{"id":520004,"date":"2021-07-29T09:04:52","date_gmt":"2021-07-29T13:04:52","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cullen-frost-reports-second-quarter-results\/"},"modified":"2021-07-29T09:04:52","modified_gmt":"2021-07-29T13:04:52","slug":"cullen-frost-reports-second-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cullen-frost-reports-second-quarter-results\/","title":{"rendered":"Cullen\/Frost Reports Second Quarter Results"},"content":{"rendered":"
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Board increases quarterly common dividend by 4 percent to $0.75<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n SAN ANTONIO<\/span>, July 29, 2021<\/span> \/PRNewswire\/ — Cullen\/Frost Bankers, Inc. (NYSE:CFR) today reported second quarter 2021 results. Net income available to common shareholders for the second quarter of 2021 was $116.4 million<\/span>, compared to $93.1 million<\/span> in the second quarter of 2020. On a per-share basis, net income available to common shareholders for the second quarter of 2021 was $1.80<\/span> per diluted common share, compared to $1.47<\/span> per diluted common share reported a year earlier. Returns on average assets and average common equity were 1.02 percent and 11.18 percent, respectively, for the second quarter of 2021 compared to 0.99 percent and 9.60 percent, respectively, for the same period a year earlier. <\/p>\n

For the second quarter of 2021, net interest income on a taxable-equivalent basis was $280.0 million<\/span>, up 3.8 percent, compared to the same quarter in 2020. Average loans for the second quarter of 2021 decreased $303.2 million<\/span>, or 1.7 percent, to $17.2 billion<\/span>, from the $17.5 billion<\/span> reported for the second quarter a year earlier. Excluding PPP loans, second quarter average loans of $14.6 billion<\/span> represented a 3.0 percent\u00a0 decrease compared to the second quarter of 2020. Average deposits for the quarter were $38.3 billion<\/span>, up $7.0 billion<\/span>, or 22.2 percent, compared to the $31.3 billion<\/span> reported for last year’s second quarter.\u00a0 <\/p>\n

“Since the end of the quarter, we’ve begun to see stabilization in non-PPP loans,” said Phil Green<\/span>, Cullen\/Frost Chairman and CEO. “As we emerge from the pandemic lockdown and the economy reopens, our company is in a strong position to benefit from the rebound in economic activity. During the second quarter, we completed our 25-branch expansion program in the Houston<\/span> market area. Based on the success of our new Houston<\/span> area locations to date, we’ve announced a similar organic expansion effort in Dallas<\/span>, as well as some follow-on new location openings in the Houston<\/span> area. At the same time, we continue to take steps to enhance the Frost experience for our customers and our employees.”<\/p>\n

For the first six months of 2021, net income available to common shareholders was $230.3 million<\/span>, up 64.1 percent compared to $140.3 million<\/span> for the first six months of 2020. Diluted EPS available to common shareholders for the first six months of 2021 was $3.57<\/span> compared to $2.21<\/span> in the year-earlier period, representing an increase of 61.5 percent. Returns on average assets and average common equity for the first six months of 2021 were 1.05 percent and 11.16 percent, respectively, compared to 0.79 percent and 7.24 percent, respectively, for the same period in 2020. <\/p>\n

Noted financial data for the second quarter of 2021 follows: <\/p>\n