Cullen/Frost Bankers Q4 Profit Down

(RTTNews) - Cullen/Frost Bankers Inc. (CFR) reported that its net income available to common shareholders for the fourth quarter of 2020 was $88.3 million or $1.38 per share, down from $101.7 million or $1.60 per share last year.

Net interest income on a taxable-equivalent basis was $265.7 million, down 3.4 percent compared to the same period in 2019.

The Cullen/Frost board declared a first-quarter cash dividend of $0.72 per common share, payable March 15, 2021 to shareholders of record on February 26 of this year.

In addition, the company's board of directors authorized a new $100.0 million stock repurchase plan. Under the plan, shares may be repurchased over a one-year period from time to time at various prices in the open market or through private transactions.