First-quarter earnings at Cullen/Frost Bankers Inc. in San Antonio slid 15% from a year earlier, to $45 million.
The $15.3 billion-asset company reported Wednesday that it more than doubled its provision for loan losses from a year ago, to $9.6 million. Chargeoffs for the quarter were up 50%, to $5.7 million.
Noninterest-bearing deposits increased 12.8%, to $4 billion, and total deposits increased roughly 10%, to $11.5 billion.
The ratio of nonperforming assets to total assets increased to 0.83%, up from 0.27%.