interest income on a taxable-equivalent basis for the fourth quarter
totaled $185.0 million, an increase of 7.4 percent compared to the
$172.2 million reported for the fourth quarter of 2012. This increase
primarily resulted from an increase in the average volume of earning
assets and was partly offset by a decrease in the net interest margin.
The net interest margin was 3.39 percent for the fourth quarter,
compared to 3.48 percent for the fourth quarter of 2012 and 3.38 percent
for the third quarter of 2013.
-- Non-interest income for the fourth quarter of 2013 was $78.5 million, an
increase of $2.7 million, or 3.5 percent, from the $75.9 million
reported a year earlier. Excluding securities gains that occurred in the
fourth quarter of 2012 and the fourth quarter of 2013, non-interest
income would have increased by 8.3 percent. Trust and investment
management fees were $24.2 million, up $3.7 million or 18 percent
compared to $20.5 million a year earlier. This increase was due to the
equities market, new business and changes to the fee schedule.
Investment fees are generally assessed based on the market value of
trust assets that are managed and held in custody. Trust assets were
$28.4 billion at the end of the fourth quarter of 2013, compared to
$26.2 billion at December 31, 2012. Trust fees were also positively
impacted by higher oil and gas fees, up $362,000. Insurance commissions
and fees rose $2.0 million to $10.4 million, from $8.4 million in the
fourth quarter of 2012, with most of this increase related to fees
received in the fourth quarter of 2013 due to opportunities for early
renewal made available by the implementation of the Affordable Care Act.
-- Non-interest expense for the fourth quarter of 2013 was $154.5 million,
up $8.4 million or 5.8 percent from the $146.1 million reported for the
fourth quarter of 2012. Salaries were up $4.8 million or 7.1 percent
over the same quarter a year earlier and were impacted by an increase in
the number of employees, combined with normal annual merit and market
incentive increases. Employee benefits were up $1.9 million or 15
percent, primarily related to profit sharing expense, payroll taxes and
medical insurance expense. Net occupancy expense was up $1.0 million due
to higher lease expense and property taxes.
-- For the fourth quarter of 2013, the provision for loan losses was $5.9
million, compared to net charge-offs of $6.6 million. For the fourth
quarter of 2012, the provision for loan losses was $4.1 million,
compared to net charge offs of $5.1 million. The allowance for loan
losses as a percentage of total loans was .97 percent at December 31,
2013, compared to 1.13 percent at year-end 2012. Non-performing assets
were $69.8 million at year-end, compared to $98.1 million the previous
quarter, and $105.2 million at year-end 2012.
Cullen/Frost Bankers, Inc. will host a conference call on Wednesday, January 29, 2014 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, February 2, 2014 at 855-859-2056, with the Conference ID# of 43086322. The call will also be available by webcast on the company's website, frostbank.com, and available for playback after 2 p.m. CT. After entering the website, go to "About Frost" on the top navigation bar, then click on Investor Relations.
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $24.3 billion in assets at December 31, 2013. Among the top 50 largest U.S. banks and one of 24 banks included in the KBW Bank Index, 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, 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 the
Corporation's future filings
with the SEC, in press
releases, and in oral and
written statements made by or
with the approval of the
Corporation 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 statements include, but
and uncertainties that are not limited to:
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
-- Local, regional, national and
international economic
conditions and the impact
they may have on the
Corporation and its
customers and the
Corporation's assessment of
that impact.
-- Volatility and disruption in
national and international
financial markets.
-- Government intervention in
the U.S. financial system.
-- Changes in the mix of loan
geographies, sectors and
types or the level of non-
performing assets and
charge-offs.
-- Changes in estimates of
future reserve requirements
based upon the periodic
review thereof under
relevant regulatory and
accounting requirements.
-- The effects of and changes in
trade and monetary and
fiscal policies and laws,
including the interest rate
policies of the Federal
Reserve Board.
-- Inflation, interest rate,
securities market and
monetary fluctuations.
-- The effects of changes in
laws and regulations
(including laws and
regulations concerning
taxes, banking, securities
and insurance) with which
the Corporation and its
subsidiaries must comply.
-- The soundness of other
financial institutions.
-- Political instability.
-- Impairment of the
Corporation's goodwill or
other intangible assets.
-- Acts of God or of war or
terrorism.
-- The timely development and
acceptance of new products
and services and perceived
overall value of these
products and services by
users.
-- Changes in consumer spending,
borrowings and savings
habits.
