Cullen/Frost Bankers, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 25, 2012 at 02:01 pm
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Cullen/Frost Bankers, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's net income was $55.4 million, or $0.90 per diluted common share, compared to fourth quarter 2010 earnings of $53.1 million, or $0.87 per diluted common share. Returns on average assets and equity were 1.12% and 9.74% respectively, compared to 1.18% and 9.96% for the same period of 2010. Net interest income was $150.3 million compared to $141.6 million a year ago. Income before income taxes was $74.1 million compared to $66.8 million a year ago.
For the year, the company's annual earnings was $217.5 million, a rise of 4.2% over 2010 earnings of $208.8 million. On a per-share basis, 2011 earnings were $3.54 per diluted common share, an increase of 2.9% compared to the $3.44 per diluted common share reported in 2010. Returns on average assets and equity were 1.17% and 10.01% respectively, compared to the 1.21% and 10.30% reported in 2010. Net interest income was $581.8 million compared to $563.4 million a year ago. Income before income taxes was $286.2 million compared to $266.3 million a year ago. Book value as at December 31, 2011 was $37.27 compared to $33.74 a year ago.
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.