Cullen/Frost Bankers, Inc. (CFR) Wednesday said net income available to common shareholders for the first quarter rose to $70.1 million from $59.2 million in the previous year.
On a per-share basis, net income was $1.10, compared to $0.96 reported a year earlier. On average, 16 analysts polled by Thomson Reuters expected earnings of $1.09 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income on a taxable-equivalent basis increased 15.4 percent to $216.7 million from $187.8 million reported for the same quarter of 2014. Total non-interest income climbed to $83.22 million from $77.5 million. Analysts expected revenues of $280.29 million.
Provision for loan losses was $8.16 million, compared to $6.6 million last year. Average loans increased 15.6 percent, while average deposits grew 16.6 percent.
"I am very pleased to report another great quarter, with positive results in all areas of the company...Even with a competitive lending environment and the energy sector slowdown in Texas, we recorded solid increases in average loans and deposits," said Cullen/Frost CEO Dick Evans.
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