-- Changes in the financial
performance and/or
condition of the
Corporation's borrowers.
-- Technological changes.
-- Acquisitions and integration
of acquired businesses.
-- The ability to increase
market share and control
expenses.
-- The Corporation's ability to
attract and retain qualified
employees.
-- Changes in the competitive
environment in the
Corporation's markets and
among banking organizations
and other financial service
providers.
-- The effect of changes in
accounting policies and
practices, as may be adopted
by the regulatory agencies,
as well as the Public
Company Accounting Oversight
Board, the Financial
Accounting Standards Board
and other accounting
standard setters.
-- Changes in the reliability of
the Corporation's vendors,
internal control systems or
information systems.
-- Changes in the Corporation's
liquidity position.
-- Changes in the Corporation's
organization, compensation
and benefit plans.
-- The costs and effects of
legal and regulatory
developments, the resolution
of legal proceedings or
regulatory or other
governmental inquiries, the
results of regulatory
examinations or reviews and
the ability to obtain
required regulatory
approvals.
-- Greater than expected costs
or difficulties related to
the integration of new
products and lines of
business.
-- The
Corporation's
success at
managing
the risks
involved
in the
foregoing
items.
Forward-looking statements
speak only as of the date
on which such statements
are made. The Corporation
undertakes no 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)
2013 2012
---- ----
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
------- ------- ------- ------- -------
CONDENSED INCOME
STATEMENTS
----------------
Net interest
income $159,208 $155,353 $153,181 $152,813 $154,405
Net interest
income (1) 184,960 179,121 173,966 172,802 172,156
Provision for
loan losses 5,899 5,108 3,575 6,000 4,125
Non-interest income:
Trust and
investment
management
fees 24,237 22,692 22,561 21,885 20,543
Service charges
on deposit
accounts 20,602 20,742 20,044 20,044 21,162
Insurance
commissions
and fees 10,433 10,371 9,266 13,070 8,436
Interchange and
debit card
transaction
fees 4,324 4,376 4,268 4,011 4,330
Other charges,
commissions
and fees 8,586 9,266 8,578 7,755 7,740
Net gain (loss)
on securities
transactions 1,179 (14) 6 5 4,435
Other 9,177 6,558 7,786 11,010 9,241
----- ----- ----- ------ -----
Total non-
interest
income 78,538 73,991 72,509 77,780 75,887
Non-interest expense:
Salaries and
wages 72,201 68,524 66,502 66,465 67,442
Employee
benefits 14,798 14,989 14,629 17,991 12,867
Net occupancy 12,750 13,094 12,645 11,979 11,772
Furniture and
equipment 14,643 14,629 14,986 14,185 13,932
Deposit
insurance 3,037 2,921 2,835 2,889 3,159
Intangible
amortization 753 780 788 820 918
Other 36,333 36,886 37,373 41,485 35,977
Total non-
interest
expense 154,515 151,823 149,758 155,814 146,067
------- ------- ------- ------- -------
Income before
income taxes 77,332 72,413 72,357 68,779 80,100
Income taxes 14,761 11,969 12,694 13,591 19,912
------ ------ ------ ------ ------
Net income 62,571 60,444 59,663 55,188 60,188
Preferred stock
dividends 2,016 2,015 2,688 - -
Net income
available to
common
shareholders $60,555 $58,429 $56,975 $55,188 $60,188
======= ======= ======= ======= =======
PER COMMON SHARE DATA
---------------------
Earnings per
common share -
basic $1.00 $0.96 $0.95 $0.91 $0.98
Earnings per
common share -
diluted 0.99 0.96 0.94 0.91 0.97
Cash dividends
per common
share 0.50 0.50 0.50 0.48 0.48
Book value per
common share
at end of
quarter 39.13 38.63 37.91 38.33 39.32
OUTSTANDING COMMON
SHARES
------------------
Period-end
common shares 60,566 60,492 60,236 59,970 61,479
Weighted-
average common
shares -
