- Texas
Comerica in Dallas reported lower third-quarter profit that reflected higher expenses. The $71 billion-asset company said in a press release Friday that its net income fell 12% from a year earlier, to $134 million, or 74 cents a share.
October 16 -
Loan-loss provisions are trending up, partly due to an increase in overall lending but also because lenders are concerned about future losses on loans tied to the energy and manufacturing sectors.
October 20 -
Dick Evans will retire as Cullen/Frost Bankers' chairman and chief executive in March, and the San Antonio company has chosen its president, Philip Green, to succeed him.
July 29
Cullen/Frost Bankers in San Antonio reported higher third-quarter profit, reflecting loan growth and increased fee income.
The $28.3 billion-asset company's net income fell 2% year-over-year to $73.8 million. Earnings per share fell 0.8% to $1.17. That beat the average estimate of analysts polled by Bloomberg by four cents.
Net interest income before the loan-loss provision increased 5.3% to $187 million. The net interest margin widened 9 basis points to 3.48%.
Total loans grew 5.7% to $11.4 billion, largely on a "focused calling effort and team-selling approach," Chairman and Chief Executive Dick Evans said in a news release.
Noninterest income rose 3.1% to $83.4 million, as an increase in investment fees and gains on the sale of foreclosed assets offset lower oil and gas fees, and securities lending fees.
Noninterest expense rose 7.2% to $175.6 million, on higher salaries, merit raises and incentive-based compensation. Occupancy expense rose 24% to $3.3 million, as Cullen/Frost opened a new operations and support center.
