Cullen/Frost Bankers Q2 EPS Flat - Quick Facts

(RTTNews) - Cullen/Frost Bankers, Inc. (CFR) posted second-quarter 2013 net income available to common shareholders of $57.0 million, compared with last year's $58.1 million. However, on a per-share basis, quarterly net income was $0.94 per share, same as last year. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $0.95 for the quarter. Analysts' estimates typically exclude one-time items. The recent quarter included Cullen Frost's initial preferred stock dividend of $2.7 million.

On a taxable-equivalent basis, net interest income increased 6.1 percent, to $174.0 million, from the $164.0 million reported a year ago, chiefly resulting from a rise in the average volume of interest earning assets and was partly offset by a decline in the net interest margin. Strong growth in deposits helped to fund the increase in the volume of earning assets, the company said.

Analysts estimated revenues of $237.31 million for the quarter.