Cullen/Frost Q4 Profit Beats Street

(RTTNews) - Cullen/Frost Bankers, Inc. (CFR) on Thursday reported fourth-quarter earnings that beat the Street view.

The company reported a net income of $100.9 million or $1.55 per share for the quarter, a decrease from last year's profit of $189.5 million or $2.91 per share.

On an adjusted basis, it reported income of $141.6 million or $2.18 per share.

Analysts on average had expected the company to earn $2.02 per share, according to figures compiled by Thomson Reuters.

The board also approved a new share repurchase program with authorization to purchase up to $150 million of Cullen/Frost common stock over one year expiring on January 24, 2025.