Stock Monitor: International Bancshares Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 01, 2017 / Active-Investors free earnings report on Cullen/Frost Bankers, Inc. (NYSE: CFR) ("Frost Bankers") has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/'symbol=CFR. The Company posted its financial results on October 26, 2017, for the third quarter of the fiscal year 2017. The Bank's revenue and EPS surpassed analysts' expectations. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.comis currently working on the research report for International Bancshares Corporation (NASDAQ: IBOC), which also belongs to the Financial sector as the Company Cullen/Frost Bankers. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cullen/Frost Bankers most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
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Earnings Highlights and Summary
For the three months ended September 30, 2017, Frost Bankers' revenue increased 8.9% to $346 million on a y-o-y basis. For the reported quarter, the Company's adjusted revenue increased 8.8% to $300.83 million from $276.62 million in Q3 FY16. The revenue numbers surpassed analysts' expectations of $329.6 million.
For the reported quarter, the Company's net interest income increased 12.7% to $219.21 million from $194.51 million in Q3 FY16.
During Q3 FY17, the Company's net interest margin increased 20 basis points to 3.73% compared to 3.53% in the third quarter of 2016, due to an increase in the yield on earnings assets.
During Q3 FY17, Frost Bankers' total non-interest income decreased 0.6% to $81.62 million from $82.11 million in the same period of last year, due to the net pre-tax loss on securities transactions of $4.9 million. For the reported quarter, the Company's salaries and wages expenses increased 6.3% to $84.39 million from $79.41 million in the third quarter of 2016. During Q3 FY17, the Company's net occupancy expenses increased 6.5% to $19.39 million from $18.20 million in Q3 FY16. For the reported quarter, the Company's total non-interest expenses increased 3.5% to $186.82 million from $180.51 million in the third quarter of 2016, due to an increase in almost all the cost components.
During Q3 FY17, Frost Bankers' earnings before interest and taxes (EBIT) increased 13.1% to $103.02 million from $91.07 million in the comparable period of last year.
For the reported quarter, Frost Bankers' net income increased 16.5% to $91.12 million on a y-o-y basis from $78.20 million in Q3 FY16. During Q3 FY17, the Company's diluted earnings per share (EPS) increased 13.7% to $1.41 on a y-o-y basis from $1.24 in the corresponding period of last year. The diluted EPS surpassed analysts' expectations of $1.31.
Asset Quality
During Q3 FY17, Frost Bankers' non-performing assets increased 48.6% to $150.01 million from $100.94 million in the same period of last year. For the reported quarter, the Company's allowance for loan losses increased 3% to $154.30 million from $149.77 million in Q3 FY16.
For the reported quarter, the Company's allowance for loan losses to gross loans ratio was 1.21% compared to 1.29% in Q3 FY16.
Balance Sheet
For the reported quarter, the Company's loans increased 9.7% to $12.71 billion from $11.98 billion in the fourth quarter of 2016. For the reported quarter, the Company's total deposits increased 5.2% to $26.40 billion from $25.81 billion in Q4 FY16.
During Q3 FY17, Frost Bankers' return on average assets ratio was 1.19% compared to 1.07% in the comparable period of last year. For the reported quarter, the Company's equity to assets ratio was 10.29% compared to 10.68% in the third quarter of 2016.
For the reported quarter, the Company's common equity tier 1 capital ratio was 12.38% compared to 12.40% in Q3 FY16.
During Q3 FY17, the Company repurchased 1.1 million shares at an average price of $88.11 per share.
On October 25, 2017, the Company's Board of Directors declared a cash dividend of $0.57 per common share, payable on December 15, 2017, to shareholders of record on November 30, 2017.
Stock Performance Snapshot
November 30, 2017 - At Thursday's closing bell, Cullen/Frost Bankers's stock dropped 2.40%, ending the trading session at $98.41.
Volume traded for the day: 653.04 thousand shares, which was above the 3-month average volume of 409.67 thousand shares.
Stock performance in the last three-month - up 16.88%; previous six-month period - up 6.77%; past twelve-month period - up 19.56%; and year-to-date - up 11.54%
After yesterday's close, Cullen/Frost Bankers's market cap was at $6.25 billion.
Price to Earnings (P/E) ratio was at 18.84.
The stock has a dividend yield of 2.32%.
The stock is part of the Financial sector, categorized under the Regional - Southwest Banks industry. This sector was up 0.2% at the end of the session.
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