basic 60,461 60,340 60,011 60,593 61,382
Dilutive effect
of stock
compensation 846 866 664 581 339
Weighted-
average common
shares -
diluted 61,307 61,206 60,675 61,174 61,721
SELECTED ANNUALIZED
RATIOS
-------------------
Return on
average assets 1.02% 1.01% 1.03% 1.01% 1.09%
Return on
average common
equity 10.21 10.07 9.93 9.49 9.84
Net interest
income to
average
earning assets
(1) 3.39 3.38 3.43 3.45 3.48
(1) Taxable-equivalent basis assuming a 35% tax rate
Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
2013 2012
---- ----
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
------- ------- ------- ------- -------
BALANCE SHEET SUMMARY
---------------------
($ in millions)
Average Balance:
Loans $9,348 $9,251 $9,207 $9,109 $8,868
Earning assets 21,864 21,199 20,468 20,415 20,138
Total assets 23,623 22,926 22,232 22,213 21,964
Non-interest-
bearing demand
deposits 8,002 7,738 7,452 7,431 7,690
Interest-bearing
deposits 12,099 11,722 11,319 11,292 10,736
Total deposits 20,101 19,460 18,771 18,723 18,426
Shareholders'
equity 2,497 2,447 2,445 2,431 2,433
Period-End Balance:
Loans $9,516 $9,306 $9,233 $9,162 $9,224
Earning assets 22,238 21,688 20,755 20,787 21,148
Goodwill and
intangible
assets 543 541 542 543 544
Total assets 24,313 23,530 22,572 22,498 23,124
Total deposits 20,689 19,979 19,078 19,044 19,497
Shareholders'
equity 2,514 2,481 2,428 2,443 2,417
Adjusted
shareholders'
equity (1) 2,374 2,335 2,272 2,229 2,179
ASSET QUALITY
-------------
($ in thousands)
Allowance for
loan losses: $92,438 $93,147 $93,400 $93,589 $104,453
As a percentage
of period-end
loans 0.97% 1.00% 1.01% 1.02% 1.13%
Net charge-offs: $6,608 $5,361 $3,764 $16,864 $5,073
Annualized as a
percentage of
average loans .28% 0.23% 0.16% 0.75% 0.23%
Non-performing assets:
Non-accrual loans $56,720 $79,081 $86,714 $91,644 $89,744
Restructured
loans 1,137 8,243 1,900 1,613 -
Foreclosed assets 11,916 10,748 13,047 12,630 15,502
------ ------ ------ ------ ------
Total $69,773 $98,072 $101,661 $105,887 $105,246
As a percentage of:
Total loans and
foreclosed
assets 0.73% 1.05% 1.10% 1.15% 1.14%
Total assets 0.29 0.42 0.45 0.47 0.46
CONSOLIDATED CAPITAL RATIOS
---------------------------
Tier 1 Risk-
Based Capital
Ratio 14.65% 14.53% 14.22% 14.23% 13.68%
Total Risk-Based
Capital Ratio 15.79 15.68 15.39 15.44 15.11
Leverage Ratio 8.49 8.61 8.60 8.42 8.28
Equity to Assets
Ratio (period-
end) 10.34 10.54 10.76 10.86 10.45
Equity to Assets
Ratio (average) 10.57 10.67 11.00 10.94 11.08
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).
Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
Year Ended December 31
----------------------
2013 2012 2011 2010 2009
---- ---- ---- ---- ----
CONDENSED INCOME
STATEMENTS
----------------
Net interest
income $620,555 $604,861 $581,776 $563,459 $536,679
Net interest
income (1) 710,850 668,176 642,066 616,319 577,716
Provision for
loan losses 20,582 10,080 27,445 43,611 65,392
Non-interest income:
Trust and
investment
management
fees 91,375 83,317 78,297 72,321 69,933
Service charges
on deposit
accounts 81,432 83,392 86,125 91,025 96,525
Insurance
commissions
and fees 43,140 39,948 35,421 34,015 33,096
Interchange and
debit card
transaction
fees 16,979 16,933 29,625 30,542 26,248
Other charges,
commissions
and fees 34,185 30,180 27,750 25,380 23,826
Net gain (loss)
on securities
transactions 1,176 4,314 6,414 6 (1,260)
Other 34,531 30,703 26,370 28,744 45,338
------ ------ ------ ------ ------
Total non-
interest
income 302,818 288,787 290,002 282,033 293,706
Non-interest expense:
Salaries and
wages 273,692 258,752 252,028 239,589 230,643
Employee
benefits 62,407 57,635 52,939 52,352 55,224
Net occupancy 50,468 48,975 46,968 46,166 44,188
Furniture and
