Cullen/Frost Bankers Inc. of San Antonio said Wednesday that its first-quarter earnings rose 13.6% from a year earlier, to $37.4 million.
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The $9.8 billion-asset parent of Frost Bank attributed the gain primarily to higher loan volume and a stronger net interest margin.
Total loans rose 14.2%, to $5.3 billion. Net interest income rose 15.2%, to $91.8 million, and the net interest margin climbed 26 basis points, to 4.29%. Noninterest income grew more modestly - just 1.1%. Fees from trust services rose 9% but were offset by declines in insurance commissions and fees from deposit-account service charges.
Cullen/Frost announced last week that it is buying the $380 million-asset Horizon Capital Bank in Houston for $107 million.
