Frost Bank reports strong third quarter earnings
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- Mike W. Thomas
- Reporter- San Antonio Business Journal
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Cullen/Frost Bankers Inc. reported strong growth in deposits and loans during the third quarter of 2014 and a nearly 30 percent increase in net income compared to a year ago.
The acquisition of WNB Bancshares Inc. in the oil-rich West Texas city of Odessa in May 2013 contributed to about half of that growth, while the rest is credited to the rebounding economy across Texas.
The San Antonio-based bank's net income for the third quarter rose to $75.6 million, a 29.4 percent increase over third quarter 2013 earnings of $58.4 million. Average deposits for the quarter were $22.7 billion, an increase of $3.3 billion, or 16.9 percent, over the $19.5 billion reported a year ago. For the third quarter of 2014, average loans increased $1.4 billion, or 14.7 percent, to $10.6 billion, from the $9.3 billion reported a year earlier.
"This strong loan growth is the result of our focused calling effort and team-selling approach, combined with our acquisition of WNB Bancshares," said Cullen/Frost CEO Dick Evans in a statement.
Evans said the bank was fortunate to have positive results in an economy that's showing signs of improvement despite ongoing regulatory and rate challenges. Frost has seen its year-to-date average deposits rise $11.3 billion since before the economic recession began in 2007, he added.
"Our success is a reflection of our efforts to build and extend relationships with customers who understand and appreciate our value proposition," Evans said.
Cullen/Frost Bankers (NYSE: CFR) is a financial holding company with $27.4 billion in assets as of Sept. 30, 2014.
Mike W. Thomas covers technology/telecom, military, finance, regulatory issues as well as nonprofits/education.
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