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Cullen/Frost Bankers (CFR) in San Antonio has agreed to buy WNB Bancshares (WNB) in Odessa, Texas, for $220 million in stock and cash.
August 13 -
Cullen/Frost Bankers (CFR) in San Antonio has agreed to refrain from announcing more acquisitions until it improves its compliance programs.
May 16 -
Cullen/Frost Bankers in San Antonio, Texas, reported an uptick second-quarter earnings, boosted by its recent acquisition of WNB Bancshares.
July 30
Cullen/Frost Bankers in San Antonio reported increased quarterly earnings that reflected a significant reduction in credit costs.
The $27.4 billion-asset company's profit rose 17% from the second quarter and 29% from a year earlier, to $75.6 million, or $1.19 a share. Comparisons from the third quarter of 2013 were influenced by Cullen/Frost's
The biggest factor in the third-quarter results was credit costs. The loan-loss provision fell 92% from the second quarter, to $390,000.
Net interest income rose 5% from the second quarter, to $209 million. Total loans rose slightly, to $10.6 billion, offsetting an net interest margin that compressed by 9 basis points, to 3.39%.
Noninterest income rose 2.2%, to $81 million, largely reflecting higher trust and investment management fees.
Noninterest expense was flat from the second quarter, at $163.8 million.