equipment 58,443 55,279 51,469 47,651 44,223
Deposit
insurance 11,682 11,087 12,714 20,451 25,812
Intangible
amortization 3,141 3,896 4,387 5,125 6,537
Other 152,077 139,469 137,593 124,207 125,611
------- ------- ------- ------- -------
Total non-
interest
expense 611,910 575,093 558,098 535,541 532,238
------- ------- ------- ------- -------
Income before
income taxes 290,881 308,475 286,235 266,340 232,755
Income taxes 53,015 70,523 68,700 57,576 53,721
------ ------ ------ ------ ------
Net income 237,866 237,952 217,535 208,764 179,034
Preferred stock
dividends 6,719 - - - -
Net income
available to
common
shareholders 231,147 237,952 217,535 $208,764 $179,034
======= ======= ======= ====== ======
PER COMMON SHARE DATA
---------------------
Earnings per
common share -
basic $3.82 $3.87 $3.55 $3.44 $3.00
Earnings per
common share -
diluted 3.80 3.86 3.54 3.44 3.00
Cash dividends
per common
share 1.98 1.90 1.83 1.78 1.71
Book value per
common share
at end of
quarter 39.13 39.32 37.27 33.74 31.55
OUTSTANDING COMMON
SHARES
------------------
Period-end
common shares 60,566 61,479 61,264 61,108 60,038
Weighted-
average common
shares -
basic 60,350 61,298 61,101 60,411 59,456
Dilutive effect
of stock
compensation 766 345 177 175 58
Weighted-
average common
shares -
diluted 61,116 61,643 61,278 60,586 59,514
SELECTED ANNUALIZED
RATIOS
-------------------
Return on
average assets 1.02% 1.14% 1.17% 1.21% 1.14%
Return on
average common
equity 9.93 10.03 10.01 10.30 9.78
Net interest
income to
average
earning assets
(1) 3.41 3.59 3.88 4.08 4.23
(1) Taxable-equivalent basis assuming a 35% tax rate
Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
Year Ended December 31
----------------------
2013 2012 2011 2010 2009
---- ---- ---- ---- ----
BALANCE SHEET SUMMARY
---------------------
($ in millions)
Average Balance:
Loans $9,230 $8,457 $8,043 $8,125 $8,653
Earning assets 20,991 19,016 16,769 15,333 13,804
Total assets 22,752 20,827 18,569 17,187 15,702
Non-interest-bearing demand
deposits 7,658 7,022 5,739 5,024 4,259
Interest-bearing deposits 11,610 10,270 9,484 9,024 8,161
Total deposits 19,268 17,292 15,223 14,048 12,420
Shareholders' equity 2,455 2,373 2,172 2,028 1,831
Period-End Balance:
Loans $9,516 $9,224 $7,995 $8,117 $8,368
Earning assets 22,238 21,148 18,498 15,806 14,437
Goodwill and intangible assets 543 544 539 542 547
Total assets 24,313 23,124 20,317 17,617 16,288
Total deposits 20,689 19,497 16,757 14,479 13,313
Shareholders' equity 2,514 2,417 2,284 2,062 1,894
Adjusted shareholders' equity
(1) 2,374 2,179 2,036 1,907 1,740
ASSET QUALITY
-------------
($ in thousands)
Allowance for loan losses: $92,438 $104,453 $110,147 $126,316 $125,309
As a percentage of period-end
loans 0.97% 1.13% 1.38% 1.56% 1.50%
Net charge-offs: $32,597 $15,774 $43,614 $42,604 $50,327
Annualized as a percentage of
average loans 0.35% 0.19% 0.54% 0.52% 0.58%
Non-performing assets:
Non-accrual loans $56,720 $89,744 $94,338 $137,140 $146,867
-
Restructured loans 1,137 - - -
Foreclosed assets 11,916 15,502 26,608 27,810 33,312
Total $69,773 $105,246 $120,946 $164,950 $180,179
As a percentage of:
Total loans and foreclosed
assets 0.73% 1.14% 1.51% 2.03% 2.14%
Total assets 0.29 0.46 0.60 0.94 1.11
CONSOLIDATED CAPITAL RATIOS
---------------------------
Tier 1 Risk-Based Capital Ratio 14.65% 13.68% 14.38% 13.82% 11.91%
Total Risk-Based Capital Ratio 15.79 15.11 16.24 15.91 14.19
Leverage Ratio 8.49 8.28 8.66 8.68 8.50
Equity to Assets Ratio (period-
end) 10.34 10.45 11.24 11.70 11.63
Equity to Assets Ratio (average) 10.79 11.39 11.70 11.80 11.66
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).
Greg Parker
Investor Relations
210/220-5632
or
Renee Sabel
Media Relations
210/220-5416
SOURCE Cullen/Frost Bankers, Inc.
