Cullen/Frost Bankers Q2 Profit Tops Estimates

(RTTNews) - Cullen/Frost Bankers, Inc. (CFR) reported second quarter net income available to common shareholders of $117.4 million compared to $116.4 million, prior year. On a per-share basis, net income was $1.81, compared to $1.80. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $1.77, for the quarter. Analysts' estimates typically exclude special items.

Net interest income on a taxable-equivalent basis was $311.4 million, an increase of 11.2 percent from last year. Non-interest income totaled $97.9 million, an increase of 7.3 percent, from $91.2 million, prior year. Analysts on average had estimated $396.7 million in revenue.

The Cullen/Frost board declared a third-quarter cash dividend of $0.87 per common share, representing an increase of 16 percent. The dividend on common stock is payable September 15, 2022 to shareholders of record on August 31 of this year.